Document:

Exhibit 10.19

 

REGISTRATION
RIGHTS AGREEMENT

 

REGISTRATION
RIGHTS AGREEMENT (this “Agreement”), dated as of November 16, 2021, by and between WETOUCH TECHNOLOGY INC.,
a Nevada corporation (the “Company”), and FIRSTFIRE GLOBAL OPPORTUNITIES FUND, LLC, a
Delaware limited liability company (together with it permitted assigns, the “Investor”). Capitalized terms
used herein and not otherwise defined herein shall have the respective meanings set forth in the securities purchase agreement by and
between the parties hereto, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time,
the “Purchase Agreement”).

 

WHEREAS:

 

The
Company has agreed, upon the terms and subject to the conditions of the Purchase Agreement, to sell to the Investor the Securities (as
defined in the Purchase Agreement) and to induce the Investor to enter into the Purchase Agreement, the Company has agreed to provide
certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor
statute (collectively, the “Securities Act”), and applicable state securities laws.

 

NOW,
THEREFORE, in consideration of the promises and the mutual covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and the Investor hereby agree as follows:

 

1. DEFINITIONS.

 

As
used in this Agreement, the following terms shall have the following meanings:

 

a. “Investor”
means the Investor, any transferee or assignee thereof to whom a Investor assigns its rights under this Agreement in accordance with
Section 9 and who agrees to become bound by the provisions of this Agreement, and any transferee or assignee thereof to whom a transferee
or assignee assigns its rights under this Agreement in accordance with Section 9 and who agrees to become bound by the provisions of
this Agreement.

 

b. “Person”
means any individual or entity including but not limited to any corporation, a limited liability company, an association, a partnership,
an organization, a business, an individual, a governmental or political subdivision thereof or a governmental agency.

 

c. “Register,”
“registered,” and “registration” refer to a registration effected by preparing and filing one or
more registration statements of the Company in compliance with the Securities Act and/or pursuant to Rule 415 under the Securities Act
or any successor rule providing for offering securities on a continuous basis (“Rule 415”), and the declaration or
ordering of effectiveness of such registration statement(s) by the United States Securities and Exchange Commission (the “SEC”).

d. “Registrable
Securities” means all of the Conversion Shares (as defined in the Purchase Agreement) (the “Conversion Shares”),
Exercise Shares (as defined in the Purchase Agreement) (the “Exercise Shares”), and shares of Common Stock issued to the
Investor as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise, without regard to
any limitation on purchases under the Purchase Agreement, Note (as defined in the Purchase Agreement) (the “Note”),
or Warrant (as defined in the Purchase Agreement) (the “Warrant”).

 

e. “Registration
Statement” means one or more registration statements of the Company covering only the sale of the Registrable Securities.

 

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2. REGISTRATION.

 

a. Mandatory
Registration. The Company shall, within sixty (60) calendar days from the date of this Agreement, file with the SEC an initial Registration
Statement covering the maximum number of Registrable Securities as shall be permitted to be included thereon in accordance with applicable
SEC rules, regulations and interpretations so as to permit the resale of such Registrable Securities by the Investor, including but not
limited to under Rule 415 under the Securities Act at then prevailing market prices (and not fixed prices), subject to the aggregate
number of authorized shares of the Company’s Common Stock then available for issuance in its Certificate of Incorporation. The
Investor and its counsel shall have a reasonable opportunity to review and comment upon such Registration Statement and any amendment
or supplement to such Registration Statement and any related prospectus prior to its filing with the SEC, and the Company shall give
due consideration to all reasonable comments. The Investor shall furnish all information reasonably requested by the Company for inclusion
therein. The Company shall have the Registration Statement and any amendment declared effective by the SEC at the earliest possible date
(in any event within one hundred fifty (150) calendar days from the date hereof). The Company shall keep the Registration Statement effective,
including but not limited to pursuant to Rule 415 promulgated under the Securities Act and available for the resale by the Investor of
all of the Registrable Securities covered thereby at all times until the the date on which the Investor shall have sold all the Registrable
Securities covered thereby (the “Registration Period”). The Registration Statement (including any amendments or supplements
thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein, or necessary to make the statements therein, in light of the circumstances in which they were made, not
misleading.

 

b. Rule
424 Prospectus. The Company shall, as required by applicable securities regulations, from time to time file (in each case, at the
earliest possible date) with the SEC, pursuant to Rule 424 promulgated under the Securities Act, the prospectus and prospectus supplements,
if any, to be used in connection with sales of the Registrable Securities under the Registration Statement. The Company shall file such
initial prospectus on the same date that the Registration Statement is declared effective by the SEC. The Investor and its counsel shall
have a reasonable opportunity to review and comment upon such prospectus prior to its filing with the SEC, and the Company shall give
due consideration to all such comments. The Investor shall use its reasonable best efforts to comment upon such prospectus within one
(1) Business Day from the date the Investor receives the final pre-filing version of such prospectus.

 

c. Sufficient
Number of Shares Registered. In the event the number of shares available under the Registration Statement is insufficient to cover
all of the Registrable Securities, the Company shall amend the Registration Statement or file a new Registration Statement (a “New
Registration Statement”), so as to cover all of such Registrable Securities (subject to the limitations set forth in Section
2(a)) as soon as practicable, but in any event not later than ten (10) Business Days after the necessity therefor arises, subject to
any limits that may be imposed by the SEC pursuant to Rule 415 under the Securities Act. The Company shall use it reasonable best efforts
to cause such amendment and/or New Registration Statement to become effective as soon as practicable following the filing thereof. In
the event that any of the Registrable Securities are not included in the Registration Statement, or have not been included in any New
Registration Statement and the Company files any other registration statement under the Securities Act (other than on Form S-4, Form
S-8, or with respect to other employee related plans or rights offerings) (“Other Registration Statement”) then the
Company shall include such remaining Registrable Securities in such Other Registration Statement. The Company agrees that it shall not
file any such Other Registration Statement unless all of the Registrable Securities have been included in such Other Registration Statement
or otherwise have been registered for resale as described above.

 

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d.
Offering. If the staff of the SEC (the “Staff”) or the SEC seeks to characterize any offering pursuant to a
Registration Statement filed pursuant to this Agreement as constituting an offering of securities that does not permit such Registration
Statement to become effective and be used for resales by the Investor under Rule 415 at then prevailing market prices (and not fixed
prices), or if after the filing of the initial Registration Statement with the SEC pursuant to Section 2(a), the Company is otherwise
required by the Staff or the SEC to reduce the number of Registrable Securities included in such initial Registration Statement, then
the Company shall reduce the number of Registrable Securities to be included in such initial Registration Statement (with the prior consent,
which shall not be unreasonably withheld, of the Investor and its legal counsel as to the specific Registrable Securities to be removed
therefrom) until such time as the Staff and the SEC shall so permit such Registration Statement to become effective and be used as aforesaid.
In the event of any reduction in Registrable Securities pursuant to this paragraph, the Company shall file one or more New Registration
Statements in accordance with Section 2(c) until such time as all Registrable Securities have been included in Registration Statements
that have been declared effective and the prospectus contained therein is available for use by the Investor. Notwithstanding any provision
herein or in the Purchase Agreement to the contrary, the Company’s obligations to register Registrable Securities (and any related
conditions to the Investor’s obligations) shall be qualified as necessary to comport with any requirement of the SEC or the Staff
as addressed in this Section 2(d).

 

3. RELATED
OBLIGATIONS.

 

With
respect to the Registration Statement and whenever any Registrable Securities are to be registered pursuant to Section 2 including on
any New Registration Statement, the Company shall use its reasonable best efforts to effect the registration of the Registrable Securities
in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following obligations:

 

a. The
Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to any registration
statement and the prospectus used in connection with such registration statement, which prospectus is to be filed pursuant to Rule 424
promulgated under the Securities Act, as may be necessary to keep the Registration Statement or any New Registration Statement effective
at all times during the Registration Period, and, during such period, comply with the provisions of the Securities Act with respect to
the disposition of all Registrable Securities of the Company covered by the Registration Statement or any New Registration Statement
until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition
by the seller or sellers thereof as set forth in such registration statement.

 

b. The
Company shall permit the Investor to review and comment upon the Registration Statement or any New Registration Statement and all amendments
and supplements thereto at least two (2) Business Days prior to their filing with the SEC, and not file any document in a form to which
Investor reasonably objects. The Investor shall use its reasonable best efforts to comment upon the Registration Statement or any New
Registration Statement and any amendments or supplements thereto within two (2) Business Days from the date the Investor receives the
final version thereof. The Company shall furnish to the Investor, without charge any correspondence from the SEC or the staff of the
SEC to the Company or its representatives relating to the Registration Statement or any New Registration Statement.

 

c. Upon
request of the Investor, the Company shall furnish to the Investor, (i) promptly after the same is prepared and filed with the SEC, at
least one copy of such registration statement and any amendment(s) thereto, including financial statements and schedules, all documents
incorporated therein by reference and all exhibits, (ii) upon the effectiveness of any registration statement, a copy of the prospectus
included in such registration statement and all amendments and supplements thereto (or such other number of copies as the Investor may
reasonably request) and (iii) such other documents, including copies of any preliminary or final prospectus, as the Investor may reasonably
request from time to time in order to facilitate the disposition of the Registrable Securities owned by the Investor. For the avoidance
of doubt, any filing available to the Investor via the SEC’s live EDGAR system shall be deemed “furnished to the Investor”
hereunder.

 

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d. The
Company shall use reasonable best efforts to (i) register and qualify the Registrable Securities covered by a registration statement
under such other securities or “blue sky” laws of such jurisdictions in the United States as the Investor reasonably requests,
(ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations
and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions
as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv)
take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided,
however, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any
jurisdiction where it would not otherwise be required to qualify but for this Section 3(d), (y) subject itself to general taxation in
any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify
the Investor who holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the
registration or qualification of any of the Registrable Securities for sale under the securities or “blue sky” laws of any
jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose.

