Document:

EX-10.14

 Exhibit 10.14 

GUARANTY AGREEMENT 

THIS GUARANTY AGREEMENT (this “Guaranty”) dated February 4, 2020, 

is made by 
  

			
	GUARANTOR:	  	LI-CYCLE INC., the “Guarantor”;
		
	in favor of	  	
		
	CREDITOR:	  	BDC CAPITAL INC., with a business center at 5, Place Ville Marie, Suite 500, Montreal, Quebec, H3B 5E7, the “Lender”;
	
	in respect of obligations of
		
	DEBTOR:	  	LI-CYCLE CORP., “Borrower”;
		
	with respect to	  	
		
	DEBT:	  	Financing No. 165165-01;
		
	LIMIT OF LIABILITY:	  	Unlimited

 PRELIMINARY STATEMENTS 

The Lender extended a loan or established one or more credit facilities in favor of the Borrower on terms and subject to certain conditions
set out in a letter of offer dated December 16, 2019 (as amended from time to time, the “Loan Agreement”) and the Borrower may from time to time hereafter obtain credit and other financial accommodations from the Lender and
incur liabilities to the Lender under the Loan Agreement and the Financing Documents (as such term is defined in the Loan Agreement); and 

As a condition to extending credit to the Borrower under the Loan Agreement, the Lender has required, among other things, that the Guarantor
execute and deliver this Guaranty; and 
 The Borrower is an affiliate of the Guarantor and the Borrower provides the Guarantor with
financial, management, administrative, and technical support which enables the Guarantor to conduct its businesses in an orderly and efficient manner in the ordinary course; and 

The Guarantor will benefit, directly or indirectly, from credit and other financial accommodations extended by the Lender to the Borrower.

 NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged and in consideration of advances made or to
be made, or credit accommodations given or to be given, to the Borrower by the Lender from time to time, the Guarantor hereby agrees as follows: 

1. All capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Loan Agreement. 

2. The Guarantor hereby guarantees to the Lender, the full and prompt payment when due (whether by lapse of time, acceleration, or otherwise)
of (a) all indebtedness, obligations, and liabilities of the Borrower to the 

 
Lender, under or in connection with or evidenced by the Loan Agreement or any other Financing Document, including, without limitation, all indebtedness, obligations, and liabilities of the
Borrower and the Guarantor, and of any of them, in each case whether now existing or hereafter arising (whether arising before or after the filing of a petition in bankruptcy and including, without limitation, all post-petition interest and fees in
a bankruptcy or other similar proceeding, whether or not allowed), due or to become due, direct or indirect, absolute or contingent, and howsoever evidenced, held or acquired, including, without limitation, all cancellation, standby and legal fees,
and (b) all reasonable expenses and charges, legal or otherwise, suffered or incurred by any of the Lender in collecting or enforcing any of such indebtedness, obligations, and liabilities or in realizing on or protecting or preserving any
security or guarantees therefor. The indebtedness, obligations and liabilities described in the immediately preceding clauses (a) and (b) are hereinafter referred to as the “Guaranteed Indebtedness”. This is a guaranty of
payment and not of collection, and in case the Borrower or other obligor fails to pay any Guaranteed Indebtedness when due, the Guarantor hereby agrees to make such payment or to cause such payment to be made punctually as and when the same shall
become due and payable, whether at stated maturity, by acceleration or otherwise, and as if such payment were made by the Borrower or other obligor. Notwithstanding anything in this Guaranty to the contrary, the right of recovery against a Guarantor
under this Guaranty shall not exceed $1.00 less than the lowest amount which would render the Guarantor’s obligations under this Guaranty void or voidable under applicable law, including fraudulent conveyance law. 

3. The Guarantor further agrees to pay to the Lender (i) (without duplication) interest on the amount of the Guaranteed Indebtedness at the
rate provided in the Financing Documents calculated and compounded monthly from the date the Lender demands payment under this Guaranty, and (ii) all costs and expenses, legal and/or otherwise (including court costs and reasonable
attorneys’ fees), paid or incurred by the Lender in endeavoring to collect the Guaranteed Indebtedness, or any part thereof, and in protecting, defending or enforcing this Guaranty in any litigation, bankruptcy or insolvency proceedings or
otherwise. 
 4. The Guarantor agrees that it shall pay to the Lender upon demand the full amount of the Guaranteed Indebtedness then due
(subject to the limitation on the right of recovery thereon with respect to the Guarantor as set forth in the last sentence of Section 2 above), whether or not any other obligor or guarantor shall then or thereafter pay any amount whatsoever in
respect to their obligations hereunder. The Lender has the sole and absolute discretion to determine how sums shall be applied among guaranties of the obligations under the Financing Documents. The above limitation on liability set forth in the last
sentence of Section 2 above is not a restriction on the amount of the obligations of Borrower to the Lender either in the aggregate or at any one time. 

5. This Guaranty is a continuing, absolute, and unconditional guaranty, and shall remain in full force and effect until written notice of its
discontinuance executed by the Borrower and the Guarantor shall be actually received by the Lender, and also until all of the Guaranteed Indebtedness which was created or existing before receipt of such notice shall be fully paid and satisfied and
the commitments of the Lender to extend credit to the Borrower under the Loan Agreement shall have expired or terminated. The dissolution of any Borrower, any other guarantor or obligor, or the Guarantor shall not terminate this Guaranty until
notice of such dissolution shall have been actually received by the Lender and all of the Guaranteed Indebtedness created or existing or committed to be extended before receipt of such notice shall be fully paid and satisfied. The granting of credit
from time to time by the Lender to any Borrower or any guarantor in excess of the amount to which the right of recovery under this Guaranty is limited (if any) and without notice to the Guarantor is also hereby authorized and shall in no way affect
or impair this Guaranty. 
 6. In case of the dissolution, liquidation or insolvency (howsoever evidenced) of, or the institution of
bankruptcy or receivership proceedings against, any Borrower, any other guarantor or obligor, or the Guarantor, all of the Guaranteed Indebtedness which is then existing shall, at the option of the Lender, immediately become due or accrued and
payable from the Guarantor. All payments received from any Borrower or the Guarantor or on account of the Guaranteed Indebtedness from whatsoever source shall be taken and applied as payment in gross, and this Guaranty shall apply to and secure any
ultimate balance that shall remain owing to the Lender. 

  
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 7. The liability hereunder shall in no way be affected or impaired by (and the Lender is
hereby expressly authorized to make from time to time, without notice to the Guarantor), any sale, pledge, surrender, compromise, settlement, release, renewal, extension, indulgence, alteration, substitution, exchange, change in, modification or
other disposition of any of the Guaranteed Indebtedness, either express or implied, or of any Financing Document or any other contract or contracts evidencing any thereof, or of any security or collateral therefor or any guaranty thereof. The
liability hereunder shall in no way be affected or impaired by any acceptance by the Lender of any security for or other guarantors upon any of the Guaranteed Indebtedness, or by any failure, neglect or omission on the part of the Lender to realize
upon or protect any of the Guaranteed Indebtedness, or any collateral or security therefor, or to exercise any lien upon or right of appropriation of any moneys, credits or property of the Borrower or any other obligor or guarantor, toward the
liquidation of the Guaranteed Indebtedness, or by any application of payments or credits thereon. The Lender shall have the exclusive right to determine how, when and what application of payments and credits, if any, shall be made on said Guaranteed
Indebtedness, or any part of same. In order to hold the Guarantor liable hereunder, there shall be no obligation on the part of the Lender, at any time, to resort for payment to any Borrower or to any other obligor or guarantor, or to any other
person, its property or estate, or resort to any collateral, security, property, liens or other rights or remedies whatsoever, and the Lender shall have the right to enforce this Guaranty against the Guarantor irrespective of whether or not other
proceedings or steps are pending seeking resort to or realization upon or from any of the foregoing. 
 8. All diligence in collection or
protection, and all presentment, demand, protest and/or notice, as to anyone and everyone, whether or not the Borrower, any other guarantor or obligor or guarantor, or the Guarantor or others, of dishonor and of default and of non-payment and of the creation and existence of any and all of said Guaranteed Indebtedness, and of any security and collateral therefor, and of the acceptance of this Guaranty, and of any and all extensions of
credit and indulgence hereunder, are expressly waived. No act of commission or omission of any kind, or at any time, upon the part of the Lender in respect to any matter whatsoever, shall in any way affect or impair this Guaranty. 

9. The Guarantor agrees that it will not exercise or enforce any right of exoneration, contribution, reimbursement, recourse or subrogation
available to the Guarantor against any person liable for payment of the Guaranteed Indebtedness, or as to any security therefor, unless and until the full amount owing to the Lender of the Guaranteed Indebtedness has been fully paid and satisfied
and the commitments of the Lender to extend credit to the Borrower under the Loan Agreement shall have expired or terminated. The payment by the Guarantor of any amount or amounts to the Lender pursuant hereto shall not in any way entitle the
Guarantor, either at law, in equity or otherwise, to any right, title or interest (whether by way of subrogation or otherwise) in and to the Guaranteed Indebtedness or any part thereof or any collateral security therefor or any other rights or
remedies in any way relating thereto or in and to any amounts theretofor, then or thereafter paid or applicable to the payment thereof howsoever such payment may be made and from whatsoever source such payment may be derived unless and until all of
the Guaranteed Indebtedness and all costs and expenses suffered or incurred by the Lender in enforcing this Guaranty have been paid and satisfied in full and the commitments of the Lender to extend credit to the Borrower under the Loan Agreement
shall have expired or terminated; and unless and until such payment in full and termination, any payments made by the Guarantor hereunder and any other payments from whatsoever source derived on account of or applicable to the Guaranteed
Indebtedness or any part thereof shall be held and taken to be merely payments in gross to the Lender reducing pro tanto the Guaranteed Indebtedness. 

