Document:

Exhibit 10.1

 

EXECUTION VERSION

 

December 17, 2020

 

CONFIDENTIAL

 

Whole Earth Brands, Inc.

125 S. Wacker Drive, Suite 3150

Chicago, Illinois 60606

Attention: Andrew Rusie, Chief Financial Officer

 

Project Wave Commitment Letter

 

Ladies and Gentlemen:

 

Whole Earth Brands, Inc.,
a Delaware corporation (“you” or the “Borrower”), has advised The Toronto-Dominion Bank,
New York Branch (“TDNY”) and TD Securities (USA) LLC (“TDSL,” and together with TDNY, collectively,
 “TD,” “we,” “us” or the “Commitment Parties”),
that you intend to acquire (the “Acquisition”) all of the issued and outstanding equity interests of
WSO Investments, Inc., a Delaware corporation (the “Target”, and together with its subsidiaries, the “Acquired
Business”), and to consummate the other transactions described in the Transaction Summary attached hereto as Exhibit A
(the “Transaction Summary”). Capitalized terms used but not defined herein have the meanings assigned to them
in the Exhibits and Annexes attached hereto (such Exhibits and Annexes, together with this letter, collectively, the “Commitment
Letter”).

 

		1.	Commitments: Titles and Roles.

 

We are pleased to advise
you that Toronto Dominion (Texas) LLC (“TDTX”) agrees to act,
and you hereby appoint TDTX to act, as administrative agent and collateral agent (in such capacities, the “Administrative
Agent”) for the financial institutions and other lenders who commit to lend under the Credit Facilities (as defined below)
(collectively, with TDNY and in their capacities as such, the “Lenders”) and that TDNY hereby commits to provide
100% of the aggregate principal amount of the (a) a senior secured term loan facility (the “Term Facility”)
in an aggregate principal amount not to exceed $375.0 million and (b) a $75.0 million senior secured revolving credit facility
(the “Revolving Facility” and, together with the Term Facility, the “Credit Facilities”),
upon the terms and subject only to the conditions set forth in this Commitment Letter.

 

TDSL will act, and
you hereby appoint TDSL to act, as Sole Lead Arranger and Sole Book Runner for the Credit Facilities (in such capacity, the “Lead
Arranger”). In addition, the Lead Arranger shall have “left side” designation and shall appear on the top
left of any Information (as defined below) for the Credit Facilities and all other offering or marketing materials in respect of
the Credit Facilities. Except as set forth below, you agree that no other agents, co-agents or arrangers will be appointed, no
other titles will be awarded and no compensation (other than that expressly contemplated by the Commitment Letter and Fee Letter
(as defined below)) will be paid in connection with the Credit Facilities unless you and the Lead Arranger shall so agree. The
Lead Arranger agrees to use commercially reasonable efforts to syndicate each Credit Facility to other Lenders. The Lead Arranger
intends, and reserves the right, to syndicate all or a portion of the Credit Facilities to additional Lenders as more fully described
below.

 

    

     

    

 

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Notwithstanding the
foregoing, you may, on or prior to the date which is fifteen (15) business days after the date of this Commitment Letter, appoint
additional agents, co-agents, lead arrangers, bookrunners, managers or arrangers (any such agent, co-agent, lead arranger, bookrunner,
manager or arranger, an “Additional Agent”) or confer other titles (other than Administrative Agent or Collateral
Agent) in respect of any Credit Facility in a manner determined by you and the Lead Arranger, and having aggregate economics not
in excess of a proportion to be agreed between the Lead Arranger and you (it being understood that, (x) each such Additional
Agent (or its affiliate) shall assume a proportion of the commitments with respect to such Credit Facility that is equal to the
proportion of the economics allocated to such Additional Agent (or its affiliates), (y) to the extent you appoint Additional
Agents or confer other titles in respect of any Credit Facility, the economics allocated to, and the commitment amounts of, the
relevant initial lenders in respect of such Credit Facility will be proportionately reduced by the amount of the economics allocated
to, and the commitment amount of, such Additional Agent (or its affiliate), in each case upon the execution and delivery by such
Additional Agent of customary joinder documentation acceptable to you and, thereafter, each such Additional Agent shall constitute
a “Commitment Party,” and/or “Lead Arranger,” as applicable, under this Commitment Letter and under the
Fee Letter delivered in connection herewith (the “Fee Letter”)) and (z) in no event shall TDSL and TDNY,
as the Commitment Parties party to this Commitment Letter as of the date hereof (the “Initial Commitment Parties”),
be entitled to less than 65% of the aggregate economics of each of the Credit Facilities (exclusive of the annual agency fees set
forth in the Fee Letter).

 

		2.	Conditions Precedent.

 

TDNY’s commitments
and agreements and the initial funding of the Credit Facilities on the Closing Date are subject only to the conditions set forth
in Exhibit C.

 

Notwithstanding anything
in this Commitment Letter, the Fee Letter or any other letter agreement or other undertaking concerning the financing of the Transactions
to the contrary, (a) the only representations the making and accuracy of which will be a condition to the availability of
the Credit Facilities on the Closing Date will be (i) the representations or warranties made by or on behalf of the Sellers
(as defined in Exhibit A) and/or the Acquired Business in the Acquisition Agreement as are material to the interests
of the Lenders (but only to the extent that you or your affiliates have the right to terminate your or their obligations under
the Acquisition Agreement or decline to consummate the Acquisition as a result of a breach of such representations or warranties
in the Acquisition Agreement) (the “Specified Acquisition Representations”) and (ii) the Specified Representations
(as defined below), and (b) the terms of the Credit Documentation (as defined in Exhibit B) will be such that
they do not impair the availability of the Credit Facilities on the Closing Date if the conditions set forth in Exhibit C
hereto are satisfied or waived (it being understood that to the extent any security interest in the intended collateral (other
than any collateral the security interest in which may be perfected by the filing of a UCC financing statement, the filing of intellectual
property security agreements in connection with any material intellectual property with the United States Patent and Trademark
Office and the United States Copyright Office or the delivery of stock certificates or equivalent instruments together with stock
powers or equivalent instruments of transfer executed in blank) is not provided or perfected on the Closing Date after your use
of commercially reasonable efforts to do so, the perfection of such security interest(s) will not constitute a condition precedent
to the availability of the Credit Facilities on the Closing Date but such security interest(s) will be required to be perfected
within sixty (60) days (or such longer period as the Lead Arranger may reasonably agree in its discretion) after the Closing Date
pursuant to arrangements to be mutually agreed by the Lead Arranger and the Borrower). As used herein, “Specified Representations”
means representations and warranties of the Borrower and the Guarantors (to the extent applicable) relating to legal existence,
good standing, due organization, power and authority as they relate to execution, delivery, and performance of the Credit Documentation,
the due authorization, execution, delivery and enforceability of the Credit Documentation, the Credit Documentation not conflicting
with charter documents, solvency of the Borrower and its subsidiaries on a consolidated basis as of the Closing Date after giving
effect to the Transactions, Federal Reserve margin regulations, Investment Company Act, Beneficial Ownership Certification
and Patriot Act, and, subject to the limitations on provision and perfection of security interests set forth in the preceding sentence,
creation, validity, priority (subject to liens (x) permitted under the Credit Documentation or (y) securing indebtedness
to be refinanced in full and to be released concurrently with the initial funding of the Credit Facilities on terms satisfactory
to the Lead Arranger) and perfection of security interests granted in the proposed collateral, and with respect to use of proceeds
of the Credit Facilities, FCPA, OFAC, and other applicable anti-corruption, anti-bribery, anti-terrorism and sanctions laws. This
paragraph is referred to as the “Certain Funds Provision”.

 

    

     

    

 

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As consideration for
the commitment of TDNY hereunder and the agreement of each Commitment Party and the Administrative Agent to perform the services
described herein, you agree to pay or to cause to be paid the fees described in the Commitment Letter and the Fee Letter on the
terms and subject to the conditions set forth herein.

 

		3.	Syndication.

 

As noted above, we
intend to form a syndicate of Lenders to join TDNY in entering into the Credit Facilities at or after closing. You understand and
agree that we intend to commence syndication efforts promptly after your execution and delivery of this letter. You agree that
we will, in consultation with you, manage all aspects of the arrangement and syndication of the Credit Facilities, including decisions
as to the selection of institutions to be approached, when they will be approached, when their commitments will be accepted, the
allocation of the aggregate commitment among the Lenders, the awarding of titles and the distribution of compensation among the
Lenders; provided that we shall not syndicate the Credit Facilities to (1) any person or financial institution identified
by you to us in writing prior to the date hereof and any of such person’s or institutions affiliates that are clearly identifiable
as such by their name, (2) any other person that is a competitor of the Borrower or any of its subsidiaries designated by
the Borrower as a “Competitor” by written notice delivered to the Administrative Agent from time to time and any of
such person’s or institutions affiliates that are clearly identifiable as such by their name (each such excluded entity,
a “Disqualified Institution”); provided, further, that (i) to the extent persons are identified
as a Disqualified Institution in writing by you to the Administrative Agent after the date hereof pursuant to clause (2) above,
such designation shall become effective three (3) business days thereafter and the inclusion of such persons as Disqualified
Institution shall not retroactively apply to disqualify any persons that have previously acquired an assignment or participation
in the Credit Facilities; provided, further, that the term “Disqualified Institution” shall exclude
any person that you have designated as no longer being a “Disqualified Institution” by written notice delivered to
us from time to time and (ii) neither the Administrative Agent nor the Lead Arranger, (a) shall be responsible or have
any liability for, or have any duty to ascertain, inquire into, monitor or enforce compliance with, the provisions of the Credit
Documentation relating to Disqualified Institutions or (b) shall have any liability with respect to or arising out of any
assignment or participation of any loan or commitment, or disclosure of confidential information, to any Disqualified Institution.

 

    

     

    

 

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We intend to syndicate
each of the Credit Facilities, prior to or after the execution of definitive documentation in respect of each such Credit Facility,
to other Lenders; provided that, notwithstanding our right to syndicate the Credit Facilities and receive commitments with
respect thereto, it is agreed that any syndication of, or receipt of commitments in respect of, all or any portion of TDNY’s
commitments hereunder prior to the initial funding under the Credit Facilities shall not be a condition to our commitments nor
reduce TDNY’s commitments hereunder with respect to any of the Credit Facilities (provided, however, that,
notwithstanding the foregoing, assignments of TDNY’s commitments, which are effective simultaneously with the funding of
such commitments by the assignee, shall be permitted).

 

You agree to actively
assist us, and agree to use commercially reasonable efforts to cause the Target to actively assist us, in forming the syndicate
of Lenders (other than any Disqualified Institutions) that is reasonably satisfactory to us and you until the date that is the
earlier of (i) the date on which a Successful Syndication (as defined in the Fee Letter) has occurred and (ii) sixty
(60) days after the Closing Date (such period, the “Syndication Period”). During the Syndication Period, such
assistance shall include, without limitation: (i) with respect to the Credit Facilities, assistance in the preparation of
a confidential information memorandum and other marketing materials to be used in the syndication of each such Credit Facility,
including the delivery of all financial and other information reasonably requested by us for inclusion in such memorandum and materials
(collectively, the “Confidential Information Memoranda”), (ii) providing us with all financial and other
information (including financial estimates, financial models, forecasts and other forward-looking information, the “Projections”),
prepared by you or your advisors relating to you, the Target, your and its respective subsidiaries and the transactions described
herein, all as reasonably requested by us, including a business plan for fiscal years 2021 through 2027, and updated as may be
reasonably requested by us through the closing of the Credit Facilities, it being understood by you that we shall be relying on
such information and Projections in syndicating and arranging the Credit Facilities, (iii) the presentation of one or more
information packages reasonably acceptable in format and content to the Lead Arranger (collectively, the “Lender Presentation”)
in meetings and other communications with prospective Lenders or agents in connection with the syndication of the Credit Facilities
(including, without limitation, direct contact between and meetings with senior management and representatives, with appropriate
seniority and expertise, of the Borrower and the use of commercially reasonable efforts to provide direct contact between and meetings
with senior management and representatives, with appropriate seniority and expertise, of the Acquired Business), (iv) using
commercially reasonable efforts to ensure that the syndication benefits from the existing lending relationships of the Borrower
and, to the extent practical and appropriate, the Acquired Business, (v) hosting, with us, one or more meetings with prospective
Lenders under each of the Credit Facilities at reasonable times, dates and locations to be mutually agreed upon (and using your
commercially reasonable efforts to cause the senior management of the Acquired Business to be available for such meetings), (vi) providing
us with copies of all due diligence reports or summaries reasonably requested by us and available to you and prepared in connection
with the Acquisition by legal, insurance, tax, accounting or other advisors, each subject to the delivery by us to you and the
preparers of such reports of customary non-disclosure and non-reliance agreements as shall be reasonably requested, (vii) at
least five (5) business days prior to the Closing Date, delivering to us for posting to the proposed syndicate of Lenders
a copy of each credit agreement in respect of the Credit Facilities in the respective forms agreed by us and the Borrower and (viii) promptly
providing us with any other information reasonably requested by us to successfully complete the syndication. In addition, you will
use commercially reasonable efforts to obtain prior to the commencement of the Marketing Period (as defined in Exhibit C),
at your expense, (i) a public corporate credit rating from S&P Global Ratings, a division of S&P Global Inc. (“S&P”),
(ii) a public corporate family rating from Moody’s Investors Service (“Moody’s”) and (iii) a
public credit rating from each of S&P and Moody’s for the Credit Facilities. You will be solely responsible for the contents
of the Confidential Information Memoranda and all other information, documentation or materials delivered to either Commitment
Party in connection therewith (collectively, the “Information”) and acknowledge that each Commitment Party will
be using and relying upon the Information without independent verification thereof. You agree that Information regarding the Credit
Facilities and Information provided by you, the Acquired Business or your or its respective representatives to either Commitment
Party in connection with the Credit Facilities (including, without limitation, draft and execution versions of the Credit Documentation,
the Confidential Information Memoranda and the Lender Presentation) may be disseminated to potential Lenders and other persons
through one or more internet sites (including a Debtdomain, IntraLinks, SyndTrak or other electronic workspace (the “Platform”))
created for purposes of syndicating the Credit Facilities or otherwise, in accordance with the Lead Arranger’s standard syndication
practices, and you acknowledge that neither the Lead Arranger nor any of its affiliates will be responsible or liable to you or
any other person or entity for damages arising from the use by others of any Information or other materials obtained on the Platform.

 

    

     

    

 

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Notwithstanding anything
to the contrary contained in this Commitment Letter or the Fee Letter, neither the commencement nor the completion of the syndication
of the Credit Facilities shall constitute a condition precedent to the availability and initial funding of the Credit Facilities
on the Closing Date.

 

To facilitate an orderly
and successful syndication of the Credit Facilities, you agree that during the Syndication Period you will not, and you will use
commercially reasonable efforts to cause the Target not to, syndicate or issue, attempt to syndicate or issue, announce or authorize
the announcement of the syndication or issuance of, or engage in discussions concerning the syndication or issuance of, any debt
facility or any debt or equity security of the Acquired Business, the Borrower or any of your or its respective subsidiaries or
affiliates (other than the Credit Facilities and other indebtedness contemplated hereby to remain outstanding after the Closing
Date), including any renewals or refinancings of any existing debt facility or debt security, without the prior written consent
of the Lead Arranger, if such syndication or issuance, in the reasonable opinion of the Lead Arranger, would reasonably be expected
to impair the primary syndication of the Credit Facilities in any material respect. You acknowledge and agree to the disclosure
by us, after the execution of the Credit Agreement, of information related to the Credit Facilities to “Gold Sheets”
and other similar trade publications, and to our publication of tombstones and similar advertising materials relating to the Credit
Facilities. The information disclosed shall consist of deal terms and other information customarily found in such publications,
tombstones and advertising materials.