 

e. As
promptly as practicable after becoming aware of such event or facts, the Company shall notify the Investor in writing of the happening
of any event or existence of such facts as a result of which the prospectus included in any registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading, and promptly prepare a supplement or
amendment to such registration statement to correct such untrue statement or omission, and deliver a copy of such supplement or amendment
to the Investor (or such other number of copies as the Investor may reasonably request). The Company shall also promptly notify the Investor
in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, and when a registration statement
or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to the Investor by email
or facsimile on the same day of such effectiveness and by overnight mail), (ii) of any request by the SEC for amendments or supplements
to any registration statement or related prospectus or related information, and (iii) of the Company’s reasonable determination
that a post-effective amendment to a registration statement would be appropriate.

 

f. The
Company shall use its reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness of any registration
statement, or the suspension of the qualification of any Registrable Securities for sale in any jurisdiction and, if such an order or
suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify the Investor
of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding
for such purpose.

 

g. The
Company shall (i) cause all the Registrable Securities to be listed on each securities exchange on which securities of the same class
or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules
of such exchange, or (ii) secure designation and quotation of all the Registrable Securities on the Principal Market (as defined in the
Purchase Agreement). The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section.

 

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h. The
Company shall cooperate with the Investor to facilitate the timely preparation and delivery of the Registrable Securities (not bearing
any restrictive legend) either by DWAC, DRS, or in certificated form if DWAC or DRS is unavailable, to be offered pursuant to any registration
statement and enable such Registrable Securities to be in such denominations or amounts as the Investor may reasonably request and registered
in such names as the Investor may request.

 

i. The
Company shall at all times provide a transfer agent and registrar with respect to its Common Stock.

 

j. If
reasonably requested by the Investor, the Company shall (i) immediately incorporate in a prospectus supplement or post-effective amendment
such information as the Investor believes should be included therein relating to the sale and distribution of Registrable Securities,
including, without limitation, information with respect to the number of Registrable Securities being sold, the purchase price being
paid therefor and any other terms of the offering of the Registrable Securities; (ii) make all required filings of such prospectus supplement
or post-effective amendment as soon as practicable upon notification of the matters to be incorporated in such prospectus supplement
or post-effective amendment; and (iii) supplement or make amendments to any registration statement.

 

k. The
Company shall use its reasonable best efforts to cause the Registrable Securities covered by any registration statement to be registered
with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable
Securities.

l. Within
one (1) Business Day after any registration statement which includes the Registrable Securities is ordered effective by the SEC, the
Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities
(with copies to the Investor) confirmation that such registration statement has been declared effective by the SEC in the form attached
hereto as Exhibit A. Thereafter, if requested by the Investor at any time, the Company shall require its counsel to deliver to
the Investor a written confirmation whether or not the effectiveness of such registration statement has lapsed at any time for any reason
(including, without limitation, the issuance of a stop order) and whether or not the registration statement is current and available
to the Investor for sale of all of the Registrable Securities.

 

m. The
Company shall take all other reasonable actions necessary to expedite and facilitate disposition by the Investor of Registrable Securities
pursuant to any registration statement.

 

4. OBLIGATIONS
OF THE INVESTOR.

 

a. The
Company shall notify the Investor in writing of the information the Company reasonably requires from the Investor in connection with
any registration statement hereunder. The Investor shall furnish to the Company such information regarding itself, the Registrable Securities
held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to effect
the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company
may reasonably request.

 

b. The
Investor agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of
any registration statement hereunder.

 

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c. The
Investor agrees that, upon receipt of any notice from the Company of the happening of any event or existence of facts of the kind described
in Section 3(f) or the first sentence of 3(e), the Investor will immediately discontinue disposition of Registrable Securities pursuant
to any registration statement(s) covering such Registrable Securities until the Investor’s receipt of the copies of the supplemented
or amended prospectus contemplated by Section 3(f) or the first sentence of 3(e). Notwithstanding anything to the contrary, the Company
shall cause its transfer agent to promptly deliver shares of Common Stock without any restrictive legend in accordance with the terms
of the Purchase Agreement, Note, and Warrant as applicable in connection with any sale of Registrable Securities with respect to which
an Investor has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening
of any event of the kind described in Section 3(f) or the first sentence of Section 3(e) and for which the Investor has not yet settled.

 

5. EXPENSES
OF REGISTRATION.

 

All
reasonable expenses, other than sales or brokerage commissions, incurred in connection with registrations, filings or qualifications
pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting
fees, and fees and disbursements of counsel for the Company, shall be paid by the Company.

 

6. INDEMNIFICATION.

 

a. To
the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, each Person,
if any, who controls the Investor, the members, the directors, officers, partners, employees, agents, representatives of the Investor
and each Person, if any, who controls the Investor within the meaning of the Securities Act or the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) (each, an “Indemnified Person”), against any losses, claims, damages,
liabilities, judgments, fines, penalties, charges, costs, attorneys’ fees, amounts paid in settlement or expenses, joint or several,
(collectively, “Claims”) incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding,
investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body
or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party thereto (“Indemnified Damages”),
to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect
thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in the Registration
Statement, any New Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification
of the offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered
(“Blue Sky Filing”), or the omission or alleged omission to state a material fact required to be stated therein or
necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained
in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or
the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances
under which the statements therein were made, not misleading, (iii) any violation or alleged violation by the Company of the Securities
Act, the Exchange Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating
to the offer or sale of the Registrable Securities pursuant to the Registration Statement or any New Registration Statement or (iv) any
material violation by the Company of this Agreement (the matters in the foregoing clauses (i) through (iv) being, collectively, “Violations”).
The Company shall reimburse each Indemnified Person promptly as such expenses are incurred and are due and payable, for any reasonable
legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding
anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim
by an Indemnified Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information about
the Investor furnished in writing to the Company by such Indemnified Person expressly for use in connection with the preparation of the
Registration Statement, any New Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was timely
made available by the Company pursuant to Section 3(c) or Section 3(e); (ii) with respect to any superseded prospectus, shall not inure
to the benefit of any such person from whom the person asserting any such Claim purchased the Registrable Securities that are the subject
thereof (or to the benefit of any person controlling such person) if the untrue statement or omission of material fact contained in the
superseded prospectus was corrected in the revised prospectus, as then amended or supplemented, if such revised prospectus was timely
made available by the Company pursuant to Section 3(c) or Section 3(e), and the Indemnified Person was promptly advised in writing not
to use the incorrect prospectus prior to the use giving rise to a violation and such Indemnified Person, notwithstanding such advice,
used it; (iii) shall not be available to the extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered
the prospectus made available by the Company, if such prospectus was timely made available by the Company pursuant to Section 3(c) or
Section 3(e); and (iv) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written
consent of the Company, which consent shall not be unreasonably withheld. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities by the
Investor pursuant to Section 9.

 

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b. Promptly
after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any action or proceeding
(including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in
respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party a written notice
of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party
so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually
satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be; provided, however, that
an Indemnified Person or Indemnified Party shall have the right to retain its own counsel with the fees and expenses to be paid by the
indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of
the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual or potential differing interests
between such Indemnified Person or Indemnified Party and any other party represented by such counsel in such proceeding. The Indemnified
Party or Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such
action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified
Party or Indemnified Person which relates to such action or claim. The indemnifying party shall keep the Indemnified Party or Indemnified
Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying
party shall be liable for any settlement of any action, claim or proceeding effected without its written consent, provided, however,
that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the
consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise
which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified
Person of a release from all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the
indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect to all third parties,
firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying
party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the
Indemnified Person or Indemnified Party under this Section 6, except to the extent that the indemnifying party is prejudiced in its ability
to defend such action.

 

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c. The
indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, as and when bills are received or Indemnified Damages are incurred.

 

d. The
indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party or Indemnified
Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

 

7. CONTRIBUTION.

 

To
the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum
contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law;
provided, however, that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of fraudulent
misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds
received by such seller from the sale of such Registrable Securities.

 

8. REPORTS
AND DISCLOSURE UNDER THE SECURITIES ACTS.

 

With
a view to making available to the Investor the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or
regulation of the SEC that may at any time permit the Investor to sell securities of the Company to the public without registration (“Rule
144”), the Company agrees, at the Company’s sole expense, to:

 

a. make
and keep public information available, as those terms are understood and defined in Rule 144;

 

b. file
with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act
so long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable
provisions of Rule 144;

 

c. furnish
to the Investor so long as the Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company that
it has complied with the reporting and or disclosure provisions of Rule 144, the Securities Act and the Exchange Act, (ii) a copy of
the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such
other information as may be reasonably requested to permit the Investor to sell such securities pursuant to Rule 144 without registration;
and

 

d. take
such additional action as is requested by the Investor to enable the Investor to sell the Registrable Securities pursuant to Rule 144,
including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions to the Company’s
Transfer Agent as may be requested from time to time by the Investor and otherwise fully cooperate with Investor and Investor’s
broker to effect such sale of securities pursuant to Rule 144.

 

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The
Company agrees that damages may be an inadequate remedy for any breach of the terms and provisions of this Section 8 and that Investor
shall, whether or not it is pursuing any remedies at law, be entitled to equitable relief in the form of a preliminary or permanent injunctions,
without having to post any bond or other security, upon any breach or threatened breach of any such terms or provisions.

 

 9.     ASSIGNMENT OF REGISTRATION RIGHTS.

 

The
Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investor.

 

10. AMENDMENT
OF REGISTRATION RIGHTS.

 

No
provision of this Agreement may be amended or waived by the parties from and after the date that is one Business Day immediately preceding
the initial filing of the Registration Statement with the SEC. Subject to the immediately preceding sentence, no provision of this Agreement
may be (i) amended other than by a written instrument signed by both parties hereto or (ii) waived other than in a written instrument
signed by the party against whom enforcement of such waiver is sought. Failure of any party to exercise any right or remedy under this
Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

 

11. MISCELLANEOUS.

 

a. A
Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable Securities.
If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable
Securities, the Company shall act upon the basis of instructions, notice or election received from the registered owner of such Registrable
Securities.

 

b. Any
notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing
and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile or
email (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii)
one (1) Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party
to receive the same. The addresses for such communications shall be:

 

If
to the Company, to:

 

WETOUCH
TECHNOLOGY INC.