10. To the extent permitted by the Loan Agreement, the Lender may, without any notice whatsoever to the Guarantor, sell, assign or transfer
all of the Guaranteed Indebtedness, or any part thereof, or grant participations therein, and in that event each and every immediate and successive assignee, transferee or holder of all or any part of the Guaranteed Indebtedness shall have the right
to enforce this Guaranty, by suit or otherwise, for the benefit of such assignee, transferee or holder as fully as if such assignee, transferee or holder were herein by name specifically given such rights, powers and benefits; but the Lender shall
have an unimpaired right to 

  
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enforce this Guaranty for its own benefit, as to so much of the Guaranteed Indebtedness that it has not sold, assigned or transferred. 

11. The Guarantor waives any and all defenses, claims, and discharges of the Borrower and of any other obligor pertaining to the Guaranteed
Indebtedness, except the defense of discharge by payment in full. Without limiting the generality of the foregoing, the Guarantor will not assert, plead or enforce against the Lender any defense of waiver, release, discharge in bankruptcy, statute
of limitations, res judicata, statue of frauds, anti-deficiency statute, fraud, incapacity, minority, usury, illegality or unenforceability which may be available to the Borrower or any other person liable in respect of any of the Guaranteed
Indebtedness, or any set-off available against the Lender to the Borrower or any such other person, whether or not on account of a related transaction. The Guarantor agrees that the Guarantor shall be and
remain liable for any deficiency remaining after foreclosure or other realization on any lien or security interest securing the Guaranteed Indebtedness, whether or not the liability of the Borrower or any other obligor for such deficiency is
discharged pursuant to statute or judicial decision. 
 12. If any payment applied by the Lender to the Guaranteed Indebtedness is
thereafter set aside, recovered, rescinded or required to be returned for any reason (including, without limitation, the bankruptcy, insolvency or reorganization of any Borrower or any other obligor), the Guaranteed Indebtedness to which such
payment was applied shall for the purposes of this Guaranty be deemed to have continued in existence, notwithstanding such application, and this Guaranty shall be enforceable as to such of the Guaranteed Indebtedness as fully as if such application
had never been made. 
 13. The Lender may at any time or from time to time release any other guarantor or person liable in respect of any
of the Guaranteed Indebtedness from its obligations or effect any compromise with any such obligor; and no such release or compromise shall in any manner impair or otherwise affect the obligations hereunder of the Guarantor or release, compromise or
discharge the obligations of the Guarantor hereunder. 
 14. The Guarantor hereby represents and warrants that: (a) it is duly
organized and validly existing in good standing under the laws of the jurisdiction of its organization, and has the power and authority to own its property and assets and to transact the business in which it is engaged and presently proposes to
engage; (b) it has the power and authority to execute, deliver and carry out the terms and provisions of this Guaranty and all other Financing Documents executed by it and has taken all necessary action to authorize the execution, delivery and
performance of this Guaranty and all other Financing Documents executed by it; (c) it has duly executed and delivered this Guaranty and all other Financing Documents executed by it and this Guaranty and all other Financing Documents executed by
it constitutes the legal, valid, and binding agreements of the Guarantor enforceable in accordance with their terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law); (d) the execution, delivery, and performance by the Guarantor of this Guaranty and the
other Financing Documents executed by it will not (i) contravene any provision of any law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental instrumentality applicable to the Guarantor or its properties
and assets, or (ii) conflict with or result in any breach of, any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any lien
upon any of the property or assets of the Guarantor pursuant to the terms of its organizational documents (e.g., charter, certificate or articles of incorporation and by-laws, certificate or articles of
association and operating agreement, partnership agreement, or other similar document) or any promissory note, bond, debenture, indenture, mortgage, deed of trust, credit or loan agreement, or any other material agreement or other instrument, to
which the Guarantor is a party or by which it or any of its property or assets are bound or to which it may be subject; (e) no order, consent, approval, license, authorization, or validation of, or filing, recording or registration with, or
exemption by, any governmental or public body or authority, or any subdivision thereof, is required to authorize or is required as a condition to (i) the execution, delivery and performance by the Guarantor of this Guaranty or any of the other
Financing Documents executed by it, or (ii) the legality, validity, binding effect or enforceability 

  
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of this Guaranty or of any other Financing Document executed by it and (f) there are no actions, suits or proceedings pending or, to, the knowledge of the Guarantor, threatened with respect
to the Guarantor which question the validity or enforceability of this Guaranty or any of the other Financing Documents executed by it, or of any action to be taken by the Guarantor pursuant to this Guaranty. 

15. Any invalidity or unenforceability of any provision or application of this Guaranty shall not affect other lawful provisions and
applications hereof, and to this end the provisions of this Guaranty are declared to be severable. Without limiting the generality of the foregoing, any invalidity or unenforceability against any other guarantor of any provision of application of
any other guaranty with respect to the Guaranteed Indebtedness shall not affect the validity or enforceability of the provisions of this Guaranty. 

16. Any demand for payment on this Guaranty or any other notice required or desired to be given hereunder to the Guarantor, and any notice
given to the Lender shall be in writing and shall be given in person, or by letter sent by fax, mail or courier, to the address or fax number set forth on the appropriate signature page hereof, or such other address or fax number as such party may
hereafter specify by notice to the Lender given in the manner herein provided. Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices and other communications sent by fax shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business
day for the recipient). 
 17. All payments to be made by the Guarantor hereunder shall be made in the same currency and funds in which the
underlying Guaranteed Indebtedness is payable and made at the address of the Lender set forth on the signature page hereof (or at such other place for the account of the Lender as it may from time to time specify to the Guarantor) in immediately
available and freely transferable funds at the place of payment, all such payments to be paid without set-off, counterclaim or reduction and without deduction for, and free from, any and all present or future
taxes, levies, imposts, duties, fees, charges, deductions, withholding or liabilities with respect thereto or any restrictions or conditions of any nature. If the Guarantor is required by law to make any deduction or withholding on account of any
tax or other withholding or deduction from any sum payable by the Guarantor hereunder, the Guarantor shall pay any such tax or other withholding or deduction and shall pay such additional amount necessary to ensure that, after making any payment,
deduction or withholding, the Lender shall receive and retain (free of any liability in respect of any payment, deduction or withholding) a net sum equal to what it would have received and so retained hereunder had no such deduction, withholding or
payment been required to have been made. 
 18. The payment by the Guarantor of any amount or amounts due the Lender hereunder shall be made
in the same currency (the “relevant currency”) and funds in which the underlying Guaranteed Indebtedness is payable. To the fullest extent permitted by law, the obligation of the Guarantor in respect of any amount due in the
relevant currency under this Guaranty shall, notwithstanding any payment in any other currency (whether pursuant to a judgment or otherwise), be discharged only to the extent of the amount in the relevant currency that the Lender may, in accordance
with its normal banking procedures, purchase with the sum paid in such other currency (after any premium and costs of exchange) on the business day immediately following the day on which the Lender receives such payment. If the amount in the
relevant currency that may be so purchased for any reason falls short of the amount originally due, the Guarantor shall pay such additional amounts, in the relevant currency, as may be necessary to compensate for the shortfall. Any obligations of
the Guarantor not discharged by such payment shall, to the fullest extent permitted by applicable law, be due as a separate and independent obligation and, until discharged as provided herein, shall continue in full force and effect. 

19. THIS GUARANTY SHALL BE GOVERNED BY
AND CONSTRUED ACCORDING TO THE LAW OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS TO BE PERFORMED ENTIRELY THEREIN and may not be waived, amended, released or otherwise changed except by
a writing signed by the Lender. This Guaranty and every part thereof shall be effective upon delivery to the Lender, without further act, condition or acceptance by the Lender, 

  
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shall be binding upon the Guarantor and upon the legal representatives, successors, and assigns of the Guarantor, and shall inure to the benefit of the Lender, its successors, legal
representatives, and assigns. The Guarantor waives notice of the Lender’s acceptance hereof. This Guaranty may be executed in counterparts and by different parties hereto on separate counterpart signature pages each of which shall be an
original, but all together to be one and the same instrument. 
 20. The Guarantor hereby submits to the nonexclusive jurisdiction of the
United States District Court for the Southern District of New York and of any New York State court sitting in the County of New York for purposes of all legal proceedings arising out of or relating to this Guaranty or the transactions contemplated
hereby. The Guarantor irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding
brought in such court has been brought in an inconvenient forum. THE GUARANTOR AND THE LENDER EACH HEREBY IRREVOCABLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR THE
TRANSACTIONS CONTEMPLATED HEREBY. 
 [SIGNATURE PAGES
TO FOLLOW] 

  
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 IN WITNESS WHEREOF, the Guarantor has caused this Guaranty Agreement to be executed and
delivered as of the date first above written. 
  

			
	 “GUARANTOR”
  

LI-CYCLE INC.

		
	By	 	

		 	Name: Ajay Kochhar
		 	Title: CEO
	
	 Address:
 2351 Royal Windsor Drive,
Suite 10,
 Mississauga, Ontario, Canada L5J 4S7
 Telephone:
(647) 490-4280

Email:    ajay.kochhar@li-cycle.com

  
 Signature Page to
Guaranty Agreement (Li-Cycle Inc. - Financing No. 165165-01) 

 Accepted and agreed to as of the date first above written. 

 

			
	BDC CAPITAL INC.
		
	By	 	

		 	Name     Jahangir Ghatti
		 	Title: Director , Cleantech Practice
		
		 	

		 	Name     Susan Rohm
		 	 Title Vice President
 Cleantech
Practice

		
		 	 Address:
 BDC Capital
Inc.
 5, Place Ville Marie, Suite 500

Montreal, Quebec, H3B 5E7

Fax: (877) 329-9232

  
 Signature Page to
Guaranty Agreement (LI-Cycle Inc. - Financing No. 165165-01) 

 IMPORTANT NOTICE TO GUARANTOR

 You are being asked to guarantee this debt. Think carefully before you do. If the debtor doesn’t pay the debt, you will have to. Be
sure you can afford to pay if you have to, and that you want to accept this responsibility. You may also have to pay late fees or collection costs, which increase this amount. 

The Lender can collect this debt from you without first trying to collect from the debtor. The Lender can use the same collection methods
against you that can be used against the debtor, such as suing you, garnishing your wages, etc. If this debt is ever in default, that fact may become part of your credit record. 