 

Notwithstanding the
Lead Arranger’s right to syndicate the Credit Facilities, (other than as set forth in Section 1 above with respect
to Additional Agents) no initial lender shall be relieved or released from its commitment hereunder prior to the funding thereof
on the Closing Date in connection with any syndication, assignment or participation of such Credit Facilities.

 

    

     

    

 

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You acknowledge that
certain of the Lenders may be “public side” Lenders (i.e., Lenders that do not wish to receive material non-public
information with respect to you, the Target or your or its respective affiliates or any of your or its respective securities) (each,
a “Public Lender”). At the request of the Lead Arranger, you agree to prepare an additional version of the Confidential
Information Memoranda for the Credit Facilities, the Lender Presentation and other information materials to be used by Public Lenders
that do not contain material non-public information concerning you, the Target or your or its respective affiliates or securities.
It is understood that in connection with your assistance described above, you will provide, and cause all other applicable persons
to provide, customary authorization letters to the Lead Arranger authorizing the distribution of the Information to prospective
Lenders, containing a representation to the Lead Arranger that the public-side version does not include material non-public information
about you, the Target or your or its respective affiliates or your or its respective securities. In addition, you will clearly
designate as such all Information provided to either Commitment Party and the Administrative Agent by or on behalf of you or the
Acquired Business that is suitable to make available to Public Lenders. You acknowledge and agree that the following documents
may be distributed to Public Lenders: (a) drafts and final versions of the Credit Documentation; (b) administrative materials
prepared by the Lead Arranger for prospective Lenders (such as a lender meeting invitation, allocations and funding and closing
memoranda); and (c) term sheets and notification of changes in the terms of the Credit Facilities. You agree that information
materials made available to prospective Public Lenders in accordance with this Commitment Letter shall not contain material non-public
information.

 

		4.	Information.

 

You represent and warrant
that (in each case, to your knowledge based on reasonable investigation with respect to the Target and the Acquired Business) (i) all
Information (other than Projections) provided directly or indirectly by or on behalf of you or any of your representatives or the
Acquired Business to the Lead Arranger or the Lenders, any prospective Lender or any of their affiliates in connection with the
transactions contemplated hereunder when furnished is and will be, when taken as a whole, complete and correct in all material
respects and does not and will not contain any untrue statement of a material fact or omit to state a material fact necessary to
make the statements contained therein not misleading and (ii) the Projections that have been or will be made available to
the Lead Arranger or the Lenders by or on behalf of you or any of your representatives, the Acquired Business when furnished have
been and will be prepared in good faith based upon assumptions that are believed by the preparer thereof to be reasonable at the
time such Projections are furnished to the Lead Arranger or the Lenders, it being understood and agreed that Projections are not
a guarantee of financial performance and actual results may differ from Projections and such differences may be material. You agree
that if at any time during the Syndication Period, any of the representations and warranties in the preceding sentence would be
incorrect in any material respect if the Information and Projections were being furnished, and such representations were being
made, at such time, then you will promptly supplement, or cause to be supplemented, the Information and Projections so that such
representations and warranties will be true and correct under those circumstances. You agree that upon the written reasonable request
of the Lead Arranger during the Syndication Period, you will provide updated Projections and will respond to requests for updated
information; provided that no information in such updates shall affect the availability of the financing on the Closing
Date absent a failure in the conditions set forth in Section 2 or Exhibit C. In issuing this commitment
and in arranging and syndicating each of the Credit Facilities, each Commitment Party is and will be using and relying on the Information
and the Projections without independent verification thereof.

 

    

     

    

 

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		5.	Indemnification and Related Matters.

 

You agree, whether
or not the transactions contemplated hereby are closed, to indemnify and hold harmless TDTX, the Commitment Parties, their affiliates,
and each of their respective directors, officers, shareholders, partners, employees, agents, advisors, legal counsel, consultants,
controlling persons and other representatives and the successors and assigns of each of the foregoing (collectively, the “Indemnified
Parties”) from and against (and will reimburse each Indemnified Party as the same are incurred (or, in the case of expenses
of external counsel, within thirty (30) days of demand)) any and all claims and documented out-of-pocket losses, damages, costs,
expenses (including, without limitation, the reasonable and documented or invoiced out-of-pocket legal expenses of one firm of
external counsel for all such Indemnified Parties, taken as a whole, of a single regulatory counsel and of a single local external
counsel in each jurisdiction (which may include a single special external counsel acting in multiple jurisdictions) for all such
Indemnified Parties, taken as a whole (and, in the case of an actual conflict of interest where the Indemnified Party affected
by such conflict informs you of such conflict and thereafter retains its own counsel, of another firm of counsel for such affected
Indemnified Party)) and liabilities (collectively, such losses, claims, damages, costs, expenses and liabilities, “indemnified
liabilities”) to which any of them may become subject, insofar as such indemnified liabilities (or actions, suits, or
proceedings, including any inquiry or investigation or claim, in respect thereof) arise out of, in any way relate to, or result
from a claim in respect of, this Commitment Letter or the Fee Letter, the financing contemplated hereby, or the transactions to
be financed (whether or not any Indemnified Party is a party to any action or proceeding out of which any such indemnified liabilities
arise and whether or not any action or proceeding out of which any such indemnified liabilities arise are brought by you, your
equity holders, affiliates, creditors, the Target or any other third person), and to reimburse each Indemnified Party upon demand
for any legal or other expenses incurred in connection with investigating or defending any of the foregoing; provided that
you shall not be obligated to indemnify, hold harmless or reimburse any Indemnified Party for any indemnified liabilities to the
extent that the same are determined in a final judgment by a court of competent jurisdiction to have resulted from the gross negligence
or willful misconduct or material breach of its obligations hereunder of such Indemnified Party or any of its affiliates under
common control. If the Closing Date occurs, you also agree to reimburse us promptly on demand for all reasonable and documented
out-of-pocket costs and expenses (including, without limitation, due diligence expenses, syndication expenses, travel expenses,
and reasonable fees, charges and disbursements of one external counsel to the Lead Arranger, a single regulatory counsel and of
a single local counsel to the Lead Arranger in each jurisdiction (which may include a single special counsel acting in multiple
jurisdictions) and of such other external counsel retained with your prior written consent (such consent not to be unreasonably
withheld or delayed)) incurred in connection with the Transactions, the Credit Facilities and the syndication and administration
thereof (including, without limitation, all such costs and expenses incurred in connection with the preparation, negotiation, execution
and delivery of this Commitment Letter and the Fee Letter and the definitive financing documentation for the Credit Facilities
and in performing due diligence related to the Credit Facilities) and the other transactions contemplated hereby. Such costs and
expenses shall include, without limitation, costs and expenses incurred in connection with the establishment and maintenance of
an internet site to be used in the syndication of the Credit Facilities.

 

    

     

    

 

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Notwithstanding any
other provision of this Commitment Letter, (i) no Indemnified Party shall be liable for any damages arising from the use by
others of information or other materials obtained through internet, electronic, telecommunications or other information transmission
systems, except to the extent that such damages are found by a final judgment of a court of competent jurisdiction to have resulted
from the willful misconduct or gross negligence of such Indemnified Party, and (ii) without limiting the indemnification and
reimbursement obligations set forth above, none of us, you, or any Indemnified Party shall be liable for any indirect, special,
punitive, exemplary or consequential damages (including, without limitation, any loss of profits, business or anticipated savings)
in connection with this Commitment Letter, the Fee Letter, the Transactions (including the Credit Facilities and the use of proceeds
thereunder), or with respect to any activities related to the Credit Facilities, including the preparation of this Commitment Letter,
the Fee Letter and the Credit Documentation; provided that nothing contained in this sentence shall limit your indemnification
obligations to the extent set forth hereinabove to the extent such indirect, special, punitive, exemplary or consequential damages
are included in any third party claim in connection with which such indemnified person is entitled to indemnification hereunder.

 

You shall not be liable
for any settlement of any proceeding effected without your written consent (which consent shall not be unreasonably withheld, conditioned
or delayed), but if settled with your written consent or if there is a final and non-appealable judgment by a court of competent
jurisdiction for the plaintiff in any such proceeding, in each case, you agree to indemnify and hold harmless each Indemnified
Party from and against any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in
accordance with and to the extent provided in the other provisions of this Section 5.

 

You shall not, without
the prior written consent of any Indemnified Party (which consent shall not be unreasonably withheld or delayed), effect any settlement
of any pending or threatened proceedings in respect of which indemnity could have been sought hereunder by such Indemnified Party
unless such settlement (i) includes an unconditional release of such Indemnified Party in form and substance reasonably satisfactory
to such Indemnified Party from all liability or claims that are the subject matter of such proceedings and (ii) does not include
any statement as to or any admission by or on behalf of any Indemnified Party.

 

    

     

    

 

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		6.	Confidentiality.

 

Please note that this
Commitment Letter, the Fee Letter and any written communications provided by, or oral discussions with, TDTX or the Commitment
Parties in connection with this arrangement are exclusively for your information and for the information of your officers, directors,
agents and advisors who are directly involved in the Transactions, on a confidential basis, and may not be disclosed to any other
third party or circulated or referred to publicly without our prior written consent except, after providing written notice to the
Lead Arranger, pursuant to a subpoena or order issued by a court of competent jurisdiction or by a judicial, administrative or
legislative body or committee; provided that we hereby consent to your disclosure of (i) this Commitment Letter or
the information contained herein (but not the Fee Letter or the information contained therein, except to the extent that portions
thereof have been redacted in a manner reasonably acceptable to the Lead Arranger) to the Target and Sellers to the extent you
notify the Target and Sellers of their obligations to keep such material confidential, and to the Target’s and Sellers’
respective officers, directors, agents and advisors who are directly involved in the transactions described in the Transaction
Summary, (ii) this Commitment Letter and the Fee Letter as required by applicable law or compulsory legal process, including
to the extent required under applicable securities laws or by the United States Securities and Exchange Commission (in each case,
you agree, to the extent not prohibited by law, to inform us in advance thereof), (iii) this Commitment Letter and its contents
(but not the Fee Letter), in any syndication or other marketing materials in connection with the Credit Facilities, (iv) the
aggregate fee amount contained in the Fee Letter as part of Projections, pro forma information or a generic disclosure of aggregate
sources and uses related to the Transactions to the extent customary or required in offering and marketing materials for the Credit
Facilities, (v) any such confidential information to the extent that such information becomes publicly available other than
by reason of disclosure by you in violation of this paragraph, and (vii) the information contained in Exhibits A
through D to Moody’s and S&P in connection with obtaining ratings after your acceptance hereof. The requirements
of this paragraph shall terminate on the date that is the earlier of (i) two (2) years after the date of execution of
this Commitment Letter and (ii) the Closing Date, at which time any confidentiality undertaking in the Credit Documentation
shall supersede the provisions of this paragraph.

 

Each Commitment Party
shall use all confidential information received by it in connection with the Transaction solely for the purposes of providing the
services that are the subject of this Commitment Letter and shall treat confidentially all such information; provided, however,
that nothing herein shall prevent any Commitment Party from disclosing any such information (a) pursuant to the order of any
court or administrative agency or otherwise as required by applicable law or regulation or as requested or demanded by a governmental
authority (in which case such Commitment Party, to the extent practicable and permitted by law and except with respect to any audit
or examination conducted by bank accountants or any governmental bank authority exercising examination or regulatory authority,
agrees to inform you promptly thereof), (b) to the extent that such information becomes publicly available other than by reason
of disclosure by such Commitment Party in violation of this paragraph, (c) to the extent that such information is received
by such Commitment Party from a third party that is not to such Commitment Party’s knowledge subject to confidentiality obligations
to you, (d) to the extent that such information is independently developed by such Commitment Party, (e) to such Commitment
Party’s affiliates and to such Commitment Party’s and its affiliates’ respective directors, officers, shareholders,
partners, employees, legal counsel, consultants, advisors, independent auditors and other experts or agents who need to know such
information in connection with the Transactions and are informed of the confidential nature of such information and are bound to
maintain the confidentiality of such information, (f) to prospective Lenders, participants or assignees or any potential counterparty
(or its advisors) to any swap or derivative transaction relating to the Borrower or any of its subsidiaries or any of your or their
respective obligations, in each case who agree to be bound by the terms of this paragraph (or language substantially similar to
this paragraph), (g) for purposes of establishing a “due diligence” defense or a defense against a claim that
a Commitment Party has breached its confidentiality obligations, (h) in protecting and enforcing the Commitment Parties’
rights with respect to this Commitment Letter, the Fee Letter or the Credit Documentation or (i) to ratings agencies. The
requirements of this paragraph shall terminate on the date that is the earlier of (i) two (2) years after the date of
execution of this Commitment Letter and (ii) the Closing Date, at which time any confidentiality undertaking in the Credit
Documentation shall supersede the provisions of this paragraph.

 

    

     

    

 

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		7.	Assignments.

 

This Commitment Letter
shall not be assignable by you without the prior written consent of each Commitment Party (and any purported assignment without
such consent shall be null and void). This Commitment Letter and the commitments and undertakings hereunder are solely for your
benefit, and only you may rely thereon. The Commitment Letter is not intended to confer any benefits upon, or create any rights
in favor of, any person other than the parties hereto (and any Indemnified Parties). In no event shall TDNY, TDTX or the Lead Arranger
have any obligation to any third party with respect to any provision of this Commitment Letter or the Fee Letter. Each Commitment
Party may assign its commitment hereunder, in whole or in part, to any of its affiliates or to any Lender; provided that
such Commitment Party (a) shall not be released from the portion of its commitment hereunder so assigned to the extent such
assignee fails to fund the portion of the commitment assigned to it on the Closing Date notwithstanding the satisfaction of the
conditions to such funding set forth herein and (b) at all times shall retain exclusive control over all of its rights and
obligations with respect to its commitments in respect of the Credit Facilities, including all rights with respect to consents,
modifications, supplements, waivers and amendments, until the Closing Date has occurred.

 

		8.	Absence of Fiduciary Relationship; Affiliates; Etc.

 

As you know, TDSL,
TDNY, TDTX and their affiliates (collectively, the “TD Group”) together comprise a full service financial services
firm engaged, either directly or through affiliates, in various activities, including securities trading, investment banking and
financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning
and benefits counseling for both companies and individuals. In the ordinary course of these activities, the TD Group may make or
hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial
instruments (including bank loans) for its own account and for the accounts of its customers and may at any time hold long and
short positions in such securities and/or instruments. Such investments and other activities may involve securities and instruments
of you, the Target, as well as of other entities and persons and your and its affiliates that may (i) be involved in transactions
arising from or relating to the engagement contemplated by this Commitment Letter, (ii) be customers or competitors of the
Borrower or the Target, or (iii) have other relationships with the Borrower or the Target. In addition, the TD Group may provide
investment banking, underwriting and/or financial advisory services to such other entities and persons. The TD Group may also co-invest
with, make direct investments in, and/or invest or co-invest client monies in or with funds or other investment vehicles managed
by other parties, and such funds or other investment vehicles may trade or make investments in securities of you, the Target or
such other entities. The transactions contemplated by this Commitment Letter may have a direct or indirect impact on the investments,
securities and instruments referred to in this paragraph. Although the TD Group in the course of such other activities and relationships
may acquire information about the transaction contemplated by this Commitment Letter or other entities and persons that may be
the subject of the transactions contemplated by this Commitment Letter, the TD Group shall have no obligation to disclose such
information, or the fact that the TD Group is in possession of such information, to the Borrower or to use such information on
the Borrower’s behalf.

 

    

     

    

 

Project Wave

December 17, 2020

Page 11

 

Consistent with the
TD Group’s policies to hold in confidence the affairs of its customers, the TD Group will not furnish confidential information
obtained from you by virtue of the transactions contemplated by this Commitment Letter to any of its other customers. Furthermore,
you acknowledge that no member of the TD Group nor any of its affiliates has an obligation to use in connection with the transactions
contemplated by this Commitment Letter, or to furnish to you, confidential information obtained or that may be obtained by them
from any other person.