No.
29, Third Main Avenue, Shigao Town, Renshou County

Meishan,
Sichuan, 620500 China

Attention:
Zongyi Lian

e-mail:
741496761@qq.com

 

If
to the Investor:

 

FIRSTFIRE
GLOBAL OPPORTUNITIES FUND, LLC

1040
First Avenue, Suite 190

New
York, NY 10022

e-mail:
eli@firstfirecapital.com

 

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or
at such other address and/or facsimile number and/or to the attention of such other person as the recipient party has specified by written
notice given to each other party three (3) Business Days prior to the effectiveness of such change. Written confirmation of receipt (A)
given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s
facsimile machine or email account containing the time, date, recipient facsimile number or email address, as applicable, and an image
of the first page of such transmission or (C) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence
of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause
(i), (ii) or (iii) above, respectively.

 

c. The
corporate laws of the State of Nevada shall govern all issues concerning this Agreement. All other questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of Nevada, without giving
effect to any choice of law or conflict of law provision or rule (whether of the State of Nevada or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of Nevada. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state courts sitting in Nevada and federal courts sitting in Nevada, for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees
not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that
such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any
right to serve process in any manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction,
such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction
or the validity or enforceability of any provision of this Agreement in any other jurisdiction.

 

d. The
Agreement, Purchase Agreement, Note, Warrant, and ancillary documentation entered into between the Company and Investor therewith constitute
the entire agreement among the parties hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein and therein. The Agreement, Purchase Agreement, Note, Warrant,
and ancillary documentation entered into between the Company and Investor therewith supersede all prior agreements and understandings
among the parties hereto with respect to the subject matter hereof and thereof.

 

e. Subject
to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns
of each of the parties hereto.

 

f. The
headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

g. This
Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute one
and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission
or by e-mail in a “.pdf” format data file of a copy of this Agreement bearing the signature of the party so delivering this
Agreement.

 

    	10

    	 

    

 

h. Each
party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such
other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent
and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

i. The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of
strict construction will be applied against any party.

 

j. This
Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns, and is not for the
benefit of, nor may any provision hereof be enforced by, any other Person.

 

*
* * * * *

 

    	11

    	 

    

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of day and year first above written.

 

THE
COMPANY:

 

WETOUCH
TECHNOLOGY INC.

 

	By:	/s/
    Zongyi Lian	 
	Name:	ZONGYI LIAN	 
	Title:
    	CHIEF EXECUTIVE OFFICER	 

 

INVESTOR:

 

FIRSTFIRE
GLOBAL OPPORTUNITIES FUND, LLC

 

By:
FirstFire Capital Management LLC, its manager

 

	By:	/s/
    Eli Fireman	 
	 	ELI
    FIREMAN	 

 

[Signature
Page to registration rights agreement]

 

    	12

    	 

    

 

EXHIBIT
A

 

TO
REGISTRATION RIGHTS AGREEMENT

 

FORM
OF NOTICE OF EFFECTIVENESS

OF
REGISTRATION STATEMENT

 

______,
2021

 

________________

________________

________________

 

Re:
Effectiveness of Registration Statement

 

Ladies
and Gentlemen:

 

We
are counsel to WETOUCH TECHNOLOGY INC., a Nevada corporation (the “Company”), and have represented the Company in
connection with that certain Purchase Agreement, dated as of November 16, 2021 (the “Purchase Agreement”), entered
into by and between the Company and FirstFire Global Opportunities Fund, LLC, a Delaware limied liability company (the “Investor”)
pursuant to which the Company has agreed to issue to the Investor shares of common stock of the Company, par value $0.001 per share,
consisting of the Conversion Shares (as defined in the Purchase Agreement) (the “Conversion Shares”) and Exercise
Shares (as defined in the Purchase Agreement) (the “Exercise Shares”) in accordance with the terms of the Purchase
Agreement, Note (as defined below), and Warrant (as defined below). In connection with the transactions contemplated by the Purchase
Agreement, the Company has registered with the U.S. Securities & Exchange Commission the following shares of Common Stock:

 

		(1)	__________ Conversion Shares issued and/or to be issued to
                                                                                                                                                                                                                                     the Investor upon conversion of the Note (as defined in the Purchase Agreement) (the “Note”) in accordance with
                                                                                                                                                                                                                                     the Note; and

 

		(2)	__________
                                            Exercise Shares issued and/or to be issued to the Investor upon exercise of the Warrant (as
                                            defined in the Purchase Agreement) (the “Warrant”) in accordance with
                                            the Warrant.

 

Pursuant
to the Purchase Agreement, the Company also has entered into a Registration Rights Agreement, of even date with the Purchase Agreement
with the Investor (the “Registration Rights Agreement”) pursuant to which the Company agreed, among other things,
to register the Shares and Exercise Shares under the Securities Act of 1933, as amended (the “Securities Act”). In
connection with the Company’s obligations under the Purchase Agreement and the Registration Rights Agreement, on [_____], 2021,
the Company filed a Registration Statement (File No. 333-[_________]) (the “Registration Statement”) with the Securities
and Exchange Commission (the “SEC”) relating to the resale of the Shares and Exercise Shares.

 

In
connection with the foregoing, we advise you that a member of the SEC’s staff has advised us by telephone that the SEC has entered
an order declaring the Registration Statement effective under the Securities Act at [_____] [A.M./P.M.] on [__________], 2021 and we
have no knowledge, after telephonic inquiry of a member of the SEC’s staff, that any stop order suspending its effectiveness has
been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC and the Shares and Exercise Shares
are available for resale under the Securities Act pursuant to the Registration Statement and may be issued without any restrictive legend.

 

	 	Very truly yours,
	 	[Company Counsel]
	 	 	 
	 	 	 
	 	By:	              

 

cc:
   FirstFire Global Opportunities Fund, LLCEX-4.1

 Exhibit 4.1 
  

 

 
 2
.. 
  

	
	
                       
             

	 
	 FORM 1 (B.C.A.)

CAKEware Inc. (10/96) 

CBR-70

			
	 5.  Restrictions, if any, on business the corporation may carry on or
on powers the corporation may exercise.
	  	 Limites, s’il y a lieu, imposées aux activités commerciales ou aux pouvoirs de la
société.

		
	 NIL
	  	
		
	 6.  The classes and any maximum number of shares that the corporation
is authorized to issue:
	  	 Catégories et nombre maximal, s’il y a lieu, d’actions que la société est
autoriséé à émettre:

		
	 class A shares

class B shares

class C shares

common shares
	  	

 
 

 
 3
.. 
  

	
	
                       
             

	 
	 FORM 1 (B.C.A.)

CAKEware Inc. (10/96) 

CBR-70

			
	 7.  Rights, privileges, restrictions and conditions (if any) attaching
to each class of shares and directors authority with respect to any class of shares which may be issued in series:
	  	 Droits, privilèges, restrictions et conditions, s’il y a lieu, rattachés à chaque
catégorie d’actions et pouvoirs des administrateurs relatifs à chaque catégorie d’actions qui peut être émise en série:

  

	 	(A)	 DIVIDEND - CLASS A SHARES 

(i)    Each class A share shall entitle the holder thereof to receive for each month, when, as and if
declared by the board of directors of the corporation, out of the monies of the corporation properly applicable to the payment of dividends, a fixed preferential non-cumulative dividend of 0.5% of the
Redemption Amount (as hereinafter defined). 
 (ii)    Any dividend may be paid in one or more
instalments in the discretion of the board of directors of the corporation. 
 (iii)    If such fixed
preferential dividend for any month has not been declared payable prior to the expiration of one week from the end of such month, the rights of the holders of all class A shares to receive such undeclared dividend shall be forever extinguished at
the expiration of such week. 
 (iv)    No dividend shall be paid on the class B, class C or common
shares for a financial year of the corporation unless the fixed preferential dividend payable for that month of such financial year on all the class A shares outstanding at any time in that month of such financial year shall have been declared and
paid in full. 
  

	 	(B)	 REDEMPTION AT THE OPTION OF THE CORPORATION - CLASS A SHARES 

The Redemption Amount as hereinbefore and hereinafter referred to with respect to each class A share shall be
equal to the amount determined by dividing the money received by the corporation or the fair market value of the consideration received for the first issuance of class A shares by the number of class A shares first issued as aforesaid, which
consideration is equal to the fair market value of any property or assets transferred to the corporation, or other consideration received in consideration for the first issuance of the class A shares minus the aggregate of the fair market value of
any liabilities assumed by the corporation and the fair market value of any non-share consideration issued by the corporation in the course of any such transfer. The fair market value of any property or assets
transferred to the corporation, any liabilities assumed by the corporation and any non-share consideration issued by the corporation is to be determined on the basis of generally accepted accounting and
valuation principles. 
 The corporation may, upon giving notice as hereinafter provided, redeem the whole or
any part of the class A shares upon payment of the Redemption Amount for each share to be redeemed, together with all dividends declared thereon and unpaid. Not less than 14 days’ notice in writing of such redemption shall be given by mailing
such notice to the registered holders of the shares to be redeemed, specifying the date (the “Redemption Date”) and place or places of redemption. Upon the Redemption Date the corporation shall pay or cause to be paid to the order of the
registered holder of each class A share to be redeemed the Redemption Amount therefor, together with all dividends declared thereon and unpaid, on presentation and surrender, at the place or places specified for redemption in the notice, of the
certificate(s) representing such class A shares. For the purpose of this paragraph, the issuance and delivery to a shareholder of a promissory note payable on demand by the corporation for the aggregate Redemption Amount of the class A shares of the
shareholder to be redeemed, together with all dividends declared thereon and unpaid, may constitute payment therefor. If a part only of the

 

 3(1) 
  

	
	
                       
 

	 
	 

 
class A shares represented by any certificate shall be redeemed, a new certificate for the balance shall be issued at the expense of the corporation. From and after the Redemption Date, the
holder of each class A share to be redeemed shall cease to be entitled to dividends and shall not be entitled to exercise any of the rights as shareholder in respect thereof unless payment of the Redemption Amount, together with all dividends
declared thereon and unpaid, shall not be made upon presentation of certificate(s) in accordance with the foregoing provisions, in which case the rights of the holder in respect of those class A shares for which payment has not been made shall
remain unaffected. The corporation shall have the right at any time after the Redemption Date to deposit the aggregate Redemption Amount of the class A shares to be redeemed or of such of the said shares represented by certificates as have not as of
the date of such deposit been surrendered by the holder thereof in connection with such redemption, together with all dividends declared thereon and unpaid, to a special account at any chartered bank or any trust company to be paid without interest
to or to the order of the holder of such class A shares upon presentation and surrender to such bank or trust company of the certificates representing the same. Upon such deposit(s) being made the class A shares in respect whereof such deposit(s)
shall have been made shall be deemed to have been redeemed and the right of the holder(s) thereof after such deposit or such Redemption Date, as the case may be, shall be limited to receiving without interest the Redemption Amount, together with all
dividends declared thereon and unpaid, so deposited against presentation and surrender of the said certificates held by him. Any interest allowed on any such deposit shall belong to the corporation, provided that with any such deposit the
corporation shall forthwith mail to the holder of each such class A share a notice in writing advising of such deposit and specifying the name of the chartered bank or trust company, as the case may be, wherein such special account is for the time
being maintained. 
 Where a part only of the class A shares is to be redeemed, the shares to be redeemed
shall be selected either: 
 (i)    as nearly as may be in proportion to the number of class A shares
registered in the name of each shareholder; or 
 (ii)    in such other manner as the board of directors
determines with the consent in writing of all of the holders of the class A shares at the time outstanding. 
  