This notice is not the contract that makes you liable for the debt.EX-10.15

 Exhibit 10.15 

GENERAL SECURITY AGREEMENT 

THIS SECURITY AGREEMENT (this “Agreement”) dated February 4, 2020, 

is made by 
  

	DEBTOR:	 LI-CYCLE INC., a corporation, organized under the laws of the
State of Delaware with a mailing address at 2351 Royal Windsor Drive, Suite 10, Mississauga, Ontario, Canada L5J 4S7, the “Debtor”; 

in favor of 
  

	SECURED PARTY:	 BDC CAPITAL INC., with a business center at 5, Place Ville Marie, Suite 500,
Montreal, Quebec, H3B 5E7, the “Secured Party”; 

  

	DEBT:	 Obligations of the Debtor in respect of the Financing Documents (as defined below) for Financing No. 165165-01 

 PRELIMINARY STATEMENTS 

The Secured Party extended a loan or established one or more credit facilities in favor of Li-Cycle
Corp. (the “Borrower”) on terms and subject to certain conditions set out in a letter of offer dated December 16, 2019 (as amended from time to time, the “Loan Agreement”) and the Borrower may from time to time
hereafter obtain credit and other financial accommodations from the Secured Party and incur liabilities to the Secured Party under the Loan Agreement and the Financing Documents (as such term is defined in the Loan Agreement); and 

As a condition to extending credit to the Borrower under the Loan Agreement, the Secured Party has required, among other things, that the
Debtor execute and deliver a Guaranty Agreement, dated as of the date hereof (the “Guaranty”) and this Agreement; and 

The Borrower is an affiliate of the Debtor and the Borrower provides the Debtor with financial, management, administrative, and technical
support which enables the Debtor to conduct its businesses in an orderly and efficient manner in the ordinary course; and 
 The Debtor will
benefit, directly or indirectly, from credit and other financial accommodations extended by the Secured Party to the Borrower. 
 NOW,
THEREFORE, in consideration of the benefits accruing to the Debtor, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

Section 1. Grant of Security Interest. The Debtor hereby grants to the Secured Party a lien on and security interest
in, and acknowledges and agrees that the Secured Party has and shall continue to have a continuing lien on and security interest in, all right, title and interest of the Debtor, whether now owned or existing or hereafter created, acquired or
arising, in and to all of the following: 
 (a) Accounts; 

(b) Chattel Paper; 

(c) Instruments (including Promissory Notes); 

(d) Documents; 

 (e) General Intangibles (including Payment Intangibles and Software,
patents, trademarks, tradestyles, copyrights, and all other intellectual property rights, including all applications, registration, and licenses therefor, and all goodwill of the business connected therewith or represented thereby); 

(f) Letter-of-Credit Rights; 

(g) Supporting Obligations; 

(h) Deposit Accounts; 

(i) Investment Property (including certificated and uncertificated Securities, Securities Accounts, Security Entitlements,
Commodity Accounts, and Commodity Contracts); 
 (j) Inventory; 

(k) Equipment (including all software, whether or not the same constitutes embedded software, used in the operation thereof);

 (l) Fixtures; 

(m) Commercial Tort Claims (as described on Schedule F hereto or on one or more supplements to this Agreement); 

(n) Rights to merchandise and other Goods (including rights to returned or repossessed Goods and rights of stoppage in transit)
which is represented by, arises from, or relates to any of the foregoing; 
 (o) Monies, personal property, and interests in
personal property of the Debtor of any kind or description now held by the Secured Party or at any time hereafter transferred or delivered to, or coming into the possession, custody, or control of, the Secured Party, or any agent or affiliate of the
Secured Party, whether expressly as collateral security or for any other purpose (whether for safekeeping, custody, collection or otherwise), and all dividends and distributions on or other rights in connection with any such property; 

(p) Supporting evidence and documents relating to any of the above-described property, including, without limitation, computer
programs, disks, tapes and related electronic data processing media, and all rights of the Debtor to retrieve the same from third parties, written applications, credit information, account cards, payment records, correspondence, delivery and
installation certificates, invoice copies, delivery receipts, notes, and other evidences of indebtedness, insurance certificates and the like, together with all books of account, ledgers, and cabinets in which the same are reflected or maintained;

 (q) Accessions and additions to, and substitutions and replacements of, any and all of the foregoing; and 

(r) Proceeds and products of the foregoing, and all insurance of the foregoing and proceeds thereof; 

all of the foregoing being herein sometimes referred to as the “Collateral”. All terms which are used in this Agreement which are defined in
the Uniform Commercial Code of the State of New York as in effect from time to time (“UCC”) shall have the same meanings herein as such terms are defined in the UCC, unless this Agreement shall otherwise specifically provide. For
purposes of this Agreement, the term “Receivables” means all rights to the payment of a monetary obligation, whether or not earned by performance, and whether evidenced by an Account, Chattel Paper, Instrument, General Intangible,
or otherwise. 
 Section 2. Obligations Hereby Secured. The lien and security interest herein granted and provided
for is made and given to secure, and shall secure, the payment and performance of (a) any and all indebtedness, obligations, and liabilities of whatsoever kind and nature of the Debtor to the Secured Party under the Guaranty and this Agreement
(whether arising before or after the filing of a petition in bankruptcy), whether direct or indirect, absolute or contingent, due or to become due, and whether now existing or hereafter arising and howsoever held, evidenced, or acquired, and whether
several, joint, or joint and several, including without limitation all obligations under the Guaranty and (b) any and all reasonable expenses and charges, legal or 

  
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otherwise, suffered or incurred by the Secured Party in collecting or enforcing any of such indebtedness, obligations, or liabilities or in realizing on or protecting or preserving any security
therefor, including, without limitation, the lien and security interest granted hereby (all of the foregoing being hereinafter referred to as the “Secured Obligations”). 

Section 3. Covenants, Agreements, Representations and Warranties. The Debtor hereby covenants and agrees with, and
represents and warrants to, the Secured Party that: 
 (a) The Debtor is a corporation duly organized and validly existing in good standing
under the laws of the State of Delaware. The Debtor shall not change its jurisdiction of organization without the Secured Party’s prior written consent. The Debtor is the sole and lawful owner of the Collateral, and has full right, power, and
authority to enter into this Agreement and to perform each and all of the matters and things herein provided for. The execution and delivery of this Agreement, and the observance and performance of each of the matters and things herein set forth,
will not (i) contravene or constitute a default under any provision of law or any judgment, injunction, order, or decree binding upon the Debtor or any provision of the Debtor’s organizational documents (e.g., charter, articles or
certificate of incorporation and by-laws, articles or certificate of formation and limited liability company operating agreement, partnership agreement, or similar organizational documents) or any indenture,
or agreement of or affecting the Debtor or any of its property or (ii) result in the creation or imposition of any lien or encumbrance on any property of the Debtor except for the lien and security interest granted to the Secured Party
hereunder. 
 (b) The Debtor’s chief executive office and principal place of business is at, and the Debtor keeps and shall keep all of
its books and records relating to Receivables only at, 2351 Royal Windsor Drive, Suite 10, Mississauga, Ontario, Canada L5J 4S7; and the Debtor has no other executive offices or places of business other than those listed under Item 1 on Schedule A.
The Collateral is and shall remain in the Debtor’s possession or control at the locations listed under Item 2 on Schedule A attached hereto (as such locations may be amended or supplemented from time to time with written notice to the Secured
Party as provided below, the “Permitted Collateral Locations”), except for Collateral which in the ordinary course of the Debtor’s business is in transit between Permitted Collateral Locations, is out for repair or
Collateral which is otherwise de minimus in value. If for any reason any Collateral is at any time kept or located at a location other than a Permitted Collateral Location, the Secured Party shall nevertheless have and retain a lien on and
security interest therein. The Debtor owns and shall at all times own all Permitted Collateral Locations, except to the extent otherwise disclosed under Item 2 on Schedule A. The Debtor shall not move its chief executive office or maintain a place
of business at a location other than those specified under Item 1 on Schedule A or permit the Collateral to be located at a location other than those specified under Item 2 on Schedule A (except for Collateral which in the ordinary course of the
Debtor’s business is in transit between Permitted Collateral Locations, is out for repair or Collateral which is otherwise de minimis in value), in each case without first providing the Secured Party 30 days’ prior written notice of the
Debtor’s intent to do so (at which time Schedule A will be deemed amended or supplemented with such additional or modified locations); provided that the Debtor shall at all times, unless otherwise specifically agreed to in writing by the
Secured Party, maintain its chief executive office and Permitted Collateral Locations as set forth on Schedule A and, with respect to any new chief executive office or place of business or location of Collateral, the Debtor shall have taken all
action reasonably requested by the Secured Party to maintain the lien and security interest of the Secured Party in the Collateral at all times fully perfected and in full force and effect. 

(c) The Debtor’s legal name and jurisdiction of organization is correctly set forth in the first paragraph of this Agreement. The Debtor
has not transacted business at any time during the immediately preceding five-year period, and does not currently transact business, under any other legal names or trade names other than the prior legal names and trade names (if any) set forth on
Schedule B attached hereto. The Debtor shall not change its legal name or transact business under any other trade name without first giving 30 days’ prior written notice of its intent to do so to the Secured Party. 

(d) The Collateral and every part thereof is and shall be free and clear of all security interests, liens (including, without limitation,
mechanics’, laborers’ and statutory liens), attachments, levies, and encumbrances 

  
 -3- 

 
of every kind, nature and description, whether voluntary or involuntary, except for the lien and security interest of the Secured Party therein and as otherwise permitted by the Loan Agreement or
as otherwise agreed to by the Secured Party in writing. The Debtor shall warrant and defend the Collateral against any claims and demands of all persons at any time claiming the same or any interest in the Collateral adverse to the Secured Party
(other than permitted liens). 
 (e) The Debtor shall promptly pay when due all taxes, assessments, and governmental charges and levies upon
or against the Debtor or any of the Collateral, in each case before the same become delinquent and before penalties accrue thereon, unless and to the extent that the same are being contested in good faith by appropriate proceedings which prevent
foreclosure or other realization upon any of the Collateral and preclude interference with the operation of the Debtor’s business in the ordinary course, and the Debtor shall have established adequate reserves therefor. 