 

The TD Group may have
economic interests that conflict with those of you, your equity holders and/or your affiliates. You agree that each Commitment
Party will act under this Commitment Letter as an independent contractor and that nothing in this Commitment Letter or the Fee
Letter or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between
either Commitment Party and you, your equity holders or your affiliates. You acknowledge and agree that the transactions contemplated
by this Commitment Letter and the Fee Letter (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length
commercial transactions between each applicable Commitment Party, on the one hand, and you and your affiliates, on the other, and
in connection therewith and with the process leading thereto, (i) neither Commitment Party has assumed any advisory or fiduciary
responsibility in favor of you, your equity holders or your affiliates with respect to the transactions contemplated hereby (or
the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether such Commitment
Party or any of affiliates has advised, is currently advising or will advise you, your equity holders or your affiliates on other
matters) or any other obligation to you, your equity holders or your affiliates or any other person except the obligations expressly
set forth in this Commitment Letter and the Fee Letter and (ii) each Commitment Party is acting solely as a principal and
not as the agent or fiduciary of you, your management, equity holders, affiliates, creditors or any other person. You acknowledge
and agree that you have consulted your own legal and financial advisors to the extent you deem appropriate and that you are responsible
for making your own independent judgment with respect to such transactions and the process leading thereto. You agree that you
will not claim that the either Commitment Party has rendered advisory services of any nature or respect, or owes a fiduciary or
similar duty to you, in connection with such transactions or the process leading thereto. In addition, TDNY, TDTX and TDSL may
employ the services of their affiliates in providing services and/or performing their obligations hereunder and may exchange with
such affiliates information concerning you, the Acquired Business and other companies that may be the subject of this arrangement,
and such affiliates will be entitled to the benefits afforded to TDNY, TDTX and TDSL hereunder.

 

In addition, you acknowledge
and agree that neither Commitment Party is advising you as to any legal, tax, investment, accounting or regulatory matters in any
jurisdiction. You shall consult with your own advisors concerning such matters and shall be responsible for making your own independent
investigation and appraisal of the transactions contemplated hereby, and neither of the Commitment Parties shall have any responsibility
or liability to you with respect thereto. Any review by TDNY, TDTX or the Lead Arranger of the Borrower, of the transactions contemplated
hereby or other matters relating to such transactions will be performed solely for the benefit of TDNY, TDTX, the Lead Arranger
and their affiliates and shall not be on your behalf. Notwithstanding anything herein to the contrary, you (and each of your employees,
representatives or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax
structure of the Credit Facilities and all materials of any kind (including opinions or other tax analyses) that are provided to
you relating to such tax treatment and tax structure. However, any information relating to the tax treatment or tax structure will
remain subject to the confidentiality provisions hereof (and the foregoing sentence will not apply) to the extent reasonably necessary
to enable the parties hereto, their respective affiliates, and their respective affiliates’ directors and employees to comply
with applicable securities laws. For this purpose, “tax treatment” means U.S. federal or state income tax treatment,
and “tax structure” is limited to any facts relevant to the U.S. federal income tax treatment of the transactions contemplated
by this Commitment Letter but does not include information relating to the identity of the parties hereto or any of their respective
affiliates.

 

    

     

    

 

Project Wave

December 17, 2020

Page 12

 

		9.	Miscellaneous.

 

By executing this Commitment
Letter, you acknowledge that this Commitment Letter and the Fee Letter, taken together, are the only agreement between you and
us with respect to the Credit Facilities and set forth our entire understanding with respect thereto. This Commitment Letter and
the Fee Letter may be changed only by a writing signed by each of the parties thereto. This Commitment Letter may be executed in
counterparts and by different parties on separate counterpart signature pages, each of which constitutes an original and all of
which taken together constitute one and the same agreement. Delivery of a counterpart hereof by facsimile transmission or by e-mail
transmission of an Adobe portable document format file (also known as a “PDF” file) shall be effective as delivery
of a manually executed counterpart hereof.

 

The provisions set forth
under Sections 3 (Syndication), 4 (Information), 5 (Indemnification and Related Matters), 6 (Confidentiality),
7 (Assignments) and 8 (Absence of Fiduciary Relationship; Affiliates; Etc.) hereof and this Section 9
(Miscellaneous) hereof will remain in full force and effect regardless of whether definitive Credit Documentation is executed and
delivered; provided that the provisions of Sections 3 and 4 shall automatically terminate on the expiration
of the Syndication Period. The provisions set forth under Sections 5, 6, 7 and 8 hereof and this Section 9
will remain in full force and effect notwithstanding the expiration or termination of this Commitment Letter or the Commitment
Parties’ commitments and agreements hereunder.

 

This Commitment Letter
and the Fee Letter and any claim, controversy or dispute arising thereunder or related thereto (whether based upon contract, tort
or otherwise) shall be governed by, and construed in accordance with, the laws of the State of New York without regard to the conflict
of law principles thereof; provided that it is understood and agreed that (A) the interpretation of the definition of “Material
Adverse Change” (as such term in defined in the Acquisition Agreement) (and whether or not a “Material Adverse Change”
has occurred), (B) the determination of the accuracy of any Target representation in the Acquisition Agreement and whether
as a result of any inaccuracy thereof you have the right to terminate your obligations under the Acquisition Agreement and (C) the
determination of whether the Transactions have been consummated in accordance with the terms of the Acquisition Agreement, in each
case shall be governed by, and construed in accordance with, the laws of the State of Delaware, regardless of the laws that might
otherwise govern under applicable principles of conflicts of laws thereof. Each party hereto consents to the exclusive jurisdiction
and venue of any Federal court of the United States of America sitting in the Borough of Manhattan or, if that court does not have
subject matter jurisdiction, in any state court located in the City and County of New York. Each party hereto irrevocably waives,
to the fullest extent permitted by applicable law, (a) any right it may have to a trial by jury in any legal proceeding arising
out of or relating to this Commitment Letter, the Fee Letter or the transactions contemplated hereby or thereby (whether based
on contract, tort or any other theory) and (b) any objection that it may now or hereafter have to the laying of venue of any
such legal proceeding in the Federal Court of the United States of America sitting in the Borough of Manhattan or any state court
located in the City and County of New York. You and we irrevocably agree to waive trial by jury in any suit, action, proceeding,
claim or counterclaim brought by or on behalf of any party related to or arising out of the transactions described herein, this
Commitment Letter or the Fee Letter or the performance of services hereunder.

 

    

     

    

 

Project Wave

December 17, 2020

Page 13

 

Each of the Commitment
Parties hereby notifies you that, pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into
law on October 26, 2001) (the “PATRIOT Act”) and 31 C.F.R. §1010.230 (the “Beneficial Ownership
Regulation”), it and each of the Lenders is required to obtain, verify and record information that identifies the Borrower
and each Guarantor (as defined in Exhibit B), which information includes names, addresses, tax identification numbers
and other information that will allow such Commitment Party to identify the Borrower and each Guarantor in accordance with the
PATRIOT Act and the Beneficial Ownership Regulation. This notice is given in accordance with the requirements of the PATRIOT Act
and the Beneficial Ownership Regulation and is effective for the Commitment Parties and each Lender.

 

Each of the parties
hereto agrees that (i) this Commitment Letter is a binding and enforceable agreement (subject to the effects of bankruptcy,
insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally
and general principles of equity (whether considered in a proceeding in equity or law)) of the parties hereto with respect to the
subject matter contained herein, including an agreement to negotiate in good faith the Credit Documentation by the parties hereto
in a manner consistent with this Commitment Letter (but our commitments hereunder are subject to the satisfaction (or waiver in
writing by the Lead Arranger) of the conditions precedent as provided herein, including but not limited to execution of definitive
Credit Documentation) and (ii) the Fee Letter is a binding and enforceable agreement (subject to the effects of bankruptcy,
insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally
and general principles of equity (whether considered in a proceeding in equity or law)) of the parties thereto with respect to
the subject matter contained therein.

 

The commitment of TDNY
(and any of its affiliates) to extend credit and any undertaking of TDTX as the Administrative Agent or of TDSL as the Lead Arranger
to perform any services hereunder shall terminate upon the earliest to occur of: (i) the consummation of the Acquisition with
or without the funding of any of the Credit Facilities, (ii) the termination of the Acquisition Agreement prior to closing
of the Acquisition in accordance with its terms and (iii) 5:00 p.m. (New York time) on April 16, 2021, in each case
unless the closing of the Credit Facilities has been consummated on or before such date on the terms and subject to the conditions
contained herein.

 

Please confirm that
the foregoing is in accordance with your understanding by signing and returning to us the enclosed copy of this Commitment Letter,
together, if not previously executed and delivered, with the Fee Letter on or before 5:00 p.m. (New York time) on December 17,
2020, whereupon this Commitment Letter and the Fee Letter will become binding agreements between us. If the Commitment Letter and
Fee Letter have not been signed and returned as described in the preceding sentence by such date, this offer will terminate on
such date.

 

    

     

    

 

We are pleased to offer
these Credit Facilities to you and are prepared to devote the necessary resources to this transaction to ensure an expeditious
closing.

 

	 	Very truly yours,
	 	 	 
	 	The Toronto-Dominion Bank, New York Branch
	 	 	 
	 	 	 
	 	By	/s/
                                         Pradeep Mehra
	 	 	Name:	Pradeep Mehra
	 	 	Title:	Authorized Signatory

 

	 	Toronto
Dominion (Texas) LLC
	 	 	 
	 	 	 
	 	By	/s/
                                         Pradeep Mehra
	 	 	Name:	Pradeep Mehra
	 	 	Title:	Authorized Signatory

 

 

	 	TD
Securities (USA) LLC
	 	 	 
	 	 	 
	 	By	/s/
                                         K. Alper Ilgar
	 	 	Name:	 K. Alper Ilgar
	 	 	Title:	 Managing Director

 

 

    

     

    

 

	Accepted and agreed to this 17th
day of December, 2020	 
	 	 	 
	Whole Earth Brands, Inc.	 
	 	 	 
	 	 	 
	By	/s/
Albert Manzone	 
	 	Name:	Albert Manzone	 
	 	Title:	Chief Executive OfficerEX-4.1

 Exhibit 4.1 
  

 
  
 DOCEBO INC. 

OMNIBUS EQUITY INCENTIVE PLAN 

OCTOBER 8, 2019 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 PURPOSE
	  	 	1	 
	 1.1
	 	Purpose	  	 	1	 
		
	 ARTICLE 2 INTERPRETATION
	  	 	1	 
	 2.1
	 	Definitions	  	 	1	 
	 2.2
	 	Interpretation	  	 	8	 
		
	 ARTICLE 3 ADMINISTRATION
	  	 	9	 
	 3.1
	 	Administration	  	 	9	 
	 3.2
	 	Delegation to Committee	  	 	10	 
	 3.3
	 	Determinations Binding	  	 	10	 
	 3.4
	 	Eligibility	  	 	10	 
	 3.5
	 	Plan Administrator Requirements	  	 	11	 
	 3.6
	 	Total Shares Subject to Awards	  	 	11	 
	 3.7
	 	Limits on Grants of Awards	  	 	11	 
	 3.8
	 	Award Agreements	  	 	12	 
	 3.9
	 	Non-transferability of Awards	  	 	12	 
		
	 ARTICLE 4 OPTIONS
	  	 	12	 
	 4.1
	 	Granting of Options	  	 	12	 
	 4.2
	 	Exercise Price	  	 	13	 
	 4.3
	 	Term of Options	  	 	13	 
	 4.4
	 	Vesting and Exercisability	  	 	13	 
	 4.5
	 	Payment of Exercise Price	  	 	13	 
		
	 ARTICLE 5 RESTRICTED SHARE UNITS
	  	 	14	 
	 5.1
	 	Granting of RSUs	  	 	14	 
	 5.2
	 	RSU Account	  	 	15	 
	 5.3
	 	Vesting of RSUs	  	 	15	 
	 5.4
	 	Settlement of RSUs	  	 	15	 
		
	 ARTICLE 6 PERFORMANCE SHARE UNITS
	  	 	16	 
	 6.1
	 	Granting of PSUs	  	 	16	 
	 6.2
	 	Terms of PSUs	  	 	16	 
	 6.3
	 	Performance Goals	  	 	16	 
	 6.4
	 	PSU Account	  	 	16	 
	 6.5
	 	Vesting of PSUs	  	 	16	 
	 6.6
	 	Settlement of PSUs	  	 	17	 
		
	 ARTICLE 7 DEFERRED SHARE UNITS
	  	 	17	 
	 7.1
	 	Granting of DSUs	  	 	17	 
	 7.2
	 	DSU Account	  	 	19	 
	 7.3
	 	Vesting of DSUs	  	 	19	 
	 7.4
	 	Settlement of DSUs	  	 	19	 

  
 (i) 

							
	 ARTICLE 8 ADDITIONAL AWARD TERMS
	  	 	20	 
	 8.1
	 	 Dividend Equivalents
	  	 	20	 
	 8.2
	 	 Black-out Period
	  	 	20	 
	 8.3
	 	 Withholding Taxes
	  	 	20	 
	 8.4
	 	 Recoupment
	  	 	21	 
		
	 ARTICLE 9 TERMINATION OF EMPLOYMENT OR SERVICES
	  	 	21	 
	 9.1
	 	 Termination of Employee, Consultant or Director
	  	 	21	 
	 9.2
	 	 Discretion to Permit Acceleration
	  	 	22	 
		
	 ARTICLE 10 EVENTS AFFECTING THE CORPORATION
	  	 	23	 
	 10.1
	 	 General
	  	 	23	 
	 10.2
	 	 Change in Control
	  	 	23	 
	 10.3
	 	 Reorganization of Corporation’s Capital
	  	 	24	 
	 10.4
	 	 Other Events Affecting the Corporation
	  	 	25	 
	 10.5
	 	 Immediate Acceleration of Awards
	  	 	25	 
	 10.6
	 	 Issue by Corporation of Additional Shares
	  	 	25	 
	 10.7
	 	 Fractions
	  	 	25	 
		
	 ARTICLE 11 U.S. TAXPAYERS
	  	 	25	 
	 11.1
	 	 Provisions for U.S. Taxpayers
	  	 	25	 
	 11.2
	 	 ISOs
	  	 	26	 
	 11.3
	 	 ISO Grants to 10% Shareholders
	  	 	26	 
	 11.4
	 	 $100,000 Per Year Limitation for ISOs
	  	 	26	 
	 11.5
	 	 Disqualifying Dispositions
	  	 	26	 
	 11.6
	 	 Section 409A of the Code
	  	 	26	 
	 11.7
	 	 Section 83(b) Election
	  	 	28	 
	 11.8
	 	 Application of Article 11 to U.S. Taxpayers
	  	 	28	 
		
	 ARTICLE 12 AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN
	  	 	28	 
	 12.1
	 	 Amendment, Suspension, or Termination of the Plan
	  	 	28	 
	 12.2
	 	 Shareholder Approval
	  	 	28	 
	 12.3
	 	 Permitted Amendments
	  	 	29	 
		
	 ARTICLE 13 MISCELLANEOUS
	  	 	30	 
	 13.1
	 	 Legal Requirement
	  	 	30	 
	 13.2
	 	 No Other Benefit
	  	 	30	 
	 13.3
	 	 Rights of Participant
	  	 	30	 
	 13.4
	 	 Corporate Action
	  	 	30	 
	 13.5
	 	 Conflict
	  	 	30	 
	 13.6
	 	 Anti-Hedging Policy
	  	 	30	 
	 13.7
	 	 Participant Information
	  	 	30	 
	 13.8
	 	 Participation in the Plan
	  	 	31	 
	 13.9
	 	 International Participants
	  	 	31	 
	 13.10
	 	 Successors and Assigns
	  	 	31	 
	 13.11
	 	 General Restrictions or Assignment
	  	 	31	 
	 13.12
	 	 Severability
	  	 	31	 
	 13.13
	 	 Notices
	  	 	31	 

  
 (ii) 

							
	 13.14
	 	 Effective Date
	  	 	32	 
	 13.15
	 	 Governing Law
	  	 	32	 
	 13.16
	 	 Submission to Jurisdiction
	  	 	32	 

  
 (iii) 

 Docebo Inc. 