	 	(C)	 REDEMPTION AT THE OPTION OF THE HOLDER - CLASS A SHARES 

Any registered holder of class A shares may, at his option, upon giving notice as hereinafter provided, require
the corporation at any time or times to redeem all or any part of the class A shares held by him, and the corporation shall pay to such holder for each such share which the holder requires to be redeemed, the Redemption Amount, together with all
dividends declared thereon and unpaid. In the event that any registered holder of class A shares desires to require the redemption of all or any part of the class A shares held by him, such registered holder shall mail by prepaid mail addressed to
the corporation at its registered office notice in writing of his intention to require redemption, which notice shall also specify therein the number of class A shares to be so redeemed. On the date 14 days next following the receipt of such notice
by the corporation (the “Retraction Date”), the corporation shall pay or cause to be paid to the order of the registered holder of such class A shares the Redemption Amount, together with all dividends declared thereon and unpaid, on
presentation and surrender at the registered office of the corporation of the certificates representing the class A shares specified in the notice. For the purpose of this paragraph, the issuance and delivery of a promissory note payable on demand
by the corporation for the aggregate Redemption Amount of the class A shares to be redeemed, together with all dividends declared thereon and unpaid, may constitute payment therefor. If a part only of the class A shares represented by any
certificate shall be redeemed, a new certificate for the balance shall be issued at the expense of the corporation. From and after the Retraction Date, the holder of the class A shares to be redeemed shall cease

 

 3(2) 
  

	
	
                    

	 
	 

 
to be entitled to dividends and shall not be entitled to exercise any of the rights as shareholder in respect thereof unless payment of the Redemption Amount, together with all dividends declared
thereon and unpaid, shall not be made upon presentation of certificates in accordance with the foregoing provisions, in which case the rights of the holder in respect of those class A shares for which payment has not been made shall remain
unaffected. 
  

	 	(D)	 PARTICIPATION IN ASSETS ON DISSOLUTION - CLASS A SHARES 

In the event of the liquidation, dissolution, winding-up of the
corporation (whether voluntary or involuntary), reduction of capital or other distribution of its assets among shareholders by way of repayment of capital, the holder of each class A share shall be entitled to receive, before any distribution of any
part of the assets of the corporation among the holders of any other class of shares, the Redemption Amount per class A share, together with any dividends declared thereon and unpaid and no more; provided, however, if the aggregate amount available
for distribution to the holders of class A shares is less than the amount otherwise payable to them pursuant to the provisions hereof, then each class A share shall entitle the holder thereof to participate in the amount so available for
distribution, pro rata. 
  

	 	(E)	 DIVIDEND - CLASS B SHARES 

(i)    Subject to the provisions of paragraph (K) hereof, each class B share shall entitle the holder
thereof to receive for each financial year of the corporation, when, as and if declared by the board of directors of the corporation, out of the monies of the corporation properly applicable to the payment of dividends, a fixed preferential non-cumulative dividend of 8¢. 
 (ii)    If such fixed
preferential dividend for any financial year of the corporation has not been declared payable prior to the expiration of two months from the end of such financial year, the rights of the holders of all class B shares to receive such undeclared
dividend shall be forever extinguished at the expiration of such two months. 
 (iii)    Any dividend may
be paid in one or more instalments in the discretion of the board of directors of the corporation. 

(iv)    No dividend shall be paid on the class C or common shares for a financial year of the corporation
unless the fixed preferential dividend payable for such financial year on all the class B shares outstanding at any time in such financial year shall have been declared and paid in full. 

 

	 	(F)	 REDEMPTION AT THE OPTION OF THE CORPORATION - CLASS B SHARES 

The corporation may, upon giving notice as hereinafter provided, redeem the whole or any part of the class B
shares upon payment of a redemption price equal to the aggregate of $1.00 for each share to be redeemed and all dividends declared thereon and unpaid. Not less than 14 days’ notice in writing of such redemption shall be given by mailing such
notice to the registered holders of the shares to be redeemed, specifying the date (herein called the “Redemption Date”) and place or places of redemption. Upon the Redemption Date the corporation shall pay or cause to be paid to the order
of the registered holder of each class B share to be redeemed the redemption price therefor on presentation and surrender, at the place or places specified for redemption in the notice, of the certificate(s) representing such class B shares. If a
part only of the class B shares represented by any certificate shall be redeemed, a new certificate for the balance shall be issued at the expense of the corporation. From and after the Redemption Date, the holder of each class B share to be
redeemed, as aforesaid, shall 

 

 3(3) 
  

	
	
                    

	 
	 

 
cease to be entitled to dividends and shall not be entitled to exercise any of the rights as shareholder in respect thereof unless payment of the redemption price shall not be made upon
presentation of certificate(s) in accordance with the foregoing provisions, in which case the rights of the holder shall remain unaffected. The corporation shall have the right at any time after the Redemption Date as aforesaid to deposit the
redemption price of the class B shares to be redeemed or of such of the said shares represented by certificates as have not as of the date of such deposit been surrendered by the holder thereof in connection with such redemption to a special account
at any chartered bank or any trust company to be paid without interest to or to the order of the holder of such class B shares upon presentation and surrender to such bank or trust company of the certificates representing the same. Upon such
deposit(s) being made the class B shares in respect whereof such deposit(s) shall have been made shall be deemed to have been redeemed and the right of the holder(s) thereof after such deposit or such Redemption Date, as the case may be, shall be
limited to receiving without interest the redemption price so deposited against presentation and surrender of the said certificates held by him. Any interest allowed on any such deposit shall belong to the corporation, provided that with any such
deposit the corporation shall forthwith mail to the holder of each such class B share a notice in writing advising of such deposit and specifying the name of the chartered bank or trust company, as the case may be, wherein such special account is
for the time being maintained. 
 Where a part only of the class B shares is to be redeemed, the shares to be redeemed shall
be selected either: 
 (i)    as nearly as may be in proportion to the number of class B shares
registered in the name of each shareholder; or 
 (ii)    in such other manner as the board of directors
determines with the consent in writing of all of the holders of the class B shares at the time outstanding. 
  

	 	(G)	 REDEMPTION AT THE OPTION OF THE HOLDER - CLASS B SHARES 

Any registered holder of class B shares may, at his option, upon giving notice as hereinafter provided, require
the corporation at any time or times to redeem all or any part of the class B shares held by him, and the corporation shall pay to such holder for each such share which the holder requires to be redeemed a redemption price equal to the aggregate of
$1.00 and all dividends declared thereon and unpaid. In the event that any registered holder of class B shares desires to require the redemption, as aforesaid, of all or any part of the class B shares held by him, such registered holder shall mail
by prepaid mail addressed to the corporation at its registered office notice in writing of his intention to require redemption, which notice shall also specify therein the number of class B shares to be so redeemed. On the date 14 days next
following the receipt of such notice by the corporation (herein called the “Redemption Date”), the corporation shall pay or cause to be paid to the order of the registered holder of such class B shares the aggregate redemption price in
respect of the class B shares to be redeemed on presentation and surrender at the registered office of the corporation of the certificates representing the class B shares specified in the notice. If a part only of the class B shares represented by
any certificate shall be redeemed, a new certificate for the balance shall be issued at the expense of the corporation. From and after the Redemption Date, the holder of the class B shares to be redeemed, as aforesaid, shall cease to be entitled to
dividends and shall not be entitled to exercise any of the rights as shareholder in respect thereof unless payment of the redemption price shall not be made upon presentation of certificates in accordance with the foregoing provisions, in which case
the rights of the holder shall remain unaffected. 

 

 3(4) 
  

	
	
                    

	 
	 

	 	(H)	 PARTICIPATION IN ASSETS ON DISSOLUTION - CLASS B SHARES 

In the event of the liquidation, dissolution, winding-up of the
corporation (whether voluntary or involuntary), reduction of capital or other distribution of its assets among shareholders by way of repayment of capital, the holder of each class B share shall be entitled to receive, before any distribution of any
part of the assets of the corporation among the holders of the class C and common shares, but after satisfaction of the amounts payable to the holders of the class A shares, a redemption price equal to the aggregate of $1.00 per class B share,
together with any dividends declared thereon and unpaid and no more; provided, however, if the aggregate amount available for distribution to the holders of class B shares is less than the amount otherwise payable to them pursuant to the provisions
hereof, then each class B share shall entitle the holder thereof to participate in the amount so available for distribution, pro rata. 
  

	 	(I)	 DIVIDEND - CLASS C AND COMMON SHARES 

Subject to the provisions of paragraph (K) hereof, after the full amount of the fixed preferential
dividends payable for any financial year on the class A shares and the class B shares have been paid, any and all further dividends declared for that financial year by the directors of the corporation shall be declared and paid in equal amounts per
share on all the class C and common shares at the time outstanding without preference or distinction. 
  