(f) The Debtor shall not use, manufacture, sell, or distribute any Collateral in violation of any statute, ordinance, or other governmental
requirement. The Debtor shall not waste or destroy the Collateral or any part thereof or be negligent in the care or use of any Collateral. The Debtor shall perform in all material respects its obligations under any contract or other agreement
constituting part of the Collateral, it being understood and agreed that the Secured Party has no responsibility to perform such obligations. 

(g) Subject to Sections 4(b), 6(b), 6(c), and 7(c) hereof and the terms of the Loan Agreement, the Debtor shall not, without the Secured
Party’s prior written consent, sell, assign, mortgage, lease, or otherwise dispose of the Collateral or any interest therein. 
 (h)
The Debtor shall at all times insure the Collateral consisting of tangible personal property against such risks and hazards as other persons similarly situated insure against, and including in any event loss or damage by fire, theft, burglary,
pilferage, loss in transit and such other hazards as the Secured Party may reasonably specify, and in accordance with Schedule A of the Loan Agreement. All insurance required hereby shall be maintained in amounts and under policies and with insurers
reasonably acceptable to the Secured Party, and all such policies shall, as applicable, contain loss payable clauses naming the Secured Party as loss payee as its interest may appear (and, if the Secured Party requests, naming the Secured Party as
an additional insured therein) in a form reasonably acceptable to the Secured Party. All premiums on such insurance shall be paid by the Debtor. Certificates of insurance evidencing compliance with the foregoing and, at the Secured Party’s
request, the policies of such insurance shall be delivered by the Debtor to the Secured Party. All insurance required hereby shall provide that any loss shall be payable to the Secured Party notwithstanding any act or negligence of the Debtor, shall
provide that no cancellation thereof shall be effective until at least 30 days after receipt by the Debtor and the Secured Party of written notice thereof, and shall be reasonably satisfactory to the Secured Party in all other respects. In case of
any material loss, damage to or destruction of the Collateral or any part thereof, the Debtor shall promptly give written notice thereof to the Secured Party generally describing the nature and extent of such damage or destruction. In case of any
loss, damage to or destruction of the Collateral or any part thereof, the Debtor, whether or not the insurance proceeds, if any, received on account of such damage or destruction shall be sufficient for that purpose, at the Debtor’s cost and
expense, shall promptly repair or replace the Collateral so lost, damaged, or destroyed, except to the extent such Collateral, prior to its loss, damage, or destruction, had become uneconomical, obsolete, or worn out and is not necessary for or of
importance to the proper conduct of the Debtor’s business in the ordinary course or otherwise agreed to in writing by the Secured Party. In the event the Debtor shall receive any proceeds of such insurance, the Debtor shall give notice as
required by Schedule A of the Loan Agreement and upon request shall immediately pay over such proceeds to the Secured Party. The Debtor hereby authorizes the Secured Party, at the Secured Party’s option, to adjust, compromise, and settle any
losses under any insurance afforded at any time during the existence of any Event of Default, and the Debtor does hereby irrevocably constitute the Secured Party, and each of its nominees, officers, agents, attorneys, and any other person whom the
Secured Party may designate, as the Debtor’s attorneys-in-fact, with full power and authority to effect such adjustment, compromise, and/or settlement and to
endorse any drafts drawn by an insurer of the Collateral or any part thereof and to do everything necessary to carry out such 

  
 -4- 

 
purposes and to receive and receipt for any unearned premiums due under policies of such insurance. Unless the Secured Party elects to adjust, compromise, or settle losses as aforesaid, any
adjustment, compromise, and/or settlement of any losses under any insurance shall be made by the Debtor subject to final approval of the Secured Party (regardless of whether or not an Event of Default shall have occurred) in the case of losses
exceeding $75,000. Net insurance proceeds received by the Secured Party under the provisions hereof or under any policy of insurance covering the Collateral or any part thereof shall be applied to the reduction of the Secured
Obligations (whether or not then due); provided, however, that the Secured Party agrees to release such insurance proceeds to the Debtor for replacement or restoration of the portion of the Collateral lost, damaged, or destroyed if, but only
if, (i) at the time of release no Event of Default, exists, (ii) written application for such release is received by the Secured Party from the Debtor within 30 days of receipt of such proceeds, and (iii) the Secured Party has
received evidence reasonably satisfactory to it that the Collateral lost, damaged, or destroyed has been or will be replaced or restored to its condition immediately prior to the loss, destruction, or other event giving rise to the payment of such
insurance proceeds. All insurance proceeds shall be subject to the lien and security interest of the Secured Party hereunder. 

UNLESS THE DEBTOR PROVIDES THE SECURED
PARTY WITH EVIDENCE OF THE INSURANCE COVERAGE REQUIRED BY THIS AGREEMENT,
THE SECURED PARTY MAY, AFTER PRIOR WRITTEN NOTICE TO DEBTOR, PURCHASE
INSURANCE AT THE DEBTOR’S EXPENSE TO PROTECT THE SECURED
PARTY’S INTERESTS IN THE COLLATERAL. THIS INSURANCE MAY, BUT NEED
NOT, PROTECT THE DEBTOR’S INTERESTS IN THE COLLATERAL. THE COVERAGE
PURCHASED BY THE SECURED PARTY MAY NOT PAY ANY CLAIMS THAT THE
DEBTOR MAKES OR ANY CLAIM THAT IS MADE AGAINST THE DEBTOR IN
CONNECTION WITH THE COLLATERAL. THE DEBTOR MAY LATER CANCEL ANY SUCH
INSURANCE PURCHASED BY THE SECURED PARTY, BUT ONLY AFTER PROVIDING THE
SECURED PARTY WITH EVIDENCE THAT THE DEBTOR HAS OBTAINED INSURANCE AS
REQUIRED BY THIS AGREEMENT. IF THE SECURED PARTY PURCHASES INSURANCE FOR
THE COLLATERAL, THE DEBTOR WILL BE RESPONSIBLE FOR THE COSTS OF THAT
INSURANCE, INCLUDING INTEREST AND ANY OTHER CHARGES THAT THE SECURED PARTY
MAY IMPOSE IN CONNECTION WITH THE PLACEMENT OF THE INSURANCE, UNTIL
THE EFFECTIVE DATE OF THE CANCELLATION OR EXPIRATION OF THE INSURANCE.
THE COSTS OF THE INSURANCE MAY BE ADDED TO THE SECURED OBLIGATIONS
SECURED HEREBY. THE COSTS OF THE INSURANCE MAY BE MORE THAN THE
COST OF INSURANCE THE DEBTOR MAY BE ABLE TO OBTAIN ON ITS
OWN. 
 (i) The Debtor shall at all times allow the Secured Party and its representatives free access to and right of
inspection of the Collateral; provided that, unless the Secured Party believes in good faith an Event of Default exists, any such access or inspection shall only be required during the Debtor’s normal business hours. 

(j) If any Collateral is in the possession or control of any of the Debtor’s agents or processors and the Secured Party so requests,
after the occurrence and during the continuation of an Event of Default, the Debtor agrees to notify such agents or processors in writing of the Secured Party’s security interest therein and instruct them to hold all such Collateral for the
Secured Party’s account and subject to the Secured Party’s instructions. The Debtor shall, upon the request of the Secured Party, authorize and instruct all bailees and other parties, if any, at any time processing, labeling, packaging,
holding, storing, shipping, or transferring all or any part of the Collateral to permit the Secured Party and its representatives to examine and inspect any of the Collateral then in such party’s possession and to verify from such party’s
own books and records any information concerning the Collateral or any part thereof which the Secured Party or its representatives may seek to verify. As to any premises not owned by the Debtor wherein any of the Collateral is located, the Debtor
shall, at the Secured Party’s request, cause each party having any right, title or interest in, or lien on, any of such premises to enter into an agreement (any such agreement to contain a legal description of such premises) whereby such party
disclaims any right, title and interest in, and lien on, the Collateral and allows the removal of such Collateral by the Secured Party and is otherwise in form and substance reasonably acceptable to the Secured Party; provided, however, that
no such agreement need be obtained with respect to any one location wherein the value of the Collateral as to which such agreement has not been obtained aggregates less than $75,000 at any one time. 

(k) The Debtor agrees from time to time to deliver to the Secured Party such evidence of the existence, identity, and location of the
Collateral and of its availability as collateral security pursuant hereto (including, 

  
 -5- 

 
without limitation, schedules describing all Receivables created or acquired by the Debtor, copies of customer invoices or the equivalent, and original shipping or delivery receipts for all
merchandise and other goods sold or leased or services rendered, together with the Debtor’s warranty of the genuineness thereof, and reports stating the book value of Inventory and Equipment by major category and location), in each case as the
Secured Party may reasonably request. The Secured Party shall have the right to verify all or any part of the Collateral in any manner, and through any medium, which the Secured Party considers appropriate (including, without limitation, the
verification of Collateral by use of a fictitious name), and the Debtor agrees to furnish all assistance and information, and perform any acts, which the Secured Party may reasonably require in connection therewith. 

(l) The Debtor shall comply in all material respects with the terms and conditions of all leases, easements, right-of-way agreements, and other similar agreements binding upon the Debtor or affecting the Collateral or any part thereof, and all orders, ordinances, laws, and statutes of any city, state, or other
governmental entity, department, or agency having jurisdiction with respect to the premises wherein such Collateral is located or the conduct of business thereon. 

(m) Schedule C attached hereto contains a true, complete, and current listing of all patents, trademarks, tradestyles, copyrights, and other
intellectual property rights (including all registrations and applications therefor) owned by the Debtor as of the date hereof that are registered with any governmental authority. To the extent required by the Loan Agreement or if requested by
Secured Party, the Debtor shall promptly notify the Secured Party in writing of any additional intellectual property rights acquired or arising after the date hereof, and shall submit to the Secured Party a supplement to Schedule C to reflect such
additional rights (provided the Debtor’s failure to do so shall not impair the Secured Party’s security interest therein). The Debtor owns or possesses rights to use all franchises, licenses, patents, trademarks, trade names, tradestyles,
copyrights, and rights with respect to the foregoing which are required to conduct its business. No event has occurred which permits, or after notice or lapse of time or both would permit, the revocation or termination of any such rights, and the
Debtor is not liable to any person for infringement under applicable law with respect to any such rights as a result of its business operations. 