Omnibus Equity Incentive Plan 

ARTICLE 1 
 PURPOSE

  

	1.1	 Purpose 

The purpose of this Plan is to provide the Corporation with a share-related mechanism to attract, retain and motivate qualified Directors,
Employees and Consultants of the Corporation and its subsidiaries, to reward such of those Directors, Employees and Consultants as may be granted Awards under this Plan by the Board from time to time for their contributions toward the long term
goals and success of the Corporation and to enable and encourage such Directors, Employees and Consultants to acquire Shares as long term investments and proprietary interests in the Corporation. 

ARTICLE 2 

INTERPRETATION 
  

	2.1	 Definitions 

When used herein, unless the context otherwise requires, the following terms have the indicated meanings, respectively: 

“Affiliate” means any entity that is an “affiliate” for the purposes of National Instrument 45-106 – Prospectus Exemptions of the Canadian Securities Administrators, as amended from time to time; 

“Award” means any Option, Restricted Share Unit, Performance Share Unit or Deferred Share Unit granted under this Plan which
may be denominated or settled in Shares, cash or in such other form as provided herein; 
 “Award Agreement” means a
signed, written agreement between a Participant and the Corporation, in the form or any one of the forms approved by the Plan Administrator, evidencing the terms and conditions on which an Award has been granted under this Plan and which need not be
identical to any other such agreements; 
 “Board” means the board of directors of the Corporation; 

“Business Day” means a day, other than a Saturday or Sunday, on which the principal commercial banks in the City of Toronto
are open for commercial business during normal banking hours; 
 “Canadian Taxpayer” means a Participant that is resident
of Canada for purposes of the Tax Act; 
 “Cash Fees” has the meaning set forth in Subsection 7.1(a); 

“Cashless Exercise” has the meaning set forth in Subsection 4.5(b); 

“Cause” means, with respect to a particular Participant: 

	 	(a)	 “cause”(or any similar term) as such term is defined in the employment or other written agreement
between the Corporation or a subsidiary of the Corporation and the Employee; 

  

	 	(b)	 in the event there is no written or other applicable employment or other agreement between the Corporation
or a subsidiary of the Corporation or “cause” (or any similar term) is not defined in such agreement, “cause” as such term is defined in the Award Agreement; or 

 

	 	(c)	 in the event neither (a) nor (b) apply, then “cause” as such term is defined by applicable
law or, if not so defined, such term shall refer to circumstances where (i) an employer may terminate an individual’s employment without notice or pay in lieu thereof or other damages, or (ii) the Corporation or any subsidiary thereof
may terminate the Participant’s contract without notice or without pay in lieu thereof or other termination fee or damages; 

“Change in Control” means the occurrence of any one or more of the following events: 

 

	 	(a)	 any transaction at any time and by whatever means pursuant to which any Person or any group of two
(2) or more Persons acting jointly or in concert (other than the Corporation, a subsidiary of the Corporation or Intercap Equity Inc. and its Affiliates) hereafter acquires the direct or indirect “beneficial ownership” (as defined in
the Securities Act (Ontario)) of, or acquires the right to exercise Control or direction over, securities of the Corporation representing more than 50% of the then issued and outstanding voting securities of the Corporation, including,
without limitation, as a result of a take-over bid, an exchange of securities, an amalgamation of the Corporation with any other entity, an arrangement, a capital reorganization or any other business combination or reorganization;

  

	 	(b)	 the sale, assignment or other transfer of all or substantially all of the consolidated assets of the
Corporation to a Person other than a subsidiary of the Corporation or Intercap Equity Inc. and its Affiliates; 

  

	 	(c)	 the dissolution or liquidation of the Corporation, other than in connection with the distribution of assets
of the Corporation to one (1) or more Persons which were Affiliates of the Corporation prior to such event or to Intercap Equity Inc. and its Affiliates; 

 

	 	(d)	 the occurrence of a transaction requiring approval of the Corporation’s shareholders whereby the
Corporation is acquired through consolidation, merger, exchange of securities, purchase of assets, amalgamation, statutory arrangement or otherwise by any other Person (other than a short form amalgamation or exchange of securities with a subsidiary
of the Corporation or transaction with Intercap Equity Inc. and its Affiliates); or 

  

	 	(e)	 individuals who comprise the Board as of the date hereof (the “Incumbent Board”) for any
reason cease to constitute at least a majority of the members of the Board, unless the election, or nomination for election by the Corporation’s shareholders, of any new director was approved by a vote of at least a majority of the Incumbent
Board or Intercap Equity Inc. and its Affiliates, and in that case such new director shall be considered as a member of the Incumbent Board; 

  
 - 2 - 

 provided that, notwithstanding clause (a), (b), (c) and (d) above, a
Change in Control shall be deemed not to have occurred if immediately following the transaction set forth in clause (a), (b), (c) or (d) above: (A) the holders of securities of the Corporation that immediately prior to the consummation of such
transaction represented more than 50% of the combined voting power of the then outstanding securities eligible to vote for the election of directors of the Corporation hold (x) securities of the entity resulting from such transaction
(including, for greater certainty, the Person succeeding to assets of the Corporation in a transaction contemplated in clause (b) above) (the “Surviving Entity”) that represent more than 50% of the combined voting power of the
then outstanding securities eligible to vote for the election of directors or trustees (“voting power”) of the Surviving Entity, or (y) if applicable, securities of the entity that directly or indirectly has beneficial
ownership of 100% of the securities eligible to elect directors or trustees of the Surviving Entity (the “Parent Entity”) that represent more than 50% of the combined voting power of the then outstanding securities eligible
to vote for the election of directors or trustees of the Parent Entity, and (B) no Person or group of two or more Persons, acting jointly or in concert, is the beneficial owner, directly or indirectly, of more than 50% of the voting power of
the Parent Entity (or, if there is no Parent Entity, the Surviving Entity) (any such transaction which satisfies all of the criteria specified in clauses (A) and (B) above being referred to as a
“Non-Qualifying Transaction” and, following the Non-Qualifying Transaction, references in this definition of “Change in Control” to the
“Corporation” shall mean and refer to the Parent Entity (or, if there is no Parent Entity, the Surviving Entity) and, if such entity is a company or a trust, references to the “Board” shall mean and refer to the board of
directors or trustees, as applicable, of such entity). 
 Notwithstanding the foregoing, for purposes of any Award that
constitutes “deferred compensation” (within the meaning of Section 409A of the Code), the payment of which is triggered by or would be accelerated upon a Change in Control, a transaction will not be deemed a Change in Control for
Awards granted to any Participant who is a U.S. Taxpayer unless the transaction qualifies as “a change in control event” within the meaning of Section 409A of the Code. 

“Code” means the United States Internal Revenue Code of 1986, as amended from time to time. Any reference to a section of the
Code shall be deemed to include a reference to any regulations promulgated thereunder; 
 “Committee” has the
meaning set forth in Section 3.2; 
 “Consultant” means any individual or entity engaged by the Corporation or any
subsidiary of the Corporation to render consulting or advisory services (including as a director or officer of any subsidiary of the Corporation), other than as an Employee or Director, and whether or not compensated for such services; 

“Control” means the relationship whereby a Person is considered to be “controlled” by a Person if: 

  
 - 3 - 

	 	(a)	 when applied to the relationship between a Person and a corporation, the beneficial ownership by that
Person, directly or indirectly, of voting securities or other interests in such corporation entitling the holder to exercise control and direction in fact over the activities of such corporation; 

 

	 	(b)	 when applied to the relationship between a Person and a partnership, limited partnership, trust or joint
venture, means the contractual right to direct the affairs of the partnership, limited partnership, trust or joint venture; and 

  

	 	(c)	 when applied in relation to a trust, the beneficial ownership at the relevant time of more than 50% of the
property settled under the trust, and 

 the words “Controlled by”,
“Controlling” and similar words have corresponding meanings; provided that a Person who controls a corporation, partnership, limited partnership or joint venture will be deemed to Control a corporation, partnership, limited
partnership, trust or joint venture which is Controlled by such Person and so on; 
 “Corporation” means Docebo Inc.; 

“Date of Grant” means, for any Award, the date specified by the Plan Administrator at the time it grants the Award or if no
such date is specified, the date upon which the Award was granted; 
 “Deferred Share Unit” or “DSU” means
a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 7; 

“Director” means a director of the Corporation who is not an Employee; 

“Director Fees” means the total compensation (including annual retainer and meeting fees, if any) paid by the Corporation to
a Director in a calendar year for service on the Board; 
 “Disabled” or “Disability” means, with respect
to a particular Participant: 
  

	 	(a)	 “disabled” or “disability” (or any similar terms) as such terms are defined in the
employment or other written agreement between the Corporation or a subsidiary of the Corporation and the Participant; 

  

	 	(b)	 in the event there is no written or other applicable employment or other agreement between the Corporation
or a subsidiary of the Corporation, or “disabled” or “disability” (or any similar terms) are not defined in such agreement, “disabled” or “disability” as such term are defined in the Award Agreement; or

  

	 	(c)	 in the event neither (a) or (b) apply, then the incapacity or inability of the Participant, by reason
of mental or physical incapacity, disability, illness or disease (as determined by a legally qualified medical practitioner or by a court) that prevents the Participant from carrying out his or her normal and essential duties as an Employee,
Director or Consultant for a continuous period of six months or for any cumulative period of 180 days in any consecutive twelve month period, the foregoing subject to and as determined in accordance with procedures established by the Plan
Administrator for purposes of this Plan; 

  
 - 4 - 

 “Effective Date” means the effective date of this Plan, being
October 8, 2019; 
 “Elected Amount” has the meaning set forth in Subsection 7.1(a); 

“Electing Person” means a Participant who is, on the applicable Election Date, a Director; 

“Election Date” means the date on which the Electing Person files an Election Notice in accordance with Subsection 7.1(b);

 “Election Notice” has the meaning set forth in Subsection 7.1(b); 

“Employee” means an individual who: 
  

	 	(a)	 is considered an employee of the Corporation or a subsidiary of the Corporation for purposes of source
deductions under applicable tax or social welfare legislation; or 

  

	 	(b)	 works full-time or part-time on a regular weekly basis for the Corporation or a subsidiary of the
Corporation providing services normally provided by an employee and who is subject to the same control and direction by the Corporation or a subsidiary of the Corporation over the details and methods of work as an employee of the Corporation or such
subsidiary. 

 “Exchange” means the TSX and any other exchange on which the Shares are or may be listed
from time to time; 
 “Exercise Notice” means a notice in writing, signed by a Participant and stating the
Participant’s intention to exercise a particular Option; 
 “Exercise Price” means the price at which an Option Share
may be purchased pursuant to the exercise of an Option; 
 “Expiry Date” means , in respect of Options, the expiry date
specified in the Award Agreement for an Option (which shall not be later than the tenth anniversary of the Date of Grant) or, if not so specified, means the tenth anniversary of the Date of Grant; 

“In the Money Amount” has the meaning given to it in Subsection 4.5(b); 

“Insider” means an “insider” as defined in the rules of the Exchange from time to time; 

“Italian Taxpayer” shall mean a Participant who, with respect to an Award, is subject to taxation under the applicable
Italian tax laws; 
 “Market Price” at any date in respect of the Shares shall be the volume weighted average closing price
of Shares on the TSX, for the five (5) trading days immediately preceding the Date of Grant (or, if such Shares are not then listed and posted for trading on the TSX, on such stock exchange on which the Shares are listed and posted for trading
as may be selected for such purpose by the Board); provided that, for so long as the Shares are listed and posted for trading on the TSX, the Market Price shall not be less than the market price, as calculated under the policies of the TSX; and
provided, further, that with respect to an Award made to a U.S. Taxpayer or Italian Taxpayer such Participant and the number of Shares subject to such Award shall be identified by the Board 

  
 - 5 - 

 
or the Committee prior to the start of the applicable five trading day period. In the event that such Shares are not listed and posted for trading on any Exchange, the Market Price shall be the
fair market value of such Shares as determined by the Board in its sole discretion and, with respect to an Award made to a U.S. Taxpayer, in accordance with Section 409A of the Code. 

“Option” means a right to purchase Shares under Article 4 of this Plan that is
non-assignable and non-transferable, unless otherwise approved by the Plan Administrator; 

“Option Shares” means Shares issuable by the Corporation upon the exercise of outstanding Options; 

“Participant” means a Director, Employee or Consultant to whom an Award has been granted under this Plan; 

“Participant’s Employer” means with respect to a Participant that is or was an Employee, the Corporation or such
subsidiary of the Corporation as is or, if the Participant has ceased to be employed by the Corporation or such subsidiary of the Corporation, was the Participant’s Employer; 

“Performance Goals” means performance goals expressed in terms of attaining a specified level of the particular criteria or
the attainment of a percentage increase or decrease in the particular criteria, and may be applied to one or more of the Corporation, a subsidiary of the Corporation, a division of the Corporation or a subsidiary of the Corporation, or an
individual, or may be applied to the performance of the Corporation or a subsidiary of the Corporation relative to a market index, a group of other companies or a combination thereof, or on any other basis, all as determined by the Plan
Administrator in its discretion; 
 “Performance Share Unit” or “PSU” means a unit equivalent in value to
a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 6; 

“Person” means an individual, sole proprietorship, partnership, unincorporated association, unincorporated syndicate,
unincorporated organization, trust, body corporate, and a natural person in his or her capacity as trustee, executor, administrator or other legal representative; 

“Plan” means this Omnibus Equity Incentive Plan, as may be amended from time to time; 

“Plan Administrator” means the Board, or if the administration of this Plan has been delegated by the Board to the Committee
pursuant to Section 3.2, the Committee; 
 “PSU Service Year” has the meaning given to it in Section 6.1; 

“Restricted Share Unit” or “RSU” means a unit equivalent in value to a Share, credited by means of a
bookkeeping entry in the books of the Corporation in accordance with Article 5; 
 “RSU Service Year” has the meaning
given to it in Section 5.1. 
 “Section 409A of the Code” or
“Section 409A” means Section 409A of the Code and all regulations, guidance, compliance programs, and other interpretive authority issued thereunder; 

  
 - 6 - 

 “Securities Laws” means securities legislation, securities regulation and
securities rules, as amended, and the policies, notices, instruments and blanket orders in force from time to time that govern or are applicable to the Corporation or to which it is subject; 

“Security Based Compensation Arrangement” means a stock option, stock option plan, employee stock purchase plan or any other
compensation or incentive mechanism involving the issuance or potential issuance of Shares to Directors, officers, Employees and/or service providers of the Corporation or any subsidiary of the Corporation, including a share purchase from treasury
which is financially assisted by the Corporation by way of a loan, guarantee or otherwise; 
 “Share” means one
(1) common share in the capital of the Corporation as constituted on the Effective Date or any share or shares issued in replacement of such common share in compliance with Canadian law or other applicable law, and/or one share of any
additional class of common shares in the capital of the Corporation as may exist from time to time, or after an adjustment contemplated by Article 10, such other shares or securities to which the holder of an Award may be entitled as a result
of such adjustment; 
 “subsidiary” means an issuer that is Controlled directly or indirectly by another issuer and
includes a subsidiary of that subsidiary, or any other entity in which the Corporation has an equity interest and is designated by the Plan Administrator, from time to time, for purposes of this Plan to be a subsidiary; 