	 	(J)	 PARTICIPATION IN ASSETS ON DISSOLUTION - CLASS C AND COMMON SHARES 

In the event of the liquidation, dissolution, winding-up of the
corporation (whether voluntary or involuntary), reduction of capital or other distribution of its assets among shareholders by way of repayment of capital, the holders of the class C shares and the common shares shall be entitled to receive, in
equal amounts per share, without preference or distinction, all of the property and assets of the corporation remaining after payment to the holders of the class A and class B shares. 

 

	 	(K)	 PROHIBITION ON DIVIDENDS 

No dividend shall be paid on the class B, class C or common shares for a financial year of the corporation if
the realizable value of the corporation’s assets after the payment of such dividend would be less than the aggregate of: 

(i)    its liabilities; and 

(ii)    the aggregate Redemption Amount of the class A shares of the corporation then outstanding. 

 

	 	(L)	 PURCHASE FOR CANCELLATION 

The corporation may, at any time and from time to time, purchase for cancellation the whole or any part of the
class A, class B, class C or common shares, as the case may be, at the lowest price at which, in the opinion of the directors of the corporation, such shares are obtainable. Except where the corporation is purchasing or otherwise acquiring shares
issued by it to settle or compromise a debt or claim asserted by or against the corporation, to eliminate fractional shares, to fulfil the terms of an agreement under which the corporation has an option or is obliged to purchase shares owned by a
current or former director, officer or employee of the corporation, to satisfy the claim of a shareholder who dissents under Section 185 of the Business Corporations Act (Ontario) (as the said section may be
amended or re-enacted from time to time) or to comply with an order under Section 248 of the said Act (as the said section

 

 3(5) 
  

	
	
                    

	 
	 

 
may be amended or re-enacted from time to time), the shares shall be purchased either: 

(i)    with the consent of all the holders of class A, class B, class C or common shares outstanding, as
the case may be; or 
 (ii)    pursuant to tenders received by the corporation upon request for tenders
addressed to all the holders of the class A, class B, class C or common shares at the time outstanding, as the case may be, and the corporation shall accept only the lowest tenders. 

Where, in response to the invitation for tenders, two or more shareholders submit tenders at the same price and
the tenders are accepted by the corporation as to part only of the shares offered, the corporation shall accept part of the shares offered in each tender in proportion as nearly as may be to the total number of shares offered in each tender. 

 

	 	(M)	 VOTING 

Except as otherwise provided by law, the holders of the class A shares and the class C shares shall not be
entitled to vote at any meetings of the shareholders of the corporation but shall be entitled to notice of meetings of shareholders called for the purpose of authorizing the dissolution of the corporation or the sale, lease or exchange of all or
substantially all the property of the corporation other than in the ordinary course of business of the corporation. Holders of class B and common shares shall be entitled to 1 vote for each class B or common share held by them respectively. 

 

	 	(N)	 DISSENT 

Holders of shares of a class (whether class A, class B, class C or common) are not entitled to vote separately
as a class or dissent upon a proposal to amend the articles of the corporation to: 
 (i)    increase or
decrease any maximum number of authorized shares of such class or series, or increase any maximum number of authorized shares of a class or series having rights or privileges equal or superior to the shares of such class or series; 

(ii)    effect an exchange, reclassification or cancellation of the shares of such class or series; or 

(iii)    create a new class or series of shares equal or superior to shares of such class or series. 

 

	 	(O)	 PARTICIPATION IN PROFITS 

Except as herein expressly provided, neither the class A nor the class B shares shall confer any right upon the
holder thereof to participate in profits or assets of the corporation. 
  

	 	(P)	 NOTICE 

Where notice is required by the provisions hereof to be sent, the notice or the time for the notice may be
waived or abridged at any time with the consent in writing of the person entitled thereto. 

 

 4. 
  

	
	
                       
             

	 
	 FORM 1 (B.C.A.)

CAKEware Inc. (10/96) 

CBR-70

			
	 8.  The issue, transfer or ownership of shares is/is not restricted
and the restrictions (if any) are as follows:
	  	 L’émission, le transfert ou la propriété d’actions est/n’est pas restreint. Les
restrictions, s’il y a lieu, sont les suivantes:

 No shares shall be transferred without the consent of the board of directors by resolution or
in writing. 

 

 5. 
  

	
	
                       
             

	 
	 FORM 1 (B.C.A.)

CAKEware Inc. (10/96) 

CBR-70

	

			
	 9.  Other provisions, if any, are:
	 	Autres dispositions, s’il y a lieu:

	

 (A)    The number of shareholders of the
corporation exclusive of persons who are in its employment and exclusive of persons who, having formerly been in the employment of the corporation, were, while in that employment, and have continued after the termination of that employment to be
shareholders of the corporation, is limited to not more than fifty, two or more persons who are the joint registered owners of one or more shares being counted as one shareholder. 

(B)    Any invitation to the public to subscribe for securities of the corporation is prohibited. 

(C)    Each holder of a fractional share issued by the corporation is entitled to exercise voting rights
and to receive a dividend in respect of each such fractional share to the extent of such fraction. 

(D)    The corporation has a lien on each share registered in the name of a shareholder or his legal
representative for a debt of that shareholder to the corporation. 
 (E)    Without in any way limiting
the powers of the corporation, or of the directors, as set forth in the Business Corporations Act (Ontario) as amended or re-enacted from time to time, the directors of the
corporation may, without authorization of the shareholders, 
 (i)    borrow money upon the credit of the
corporation; 
 (ii)    issue, reissue, sell or pledge debt obligations of the corporation; 

(iii)    mortgage, hypothecate, pledge or otherwise create a security interest in all or any property of
the corporation, owned or subsequently acquired, to secure any obligation of the corporation. 

(F)    Articles of dissolution may be filed when authorized by at least a majority of the votes of all
shareholders entitled to vote at a special meeting of shareholders duly called to authorize the dissolution. 

 

 6. 
  

	
	
                       
             

	 
	 FORM 1 (B.C.A.)

CAKEware Inc. (10/96) 

CBR-70

			
	 10.  The names and addresses of the incorporators are First name,
initials and surname or corporate name Prénom, initiate et nom de famille ou dénomination sociale
	  	 Nom et adresse des fondateurs
  

Full residence address or address of registered office or of principal place of business giving street & No. or R.R. No., municipality
and postal code
  
 Adresse personnelle au complet,
adresse du siège social ou adresse de l’établissement principal, y compris la rue et le numéro, le numéro de la R.R., le nom de la municipalité et le code postal

		
	 David Berman

65 Harbour Square

Apartment 2006

Toronto Ontario M5J 2L4
	  	
		
	 These articles are signed in duplicate.
	  	Les présents statuts sont signés en double exemplaire.

  

	
	
Signatures of incorporators

(Signatures des fondateurs)

  

			
		 	  [DELETED]

 [Original Signatures Redacted for Confidentiality Reasons.]

 

 

 

 2. 
  

	
	
                       
             

	 
	 FORM 3 (B.C.A.)

CAKEware Inc. (10/96)
 CBR-72

					
	 5.  The amendment has been duly authorized as required by Sections 168
& 170 (as applicable) of the Business Corporations Act.
	 		 	 La modification a été dûment autorisée conformément aux article 168 et 170 (selon le
cas) de la Loi sur les sociétés par actions.

			
	 6.  The resolution authorizing the amendment was approved by the
shareholders/directors (as applicable) of the corporation on
	 		 	 Les actionnaires ou les administrateurs (selon le cas) de la société
ont approuvé la resolution autorisant la modification le

 1997, June, 24th 

 
 (Year, Month, Day) 

(année, mois, jour) 
  

			
	 These articles are signed in duplicate.
	  	 Les présents statuts sont signés en double exemplaire.

  

					
	 TRI CONTINENTAL MANANGEMENT INC.

		 	 (Name of Corporation)

(Dénomination sociale de la société)

		
	 By:/Par:
	 	 [DELETED]

		 	 Geoffrey Matus — Chairman of the Board
	 	 (Description of Office)

(Fonction)

		
	 By:/Par:
	 	 [DELETED]

		 	 David Berman — President
	 	 (Description of Office)

(Fonction)

		 	

 [Original Signatures Redacted for Confidentiality Reasons.]

 

 

 

 2. 
  

	
	
        

	 
	 FORM 3 (B.C.A.)

CAKEware Inc. (10/96) 

CBR-72

     

					
	 5.  The amendment has been duly authorized as required by Sections 168
& 170 (as applicable) of the Business Corporations Act.
  

6.  The resolution authorizing the amendment was approved by the shareholders/directors
(as applicable) of the corporation on
	 	       
	 	 La modification a été dûment autorisée conformément aux article 168 et 170 (selon le
cas) de la Loi sur les sociétés par actions.
  

Les actionnaires ou les administrateurs (selon le cas) de la société ont approuvé la résolution autorisant la
modification le

 1999, February, 24th 

 
 (Year, Month, Day) 

(année, mois, jour) 

 

 These articles are signed in duplicate.

 Les présents statuts sont signés en double exemplaire.

 

  

					
		 	 TCC MANAGEMENT INC.

		 	
                       
                 

		 	 (Name of Corporation)

(Dénomination sociale de la société)

			
	 By:/Par:
	 	 [DELETED]
	 	 

		 	David Berman, Director	 	 (Description of Office)

(Fonction)

			
	 By:/Par:
	 	 [DELETED]
	 	 
		 	Geoffrey Matus, Director	 	 (Description of Office)

(Fonction)

 [Original Signatures Redacted for Confidentiality Reasons.]

 

 

 

 2 
  

	
	
                       
             

	 
	07119 (03/2003)

	 	6.	 The amendment has been duly authorized as required by sections 168 and 170 (as applicable) of the
Business Corporations Act. 

 La modification a été dûment autorisée
conformément aux articles 168 et 170 (selon le cas) de la Loi sur les sociétés par actions. 
  

	 	7.	 The resolution authorizing the amendment was approved by the shareholders/directors (as applicable) of the
corporation on 

 Les actionnaires ou les administrateurs (selon le cas) de la société ont
approuvé la résolution autorisant la modification le 

2005-May-05 

 
 (Year, Month, Day) 

(année, mois, jour) 

These articles are signed in duplicate. 