(n) Schedule F attached hereto contains a true, complete and current listing of all Commercial Tort Claims held by the Debtor as of the date
hereof, each described by reference to the specific incident given rise to the claim. The Debtor agrees to execute and deliver to the Secured Party a supplement to this Agreement in the form attached hereto as Schedule G, or in such other form
acceptable to the Secured Party, promptly upon becoming aware of any other Commercial Tort Claim held or maintained by the Debtor arising after the date hereof (provided the Debtor’s failure to do so shall not impair the Secured Party’s
security interest therein). 
 (o) The Debtor agrees to execute and deliver to the Secured Party such further agreements, assignments,
instruments, and documents and to do all such other things as the Secured Party may reasonably deem necessary or appropriate to assure the Secured Party its lien and security interest hereunder, including, without limitation, (i) such financing
statements, and amendments thereof or supplements thereto, and such other instruments and documents as the Secured Party may from time to time reasonably require in order to comply with the UCC and any other applicable law, (ii) such agreements
with respect to patents, trademarks, copyrights, and similar intellectual property rights as the Secured Party may from time to time reasonably require to comply with the filing requirements of the United States Patent and Trademark Office and the
United States Copyright Office, and (iii) such control agreements with respect to all Deposit Accounts, Investment Property, Letter-of-Credit Rights, and electronic
Chattel Paper, and to cause the relevant depository institutions, financial intermediaries, and issuers to execute and deliver such control agreements, as the Secured Party may from time to time reasonably require. The Debtor hereby agrees that a
carbon, photographic, or other reproduction of this Agreement or any such financing statement is sufficient for filing as a financing statement by the Secured Party without notice thereof to the Debtor wherever the Secured Party in its sole
discretion desires to file the same. The Debtor hereby authorizes the Secured Party to file any and all financing statements covering the Collateral or any part thereof as the Secured Party may require, including financing statements describing the
Collateral as “all assets” or “all personal property” or words of like meaning. The Secured Party may order lien searches from time to time 

  
 -6- 

 
against the Debtor and the Collateral, and the Debtor shall promptly reimburse the Secured Party for all reasonable costs and expenses incurred in connection with such lien searches. In the event
for any reason the law of any jurisdiction other than the Debtor’s current jurisdiction of organization or the jurisdiction identified in the schedules attached hereto as of the date hereof becomes or is applicable to the Collateral or any part
thereof, or to any of the Secured Obligations, the Debtor agrees to execute and deliver all such instruments and documents and to do all such other things as the Secured Party in its sole discretion deems necessary or appropriate to preserve,
protect, and enforce the lien and security interest of the Secured Party under the law of such other jurisdiction. The Debtor agrees to mark its books and records to reflect the lien and security interest of the Secured Party in the Collateral. 

(p) On failure of the Debtor to perform any of the covenants and agreements herein contained, the Secured Party may, at its option and after
prior written notice to Debtor, perform the same and in so doing may expend such sums as the Secured Party may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of
any taxes, liens, and encumbrances, expenditures made in defending against any adverse claims, and all other expenditures which the Secured Party may be compelled to make by operation of law or which the Secured Party may make by agreement or
otherwise for the protection of the security hereof. All such sums and amounts so expended shall be repayable by the Debtor immediately after written demand, shall constitute additional Secured Obligations secured hereunder and shall bear interest
from the date said amounts are expended at the rate provided in the Loan Agreement (such rate, including any adjusted rate following a default, the “Specified Rate”). No such performance of any covenant or agreement by the Secured
Party on behalf of the Debtor, and no such advancement or expenditure therefor, shall relieve the Debtor of any default under the terms of this Agreement or in any way obligate the Secured Party to take any further or future action with respect
thereto. The Secured Party, in making any payment hereby authorized, may do so according to any bill, statement, or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of
such bill, statement, or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, or title or claim. The Secured Party, in performing any act hereunder, shall use its reasonable judgment in determining whether the Debtor is
required to perform same under the terms of this Agreement. The Secured Party is hereby authorized to charge any account of the Debtor maintained with the Secured Party for the amount of such sums and amounts so expended. 

Section 4. Special Provisions Re: Receivables. (a) As of the time any Receivable becomes subject to the
security interest provided for hereby, and at all times thereafter, the Debtor shall be deemed to have warranted as to each and all of such Receivables that (i) all warranties of the Debtor set forth in this Agreement, to the extent applicable
to such Receivables, are true and correct with respect to each such Receivable; that each Receivable and all papers and documents relating thereto are genuine and in all respects what they purport to be; that each Receivable is valid and subsisting;
(ii) as to any reports requested by and delivered to the Secured Party as to the Receivables, that the amount of the Receivable represented as owing is in all material respects the correct amount and owing, except for normal cash discounts on
normal trade terms in the ordinary course of business. Without limiting the foregoing, if any Receivable arises out of a contract with the United States of America, or any state or political subdivision thereof, or any department, agency, or
instrumentality of any of the foregoing, the Debtor agrees to notify the Secured Party and, at the Secured Party’s request, execute whatever instruments and documents are required by the Secured Party in order that such Receivable shall be
assigned to the Secured Party and that proper notice of such assignment shall be given under the United States Assignment of Claims Act (or any successor statute) or any similar state or local statute, as the case may be. 

(b) Unless and until an Event of Default occurs, any merchandise or other goods which are returned by a customer or account debtor or
otherwise recovered may be resold by the Debtor in the ordinary course of its business as presently conducted in accordance with Section 6(b) hereof; and, during the existence of any Event of Default, such merchandise and other goods shall be
set aside at the request of the Secured Party and held by the Debtor as trustee for the Secured Party and shall remain part of the Secured Party’s Collateral. Unless and until an Event of Default occurs, the Debtor may settle and adjust
disputes and claims with its customers and account 

  
 -7- 

 
debtors, handle returns and recoveries, and grant discounts, credits, and allowances in the ordinary course of its business as presently conducted for amounts and on terms which the Debtor in
good faith considers advisable; and, during the existence of any Event of Default, at the Secured Party’s request, the Debtor shall notify the Secured Party promptly of all returns and recoveries and, on the Secured Party’s request,
deliver any such merchandise or other goods to the Secured Party. During the existence of any Event of Default, at the Secured Party’s request, the Debtor shall also notify the Secured Party promptly of all disputes and claims and settle or
adjust them at no expense to the Secured Party, but no discount, credit, or allowance other than on normal trade terms in the ordinary course of business as presently conducted shall be granted to any customer or account debtor and no returns of
merchandise or other goods shall be accepted by the Debtor without the Secured Party’s consent. The Secured Party may, at all times during the existence of any Event of Default, settle or adjust disputes and claims directly with customers or
account debtors for amounts and upon terms which the Secured Party considers advisable. 
 (c) Unless delivered to the Secured Party or its
agent, upon the request of the Secured Party all tangible Chattel Paper and Instruments shall contain a legend acceptable to the Secured Party indicating that such Chattel Paper or Instrument is subject to the security interest of the Secured Party
contemplated by this Agreement. 
 Section 5. Collection of Receivables. (a) Except as otherwise provided in
this Agreement, the Debtor shall make collection of all Receivables and may use the same to carry on its business in accordance with sound business practice and otherwise subject to the terms hereof. 

(b) Upon the occurrence of any Event of Default, which is continuing, whether or not the Secured Party has exercised any or all of its rights
under other provisions of this Section 5, in the event the Secured Party requests the Debtor to do so: 
 (i) all
Instruments and Chattel Paper at any time constituting part of the Receivables or any other Collateral (including any postdated checks) shall, upon receipt by the Debtor, be immediately endorsed to and deposited with the Secured Party; and/or 

(ii) the Debtor shall instruct all customers and account debtors to remit all payments in respect of Receivables or any other
Collateral to a lockbox or lockboxes under the sole custody and control of the Secured Party. 
 (c) Upon the occurrence of any Event of
Default, which is continuing, whether or not the Secured Party has exercised any or all of its rights under other provisions of this Section 5, the Secured Party or its designee may notify the Debtor’s customers and account debtors at any
time that Receivables or any other Collateral have been assigned to the Secured Party or of the Secured Party’s security interest therein, and either in its own name, or the Debtor’s name, or both, demand, collect (including, without
limitation, through a lockbox analogous to that described in Section 5(b)(ii) hereof), receive, receipt for, sue for, compound, and give acquittance for any or all amounts due or to become due on Receivables or any other Collateral, and in the
Secured Party’s discretion file any claim or take any other action or proceeding which the Secured Party may deem reasonably necessary or appropriate to protect or realize upon the security interest of the Secured Party in the Receivables or
any other Collateral. 
 (d) Any proceeds of Receivables or other Collateral transmitted to or otherwise received by the Secured Party
pursuant to any of the provisions of Sections 5(b) or 5(c) hereof may be handled and administered by the Secured Party in and through a remittance account at the Secured Party. The Debtor acknowledges that the maintenance of any such remittance
account by the Secured Party is solely for the Secured Party’s convenience and that the Debtor does not have any right, title, or interest in such remittance account. The Secured Party may, after the occurrence and during the continuation of
any Event of Default, apply all or any part of any proceeds of Receivables or other Collateral received by it from any source to the payment of the Secured Obligations (whether or not then due and payable), such applications to be made in such
amounts, in such manner and order and at such intervals as the Secured Party may from time to time in its discretion determine in accordance with 