“Tax Act” has the meaning set forth in Section 4.5(c); 

“Termination Date” means, subject to applicable law which cannot be waived: 

 

	 	(a)	 in the case of an Employee whose employment with the Corporation or a subsidiary of the Corporation
terminates, (i) the date designated by the Employee and the Corporation or a subsidiary of the Corporation as the “Termination Date” (or similar term) in a written employment or other agreement between the Employee and Corporation or
a subsidiary of the Corporation, or (ii) if no such written employment or other agreement exists, the date designated by the Corporation or a subsidiary of the Corporation, as the case may be, on which the Employee ceases to be an employee of
the Corporation or the subsidiary of the Corporation, as the case may be, provided that, in the case of termination of employment by voluntary resignation by the Participant, such date shall not be earlier than the date notice of resignation was
given; and in any event, the “Termination Date” shall be determined without including any period of reasonable notice that the Corporation or the subsidiary of the Corporation (as the case may be) may be required by law to provide to the
Participant or any pay in lieu of notice of termination, severance pay or other damages paid or payable to the Participant; 

  

	 	(b)	 in the case of a Consultant whose agreement or arrangement with the Corporation or a subsidiary of the
Corporation terminates, (i) the date designated by the Corporation or the subsidiary of the Corporation, as the “Termination Date” (or similar term) or expiry date in a written agreement between the Consultant and Corporation or a
subsidiary of the Corporation, or (ii) if no such written agreement exists, the date designated by the Corporation or a subsidiary of the Corporation, as the case may be, on which the Consultant ceases to be a Consultant or a service

  
 - 7 - 

	 	 
provider to the Corporation or the subsidiary of the Corporation, as the case may be, or on which the Participant’s agreement or arrangement is terminated, provided that in the case of
voluntary termination by the Participant of the Participant’s consulting agreement or other written arrangement, such date shall not be earlier than the date notice of voluntary termination was given; in any event, the “Termination
Date” shall be determined without including any period of notice that the Corporation or the subsidiary of the Corporation (as the case may be) may be required by law to provide to the Participant or any pay in lieu of notice of termination,
termination fees or other damages paid or payable to the Participant; 

  

	 	(c)	 in the case of a Director, the date such individual ceases to be a Director, unless the individual continues
to be a Participant in another capacity; and 

  

	 	(d)	 in the case of a U.S. Taxpayer, a Participant’s “Termination Date” will be the date the
Participant experiences a “separation from service” with the Corporation or a subsidiary of the Corporation within the meaning of Section 409A of the Code. 

“TSX” means the Toronto Stock Exchange; 

“U.S.” or “United States” means the United States of America, its territories and possessions, any State of
the United States, and the District of Columbia; 
 “U.S. Securities Act” means the United States Securities Act of 1933,
as amended and the rules and regulations promulgated thereunder; and 
 “U.S. Taxpayer” shall mean a Participant who, with
respect to an Award, is subject to taxation under the applicable U.S. tax laws. 
  

	2.2	 Interpretation 

 

	 	(a)	 Whenever the Plan Administrator exercises discretion in the administration of this Plan, the term
“discretion” means the sole and absolute discretion of the Plan Administrator. 

  

	 	(b)	 As used herein, the terms “Article”, “Section”, “Subsection” and
“clause” mean and refer to the specified Article, Section, Subsection and clause of this Plan, respectively. 

  

	 	(c)	 Words importing the singular include the plural and vice versa and words importing any gender include any
other gender. 

  

	 	(d)	 Unless otherwise specified, time periods within or following which any payment is to be made or act is to be
done shall be calculated by excluding the day on which the period begins, including the day on which the period ends, and abridging the period to the immediately preceding Business Day in the event that the last day of the period is not a Business
Day. In the event an action is required to be taken or a payment is required to be made on a day which is not a Business Day such action shall be taken or such payment shall be made by the immediately preceding Business Day. 

  
 - 8 - 

	 	(e)	 Unless otherwise specified, all references to money amounts are to Canadian currency. 

 

	 	(f)	 The headings used herein are for convenience only and are not to affect the interpretation of this Plan.

 ARTICLE 3 

ADMINISTRATION 
  

	3.1	 Administration 

This Plan will be administered by the Plan Administrator and the Plan Administrator has sole and complete authority, in its discretion, to:

  

	 	(a)	 determine the individuals to whom grants under the Plan may be made; 

 

	 	(b)	 make grants of Awards under the Plan relating to the issuance of Shares (including any combination of
Options, Restricted Share Units, Performance Share Units or Deferred Share Units) in such amounts, to such Persons and, subject to the provisions of this Plan, on such terms and conditions as it determines including without limitation:

  

	 	(i)	 the time or times at which Awards may be granted; 

 

	 	(ii)	 the conditions under which: 

 

	 	(A)	 Awards may be granted to Participants; or 

 

	 	(B)	 Awards may be forfeited to the Corporation, 

including any conditions relating to the attainment of specified Performance Goals; 

 

	 	(iii)	 the number of Shares to be covered by any Award; 

 

	 	(iv)	 the price, if any, to be paid by a Participant in connection with the purchase of Shares covered by any
Awards; 

  

	 	(v)	 whether restrictions or limitations are to be imposed on the Shares issuable pursuant to grants of any
Award, and the nature of such restrictions or limitations, if any; and 

  

	 	(vi)	 any acceleration of exercisability or vesting, or waiver of termination regarding any Award, based on such
factors as the Plan Administrator may determine; 

  

	 	(c)	 establish the form or forms of Award Agreements; 

  
 - 9 - 

	 	(d)	 cancel, amend, adjust or otherwise change any Award under such circumstances as the Plan Administrator may
consider appropriate in accordance with the provisions of this Plan; 

  

	 	(e)	 construe and interpret this Plan and all Award Agreements; 

 

	 	(f)	 adopt, amend, prescribe and rescind administrative guidelines and other rules and regulations relating to
this Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable foreign laws;
and 

  

	 	(g)	 make all other determinations and take all other actions necessary or advisable for the implementation and
administration of this Plan. 

  

	3.2	 Delegation to Committee 

 

	 	(a)	 The initial Plan Administrator shall be the Board. 

 

	 	(b)	 To the extent permitted by applicable law, the Board may, from time to time, delegate to a committee of the
Board (the “Committee”) all or any of the powers conferred on the Plan Administrator pursuant to this Plan, including the power to sub-delegate to any member(s) of the Committee or any
specified officer(s) of the Corporation or its subsidiaries all or any of the powers delegated by the Board. In such event, the Committee or any sub-delegate will exercise the powers delegated to it in the
manner and on the terms authorized by the delegating party. Any decision made or action taken by the Committee or any sub-delegate arising out of or in connection with the administration or interpretation of
this Plan in this context is final and conclusive and binding on the Corporation and all subsidiaries of the Corporation, all Participants and all other Persons. 

 

	3.3	 Determinations Binding 

Any decision made or action taken by the Board, the Committee or any sub-delegate to whom authority has
been delegated pursuant to Section 3.2 arising out of or in connection with the administration or interpretation of this Plan is final, conclusive and binding on the Corporation, the affected Participant(s), their legal and personal
representatives and all other Persons. 
  

	3.4	 Eligibility 

All Directors, Employees and Consultants are eligible to participate in the Plan, subject to Section 9.1(e). Participation in the Plan is
voluntary and eligibility to participate does not confer upon any Director, Employee or Consultant any right to receive any grant of an Award pursuant to the Plan. The extent to which any Director, Employee or Consultant is entitled to receive a
grant of an Award pursuant to the Plan will be determined in the sole and absolute discretion of the Plan Administrator. 

  
 - 10 - 

	3.5	 Plan Administrator Requirements 

Any Award granted under this Plan shall be subject to the requirement that, if at any time the Corporation shall determine that the listing,
registration or qualification of the Shares issuable pursuant to such Award upon any securities exchange or under any Securities Laws of any jurisdiction, or the consent or approval of the Exchange and any securities commissions or similar
securities regulatory bodies having jurisdiction over the Corporation is necessary as a condition of, or in connection with, the grant or exercise of such Award or the issuance or purchase of Shares thereunder, such Award may not be accepted or
exercised, as applicable, in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained on conditions acceptable to the Plan Administrator. Nothing herein shall be deemed to require
the Corporation to apply for or to obtain such listing, registration, qualification, consent or approval. Participants shall, to the extent applicable, cooperate with the Corporation in complying with such legislation, rules, regulations and
policies. 
  

	3.6	 Total Shares Subject to Awards 

 

	 	(a)	 Subject to adjustment as provided for in Article 10 and any subsequent amendment to this Plan, the aggregate
number of Shares that may be issued pursuant to this Plan shall be 2,845,420 Shares. 

  

	 	(b)	 To the extent any Awards (or portion(s) thereof) under this Plan terminate or are cancelled for any reason
prior to exercise in full, or are surrendered to the Corporation by the Participant, except surrenders relating to the payment of the purchase price of any such Award or the satisfaction of the tax withholding obligations related to any such Award,
any Shares subject to such Awards (or portion(s) thereof) shall be added back to the number of Shares reserved for issuance under this Plan and will again become available for issuance pursuant to the exercise of Awards granted under this Plan.

  

	 	(c)	 Any Shares issued by the Corporation through the assumption or substitution of outstanding stock options or
other equity-based awards from an acquired company shall not reduce the number of Shares available for issuance pursuant to the exercise of Awards granted under this Plan. 

 

	3.7	 Limits on Grants of Awards 

Notwithstanding anything in this Plan: 
  

	 	(a)	 the aggregate number of Shares: 

 

	 	(i)	 issuable to Insiders at any time, under all of the Corporation’s Security Based Compensation
Arrangements, shall not exceed ten percent (10%) of the Corporation’s issued and outstanding Shares; and 

  

	 	(ii)	 issued to Insiders within any one (1) year period, under all of the Corporation’s Security Based
Compensation Arrangements, shall not exceed ten percent (10%) of the Corporation’s issued and outstanding Shares. 

  
 - 11 - 

	 	(b)	 (i) the Plan Administrator shall not make grants of Awards to Directors if, after giving effect to such
grants of Awards, the aggregate number of Shares issuable to Directors, at the time of such grant, under all of the Corporation’s Security Based Compensation Arrangements would exceed 1% of the issued and outstanding Shares on a non-diluted basis, and (ii) within any one financial year of the Corporation, the aggregate fair market value on the Date of Grant of all Awards granted to any one Director under all of the Corporation’s
Security Based Compensation Arrangements shall not exceed C$150,000; provided that such limits shall not apply to (i) Awards taken in lieu of any cash retainer or meeting director fees, (ii) a
one-time initial grant to a Director upon such Director joining the Board and (iii) Awards granted on or in connection with the closing of the Corporation’s initial public offering.

  

	 	(c)	 the Plan Administrator shall not grant any Awards that may be denominated or settled in Shares to residents
of the United States unless such Awards and the Shares issuable upon exercise thereof are registered under the U.S. Securities Act or are issued in compliance with an available exemption from the registration requirements of the U.S. Securities Act.

  

	3.8	 Award Agreements 

Each Award under this Plan will be evidenced by an Award Agreement. Each Award Agreement will be subject to the applicable provisions of this
Plan and will contain such provisions as are required by this Plan and any other provisions that the Plan Administrator may direct. Any one officer of the Corporation is authorized and empowered to execute and deliver, for and on behalf of the
Corporation, an Award Agreement to each Participant granted an Award pursuant to this Plan. 
  

	3.9	 Non-transferability of Awards 

Except as permitted by the Plan Administrator and to the extent that certain rights may pass to a beneficiary or legal representative upon
death of a Participant, by will or as required by law, no assignment or transfer of Awards, whether voluntary, involuntary, by operation of law or otherwise, vests any interest or right in such Awards whatsoever in any assignee or transferee and
immediately upon any assignment or transfer, or any attempt to make the same, such Awards will terminate and be of no further force or effect. To the extent that certain rights to exercise any portion of an outstanding Award pass to a beneficiary or
legal representative upon death of a Participant, the period in which such Award can be exercised by such beneficiary or legal representative shall not exceed one year from the Participant’s death. 

ARTICLE 4 
 OPTIONS

  

	4.1	 Granting of Options 

The Plan Administrator may, from time to time, subject to the provisions of this Plan and such other terms and conditions as the Plan
Administrator may prescribe, grant Options to any Participant. The terms and conditions of each Option grant shall be evidenced by an Award Agreement. 

  
 - 12 - 

	4.2	 Exercise Price 

The Plan Administrator will establish the Exercise Price at the time each Option is granted, which Exercise Price must in all cases be not less
than the Market Price on the Date of Grant. 
  

	4.3	 Term of Options 

Subject to any accelerated vesting or termination as set forth in this Plan, each Option expires on its Expiry Date. 

 

	4.4	 Vesting and Exercisability 

 

	 	(a)	 The Plan Administrator shall have the authority to determine the vesting terms applicable to grants of
Options. 

  

	 	(b)	 Once an Option becomes vested, it shall remain vested and shall be exercisable until expiration or
termination of the Option, unless otherwise specified by the Plan Administrator, or as may be otherwise set forth in any written employment agreement, Award Agreement or other written agreement between the Corporation or a subsidiary of the
Corporation and the Participant. Each vested Option may be exercised at any time or from time to time, in whole or in part, for up to the total number of Option Shares with respect to which it is then exercisable. The Plan Administrator has the
right to accelerate the date upon which any Option becomes exercisable. 

  

	 	(c)	 Subject to the provisions of this Plan and any Award Agreement, Options shall be exercised by means of a
fully completed Exercise Notice delivered to the Corporation. 

  

	 	(d)	 The Plan Administrator may provide at the time of granting an Option that the exercise of that Option is
subject to restrictions, in addition to those specified in this Section 4.4, such as vesting conditions relating to the attainment of specified Performance Goals. 

 

	 	(e)	 No Option holder who is resident in the United States may exercise Options unless the Option Shares are
registered under the U.S. Securities Act or are issued in compliance with an available exemption from the registration requirements of the U.S. Securities Act. 

 

	4.5	 Payment of Exercise Price 

 

	 	(a)	 Unless otherwise specified by the Plan Administrator at the time of granting an Option and set forth in the
particular Award Agreement, the Exercise Notice must be accompanied by payment of the Exercise Price. The Exercise Price must be fully paid by certified cheque, wire transfer, bank draft or money order payable to the Corporation or by such other
means as might be specified from time to time by the Plan Administrator, which may include (i) through an arrangement with a broker approved by the Corporation (or through an arrangement directly with the Corporation) whereby payment of the
Exercise Price is accomplished with the 

  
 - 13 - 

	 	 
proceeds of the sale of Shares deliverable upon the exercise of the Option, (ii) through the cashless exercise process set out in Section 4.5(b), or (iii) such other consideration
and method of payment for the issuance of Shares to the extent permitted by Securities Laws, or any combination of the foregoing methods of payment. 

  

	 	(b)	 A Participant may, in lieu of exercising an Option pursuant to an Exercise Notice, elect to surrender such
Option to the Corporation (a “Cashless Exercise”) in consideration for an amount from the Corporation equal to (i) the Market Price of the Shares issuable on the exercise of such Option (or portion thereof) as of the
date such Option (or portion thereof) is exercised, less (ii) the aggregate Exercise Price of the Option (or portion thereof) surrendered relating to such Shares, (the
“In-the-Money Amount”) by written notice to the Corporation indicating the number of Options such Participant wishes to exercise using the Cashless
Exercise, and such other information that the Corporation may require. Subject to Section 8.3, the Corporation shall satisfy payment of the In-the-Money Amount by
delivering to the Participant such number of Shares (rounded down to the nearest whole number) having a fair market value equal to the In-the-Money Amount. Any Options
surrendered in connection with a Cashless Exercise will not be added back to the number of Shares reserved for issuance under this Plan. No Shares will be issued or transferred until full payment therefor has been received by the Corporation.