Les présents statuts sont signés en double exemplaire. 

TRI CONTINENTAL CAPITAL LTD. 
  

(Name of Corporation) (If the name is to be changed by these articles set out current name) 

(Dénomination sociale de la société) (Si l‘on demande un changement de nom, indiquer
ci-dessus la dénomination sociale actueile). 
  

							
	 By/ Par:

 
	  	[DELETED]	 	    	  	President
		  	David Berman	 		  	 (Description of Office)

(Fonction)

 [Original Signatures Redacted for Confidentiality Reasons.]

 

 

 

 2 
  

	
	
                       
         

	 
	 07119 (08/2005)

	 	6.	 The amendment has been duly authorized as required by sections 168 and 170 (as applicable) of the
Business Corporations Act.  

 La modification a été dûment autorisée
conformément aux articles 168 et 170 (selon le cas) de la Loi sur les sociétés par actions. 
  

	 	7.	 The resolution authorizing the amendment was approved by the shareholders/directors (as applicable) of the
corporation on 

 Les actionnaires ou les administrateurs (selon le cas) de la société ont
approuvé la résolution autorisant la modification le 

2009-Feb-13 

 
 (Year, Month, Day) 

(année, mois, jour) 

These articles are signed in duplicate. 

Les présents statuts sont signés en double exemplaire. 

TRICON CAPITAL GROUP INC. 
  

(Name of Corporation) (If the name is to be changed by these articles set out current name) 

(Dénomination sociale de la société) (Si l’on demande un changement de nom, indiquer
ci-dessus la dénomination sociale actuelle). 
  

							
	 By/

Par:
  
	  	[DELETED]	 	    	  	President
		  	David Berman	 		  	 (Description of Office)

(Fonction)

 [Original Signatures Redacted for Confidentiality Reasons.]

 

 

 

 1A 
  

	
	
                       
             

	 
	07119 (2008/06)

 (b) To remove the authorized, but unissued class A shares, class B shares and class C shares from the authorized
capital of the Corporation. 
 (c) To declare that the authorized capital of the Corporation, after giving effect to the foregoing, shall consist of an
unlimited number of common shares. 
 (d) Delete, in their entirety, the provisions of Article 7 of the Articles of Incorporation of the Corporation. 

(e) Delete, in their entirety, the provisions of Article 8 of the Articles of Incorporation of the Corporation, effectively removing the restrictions on the
transfer of the Corporation’s shares. 
 (f) Delete paragraphs (a), (b) and (d) under Article 9 of the Articles of Incorporation of the
Corporation, effectively removing the limit to the number of shareholders, the prohibitions for the public to subscribe for securities and the provision for the corporation having a lien on shares of the Corporation. 

(g) Change the minimum and maximum number of directors from a minimum of one (1) and a maximum of twenty (20) to a minimum of three (3) and a
maximum of twenty (20). 

 

 

	
	
                    

	 
	 

	 	6.	 The amendment has been duly authorized as required by sections 168 and 170 (as applicable) of the
Business Corporations Act.  

 La modification a été dûment autorisée
conformément aux articles 168 et 170 (selon le cas) de la Loi sur les sociétés par actions.  
  

	 	7.	 The resolution authorizing the amendment was approved by the shareholders/directors (as applicable) of the
corporation on 

 Les actionnaires ou les administrateurs (selon le cas) de la société ont
approuvé la résolution autorisant la modification le 
 2010, 05, 13 

 
 (Year, Month, Day) 

(année, mois, jour) 

These articles are signed in duplicate. 

Les présents statuts sont signés en double exemplaire. 

TRICON CAPITAL GROUP INC. 
  

 
 (Print name of corporation from
Article 1 on page 1) 
 (Veuillez écrir le nom de la société de l’article un à la page une). 

 

							
	 By/
	 		 		 	 David Berman

	 Par:
	 	 [DELETED]
	 		 	 President

	
                  
   
	 		 	
                  
   

	 (Signature)
	 		 		 	 (Description of Office)

	 (Signature)
	 		 		 	 (Fonction)

 [Original Signatures Redacted for Confidentiality Reasons.]

 

  

					
	 07119 (2008/06)
	 	        	  	Page 2 of/de 2

 

 

 

	
	
                    

	 
	 

	 	6.	 The amendment has been duly authorized as required by sections 168 and 170 (as applicable) of the
Business Corporations Act. 

 La modification a été dûment
autorisée conformément aux articles 168 et 170 (selon le cas) de la Loi sur les sociétés par actions.  
  

	 	7.	 The resolution authorizing the amendment was approved by the shareholders/directors (as applicable) of the
corporation on 

 Les actionnaires ou les administrateurs (selon le cas) de la socièté ont
approuvé la resolution autorisant la modification le 
 2010, 05, 18 

 
 (Year, Month, Day) 

(année, mois, jour) 

These articles are signed in duplicate. 

Les presents statuts sont signés en double exemplaire. 

TRICON CAPITAL GROUP INC. 
  

 
 (Print name of corporation from
Article 1 on page 1) 
 (Veuillez ècńr le nom de la société de l’ article un à la page une).

  

							
	 By/
	 		 		 	
	 Par:
	 	 [DELETED]
	 		 	 President

	
                  
   
	 		 	
                  
   

	 (Signature)
	 		 		 	 (Description of Office)

	 (Slgnature)
	 		 		 	 (Fonction)

 [Original Signatures Redacted for Confidentiality Reasons.]

 

  

					
	 07119 (2008/06)
	 	        	  	Page 2 of/de 2

 

 

 

	
	
                    

	 
	 

	 	6.	 The amendment has been duly authorized as required by sections 168 and 170 (as applicable) of the
Business Corporations Act.  

 La modification a été dûment autorisée
conformément aux articles 168 et 170 (selon le cas) de la Loi sur les sociétés par actions.  
  

	 	7.	 The resolution authorizing the amendment was approved by the shareholders/directors (as applicable) of the
corporation on 

 Les actionnaires ou les administrateurs (selon le cas) de la société ont
approuvé la résolution autorisant la modification le 
 2020/07/07 

 
 (Year, Month, Day) 

(année, mois, jour) 

These articles are signed in duplicate. 

Les présents statuts sont signés en double exemplaire. 

TRICON CAPITAL GROUP INC. 
  

 
 (Print name of corporation from
Article 1 on page 1) 
 (Veuillez écrir le nom de la société de l‘article un à la page une). 

 

							
	 By/
	 		 		 	
	 Par:
	 		 		 	
				
	 

  
	 		 		 	 Corporate Secretary

	 (Signature)
	 		 		 	 (Description of Office)

	 (Signature)
	 		 		 	 (Fonction)

 
 

  

					
	 07119 (2011/05)
	 	        	  	Page 2 of/de 2

 BY-LAW NO. 1 

a by-law relating generally to the transaction of the business and affairs of 

TRI CONTINENTAL MANANGEMENT INC. 

(the “Corporation”) 
 BE IT ENACTED
as a by-law of the Corporation as follows: 
 DEFINITIONS AND INTERPRETATION 

1.    In this by-law: 

“Act” means the Business Corporations Act (Ontario) and the regulations thereunder, as amended from time to
time, or any successor Act or regulations thereto, as the case may be; 
 “Board” means the board of directors of
the Corporation; 
 “meetings of shareholders” includes annual and special meetings. 

Unless it is otherwise provided for herein, any other words and expressions used in this by-law have
the meaning attributed thereto in the Act. 
 2.    Words importing the singular number only shall include the plural
and vice versa; words importing the masculine gender shall include the feminine and neuter genders and vice versa. 
 MEETINGS OF
SHAREHOLDERS 
 3.    ANNUAL MEETING - If required, the annual meeting of the shareholders shall be held
at the time and place determined by the Board for the purpose of hearing and receiving the reports and statements required by the Act to be read or laid before the shareholders of the Corporation at an annual meeting, electing directors, appointing
an auditor, if any, and fixing or authorizing the Board to fix the auditor’s remuneration and for the transaction of such other business as may properly be brought before the meeting. 

4.    SPECIAL MEETING - Subject to the Act, the Board may at any time call a special meeting of the shareholders of
the Corporation to be held at the time and place determined by the Board. 

 5.    NOTICES - Notice of the time and place of each meeting of
shareholders shall be sent not less than 10 nor more than 50 days before the date of the meeting to each director, to the auditor, if any, and to each shareholder entitled to vote at the meeting. Notice of a meeting of shareholders called for any
purpose other than consideration of the financial statements, the auditor’s report, if any, election of directors and reappointment of the incumbent auditor, if any, shall state the nature of such business in sufficient detail to permit the
shareholder to form a reasoned judgment thereon and shall state the text of any special resolution to be submitted to the meeting. 

6.    PERSONS ENTITLED TO BE PRESENT - The only persons entitled to attend a meeting of shareholders are those
persons entitled to vote thereat, the directors of the Corporation, the auditor of the Corporation, if any, and others who are entitled or required under any provision of the Act or the by-laws of the
Corporation to be present at the meeting. Any other person may be admitted only on the invitation of the chairman of the meeting or with the consent of the meeting. 

7.    QUORUM - Holders of 51% of the issued shares entitled to vote at a meeting of shareholders, whether present
in person or represented by proxy, constitute a quorum. If a quorum is present at the opening of a meeting of shareholders, the shareholders present may proceed with the business of the meeting notwithstanding that a quorum is not present throughout
the meeting. 
 8.    PROXIES - 

(a)    A shareholder entitled to vote at a meeting of shareholders may by means of a proxy appoint a
proxyholder or one or more alternate proxyholders, who are not required to be shareholders, to attend and act at the meeting in the manner and to the extent authorized by the proxy and with the authority conferred by the proxy. 

(b)    A proxy shall be executed by the shareholder or by his attorney authorized in writing or, if the
shareholder is a body corporate, by an officer or attorney thereof duly authorized. 
 9.    REPRESENTATIVE - If
a body corporate or association is a shareholder of the Corporation, the Corporation shall recognize any individual authorized by a resolution of the board of directors or governing body of the body corporate or association to represent it at
meetings of shareholders of the Corporation. An individual so authorized may exercise on behalf of the body corporate or association he represents all the powers it could exercise if it were an individual shareholder. 