  
 -8- 

 
the Financing Documents. The Secured Party need not apply or give credit for any item included in proceeds of Receivables or other Collateral until the Secured Party has received final payment
therefor at its office in immediately available funds, acceptable to the Secured Party as such. However, if the Secured Party does give credit for any item prior to receiving final payment therefor and the Secured Party fails to receive such final
payment or an item is charged back to the Secured Party for any reason, the Secured Party may at its election in either instance charge the amount of such item back against the remittance account or any account of the Debtor maintained with the
Secured Party, together with interest thereon at the Specified Rate. Concurrently with each transmission of any proceeds of Receivables or other Collateral to the remittance account, the Debtor shall furnish the Secured Party with a report in such
form as the Secured Party shall reasonably require identifying the particular Receivable or other Collateral from which the same arises or relates. Unless and until an Event of Default shall have occurred and be continuing, the Secured Party will
release proceeds of Collateral which the Secured Party has not applied to the Secured Obligations as provided above from the remittance account from time to time promptly after receipt thereof. The Debtor hereby indemnifies the Secured Party from
and against all liabilities, damages, losses, actions, claims, judgments, costs, expenses, charges and attorneys’ fees suffered or incurred by the Secured Party because of the maintenance of the foregoing arrangements; provided, however,
that the Debtor shall not be required to indemnify the Secured Party for any of the foregoing to the extent they arise solely from the gross negligence or willful misconduct of the Secured Party. The Secured Party shall have no liability or
responsibility to the Debtor for accepting any check, draft or other order for payment of money bearing the legend “payment in full” or words of similar import or any other restrictive legend or endorsement whatsoever or be responsible for
determining the correctness of any remittance. 
 Section 6. Special Provisions Re: Inventory and Equipment.
(a) The Debtor shall at its own cost and expense maintain, keep and preserve the Inventory in good and merchantable condition and keep and preserve the Equipment in good repair, working order and condition, ordinary wear and tear excepted,
and, without limiting the foregoing, make all necessary and proper repairs, replacements and additions to the Equipment (except for Equipment that has become obsolete or of immaterial value) so that the efficiency thereof shall be fully preserved
and maintained. 
 (b) The Debtor may, until an Event of Default has occurred and is continuing and thereafter until otherwise notified by
the Secured Party, use, consume and sell the Inventory in the ordinary course of its business, but a sale in the ordinary course of business shall not under any circumstance include any transfer or sale in satisfaction, partial or complete, of a
debt owing by the Debtor. 
 (c) The Debtor may, until an Event of Default has occurred and is continuing and thereafter until otherwise
notified by the Secured Party, sell or otherwise dispose of Equipment to the extent permitted by the Loan Agreement. 
 (d) As of the time
any Inventory or Equipment becomes subject to the security interest provided for hereby and at all times thereafter, the Debtor shall be deemed to have warranted as to any and all of such Inventory and Equipment that all warranties of the Debtor set
forth in this Agreement, to the extent applicable to such Inventory and Equipment, are true and correct in all material respects with respect to such Inventory and Equipment; that all of such Inventory and Equipment is located at a Permitted
Collateral Location, except for Inventory and Equipment which (x) in the ordinary course of the Debtor’s business is in transit between Permitted Collateral Locations, (y) in the ordinary course of the Debtor’s business is
out for repair or (z) is otherwise in de minimis in value; and that, in the case of Inventory, such Inventory is in good and merchantable condition. The Debtor warrants and agrees that no Inventory is or will be consigned to any other person
without the Secured Party’s prior written consent. 
 (e) Upon the Secured Party’s request, the Debtor shall at its own cost and
expense cause the lien of the Secured Party in and to any portion of the Collateral subject to a certificate of title law to be duly noted on such certificate of title or to be otherwise filed in such manner as is prescribed by law in order to
perfect such lien and shall cause all such certificates of title and evidences of lien to be deposited with the Secured Party. 

  
 -9- 

 (f) None of the Equipment is or will be attached to real estate in such a manner that the
same may become a fixture, except for Equipment from time to time (i) located on real estate subject to a mortgage in favor of the Secured Party, (ii) located on real property described on Schedule D, or (iii) disclosed to the Secured
Party in writing prior to such Equipment becoming a fixture. 
 (g) If any of the Inventory is at any time evidenced by a document of title,
to the extent required by the Loan Agreement or upon Secured Party’s request, such document shall be promptly delivered by the Debtor to the Secured Party. 

Section 7. Special Provisions Re: Investment Property and Deposits. (a) Unless and until an Event of Default
has occurred and is continuing and thereafter until notified to the contrary by the Secured Party pursuant to Section 9(d) hereof: 

(i) the Debtor shall be entitled to exercise all voting and/or consensual powers pertaining to the Investment Property or any
part thereof, for all purposes not inconsistent with the terms of this Agreement or any other document evidencing or otherwise relating to any Secured Obligations; and 

(ii) the Debtor shall be entitled to receive and retain all cash dividends paid upon or in respect of the Investment Property.

 (b) All Investment Property (including all securities, certificated or uncertificated, securities accounts, and commodity accounts) of
the Debtor on the date hereof is listed and identified on Schedule E attached hereto and made a part hereof. To the extent required by the Loan Agreement or upon Secured Party’s request, the Debtor shall promptly notify the Secured Party of any
other Investment Property acquired or maintained by the Debtor after the date hereof, and shall submit to the Secured Party a supplement to Schedule E to reflect such additional rights (provided the Debtor’s failure to do so shall not impair
the Secured Party’s security interest therein). To the extent required by the Loan Agreement or upon Secured Party’s request, certificates for all certificated securities now or at any time constituting Investment Property shall be
promptly delivered by the Debtor to the Secured Party duly endorsed in blank for transfer or accompanied by an appropriate assignment or assignments or an appropriate undated stock power or powers, in every case sufficient to transfer title thereto,
including, without limitation, all stock received in respect of a stock dividend or resulting from a split-up, revision, or reclassification of the Investment Property or any part thereof or received in
addition to, in substitution of, or in exchange for the Investment Property or any part thereof as a result of a merger, consolidation, or otherwise. With respect to any uncertificated securities or any Investment Property held by a securities
intermediary, commodity intermediary, or other financial intermediary of any kind, at the Secured Party’s request, the Debtor shall execute and deliver, and shall cause any such issuer or intermediary to execute and deliver, an agreement among
the Debtor, the Secured Party, and such issuer or intermediary in form and substance reasonably satisfactory to the Secured Party which provides, among other things, for the issuer’s or intermediary’s agreement that it shall comply with
entitlement orders, and apply any value distributed on account of any such Investment Property, as directed by the Secured Party without further consent by the Debtor. The Secured Party may at any time, after the occurrence of an Event of Default,
which is continuing, cause to be transferred into its name or the name of its nominee or nominees all or any part of the Investment Property hereunder. 

(c) Unless and until an Event of Default has occurred and is continuing, the Debtor may sell or otherwise dispose of any Investment Property
to the extent permitted by the Loan Agreement, provided that the Debtor shall not sell or otherwise dispose of any capital stock of or other equity interests in any direct or indirect subsidiary without the prior written consent of the
Secured Party. After the occurrence and during the continuation of any Event of Default, the Debtor shall not sell all or any part of the Investment Property without the prior written consent of the Secured Party. 

(d) The Debtor represents that on the date of this Agreement, none of the Investment Property consists of margin stock (as such term is
defined in Regulation U of the Board of Governors of the Federal Reserve System) except to the extent the Debtor has delivered to the Secured Party a duly executed and completed Form U-1 with

  
 -10- 

 
respect to such stock. If at any time the Investment Property or any part thereof consists of margin stock, the Debtor shall promptly so notify the Secured Party and deliver to the Secured Party
a duly executed and completed Form U-1 and such other instruments and documents reasonably requested by the Secured Party in form and substance reasonably satisfactory to the Secured Party. 

(e) Notwithstanding anything to the contrary contained herein, in the event any Investment Property is subject to the terms of a separate
security agreement in favor of the Secured Party, the terms of such separate security agreement shall govern and control unless otherwise agreed to in writing by the Secured Party. 

(f) All Deposit Accounts of the Debtor on the date hereof are listed and identified (by account number and depository institution) on Schedule
E attached hereto and made a part hereof. To the extent required by the Loan Agreement or upon Secured Party’s request, the Debtor shall promptly notify the Secured Party of any other Deposit Account opened or maintained by the Debtor after the
date hereof, and shall submit to the Secured Party a supplement to Schedule E to reflect such additional accounts (provided the Debtor’s failure to do so shall not impair the Secured Party’s security interest therein). To the extent
requested by Secured Party, the Debtor, the depository institution, and the Secured Party shall execute and deliver an account control agreement in form and substance reasonably satisfactory to the Secured Party which provides, among other things,
for the depository institution’s agreement that it will comply with instructions originated by the Secured Party directing the disposition of the funds in each such the Deposit Account without further consent by such Debtor. 

Section 8. Power of Attorney. In addition to any other powers of attorney contained herein, the Debtor hereby
appoints the Secured Party, its nominee, and any other person whom the Secured Party may designate, as the Debtor’s attorney-in-fact, with full power and authority
to sign the Debtor’s name on verifications of Receivables and other Collateral; to send requests for verification of Collateral to the Debtor’s customers, account debtors, and other obligors; to endorse the Debtor’s name on any
checks, notes, acceptances, money orders, drafts, and any other forms of payment or security that may come into the Secured Party’s possession or on any assignments, stock powers, or other instruments of transfer relating to the Collateral or
any part thereof; to sign the Debtor’s name on any invoice or bill of lading relating to any Collateral, on claims to enforce collection of any Collateral, on notices to and drafts against customers and account debtors and other obligors, on
schedules and assignments of Collateral, on notices of assignment and on public records; to notify the post office authorities to change the address for delivery of the Debtor’s mail to an address designated by the Secured Party; to receive,
open and dispose of all mail addressed to the Debtor; and to do all things necessary to carry out this Agreement. Secured Party agrees not to exercise such power except during an Event of Default which is continuing. The Debtor hereby ratifies and
approves all acts of any such attorney and agrees that neither the Secured Party nor any such attorney will be liable for any acts or omissions nor for any error of judgment or mistake of fact or law other than such person’s gross negligence or
willful misconduct. The Secured Party may file one or more financing statements disclosing its security interest in any or all of the Collateral without the Debtor’s signature appearing thereon. The Debtor also hereby grants the Secured Party a
power of attorney to execute any such financing statements, or amendments and supplements to financing statements, on behalf of the Debtor without notice thereof to the Debtor. The foregoing powers of attorney, being coupled with an interest, are
irrevocable until the Secured Obligations have been fully paid and satisfied and all agreements of the Secured Party to extend credit to or for the account of the Debtor have expired or otherwise have been terminated. 