  

	 	(c)	 If a Participant surrenders Options through a Cashless Exercise pursuant to Section 4.5(b), to the
extent that such Participant would be entitled to a deduction under paragraph 110(1)(d) of the Income Tax Act (Canada) (the “Tax Act”) in respect of such surrender if the election described in subsection 110(1.1) of
the Tax Act were made and filed (and the other procedures described therein were undertaken) on a timely basis after such surrender, the Corporation will cause such election to be so made and filed (and such other procedures to be so undertaken).

 ARTICLE 5 

RESTRICTED SHARE UNITS 
  

	5.1	 Granting of RSUs 

 

	 	(a)	 The Plan Administrator may, from time to time, subject to the provisions of this Plan and such other terms
and conditions as the Plan Administrator may prescribe, grant RSUs to any Participant in respect of a bonus or similar payment in respect of services rendered by the applicable Participant in a taxation year (the “RSU Service
Year”). The terms and conditions of each RSU grant may be evidenced by an Award Agreement. Each RSU will consist of a right to receive a Share, cash payment, or a combination thereof (as provided in Section 5.4(a)), upon the settlement
of such RSU. 

  

	 	(b)	 The number of RSUs (including fractional RSUs) granted at any particular time pursuant to this Article 5
will be calculated by dividing (i) the amount of any bonus or similar payment that is to be paid in RSUs, as determined by the Plan Administrator, by (ii) the greater of (A) the Market Price of a Share on the Date of Grant; and
(B) such amount as determined by the Plan Administrator in its sole discretion. 

  
 - 14 - 

	5.2	 RSU Account 

All RSUs received by a Participant shall be credited to an account maintained for the Participant on the books of the Corporation, as of the
Date of Grant. 
  

	5.3	 Vesting of RSUs 

The Plan Administrator shall have the authority to determine any vesting terms applicable to the grant of RSUs, provided that the terms comply
with Section 409A, with respect to a U.S. Taxpayer. 
  

	5.4	 Settlement of RSUs 

 

	 	(a)	 The Plan Administrator shall have the sole authority to determine the settlement terms applicable to the
grant of RSUs, provided that with respect to a U.S. Taxpayer the terms comply with Section 409A to the extent it is applicable. Subject to Section 11.6(d) below and except as otherwise provided in an Award Agreement, on the settlement date
for any RSU, the Participant shall redeem each vested RSU for: 

  

	 	(i)	 one (1) fully paid and non-assessable Share issued from
treasury to the Participant or as the Participant may direct, 

  

	 	(ii)	 a cash payment, or 

 

	 	(iii)	 a combination of Shares and cash as contemplated by paragraphs (i) and (ii) above,

 in each case as determined by the Plan Administrator in its discretion. 

 

	 	(b)	 Any cash payments made under this Section 5.4 by the Corporation to a Participant in respect of RSUs to
be redeemed for cash shall be calculated by multiplying the number of RSUs to be redeemed for cash by the Market Price per Share as at the settlement date. 

  

	 	(c)	 Payment of cash to Participants on the redemption of vested RSUs may be made through the Corporation’s
payroll in the pay period that the settlement date falls within. 

  

	 	(d)	 Notwithstanding any other terms of this Plan but subject to Section 11.6(d) below and except as
otherwise provided in an Award Agreement, no settlement date for any RSU shall occur, and no Share shall be issued or cash payment shall be made in respect of any RSU, under this Section 5.4 any later than the final Business Day of the third
calendar year following the applicable RSU Service Year. 

  

	 	(e)	 No RSU holder who is resident in the United States may settle RSUs for Shares unless the Shares issuable
upon settlement of the RSUs are registered under the U.S. Securities Act or are issued in compliance with an available exemption from the registration requirements of the U.S. Securities Act. 

  
 - 15 - 

 ARTICLE 6 

PERFORMANCE SHARE UNITS 
  

	6.1	 Granting of PSUs 

The Plan Administrator may, from time to time, subject to the provisions of this Plan and such other terms and conditions as the Plan
Administrator may prescribe, grant PSUs to any Participant in respect of a bonus or similar payment in respect of services rendered by the applicable Participant in a taxation year (the “PSU Service Year”). The terms and
conditions of each PSU grant shall be evidenced by an Award Agreement, provided that with respect to a U.S. Taxpayer the terms comply with Section 409A to the extent it is applicable. Each PSU will consist of a right to receive a Share, cash
payment, or a combination thereof (as provided in Section 6.6(a)), upon the achievement of such Performance Goals during such performance periods as the Plan Administrator shall establish. 

 

	6.2	 Terms of PSUs 

The Performance Goals to be achieved during any performance period, the length of any performance period, the amount of any PSUs granted, the
termination of a Participant’s employment and the amount of any payment or transfer to be made pursuant to any PSU will be determined by the Plan Administrator and by the other terms and conditions of any PSU, all as set forth in the applicable
Award Agreement. 
  

	6.3	 Performance Goals 

The Plan Administrator will issue Performance Goals prior to the Date of Grant to which such Performance Goals pertain. The Performance Goals
may be based upon the achievement of corporate, divisional or individual goals, and may be applied to performance relative to an index or comparator group, or on any other basis determined by the Plan Administrator. The Plan Administrator may modify
the Performance Goals as necessary to align them with the Corporation’s corporate objectives, subject to any limitations set forth in an Award Agreement or an employment or other agreement with a Participant. The Performance Goals may include a
threshold level of performance below which no payment will be made (or no vesting will occur), levels of performance at which specified payments will be made (or specified vesting will occur), and a maximum level of performance above which no
additional payment will be made (or at which full vesting will occur), all as set forth in the applicable Award Agreement. 
  

	6.4	 PSU Account 

All PSUs received by a Participant shall be credited to an account maintained for the Participant on the books of the Corporation, as of the
Date of Grant. 
  

	6.5	 Vesting of PSUs 

The Plan Administrator shall have the authority to determine any vesting terms applicable to the grant of PSUs. 

  
 - 16 - 

	6.6	 Settlement of PSUs 

 

	 	(a)	 The Plan Administrator shall have the authority to determine the settlement terms applicable to the grant of
PSUs provided that with respect to a U.S. Taxpayer the terms comply with Section 409A to the extent it is applicable. Subject to Section 11.6(d) below and except as otherwise provided in an Award Agreement, on the settlement date for any
PSU, the Participant shall redeem each vested PSU for: 

  

	 	(i)	 one fully paid and non-assessable Share issued from treasury to the
Participant or as the Participant may direct, 

  

	 	(ii)	 a cash payment, or 

 

	 	(iii)	 a combination of Shares and cash as contemplated by paragraphs (i) and (ii) above,

 in each case as determined by the Plan Administrator in its discretion. 

 

	 	(b)	 Any cash payments made under this Section 6.6 by the Corporation to a Participant in respect of PSUs to
be redeemed for cash shall be calculated by multiplying the number of PSUs to be redeemed for cash by the Market Price per Share as at the settlement date. 

  

	 	(c)	 Payment of cash to Participants on the redemption of vested PSUs may be made through the Corporation’s
payroll in the pay period that the settlement date falls within. 

  

	 	(d)	 Notwithstanding any other terms of this Plan but subject to Section 11.6(d) below and except as
otherwise provided in an Award Agreement, no settlement date for any PSU shall occur, and no Share shall be issued or cash payment shall be made in respect of any PSU, under this Section 6.6 any later than the final Business Day of the third
calendar year following the applicable PSU Service Year. 

  

	 	(e)	 No PSU holder who is resident in the United States may settle PSUs for Shares unless the Shares issuable
upon settlement of the PSUs are registered under the U.S. Securities Act or are issued in compliance with an available exemption from the registration requirements of the U.S. Securities Act. 

ARTICLE 7 
 DEFERRED
SHARE UNITS 
  

	7.1	 Granting of DSUs 

 

	 	(a)	 The Board may fix from time to time a portion of the Director Fees that is to be payable in the form of
DSUs. In addition, each Electing Person is given, subject to the conditions stated herein, the right to elect in accordance with Section 7.1(b) to participate in the grant of additional DSUs pursuant to this Article 7. An Electing Person who
elects to participate in the grant of additional DSUs pursuant to this Article 7 shall receive their Elected Amount (as that term is defined below) in the form of DSUs. The “Elected Amount” shall be an amount, as elected by the
Director, in accordance with applicable tax law, between 0% and 100% of any Director Fees that would otherwise be paid in cash (the “Cash Fees”). 

  
 - 17 - 

	 	(b)	 Each Electing Person who elects to receive their Elected Amount in the form of DSUs will be required to file
a notice of election in the form of Schedule A hereto (the “Election Notice”) with the Chief Financial Officer of the Corporation: (i) in the case of an existing Electing Person, by December 31st in the year prior to the year to which such election is to apply (other than for Director Fees payable for the 2019 financial year, in which case any Electing Person who is not a U.S. Taxpayer as of
the date of this Plan shall file the Election Notice by the date that is 30 days from the Effective Date with respect to compensation paid for services to be performed after such date); and (ii) in the case of a newly appointed Electing Person
who is not a U.S. Taxpayer, within 30 days of such appointment with respect to compensation paid for services to be performed after such date. In the case of an existing Electing Person who is a U.S. Taxpayer as of the Effective Date of this Plan,
an initial Election Notice may be filed by the date that is 30 days from the Effective Date only with respect to compensation paid for services to be performed after the Election Date; and, in the case of a newly appointed Electing Person who is a
U.S. Taxpayer, an Election Notice may be filed within 30 days of such appointment only with respect to compensation paid for services to be performed after the Election Date. If no election is made within the foregoing time frames, the Electing
Person shall be deemed to have elected to be paid the entire amount of his or her Cash Fees in cash. 

  

	 	(c)	 Subject to Subsection 7.1(d), the election of an Electing Person under Subsection 7.1(b) shall be deemed to
apply to all Cash Fees paid subsequent to the filing of the Election Notice, and such Electing Person is not required to file another Election Notice for subsequent calendar years 

 

	 	(d)	 Each Electing Person who is not a U.S. Taxpayer is entitled once per calendar year to terminate his or her
election to receive DSUs by filing with the Chief Financial Officer of the Corporation a termination notice in the form of Schedule B. Such termination shall be effective immediately upon receipt of such notice, provided that the Corporation has not
imposed a “black-out” on trading. Thereafter, any portion of such Electing Person’s Cash Fees payable or paid in the same calendar year and, subject to complying with Subsection 7.1(b), all
subsequent calendar years shall be paid in cash. For greater certainty, to the extent an Electing Person terminates his or her participation in the grant of DSUs pursuant to this Article 7, he or she shall not be entitled to elect to receive the
Elected Amount, or any other amount of his or her Cash Fees in DSUs again until the calendar year following the year in which the termination notice is delivered. An election by a U.S. Taxpayer to receive the Elected Amount in DSUs for any calendar
year is irrevocable for that calendar year after the expiration of the election period for that year and any termination of the election will not take effect until the first day of the calendar year following the calendar year in which the
termination notice in the form of Schedule C is delivered. 

  
 - 18 - 

	 	(e)	 Any DSUs granted pursuant to this Article 7 prior to the delivery of a termination notice pursuant to
Section 7.1(d) shall remain in the Plan following such termination and will be redeemable only in accordance with the terms of the Plan. 

  

	 	(f)	 The number of DSUs (including fractional DSUs) granted at any particular time pursuant to this Article 7
will be calculated by dividing (i) the amount of any bonus or similar payment that are to be paid as DSUs, as determined by the Plan Administrator or Director Fees that are to be paid in DSUs (including any Elected Amount), by (ii) the
Market Price of a Share on the Date of Grant. 

  

	 	(g)	 In addition to the foregoing, the Plan Administrator may, from time to time, subject to the provisions of
this Plan and such other terms and conditions as the Plan Administrator may prescribe, grant DSUs to any Participant. 

  

	7.2	 DSU Account 

All DSUs received by a Participant (which, for greater certainty includes Electing Persons) shall be credited to an account maintained for the
Participant on the books of the Corporation, as of the Date of Grant. The terms and conditions of each DSU grant shall be evidenced by an Award Agreement. 
  

	7.3	 Vesting of DSUs 

Except as otherwise determined by the Plan Administrator, DSUs shall vest immediately upon grant. 

 

	7.4	 Settlement of DSUs 

 

	 	(a)	 DSUs shall be settled on the date established in the Award Agreement; provided, however that if there
is no Award Agreement or the Award Agreement does not establish a date for the settlement of the DSUs, then, for a Participant who is not a U.S. Taxpayer the settlement date shall be the date determined by the Participant, and for a Participant who
is a U.S. taxpayer, the settlement date shall be the date of the Participant’s “separation from service” under Section 409A and for greater certainty in all cases by the end of the year in which such separation from service
occurs, subject to Section 11.6(d). On the settlement date for any DSU, the Participant shall redeem each vested DSU for: 

  

	 	(i)	 one (1) fully paid and non-assessable Share issued from
treasury to the Participant or as the Participant may direct; or 

  

	 	(ii)	 at the election of the Participant and subject to the approval of the Plan Administrator, a cash payment.

  

	 	(b)	 Any cash payments made under this Section 7.4 by the Corporation to a Participant in respect of DSUs to
be redeemed for cash shall be calculated by multiplying the number of DSUs to be redeemed for cash by the Market Price per Share as at the settlement date. 

  
 - 19 - 

	 	(c)	 Payment of cash to Participants on the redemption of vested DSUs may be made through the Corporation’s
payroll or in such other manner as determined by the Corporation. 

  

	 	(d)	 No DSU holder who is resident in the United States may settle DSUs for Shares unless the Shares issuable
upon settlement of the DSUs are registered under the U.S. Securities Act or are issued in compliance with an available exemption from the registration requirements of the U.S. Securities Act. 

ARTICLE 8 

ADDITIONAL AWARD TERMS 
  

	8.1	 Dividend Equivalents 

 

	 	(a)	 Unless otherwise determined by the Plan Administrator and set forth in the particular Award Agreement, an
Award of RSUs, PSUs and DSUs shall include the right for such RSUs, PSUs and DSUs be credited with dividend equivalents in the form of additional RSUs, PSUs and DSUs, respectively, as of each dividend payment date in respect of which normal cash
dividends are paid on Shares. Such dividend equivalents shall be computed by dividing: (a) the amount obtained by multiplying the amount of the dividend declared and paid per Share by the number of RSUs, PSUs and DSUs, as applicable, held by
the Participant on the record date for the payment of such dividend, by (b) the Market Price at the close of the first business day immediately following the dividend record date, with fractions computed to three decimal places. Dividend
equivalents credited to a Participant’s account shall vest in proportion to the RSUs, PSUs and DSUs to which they relate, and shall be settled in accordance with Subsections 5.4, 6.6, and 7.4 respectively. 

 

	 	(b)	 The foregoing does not obligate the Corporation to declare or pay dividends on Shares and nothing in this
Plan shall be interpreted as creating such an obligation. 

  

	8.2	 Black-out Period 

If an Award expires during, or within five business days after, a routine or special trading black-out
period imposed by the Corporation to restrict trades in the Corporation’s securities, then, notwithstanding any other provision of this Plan, unless the delayed expiration would result in tax consequences, the Award shall expire ten business
days after the trading black-out period is lifted by the Corporation. 
  