10.    SCRUTINEERS - At each meeting of the shareholders one or more scrutineers may be appointed to serve at the
meeting by a resolution of the meeting or by the chairman of the meeting with the consent of the meeting. Such scrutineers need not be shareholders of the Corporation. 

11.    VOTES TO GOVERN - Subject to the Act or the articles of the Corporation or any unanimous shareholder agreement, at all
meetings of shareholders, all questions proposed for the consideration of the 

  
 2 

 
shareholders shall be determined by the majority of the votes cast on the question. In the case of an equality of votes the chairman of the meeting shall not be entitled to a second or casting
vote. 
 12.    VOTING - 

(a)    Voting at a meeting of shareholders shall be by show of hands except where a ballot is demanded by a
shareholder or proxyholder entitled to vote at the meeting. A shareholder or proxyholder may demand a ballot either before or after any vote by show of hands. Upon a show of hands every person present and entitled to vote has one vote. Whenever a
vote by show of hands has been taken upon a motion, unless a ballot thereon is demanded, a declaration by the chairman of the meeting that the vote upon the motion has been carried or carried by a particular majority or not carried and an entry to
that effect in the minutes of the meeting is prima facie evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against the motion, and the result of the vote so taken is the decision of the
shareholders of the Corporation upon the motion. A demand for a ballot may be withdrawn at any time prior to the taking of the ballot. 

(b)    Upon a ballot each shareholder who is present or represented by proxy is entitled, in respect of the
shares which he is entitled to vote at the meeting upon the motion, to that number of votes provided by the Act or the articles in respect of those shares and the result of the ballot is the decision of the shareholders of the Corporation upon the
motion. 
 13.    CHAIRMAN OF SHAREHOLDERS’ MEETING - In the event that the chairman of the board, if any,
the president or any vice-president fails to assume the chairmanship of a meeting in accordance with paragraphs 21, 22 and 23 of this by-law within 15 minutes after the time appointed for the holding of the
meeting, the persons present at the meeting and entitled to vote thereat shall choose a person from their number to be the chairman of the meeting. 

DIRECTORS 

14.    QUORUM - Subject to the articles of the Corporation, a quorum at any meeting of directors is: 

(a)    where the articles set out the number of directors, a majority of that number; or 

(b)    where the articles set out the minimum and maximum number of directors, a majority of the number of
directors which then constitutes the Board. 
 15.    ELECTION AND TERM - Shareholders of the Corporation shall,
at the first meeting of shareholders and at each succeeding annual meeting of shareholders, elect directors to hold office for a term expiring at the first annual meeting of shareholders following their election. 

  
 3 

 16.    CALLING OF MEETINGS - The Board, a quorum of directors,
the president or the secretary may at any time call a meeting of the Board to be held at the time and place determined by the Board or by the person calling the meeting. Meetings of the Board may be held at any place within or outside Ontario. In
any financial year of the Corporation, a majority of the meetings of the Board need not be held within Canada. Notice of every meeting so called shall be given to each director by sending the notice not less than 2 days before the day on which the
meeting is to be held. A director may in any manner and at any time waive notice of a meeting of directors and attendance by a director at a meeting of directors is a waiver of notice of the meeting, except where a director attends a meeting for the
express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called. 

If a quorum of directors is present, each newly elected Board may without notice hold its first meeting for the purposes of
its organization and the appointment of officers immediately following the meeting of shareholders at which such Board was elected. 

17.    NOTICES - Notice of a meeting of directors need not specify the purpose of or the business to be transacted
at the meeting except where the Act requires such purpose or business to be specified. 
 18.    CHAIRMAN OF
DIRECTORS’ MEETING - In the event that the chairman of the board, if any, the president or any vice-president fails to assume the chairmanship of a meeting in accordance with paragraphs 21, 22 and 23 of this
by-law within 15 minutes after the time appointed for the holding of the meeting, the persons present at the meeting and entitled to vote thereat shall choose a person from their number to be the chairman of
the meeting. 
 19.    VOTES TO GOVERN - At all meetings of the Board every question shall be decided by a
majority of the votes cast on the question and in the case of an equality of votes the chairman of the meeting shall not be entitled to a second or casting vote. 

OFFICERS 

20.    APPOINTMENT - Subject to the articles and any unanimous shareholder agreement, the Board may from time to
time appoint a president, one or more vice-presidents (to which title may be added words indicating seniority or function), a secretary, a treasurer and such other officers as the Board may determine, including one or more assistants to any of the
officers so appointed. The Board may specify the duties of and, in accordance with this by-law and subject to the provisions of the Act, delegate to such officers powers to manage the business and affairs of
the Corporation. Two or more offices of the Corporation may be held by the same person. 
 21.    CHAIRMAN OF THE BOARD - The
Board may from time to time appoint a chairman of the board who shall be a director. If appointed, the chairman shall, subject to the provisions of the Act, the articles or any unanimous shareholder agreement, preside at all meetings of the
shareholders and of the Board and have such other powers and duties as the Board may specify. During the absence or disability 

  
 4 

 
of the chairman of the board, his duties shall be performed and his powers exercised by the managing director, if any, or by the president. 

22.    PRESIDENT - Subject to any duties imposed upon the chairman of the board, if one is appointed, the president
shall preside at all meetings of the shareholders and of the Board and is responsible for the general supervision, subject to the authority of the Board, of the business and affairs of the Corporation. 

23.    VICE-PRESIDENT - During the absence or inability of the president to act, his duties shall be performed and
his powers shall be exercised by the vice-president, if any, or if there is more than one, by the vice-president selected by the Board. A vice-president shall also perform such duties and exercise such powers as the president or the Board may from
time to time delegate to him. 
 24.    SECRETARY - The secretary shall: 

(a)    give or cause to be given all notices required to be given to shareholders, directors, auditors and
members of committees; 
 (b)    attend all meetings of directors, shareholders and committees and enter
or cause to be entered in books kept for that purpose minutes of all proceedings at such meetings; and 

(c)    be the custodian of all books, papers, records, documents, corporate seals, if any, and other
instruments of the Corporation save those entrusted by resolution of the Board to the custody of the treasurer or other officer or agent of the corporation. 

The secretary may delegate his duties to a nominee from time to time. 

25.    TREASURER - The treasurer shall keep or cause to be kept full and accurate books of account in which shall
be recorded all receipts and disbursements of the Corporation; control the deposit of money, the safekeeping of securities and the disbursement of funds; and render to the Board, whenever required of him, an account of the financial affairs of the
Corporation. 
 26.    POWERS AND DUTIES OF OTHER OFFICERS - The powers and duties of all other officers shall be
such as the terms of their engagement call for or as the Board or the president may specify. Any of the powers and duties of an officer to whom an assistant has been appointed may be exercised and performed by such assistant unless the Board or the
president otherwise directs. 
 27.    VARIATION OF POWERS AND DUTIES - The Board may from time to time and
subject to the provisions of the Act, vary, add to or limit the powers and duties of any officer. 

  
 5 

 28.    TERM OF OFFICE - The terms of employment of the officers
shall be settled by the Board. In the absence of written agreement to the contrary, each officer holds office until he resigns, his successor is appointed or he is removed by the Board at its pleasure. 

29.    FIDELITY BONDS - The Board may at any time require any officer, employee or agent of the Corporation to
furnish a bond for the faithful discharge of his duties, in such form and with such surety as the Board determines. 
 PROTECTION OF
DIRECTORS, OFFICERS AND OTHERS 
 30.    LIMITATION OF LIABILITY - No director or officer shall be liable
for the acts, receipts, neglects or defaults of any other director or officer or employee, or for joining in any receipt or other act for conformity, or for any loss, damage or expense happening to the Corporation through the insufficiency or
deficiency of title to any property acquired for or on behalf of the Corporation, or for the insufficiency or deficiency of any security in or upon which any of the monies of the Corporation shall be invested, or for any loss or damage arising from
the bankruptcy, insolvency or tortious acts of any person with whom any of the monies, securities or effects of the Corporation shall be deposited, or for any loss occasioned by any error of judgment or oversight on his part, or for any other loss,
damage or misfortune whatever which shall happen in the execution of the duties of his office or in relation thereto; provided that nothing herein shall relieve any director or officer from the duty to act in accordance with the Act or from
liability for any breach thereof. 
 31.    INDEMNITY - Subject to the Act, the Corporation shall indemnify a
director or officer, a former director or officer, or a person who acts or acted at the Corporation’s request as a director or officer of a body corporate of which the Corporation is or was a shareholder or creditor (or a person who undertakes
or has undertaken any liability on behalf of the Corporation or any such body corporate) and his heirs and legal representatives, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably
incurred by him in respect of any civil, criminal or administrative action or proceeding to which he is made a party by reason of being or having been a director or officer of the Corporation or such body corporate, if: 

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

(b)    in the case of a criminal or administrative action or proceeding that is enforced by a monetary
penalty, he had reasonable grounds for believing that his conduct was lawful. 
 BANKING ARRANGEMENTS, CONTRACTS, ETC. 

32.    BANKING ARRANGEMENTS - All funds of the Corporation shall be deposited in its name in such account or
accounts as are designated by the Board. Withdrawals from such account or accounts and the making, signing, drawing, accepting, endorsing, negotiating, lodging, depositing or transferring of any 

  
 6 

 
cheques, promissory notes, drafts, acceptances, bills of exchange and orders for the payment of money with the institution maintaining such account or accounts shall be made by such person or
persons as the Board from time to time determines. 
 33.    EXECUTION OF INSTRUMENTS - Deeds, transfers,
assignments, contracts and any other documents of the Corporation, shall be signed by any two directors. 
 Any director or
officer of the Corporation is hereby authorized and directed to sign any articles on behalf of the Corporation. 

Notwithstanding any provision to the contrary contained in the by-laws of the Corporation, the Board may at any time or
times direct the manner in which and the person or persons by whom any particular deed, transfer, assignment, contract or other document, or any class of deeds, transfers, assignments, contracts or other documents, shall be signed. 