Section 9. Defaults and Remedies. (a) Unless waived by the Secured Party, the Debtor shall be in default under
this Security Agreement and shall be deemed to be in default under all other agreements between the Loan Parties and the Secured Party in any of the following events (each, an “Event of Default” hereunder): 

(i) the Debtor defaults, or threatens to default, in payments when due of any Secured Obligation or any Loan Party defaults or
threatens to default, in payments when due under any Financing Document; or 
 (ii) any Loan Party is in breach of any term,
condition, obligation or covenant made by it to or with the Secured Party, or any representation or warranty of any such Person is untrue or ceases to be accurate, whether or not contained in this Security Agreement or another Financing Document; or

  
 -11- 

 (iii) any event shall occur or condition shall exist which is specified as
an “Event of Default” under the Loan Agreement, regardless of whether or not the Loan Agreement remains in effect, or any other default shall occur in the observance or performance of any terms or provisions of any instrument or document
evidencing or securing any Secured Obligations or setting forth terms and conditions applicable thereto or otherwise relating thereto, or this Agreement shall for any reason not be or shall cease to be in full force and effect or is declared to be
null and void; or 
 (iv) a receiver, manager, receiver and manager or receiver-manager of all or a part of the Collateral is
appointed; or 
 (v) any Loan Party ceases or threatens to cease to carry on all or a substantial part of its business or
makes or threatens to make a sale of all or substantially all of its assets; or 
 (vi) any judgment or judgments, writ or
writs, or warrant or warrants of attachment, or any similar process or processes shall be entered or filed against the Debtor or against any of its property or assets and which remains unvacated, unbonded, unstayed or unsatisfied for a period of
thirty (30) days; or 
 (vii) the holder of any other security interest, charge, encumbrance, lien or claim against any
of the Collateral does anything to enforce or realize on such security interest, charge, encumbrance, lien or claim; or 

(viii) the Secured Party in good faith and on commercially reasonable grounds believes that any of the Collateral is or is
about to be placed in jeopardy or removed from the jurisdiction such that the Secured Party’s lien thereon would be unperfected; or 

(ix) the lessor under any lease to the Debtor of any real property takes any steps to or threatens to terminate such lease or
otherwise exercise any of its remedies under such lease against the Collateral as a result of any default by the Debtor; or 

(x) the Debtor causes or allows hazardous materials to be brought upon any lands or premises occupied by the Borrower or to be
incorporated into any of its assets other than in accordance with applicable law, or the Debtor causes, permits, or fails to remedy any environmental contamination upon, in or under any of its lands or assets, or fails to comply with any abatement
or remediation order given by a responsible authority. 
 (b) Upon the occurrence and during the continuation of any Event of Default, the
Secured Party shall have, in addition to all other rights provided herein or by law, the rights and remedies of a secured party under the UCC (regardless of whether the UCC is the law of the jurisdiction where the rights or remedies are asserted and
regardless of whether the UCC applies to the affected Collateral), and further the Secured Party may, without demand and without advertisement, notice, hearing, or process of law, all of which the Debtor hereby waives, at any time or times, sell and
deliver all or any part of the Collateral (and any other property of the Debtor attached thereto or found therein) held by or for it at public or private sale, for cash, upon credit, or otherwise, at such prices and upon such terms as the Secured
Party deems advisable, in its sole discretion. In addition to all other sums due the Secured Party hereunder, the Debtor shall pay the Secured Party all costs and expenses incurred by the Secured Party, including attorneys’ fees and court
costs, in obtaining, liquidating or enforcing payment of Collateral or the Secured Obligations or in the prosecution or defense of any action or proceeding by or against the Secured Party or the Debtor concerning any matter arising out of or
connected with this Agreement or the Collateral or the Secured Obligations, including, without limitation, any of the foregoing arising in, arising under or related to a case under the United States Bankruptcy Code (or any successor statute). Any
requirement of reasonable notice shall be met if such notice is personally served on or mailed, postage prepaid, to the Debtor in accordance with Section 12(b) hereof at least 10 days before the time of sale or other event giving rise to the
requirement of such notice; provided however, no notification need be given to the Debtor if the Debtor has signed, after an Event of Default has occurred, a statement renouncing any right to notification of sale or other intended
disposition. The Secured Party shall not be obligated to make any sale or other disposition of the Collateral regardless of notice having been given. The Secured Party may be the purchaser at any such sale. The Debtor hereby waives all of its rights
of redemption from any such sale. The Secured Party may postpone or 

  
 -12- 

 
cause the postponement of the sale of all or any portion of the Collateral by announcement at the time and place of such sale, and such sale may, without further notice, be made at the time and
place to which the sale was postponed or the Secured Party may further postpone such sale by announcement made at such time and place. The Secured Party has no obligation to prepare the Collateral for sale. The Secured Party may sell or otherwise
dispose of the Collateral without giving any warranties as to the Collateral or any part thereof, including disclaimers of any warranties of title or the like, and the Debtor acknowledges and agrees that the absence of such warranties shall not
render the disposition commercially unreasonable. 
 (c) Without in any way limiting the foregoing, upon the occurrence and during the
continuation of any Event of Default, the Secured Party shall have the right, in addition to all other rights provided herein or by law, to take physical possession of any and all of the Collateral and anything found therein, the right for that
purpose to enter without legal process any premises where the Collateral may be found (provided such entry be done lawfully), and the right to maintain such possession on the Debtor’s premises (the Debtor hereby agreeing to lease such premises
without cost or expense to the Secured Party or its designee if the Secured Party so requests) or to remove the Collateral or any part thereof to such other places as the Secured Party may desire. Upon the occurrence and during the continuation of
any Event of Default, the Secured Party shall have the right to exercise any and all rights with respect to all Deposit Accounts of the Debtor, including, without limitation, the right to direct the disposition of the funds in each Deposit Account
and to collect, withdraw, and receive all amounts due or to become due or payable under each such Deposit Account. Upon the occurrence and during the continuation of any Event of Default, the Debtor shall, upon the Secured Party’s demand,
promptly assemble the Collateral and make it available to the Secured Party at a place designated by the Secured Party. If the Secured Party exercises its right to take possession of the Collateral, the Debtor shall also at its expense perform any
and all other steps reasonably requested by the Secured Party to preserve and protect the security interest hereby granted in the Collateral, such as placing and maintaining signs indicating the security interest of the Secured Party, appointing
overseers for the Collateral, and maintaining Collateral records. 
 (d) Without in any way limiting the foregoing, upon the occurrence and
during the continuation of any Event of Default, all rights of the Debtor to exercise the voting and/or consensual powers which it is entitled to exercise pursuant to Section 7(a)(i) hereof and/or to receive and retain the distributions which
it is entitled to receive and retain pursuant to Section 7(a)(ii) hereof, shall, at the option of the Secured Party, cease and thereupon become vested in the Secured Party, which, in addition to all other rights provided herein or by law, shall
then be entitled solely and exclusively to exercise all voting and other consensual powers pertaining to the Investment Property (including, without limitation, the right to deliver notice of control with respect to any Investment Property held in a
securities account or commodity account and deliver all entitlement orders with respect thereto) and/or to receive and retain the distributions which the Debtor would otherwise have been authorized to retain pursuant to Section 7(a)(ii) hereof
and shall then be entitled solely and exclusively to exercise any and all rights of conversion, exchange, or subscription or any other rights, privileges, or options pertaining to any Investment Property as if the Secured Party were the absolute
owner thereof. Without limiting the foregoing, the Secured Party shall have the right to exchange, at its discretion, any and all of the Investment Property upon the merger, consolidation, reorganization, recapitalization, or other readjustment of
the respective issuer thereof or upon the exercise by or on behalf of any such issuer or the Secured Party of any right, privilege, or option pertaining to any Investment Property and, in connection therewith, to deposit and deliver any and all of
the Investment Property with any committee, depositary, transfer agent, registrar, or other designated agency upon such terms and conditions as the Secured Party may determine. In the event the Secured Party in good faith believes any of the
Collateral constitutes restricted securities within the meaning of any applicable securities laws, any disposition thereof in compliance with such laws shall not render the disposition commercially unreasonable. 

(e) Without in any way limiting the foregoing, the Debtor hereby grants to the Secured Party a royalty-free irrevocable non-exclusive license and right to use all of the Debtor’s patents, patent applications, patent licenses, trademarks, trademark registrations, trademark licenses, trade names, trade styles, copyrights,
copyright applications, copyright licenses, and similar intangibles in connection with any foreclosure or other realization by 

  
 -13- 

 
the Secured Party on all or any part of the Collateral. The license and right granted the Secured Party hereby shall be without any royalty or fee or charge whatsoever. 

(f) The powers conferred upon the Secured Party hereunder are solely to protect its interest in the Collateral and shall not impose on it any
duty to exercise such powers. The Secured Party shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession or control if such Collateral is accorded treatment substantially equivalent to
that which the Secured Party accords its own property, consisting of similar type assets, it being understood, however, that the Secured Party shall have no responsibility for ascertaining or taking any action with respect to calls, conversions,
exchanges, maturities, tenders, or other matters relating to any such Collateral, whether or not the Secured Party has or is deemed to have knowledge of such matters. This Agreement constitutes an assignment of rights only and not an assignment of
any duties or obligations of the Debtor in any way related to the Collateral, and the Secured Party shall have no duty or obligation to discharge any such duty or obligation. The Secured Party shall have no responsibility for taking any necessary
steps to preserve rights against any parties with respect to any Collateral or initiating any action to protect the Collateral against the possibility of a decline in market value. Neither the Secured Party nor any party acting as attorney for the
Secured Party shall be liable for any acts or omissions or for any error of judgment or mistake of fact or law other than their gross negligence or willful misconduct. 