	8.3	 Withholding Taxes 

Notwithstanding any other terms of this Plan, the granting, vesting or settlement of each Award under this Plan is subject to the condition
that if at any time the Plan Administrator determines, in its discretion, that the satisfaction of withholding tax or other withholding liabilities is necessary or desirable in respect of such grant, vesting or settlement, such action is not
effective unless such withholding has been effected to the satisfaction of the Plan Administrator. In such circumstances, the Plan Administrator may require that a Participant pay to the Corporation the minimum amount as the Corporation or a
subsidiary of the Corporation is obliged to withhold or remit to the relevant taxing authority in respect of the granting, vesting or settlement of the Award. Any such additional 

  
 - 20 - 

 
payment is due no later than the date on which such amount with respect to the Award is required to be remitted to the relevant tax authority by the Corporation or a subsidiary of the
Corporation, as the case may be. Alternatively, and subject to any requirements or limitations under applicable law, the Corporation or any Affiliate may (a) withhold such amount from any remuneration or other amount payable by the Corporation
or any Affiliate to the Participant, (b) require the sale, on behalf of the applicable Participant, of a number of Shares issued upon exercise, vesting, or settlement of such Award and the remittance to the Corporation of the net proceeds from
such sale sufficient to satisfy such amount, or (c) enter into any other suitable arrangements for the receipt of such amount. 
  

	8.4	 Recoupment 

Notwithstanding any other terms of this Plan, Awards may be subject to potential cancellation, recoupment, rescission, payback or other action
in accordance with the terms of any clawback, recoupment or similar policy adopted by the Corporation or the relevant subsidiary of the Corporation, or as set out in the Participant’s employment agreement, Award Agreement or other written
agreement, or as otherwise required by law or the rules of the Exchange. The Plan Administrator may at any time waive the application of this Section 8.4 to any Participant or category of Participants. 

ARTICLE 9 

TERMINATION OF EMPLOYMENT OR SERVICES 
  

	9.1	 Termination of Employee, Consultant or Director 

Subject to Section 9.2, unless otherwise determined by the Plan Administrator or as set forth in an employment agreement, Award Agreement
or other written agreement: 
  

	 	(a)	 where a Participant’s employment, consulting or other agreement or arrangement is terminated or the
Participant ceases to hold office or his or her position, as applicable, by reason of voluntary resignation by the Participant, termination by the Corporation or a subsidiary of the Corporation (whether such termination occurs for, or without Cause,
with or without any or adequate reasonable notice, or with or without any or adequate compensation in lieu of such reasonable notice) then, subject to applicable law that cannot be waived by the Participant: 

 

	 	(i)	 each Award held by the Participant that has not vested as of the Termination Date is immediately forfeited
and cancelled as of the Termination Date; and 

  

	 	(ii)	 each Award held by a Participant that has vested may be exercised, settled or surrendered to the Corporation
by the Participant at any time during the period that terminates on the earlier of: (A) the Expiry Date of such Award, and (B) the date that is 90 days after the Termination Date, provided that any Awards subject to Section 409A
awarded to U.S. Taxpayers, shall be exercised, settled or surrendered within the same calendar year as the Participant’s “separation from service”. Any Award that has not been exercised, settled or surrendered at the end of such
period being immediately forfeited and cancelled; 

  
 - 21 - 

	 	(b)	 where a Participant’s employment, consulting or other agreement or arrangement is terminated by reason
of the death of the Participant, then each Award held by the Participant that has not vested as of the date of the death of such Participant but is scheduled to vest within the next year shall vest on such date and may be exercised, settled or
surrendered to the Corporation by the Participant at any time during the period that terminates on the earlier of: (i) the Expiry Date of such Award, and (ii) the first anniversary of the date of the death of such Participant provided that
any Awards subject to Section 409A awarded to U.S. Taxpayers, shall be exercised or surrendered within the same calendar year as the Participant’s death. Any Award that has not been exercised, settled or surrendered at the end of such
period being immediately forfeited and cancelled. All other unvested Awards shall be immediately forfeited and cancelled; 

  

	 	(c)	 where a Participant becomes Disabled, then each Award held by the Participant that has not vested as of the
date of the Disability of such Participant and is scheduled to vest within the next year shall vest on such date and may be exercised or surrendered to the Corporation by a Participant at any time until the Expiry Date of such Award, provided that
any Awards subject to Section 409A awarded to U.S. Taxpayers, shall be exercised or surrendered within the same calendar year as the Participant’s “separation from service”. Any Award that remains unexercised or has not been
surrendered to the Corporation by the Participant shall be immediately forfeited upon the termination of such period. All other unvested Awards shall be immediately forfeited and cancelled; 

 

	 	(d)	 a Participant’s eligibility to receive further grants of Awards under this Plan ceases as of the
earliest of the following: 

  

	 	(i)	 the Termination Date; 

 

	 	(ii)	 the date that the Corporation or a subsidiary of the Corporation, as the case may be, provides the
Participant with written notification that the Participant’s employment, consulting or other agreement or arrangement is terminated, notwithstanding that such date may be prior to the Termination Date; or 

 

	 	(iii)	 the date of the death, Disability or the date notice is given of the resignation of the Participant; and

  

	 	(e)	 notwithstanding Subsection 9.1(a), unless the Plan Administrator, in its discretion, otherwise determines,
at any time and from time to time, Awards are not affected by a change of employment or consulting agreement or arrangement, or directorship within or among the Corporation or a subsidiary of the Corporation for so long as the Participant continues
to be a Director, Employee or Consultant, as applicable, of the Corporation or a subsidiary of the Corporation. 

  

	9.2	 Discretion to Permit Acceleration 

Notwithstanding the provisions of Section 9.1, the Plan Administrator may, in its discretion, at any time prior to, or following the
events contemplated in such Section, or in an employment 

  
 - 22 - 

 
agreement, Award Agreement or other written agreement between the Corporation or a subsidiary of the Corporation and the Participant, permit the acceleration of vesting of any or all Awards or
waive termination of any or all Awards, all in the manner and on the terms as may be authorized by the Plan Administrator. 

ARTICLE 10 
 EVENTS
AFFECTING THE CORPORATION 
  

	10.1	 General 

The existence of any Awards does not affect in any way the right or power of the Corporation or its shareholders to make, authorize or
determine any adjustment, recapitalization, reorganization or any other change in the Corporation’s capital structure or its business, or any amalgamation, combination, arrangement, merger or consolidation involving the Corporation, to create
or issue any bonds, debentures, Shares or other securities of the Corporation or to determine the rights and conditions attaching thereto, to effect the dissolution or liquidation of the Corporation or any sale or transfer of all or any part of its
assets or business, or to effect any other corporate act or proceeding, whether of a similar character or otherwise, whether or not any such action referred to in this Article 10 would have an adverse effect on this Plan or on any Award granted
hereunder. 
  

	10.2	 Change in Control 

Except as may be set forth in an employment agreement, Award Agreement or other written agreement between the Corporation or a subsidiary of
the Corporation and the Participant: 
  

	 	(a)	 Notwithstanding anything else in this Plan or any Award Agreement, the Plan Administrator may, without the
consent of any Participant, take such steps as it deems necessary or desirable, including to cause (i) the conversion or exchange of any outstanding Awards into or for, rights or other securities of substantially equivalent value, as determined
by the Plan Administrator in its discretion, in any entity participating in or resulting from a Change in Control; (ii) outstanding Awards to vest and become exercisable, realizable, or payable, or restrictions applicable to an Award to lapse,
in whole or in part prior to or upon consummation of such merger or Change in Control, and, to the extent the Plan Administrator determines, terminate upon or immediately prior to the effectiveness of such merger or Change in Control; (iii) the
termination of an Award in exchange for an amount of cash and/or property, if any, equal to the amount that would have been attained upon the exercise or settlement of such Award or realization of the Participant’s rights as of the date of the
occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction the Plan Administrator determines in good faith that no amount would have been attained upon the exercise or settlement of such
Award or realization of the Participant’s rights, then such Award may be terminated by the Corporation without payment); (iv) the replacement of such Award with other rights or property selected by the Board of Directors in its sole discretion;
or (v) any combination of the foregoing. In taking any of the actions permitted under this Section 10.2(a), the Plan Administrator will not be required to treat all Awards similarly in the transaction. Notwithstanding the foregoing, in the
case of Options held by a Canadian Taxpayer, the Plan Administrator may not cause the Canadian Taxpayer to receive (pursuant to this 

  
 - 23 - 

	 	 
Subsection 10.2(a)) any property in connection with a Change in Control other than rights to acquire shares of a corporation or units of a “mutual fund trust” (as defined in the Tax
Act), of the Corporation or a “qualifying person” (as defined in the Tax Act) that does not deal at arm’s length (for purposes of the Tax Act) with the Corporation, as applicable, at the time such rights are issued or granted.

  

	 	(b)	 Notwithstanding Section 9.1, and except as otherwise provided in a written employment or other
agreement between the Corporation or a subsidiary of the Corporation and a Participant, if within 12 months following the completion of a transaction resulting in a Change in Control, a Participant’s employment, consultancy or directorship is
terminated by the Corporation or a subsidiary of the Corporation without Cause: 

  

	 	(i)	 any unvested Awards held by the Participant that have not been exercised, settled or surrendered as of the
Termination Date shall immediately vest; and 

  

	 	(ii)	 any vested Awards of Participants may be exercised, settled or surrendered to the Corporation by such
Participant at any time during the period that terminates on the earlier of: (A) the Expiry Date of such Award; and (B) the date that is 90 days after the Termination Date, provided that any Awards subject to Section 409A awarded to
U.S. Taxpayers, shall be exercised, settled or surrendered within the same calendar year as the Participant’s “separation from service”, with any Award that has not been exercised, settled or surrendered at the end of such period
being immediately forfeited and cancelled. 

  

	 	(c)	 Notwithstanding Subsection 10.2(a) and unless otherwise determined by the Plan Administrator, if, as a
result of a Change in Control, the Shares will cease trading on an Exchange, then the Corporation may terminate all of the Awards, other than an Option held by a Participant that is a resident of Canada for the purposes of the Tax Act, granted under
this Plan at the time of and subject to the completion of the Change in Control transaction by paying to each holder at or within a reasonable period of time following completion of such Change in Control transaction an amount for each Award equal
to the fair market value of the Award held by such Participant as determined by the Plan Administrator, acting reasonably. 

  

	 	(d)	 It is intended that any actions taken under this Section 10.2 will comply with the requirements of
Section 409A of the Code with respect to Awards granted to U.S. Taxpayers. 

  

	10.3	 Reorganization of Corporation’s Capital 

Should the Corporation effect a subdivision or consolidation of Shares or any similar capital reorganization or a payment of a stock dividend
(other than a stock dividend that is in lieu of a cash dividend), or should any other change be made in the capitalization of the Corporation that does not constitute a Change in Control and that would warrant the amendment or replacement of any
existing Awards in order to adjust the number of Shares that may be acquired on the vesting of outstanding Awards and/or the terms of any Award in order to preserve proportionately the 

  
 - 24 - 

 
rights and obligations of the Participants holding such Awards, the Plan Administrator will, subject to the prior approval of the Exchange, authorize such steps to be taken as it may consider to
be equitable and appropriate to that end. 
  

	10.4	 Other Events Affecting the Corporation 

In the event of an amalgamation, combination, arrangement, merger or other transaction or reorganization involving the Corporation and
occurring by exchange of Shares, by sale or lease of assets or otherwise, that does not constitute a Change in Control and that warrants the amendment or replacement of any existing Awards in order to adjust the number of Shares that may be acquired
on the vesting of outstanding Awards and/or the terms of any Award in order to preserve proportionately the rights and obligations of the Participants holding such Awards, the Plan Administrator will, subject to the prior approval of the Exchange,
authorize such steps to be taken as it may consider to be equitable and appropriate to that end. 
  

	10.5	 Immediate Acceleration of Awards 

In taking any of the steps provided in Sections 10.3 and 10.4, the Plan Administrator will not be required to treat all Awards similarly and
where the Plan Administrator determines that the steps provided in Sections 10.3 and 10.4 would not preserve proportionately the rights, value and obligations of the Participants holding such Awards in the circumstances or otherwise determines that
it is appropriate, the Plan Administrator may, but is not required to, permit the immediate vesting of any unvested Awards. 
  

	10.6	 Issue by Corporation of Additional Shares 

Except as expressly provided in this Article 10, neither the issue by the Corporation of shares of any class or securities convertible
into or exchangeable for shares of any class, nor the conversion or exchange of such shares or securities, affects, and no adjustment by reason thereof is to be made with respect to the number of Shares that may be acquired as a result of a grant of
Awards. 
  

	10.7	 Fractions 

No fractional Shares will be issued pursuant to an Award. Accordingly, if, as a result of any adjustment under this Article 10 or a
dividend equivalent, a Participant would become entitled to a fractional Share, the Participant has the right to acquire only the adjusted number of full Shares and no payment or other adjustment will be made with respect to the fractional Shares,
which shall be disregarded. 
 ARTICLE 11 

U.S. TAXPAYERS 
  

	11.1	 Provisions for U.S. Taxpayers 

Options granted under this Plan to U.S. Taxpayers may be non-qualified stock options or incentive stock
options qualifying under Section 422 of the Code (“ISOs”). Each Option shall be designated in the Award Agreement as either an ISO or a non-qualified stock option. The Corporation shall
not be liable to any Participant or to any other Person if it is determined that an Option intended to be an ISO does not qualify as an ISO. Nonqualified stock options will be granted to a U.S. Taxayer only if (i) such U.S. Taxpayer performs
services for the Corporation or any corporation or other 

  
 - 25 - 

 
entity in which the Corporation has a direct or indirect controlling interest or otherwise has a significant ownership interest, as determined under Section 409A, such that the Option will
constitute an option to acquire “service recipient stock” within the meaning of Section 409A, or (ii) such option otherwise is exempt from Section 409A.     

 

	11.2	 ISOs 

Subject to any limitations in Section 3.6, the aggregate number of Shares reserved for issuance in respect of granted ISOs shall not
exceed 10,000,000 Shares, and the terms and conditions of any ISOs granted to a U.S. Taxpayer on the Date of Grant hereunder, including the eligible recipients of ISOs, shall be subject to the provisions of Section 422 of the Code, and the
terms, conditions, limitations and administrative procedures established by the Plan Administrator from time to time in accordance with this Plan. At the discretion of the Plan Administrator, ISOs may be granted to any employee of the Corporation,
or of a “parent corporation” or “subsidiary corporation”, as such terms are defined in Sections 424(e) and (f) of the Code. 
  

	11.3	 ISO Grants to 10% Shareholders 

Notwithstanding anything to the contrary in this Plan, if an ISO is granted to a person who owns shares representing more than 10% of the
voting power of all classes of shares of the Corporation or of a “parent corporation” or “subsidiary corporation”, as such terms are defined in Section 424(e) and (f) of the Code, on the Date of Grant, the term of the
Option shall not exceed five years from the time of grant of such Option and the Exercise Price shall be at least 110% of the Market Price of the Shares subject to the Option. 

 

	11.4	 $100,000 Per Year Limitation for ISOs 

To the extent the aggregate Market Price as at the Date of Grant of the Shares for which ISOs are exercisable for the first time by any person
during any calendar year (under all plans of the Corporation) exceeds $100,000, such excess ISOs shall be treated as non-qualified stock options. 

 

	11.5	 Disqualifying Dispositions 

Each person awarded an ISO under this Plan shall notify the Corporation in writing immediately after the date he or she makes a disposition or
transfer of any Shares acquired pursuant to the exercise of such ISO if such disposition or transfer is made (a) within two years from the Date of Grant or (b) within one year after the date such person acquired the Shares. Such
notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by the person in such disposition or other transfer. The Corporation may, if
determined by the Plan Administrator and in accordance with procedures established by it, retain possession of any Shares acquired pursuant to the exercise of an ISO as agent for the applicable person until the end of the later of the periods
described in (a) or (b) above, subject to complying with any instructions from such person as to the sale of such Shares. 
  