(g) Failure by the Secured Party to exercise any right, remedy, or option under this Agreement or any other agreement between the Debtor and
the Secured Party or provided by law, or delay by the Secured Party in exercising the same, shall not operate as a waiver; and no waiver by the Secured Party shall be effective unless it is in writing and then only to the extent specifically stated.
The rights and remedies of the Secured Party under this Agreement shall be cumulative and not exclusive of any other right or remedy which the Secured Party may have. 

Section 10. Application of Proceeds. The proceeds and avails of the Collateral at any time received by the Secured
Party after the occurrence and during the continuation of any Event of Default shall, when received by the Secured Party in cash or its equivalent, be applied by the Secured Party as follows: 

(i) first, to the payment and satisfaction of all sums paid and costs and expenses incurred by the Secured Party hereunder or
otherwise in connection herewith, including such monies paid or incurred in connection with protecting, preserving or realizing upon the Collateral or enforcing any of the terms hereof, including reasonable attorneys’ fees and court costs,
together with any interest thereon (but without preference or priority of principal over interest or of interest over principal), to the extent the Secured Party is not reimbursed therefor by the Debtor; and 

(ii) second, to the payment and satisfaction of the remaining Secured Obligations, whether or not then due (in whatever order
the Secured Party elects), both for interest and principal. 
 The Debtor shall remain liable to the Secured Party for any deficiency. Any surplus remaining
after the full payment and satisfaction of the foregoing shall be returned to the Debtor or to whomsoever the Secured Party reasonably determines is lawfully entitled thereto. 

Section 11. Continuing Agreement. This Agreement shall be a continuing agreement in every respect and shall
remain in full force and effect until all of the Secured Obligations, both for principal and interest, have been fully paid and satisfied and all agreements of the Secured Party to extend credit to or for the account of the Debtor have expired or
otherwise have been terminated. Upon such termination of this Agreement, the Secured Party shall, upon the request and at the expense of the Debtor, forthwith release its security interest hereunder. 

Section 12. Miscellaneous. (a) This Agreement cannot be changed or terminated orally. All of the rights,
privileges, remedies, and options given to the Secured Party hereunder shall inure to the benefit of its successors and assigns, and all the terms, conditions, covenants, agreements, representations, and warranties of and in this Agreement shall
bind the Debtor and its legal representatives, successors and assigns, provided that the Debtor may not assign its rights or delegate its duties hereunder without the Secured Party’s prior written consent. 

  
 -14- 

 (b) Except as otherwise specified herein, all notices hereunder shall be in writing and
shall be given in person, or by letter sent by fax, mail or courier to the address, fax number set forth below, or such other address or fax number as such party may hereafter specify by notice to the Secured Party given in the manner herein
provided. Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by fax shall be deemed to have
been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices hereunder shall be addressed: 

to the Debtor at: 
 Li-Cycle Inc. 
 2351 Royal Windsor Drive, Suite 10, Mississauga, Ontario, Canada L5J 4S7 

Attention: Ajay Kochhar, President 

Email Address: ajay.kochhar@li-cycle.com 

to the Secured Party at: 
 BDC
Capital Inc. 
 5, Place Ville Marie, Suite 500 

Montreal, Quebec, H3B 5E7 
 Fax:
(877) 329-9232 
 (c) In the event and to the extent that any provision hereof shall be deemed to be
invalid or unenforceable by reason of the operation of any law or by reason of the interpretation placed thereon by any court, this Agreement shall to such extent be construed as not containing such provision, but only as to such locations where
such law or interpretation is operative, and the invalidity or unenforceability of such provision shall not affect the validity of any remaining provisions hereof, and any and all other provisions hereof which are otherwise lawful and valid shall
remain in full force and effect. 
 (d) THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE OF
NEW YORK APPLICABLE TO CONTRACTS TO BE PERFORMED ENTIRELY THEREIN. The headings in this Agreement
are for convenience of reference only and shall not limit or otherwise affect the meaning of any provision hereof. 
 (e) This Agreement may
be executed in any number of counterparts and by different parties hereto on separate counterpart signature pages, each constituting an original, but all together one and the same instrument. The Debtor acknowledges that this Agreement is and shall
be effective upon its execution and delivery by the Debtor to the Secured Party, and it shall not be necessary for the Secured Party to execute this Agreement or any other acceptance hereof or otherwise to signify or express its acceptance hereof.

 (f) The Debtor hereby submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York
and of any New York State court sitting in New York County for purposes of all legal proceedings arising out of or relating to this Agreement or the transactions contemplated hereby. The Debtor irrevocably waives, to the fullest extent permitted by
law, any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such court has been brought in an inconvenient forum.
THE DEBTOR AND THE SECURED PARTY EACH HEREBY IRREVOCABLY WAIVES ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY. 
 (g) Capitalized terms used and not defined herein have the meaning set forth in the Loan Agreement. 

[SIGNATURE PAGE TO FOLLOW] 

  
 -15- 

 IN WITNESS WHEREOF, the Debtor has caused this General Security Agreement to be duly
executed and delivered as of the date and year first above written. 
  

	
	LI-CYCLE INC.
	
	By             
	 Name: Ajay Kochhar

	 Title: CEO

  
 Signature Page to
General Security Agreement (Li-Cycle Inc.—Financing No. 16516541) 

 Accepted and agreed to as of the date and year first above written. 

 

					
	 BDC CAPITAL

	 By
	 	

		 	 Name
	 	
                   
             

		 	 Title
	 	
                

  

					
	 By
	 	

		 	 Name
	 	
                

		 	 Title
	 	 Vice President

		 		 	Cleantech Practice

  
 Signature Page to
General Security Agreement (Li-Cycle Inc.—Financing No. 165165-01) 

 SCHEDULE A 

LOCATIONS 
  

	Item 1.	 Places of Business (including Debtor’s chief executive office and principal place of business):

 ADDRESS 
  

	 	•	 	 2351 Royal Windsor Drive, Suite 10, Mississauga, Ontario, Canada L5J 4S7 

 

	 	•	 	 Bldg. 350, Eastman Business Park, Greece, NY 

 

	Item 2.	 Permitted Collateral Locations: 

ADDRESS                      
                                         
                                         
OWNER OF PREMISES 
  

	 	•	 	 2351 Royal Windsor Drive, Suite 10, Mississauga, Ontario, Canada L5J 4S7 

 

	 	•	 	 Bldg. 350, Eastman Business Park, Greece, NY 

 SCHEDULE B 

OTHER NAMES 
  

	A.	 PRIOR LEGAL NAMES 

None. 
  

	B.	 TRADE NAMES 

None. 

 SCHEDULE C 

INTELLECTUAL PROPERTY RIGHTS 

None. 

 SCHEDULE D 

REAL ESTATE LOCATIONS FOR FIXTURES 

See locations listed above, if any. 

 SCHEDULE E 

INVESTMENT PROPERTY AND DEPOSIT ACCOUNTS 

 

	A.	 INVESTMENT PROPERTY 

To be provided upon request 
  

	B.	 DEPOSIT ACCOUNTS 

To be provided upon request 

 SCHEDULE F 

COMMERCIAL TORT CLAIMS 

None. 

 SCHEDULE G 

SUPPLEMENT TO GENERAL SECURITY AGREEMENT 

THIS SUPPLEMENT TO GENERAL SECURITY AGREEMENT (the “Supplement”) is dated as of this _____ day of
                    , 20__ from Li-Cycle Inc., a corporation organized under the laws of the State of
Delaware (the “Debtor”), to BDC Capital Inc. (the “Secured Party”). 
 PRELIMINARY
STATEMENTS 
 A. The Debtor and the Secured Party are parties to that certain General Security Agreement dated as of
February 4, 2020 (such General Security Agreement, as the same may from time to time be amended, modified or restated, being hereinafter referred to as the “Security Agreement”). All capitalized terms used herein without
definition shall have the same meanings herein as such terms are defined in the Security Agreement. 
 B. Pursuant to the Security
Agreement, the Debtor granted to the Secured Party, among other things, a continuing security interest in all Commercial Tort Claims. 
 C.
The Debtor has acquired a Commercial Tort Claim, and executes and delivers this Supplement to confirm and assure the Secured Party’s security interest therein. 

NOW, THEREFORE, in consideration of the benefits accruing to the Debtor, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. In order to secure
payment of the Secured Obligations, whether now existing or hereafter arising, the Debtor does hereby grant to the Secured Party a continuing lien on and security interest in the Commercial Tort Claim described below: 

 

					
		  	 	  	 
		  	 	  	 
		  	 	  	 
		  	 	  	

 2. Schedule F (Commercial Tort Claims) to the Security Agreement is hereby amendedto include reference to the
Commercial Tort Claim referred to in Section 1 above. The Commercial Tort Claim described herein is in addition to, and not in substitution or replacement for, the Commercial Tort Claims heretofore described in and subject to the Security
Agreement, and nothing contained herein shall in any manner impair the priority of the liens and security interests heretofore granted by the Debtor in favor of the Secured Party under the Security Agreement. 

3. The Debtor agrees to execute and deliver such further instruments and documents and do such further acts and things as the Secured Party
may deem necessary or proper to carry out more effectively the purposes of this Supplement. 
 4. No reference to this Supplement need be
made in the Security Agreement or in any other document or instrument making reference to the Security Agreement, any reference to the Security Agreement in any of such items to be deemed a reference to the Security Agreement as supplemented hereby.
The Debtor acknowledges that this Supplement shall be effective upon its execution and delivery by the Debtor to the Secured Party, and it shall not be necessary for the Secured Party to execute this Supplement or any other acceptance hereof or
otherwise to signify or express its acceptance hereof. 
 5. THIS AGREEMENT SHALL
BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE
OF NEW YORK APPLICABLE TO CONTRACTS TO BE PERFORMED ENTIRELY THEREIN. 

 
	
	LI-CYCLE INC.
	
	By
	 Name

Title

  
 -2-

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