	11.6	 Section 409A of the Code 

 

	 	(a)	 This Plan will be construed and interpreted to be exempt from, or where not so exempt, to comply with
Section 409A of the Code to the extent required to preserve 

  
 - 26 - 

	 	 
the intended tax consequences of this Plan. Any reference in this Plan to section 409A of the Code also include any regulation promulgated thereunder or any other formal guidance issued by the
Internal Revenue Service with respect to section 409A of the Code. Each Award shall be construed and administered such that the Award either (A) qualifies for an exemption from the requirements of section 409A of the Code or (B) satisfies
the requirements of section 409A of the Code. If an Award is subject to section 409A of the Code, (I) distributions shall only be made in a manner and upon an event permitted under section 409A of the Code, (II) payments to be made upon a
termination of employment or service shall only be made upon a “separation from service” under section 409A of the Code, (III) unless the Award specifies otherwise, each installment payment shall be treated as a separate payment for
purposes of section 409A of the Code, and (IV) in no event shall a Participant, directly or indirectly, designate the calendar year in which a distribution is made except in accordance with section 409A of the Code. To the extent that an Award
or payment, or the settlement or deferral thereof, is subject to Section 409A of the Code, the Award will be granted, paid, settled or deferred in a manner that will meet the requirements of Section 409A of the Code, such that the grant,
payment, settlement or deferral will not be subject to the additional tax or interest applicable under Section 409A of the Code. The Corporation reserves the right to amend this Plan to the extent it reasonably determines is necessary in order
to preserve the intended tax consequences of this Plan in light of Section 409A of the Code. In no event will the Corporation or any of its subsidiaries or Affiliates be liable for any tax, interest or penalties that may be imposed on a
Participant under Section 409A of the Code or any damages for failing to comply with Section 409A of the Code. 

  

	 	(b)	 All terms of the Plan that are undefined or ambiguous must be interpreted in a manner that complies with
Section 409A of the Code if necessary to comply with Section 409A of the Code. 

  

	 	(c)	 The Plan Administrator, in its sole discretion, may permit the acceleration of the time or schedule of
payment of a U.S. Taxpayer’s vested Awards in the Plan under circumstances that constitute permissible acceleration events under Section 409A of the Code. 

 

	 	(d)	 Notwithstanding any provisions of the Plan to the contrary, in the case of any “specified
employee” within the meaning of Section 409A of the Code who is a U.S. Taxpayer, distributions of non-qualified deferred compensation under Section 409A of the Code made in connection with a
“separation from service” within the meaning set forth in Section 409A of the Code may not be made prior to the date which is six months after the date of separation from service (or, if earlier, the date of death of the U.S.
Taxpayer). Any amounts subject to a delay in payment pursuant to the preceding sentence shall be paid as soon practicable following such six-month anniversary of such separation from service.

  
 - 27 - 

	11.7	 Section 83(b) Election 

If a Participant makes an election pursuant to Section 83(b) of the Code with respect to an Award of Shares subject to vesting or other
forfeiture conditions, the Participant shall be required to promptly file a copy of such election with the Corporation. 
  

	11.8	 Application of Article 11 to U.S. Taxpayers 

For greater certainty, the provisions of this Article 11 shall only apply to U.S. Taxpayers. 

ARTICLE 12 

AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN 
  

	12.1	 Amendment, Suspension, or Termination of the Plan 

The Plan Administrator may from time to time, without notice and without approval of the holders of voting shares of the Corporation, amend,
modify, change, suspend or terminate the Plan or any Awards granted pursuant to the Plan as it, in its discretion determines appropriate, provided, however, that: 
  

	 	(a)	 no such amendment, modification, change, suspension or termination of the Plan or any Awards granted
hereunder may materially impair any rights of a Participant or materially increase any obligations of a Participant under the Plan without the consent of the Participant, unless the Plan Administrator determines such adjustment is required or
desirable in order to comply with any applicable Securities Laws or Exchange requirements; and 

  

	 	(b)	 any amendment that would cause an Award held by a U.S. Taxpayer to be subject to the additional tax penalty
under Section 409A(1)(b)(i)(II) of the Code shall be null and void ab initio with respect to the U.S. Taxpayer unless the consent of the U.S. Taxpayer is obtained. 

 

	12.2	 Shareholder Approval 

Notwithstanding Section 12.1 and subject to any rules of the Exchange, approval of the holders of Shares shall be required for any
amendment, modification or change that: 
  

	 	(a)	 increases the number of Shares reserved for issuance under the Plan, except pursuant to the provisions under
Article 10 which permit the Plan Administrator to make equitable adjustments in the event of transactions affecting the Corporation or its capital; 

  

	 	(b)	 increases or removes the 10% limits on Shares issuable or issued to Insiders as set forth in Subsection
3.7(a); 

  

	 	(c)	 reduces the exercise price of an Option Award (for this purpose, a cancellation or termination of an Option
Award of a Participant prior to its Expiry Date for the purpose of reissuing an Option Award to the same Participant with a lower exercise price shall be treated as an amendment to reduce the exercise price of an Option Award) except pursuant to the
provisions in the Plan which permit the Plan Administrator to make equitable adjustments in the event of transactions affecting the Corporation or its capital; 

  
 - 28 - 

	 	(d)	 extends the term of an Option Award beyond the original Expiry Date (except where an Expiry Date would have
fallen within a blackout period applicable to the Participant or within five business days following the expiry of such a blackout period); 

  

	 	(e)	 permits an Option Award to be exercisable beyond 10 years from its Date of Grant (except where an Expiry
Date would have fallen within a blackout period of the Corporation); 

  

	 	(f)	 increases or removes the limits on the participation of Directors; 

 

	 	(g)	 permits Awards to be transferred to a Person; 

 

	 	(h)	 changes the eligible participants of the Plan; or 

 

	 	(i)	 deletes or reduces the range of amendments which require approval of shareholders under this
Section 12.2. 

  

	12.3	 Permitted Amendments 

Without limiting the generality of Section 12.1, but subject to Section 12.2, the Plan Administrator may, without shareholder
approval, at any time or from time to time, amend the Plan for the purposes of: 
  

	 	(a)	 making any amendments to the general vesting provisions of each Award; 

 

	 	(b)	 making any amendments to the provisions set out in Article 9; 

 

	 	(c)	 making any amendments to add covenants of the Corporation for the protection of Participants, as the case
may be, provided that the Plan Administrator shall be of the good faith opinion that such additions will not be prejudicial to the rights or interests of the Participants, as the case may be; 

 

	 	(d)	 making any amendments not inconsistent with the Plan as may be necessary or desirable with respect to
matters or questions which, in the good faith opinion of the Plan Administrator, having in mind the best interests of the Participants, it may be expedient to make, including amendments that are desirable as a result of changes in law in any
jurisdiction where a Participant resides, provided that the Plan Administrator shall be of the opinion that such amendments and modifications will not be prejudicial to the interests of the Participants and Directors; or 

 

	 	(e)	 making such changes or corrections which, on the advice of counsel to the Corporation, are required for the
purpose of curing or correcting any ambiguity or defect or inconsistent provision or clerical omission or mistake or manifest error, provided that the Plan Administrator shall be of the opinion that such changes or corrections will not be
prejudicial to the rights and interests of the Participants. 

  
 - 29 - 

 ARTICLE 13 

MISCELLANEOUS 
  

	13.1	 Legal Requirement 

The Corporation is not obligated to grant any Awards, issue any Shares or other securities, make any payments or take any other action if, in
the opinion of the Plan Administrator, in its sole discretion, such action would constitute a violation by a Participant or the Corporation of any provision of any applicable statutory or regulatory enactment of any government or government agency
or the requirements of any Exchange upon which the Shares may then be listed. 
  

	13.2	 No Other Benefit 

No amount will be paid to, or in respect of, a Participant under the Plan to compensate for a downward fluctuation in the price of a Share, nor
will any other form of benefit be conferred upon, or in respect of, a Participant for such purpose. 
  

	13.3	 Rights of Participant 

No Participant has any claim or right to be granted an Award and the granting of any Award is not to be construed as giving a Participant a
right to remain as an Employee, Consultant or Director. No Participant has any rights as a shareholder of the Corporation in respect of Shares issuable pursuant to any Award until the allotment and issuance to such Participant, or as such
Participant may direct, of certificates representing such Shares. 
  

	13.4	 Corporate Action 

Nothing contained in this Plan or in an Award shall be construed so as to prevent the Corporation from taking corporate action which is deemed
by the Corporation to be appropriate or in its best interest, whether or not such action would have an adverse effect on this Plan or any Award. 
  

	13.5	 Conflict 

In the event of any conflict between the provisions of this Plan and an Award Agreement, the provisions of the Award Agreement shall govern.

  

	13.6	 Anti-Hedging Policy 

By accepting an Award each Participant acknowledges that he or she is restricted from purchasing financial instruments such as prepaid variable
forward contracts, equity swaps, collars, or units of exchange funds that are designed to hedge or offset a decrease in market value of Awards. 
  

	13.7	 Participant Information 

Each Participant shall provide the Corporation with all information (including personal information) required by the Corporation in order to
administer the Plan. Each Participant acknowledges that information required by the Corporation in order to administer the Plan may be disclosed to any custodian appointed in respect of the Plan and other third parties, and may be disclosed to such
persons (including persons located in jurisdictions other than the Participant’s jurisdiction of residence), in connection with the administration of the Plan. Each Participant consents to such disclosure and authorizes the Corporation to make
such disclosure on the Participant’s behalf. 

  
 - 30 - 

	13.8	 Participation in the Plan 

The participation of any Participant in the Plan is entirely voluntary and not obligatory and shall not be interpreted as conferring upon such
Participant any rights or privileges other than those rights and privileges expressly provided in the Plan. In particular, participation in the Plan does not constitute a condition of employment or engagement nor a commitment on the part of the
Corporation to ensure the continued employment or engagement of such Participant. The Plan does not provide any guarantee against any loss which may result from fluctuations in the market value of the Shares. The Corporation does not assume
responsibility for the income or other tax consequences for the Participants and Directors and they are advised to consult with their own tax advisors. 
  

	13.9	 International Participants 

With respect to Participants who reside or work outside Canada and the United States, the Plan Administrator may, in its sole discretion,
amend, or otherwise modify, without shareholder approval, the terms of the Plan or Awards with respect to such Participants in order to conform such terms with the provisions of local law, and the Plan Administrator may, where appropriate, establish
one or more sub-plans to reflect such amended or otherwise modified provisions. 
  

	13.10	 Successors and Assigns 

The Plan shall be binding on all successors and assigns of the Corporation and its subsidiaries. 

 

	13.11	 General Restrictions or Assignment 

Except as required by law, the rights of a Participant under the Plan are not capable of being assigned, transferred, alienated, sold,
encumbered, pledged, mortgaged or charged and are not capable of being subject to attachment or legal process for the payment of any debts or obligations of the Participant unless otherwise approved by the Plan Administrator. 

 

	13.12	 Severability 

The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision and any
invalid or unenforceable provision shall be severed from the Plan. 
  

	13.13	 Notices 

All written notices to be given by a Participant to the Corporation shall be delivered personally,
e-mail or mail, postage prepaid, addressed as follows: 
 Docebo Inc. 

366 Adelaide Street West, Suite 701 

Toronto, Ontario, 

M5V 1R9 Canada 

Attention: Chief Financial Officer 

  
 - 31 - 

 All notices to a Participant will be addressed to the principal address of the Participant
on file with the Corporation. Either the Corporation or the Participant may designate a different address by written notice to the other. Such notices are deemed to be received, if delivered personally or by
e-mail, on the date of delivery, and if sent by mail, on the fifth business day following the date of mailing. Any notice given by either the Participant or the Corporation is not binding on the recipient
thereof until received. 
  

	13.14	 Effective Date 

This Plan becomes effective on a date to be determined by the Plan Administrator, subject to the approval of the shareholders of the
Corporation. 
  

	13.15	 Governing Law 

This Plan and all matters to which reference is made herein shall be governed by and interpreted in accordance with the laws of the Province of
Ontario and the federal laws of Canada applicable therein, without any reference to conflicts of law rules. 
  

	13.16	 Submission to Jurisdiction 

The Corporation and each Participant irrevocably submits to the exclusive jurisdiction of the courts of competent jurisdiction in the Province
of Ontario in respect of any action or proceeding relating in any way to the Plan, including, without limitation, with respect to the grant of Awards and any issuance of Shares made in accordance with the Plan. 

  
 - 32 - 

 SCHEDULE A 

DOCEBO INC. 
 OMNIBUS
EQUITY INCENTIVE PLAN (THE “PLAN”) 
 ELECTION NOTICE 

All capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Plan. 

Pursuant to the Plan, I hereby elect to participate in the grant of DSUs pursuant to Article 7 of the Plan and to receive
        % of my Cash Fees in the form of DSUs. 
 I confirm that: 

 

	 	(a)	 I have received and reviewed a copy of the terms of the Plan and agreed to be bound by them.

  

	 	(b)	 I recognize that when DSUs credited pursuant to this election are redeemed in accordance with the terms of
the Plan, income tax and other withholdings as required will arise at that time. Upon redemption of the DSUs, the Corporation will make all appropriate withholdings as required by law at that time. 

 

	 	(c)	 The value of DSUs is based on the value of the Shares of the Corporation and therefore is not guaranteed.

  

	 	(d)	 To the extent I am a U.S. taxpayer, I understand that this election is irrevocable for the calendar year to
which it applies and that any revocation or termination of this election after the expiration of the election period will not take effect until the first day of the calendar year following the year in which I file the revocation or termination
notice with the Corporation. 

 The foregoing is only a brief outline of certain key provisions of the Plan. For more
complete information, reference should be made to the Plan’s text. 
  

									
	 Date:
	 	  
	 		 		 	      

		 		 		 		 	 (Name of Participant)

		 		 		 		 	      

		 		 		 		 	 (Signature of Participant)

 SCHEDULE B 

DOCEBO INC. 
 OMNIBUS
EQUITY INCENTIVE PLAN (THE “PLAN”) 
 ELECTION TO TERMINATE RECEIPT OF ADDITIONAL DSUs 

All capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Plan. 

Notwithstanding my previous election in the form of Schedule A to the Plan, I hereby elect that no portion of the Cash Fees accrued after the
date hereof shall be paid in DSUs in accordance with Article 7 of the Plan. 
 I understand that the DSUs already granted under the
Plan cannot be redeemed except in accordance with the Plan. 
 I confirm that I have received and reviewed a copy of the terms of the Plan
and agree to be bound by them. 
  

									
	 Date:
	 	  
	 		 		 	  

		 		 		 		 	 (Name of Participant)

		 		 		 		 	  

		 		 		 		 	 (Signature of Participant)

  

	Note:	 An election to terminate receipt of additional DSUs can only be made by a Participant once in a calendar
year. 

 SCHEDULE C 

DOCEBO INC. 
 OMNIBUS
EQUITY INCENTIVE PLAN (THE “PLAN”) 
 ELECTION TO TERMINATE RECEIPT OF ADDITIONAL DSUs 

(U.S. TAXPAYERS) 
 All
capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Plan. 
 Notwithstanding my previous
election in the form of Schedule A to the Plan, I hereby elect that no portion of the Cash Fees accrued after the effective date of this termination notice shall be paid in DSUs in accordance with Article 5 of the Plan. 

I understand that this election to terminate receipt of additional DSUs will not take effect until the first day of the calendar year
following the year in which I file this termination notice with the Corporation. 
 I understand that the DSUs already granted under the
Plan cannot be redeemed except in accordance with the Plan. 
 I confirm that I have received and reviewed a copy of the terms of the Plan
and agree to be bound by them. 
  

									
	 Date:
	 	  
	 		 		 	  

		 		 		 		 	 (Name of Participant)

		 		 		 		 	  

		 		 		 		 	 (Signature of Participant)

  

	Note:	 An election to terminate receipt of additional DSUs can only be made by a Participant once in a calendar
year.

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