SHARES 

34.    SHARE CERTIFICATES - 

(a)    Every shareholder is entitled, at his option, to a share certificate or a non-transferable written acknowledgment of his right to obtain a share certificate from the Corporation in respect of the shares of the Corporation held by him, but the Corporation is not bound to issue more than
one share certificate in respect of a share or shares held jointly by several persons, and delivery of a share certificate to one of several joint shareholders is sufficient delivery to all. 

(b)    A share certificate shall be manually signed by at least one director or officer of the Corporation
or by or on behalf of a registrar, transfer agent, branch transfer agent or other authenticating agent of the Corporation. 

(c)    Notwithstanding the foregoing, a fractional share certificate need not be manually signed. 

35.    REPLACEMENT OF SHARE CERTIFICATES - Where the registered holder of a share certificate claims that the share
certificate has been lost, apparently destroyed or wrongfully taken, the Corporation shall issue a new share certificate in place of the original share certificate if the owner: 

(a)    so requests before the Corporation has notice that the share certificate has been acquired by a
bona fide purchaser; 
 (b)    files with the Corporation an indemnity bond sufficient in the
Corporation’s opinion to protect the Corporation and any transfer agent, registrar or other agent of the Corporation from any loss that it or any of them may suffer by complying with the request to issue a new share certificate; and 

(c)    satisfies any other reasonable requirements imposed by the Corporation. 

  
 7 

 36.    The Corporation has a lien on each share registered in the name
of a shareholder or his legal representative for a debt of that shareholder to the Corporation. 
 37.    ENFORCEMENT
OF LIENS - If any shareholder (the “Defaulting Shareholder”) defaults in payment of any monies owing by such shareholder to the Corporation, which default continues for a period of 30 days after notice in writing of such default has
been given by the Corporation to such shareholder, the Corporation may sell all or any part of the shares then registered in the name of the Defaulting Shareholder (the “shares”) at a bona fide public or private sale or auction, at
which sale or auction any director, officer or shareholder of the Corporation may purchase the shares or the Corporation may purchase the shares free of any right or equity of redemption, which right or equity is hereby expressly waived. The terms
and manner of auction or sale shall be at the sole discretion of the Corporation. The Corporation may accept any offer which it in its absolute discretion considers advisable upon such terms, whether cash or credit or partly cash and partly credit,
as it in its discretion considers advisable. Notice of any public or private sale or auction shall be given to the Defaulting Shareholder at least 15 days prior to the date on which such sale is to be held. The proceeds of such sale shall be used
and applied firstly to the cost and expense of such sale incurred by the Corporation, including legal fees, secondly to reimburse the Corporation for out-of-pocket
expenses incurred in connection with the sale and thirdly, for the payment in full of the monies due to the Corporation from any Defaulting Shareholder. The balance of the proceeds, if any, shall be paid to the Defaulting Shareholder. If the
proceeds of the sale are insufficient to pay the amount due to the Corporation, then the Defaulting Shareholder shall remain liable to the Corporation for any such deficiency. The rights of the Corporation hereunder shall be in addition to any
rights at law available to the Corporation for the enforcement of its liens or for the collection of the debt of the Defaulting Shareholder. 

CORPORATE DISTRIBUTIONS 

38.    DIVIDENDS - A dividend payable in cash shall be paid by cheque to the order of each registered holder of
shares of the class in respect of which such dividend has been declared as at the record date for the determination of shareholders entitled to receive such dividend and delivered to each such holder or mailed by ordinary mail, postage prepaid, to
such holder at his last address appearing on the securities register of the Corporation unless such holder otherwise directs in writing. In the case of joint holders the cheque shall, unless such joint holders otherwise direct in writing, be made
payable to the order of all of such joint holders and if more than one address appears on the securities register of the Corporation in respect of such joint holding the cheque shall be delivered or mailed to the first address so appearing. The
mailing or delivery of such cheque as aforesaid shall satisfy and discharge all liability for the dividend to the extent of the sum represented thereby, unless such cheque be not paid at par in Canadian funds on due presentation at the municipality
in which the registered office of the Corporation is situate or at any other place where it is by its terms payable. In the event of non-receipt of any dividend cheque by the person to whom it is mailed or
delivered as aforesaid, the Corporation shall issue to such person a replacement cheque for a like amount upon being furnished with such indemnity and evidence of non-receipt as the Board may from time to time
prescribe, whether generally or in any particular case. 

  
 8 

 39.    JOINT SHAREHOLDERS - If two or more persons are registered
as joint holders of any share, any one of such persons may give effectual receipts for the certificates issued in respect thereof and for any dividend, bonus, return of capital or other money payable or warrant issuable in respect of such share.

 NOTICE 

40.    METHOD OF GIVING - A notice or document required by the Act, the articles or the by-laws to be sent to a shareholder or director of the Corporation may be sent by prepaid mail addressed to, or may be delivered personally to: 

(a)    the shareholder at his latest address shown in the records of the Corporation or its transfer agent;
and 
 (b)    the director at his latest address as shown in the records of the Corporation or in the
most recent notice filed under the Corporations Information Act, whichever is the more current. 

41.    WAIVER OF NOTICE - Where a notice or document is required by the Act or by any by-law to be sent, the notice may be waived or the time for the notice may be waived or abridged at any time with the consent in writing of the person entitled thereto. 

42.    OMISSIONS AND ERRORS - The accidental omission to give any notice to any shareholder, director, officer or
auditor or the non-receipt of any notice by any shareholder, director, officer or auditor or any error in any notice not affecting the substance thereof shall not invalidate any action taken at any meeting
held pursuant or otherwise founded thereon. 
 43.    NOTICE TO JOINT SHAREHOLDERS - All notices with respect to
any shares registered in more than one name may, if more than one address appears on the books of the Corporation in respect to such joint holding, be given to such joint shareholders at the first address so appearing, and notice so given shall be
sufficient notice to all the holders of such shares. 
 44.    PERSONS ENTITLED BY DEATH OR OPERATION OF LAW -
Every person who, by operation of law, transfer, death of a shareholder or by any other means whatsoever, becomes entitled to any share or shares shall be bound by every notice in respect of such share or shares which is duly given to the person
from whom he derived his title to such share or shares until such time as his name and address are entered on the books of the Corporation (whether it be before or after the event upon which he became so entitled). 

45.    SIGNATURE OF NOTICE - The signature of any notice to be given by the Corporation may be written or printed
or partly written and partly printed. 

  
 9 

 SHAREHOLDERS’ AGREEMENT 

46.    Notwithstanding anything contained in this by-law and any amendment or
supplement hereto, the provisions of this by-law and any amendment or supplement hereto shall be amended to the extent necessary to give effect to the provisions of any shareholders’ agreement in force
between the Corporation and its shareholders, and to the extent that there is any conflict between the provisions of this by-law and any amendment or supplement hereto and any such shareholders’
agreement, the provisions of such shareholders’ agreement shall prevail. 
 MADE by the Board the 16th day of June, 1997. 

 

					
	
                      
[DELETED]
  
	  	
                       
[DELETED]
  
	  	
	 PRESIDENT - DAVID BERMAN
	  	 SECRETARY - TERRI SUOMI
	  	

 CONFIRMED by the shareholders in accordance with the Act the 16th day of June, 1997. 

 

					
		  	
                       
[DELETED]
  
	 	
		  	 SECRETARY - TERRI SUOMI
	 	

 [Original Signatures Redacted for Confidentiality Reasons.] 

  
 10 

 BY-LAW NO. 2 

being a by-law to amend By-law No. 1 of
TRI CONTINENTAL CAPITAL LTD. (the “Corporation”) 
 BE IT ENACTED as a by-law of the Corporation as
follows: 
  

	1.	 EXECUTION OF INSTRUMENTS 

Deeds, transfers, assignments, contracts and any other documents of the Corporation, shall be signed by any two directors or
officers; 
 Any director or officer of the Corporation is hereby authorized and directed to sign any articles on behalf of
the Corporation. 
 Notwithstanding any provision to the contrary contained in the
by-laws of the Corporation, the Board may at any time or times direct the manner in which and the person or persons by whom any particular deed, transfer, assignment, contract or other document, or any class
of deeds, transfers, assignments, contracts or other documents, shall be signed. 
  

	2.	 REPEAL 

Paragraph No. 33 of By-law No. 1 with respect to execution of instruments be
repealed, and any other by-laws inconsistent herewith be and the same are hereby repealed. 

MADE by the board the 24th day of March, 2003. 
  

					
	
                   [DELETED]

 
	    	                  [DELETED]

 
	  	
	 David Berman, President
	    	 Gary Berman, Secretary
	  	

 CONFIRMED by the shareholders in accordance with the Business Corporations
Act (Ontario) the 24th day of March, 2003. 
  

					
		    	                  [DELETED]

 
	 	
		    	 Gary Berman, Secretary
	 	

 [Original Signatures Redacted for Confidentiality Reasons.] 

 BY-LAW NO. 3 

A by-law amending By-law No. 1 of 

TRICON CAPITAL GROUP INC. 

(the “Corporation”) 

1.    The following definition is added to paragraph 1 of By-law No. 1 of the Corporation:

 “IPO” means the initial public offering of securities of the Corporation, to be completed on or about
May 20, 2010. 
 2.    Paragraph 5 of By-law No. 1 of the Corporation is repealed and
replaced with the following: 
 “5. NOTICES – Notices of the time and place of each meeting of shareholders
shall be sent not less than 21 days or more than 50 days before the date of the meeting to each director, to the auditor, if any, and to each shareholder entitled to vote at the meeting. Notice of a meeting of shareholders called for any purpose
other than consideration of the financial statements, the auditor’s report, election of directors and reappointment of the incumbent auditor, shall state the nature of such business in sufficient detail to permit the shareholder to form a
reasoned judgement thereon and shall state the text of any special resolution to be submitted to the meeting.” 
 3.    Paragraph 7
of By-law No. 1 of the Corporation is repealed and replaced with the following: 

“7. QUORUM – Holders of 25% of the issued shares entitled to vote at a meeting of shareholders, whether
present in person or represented by proxy, constitute a quorum. If a quorum is present at the opening of a meeting of shareholders, the shareholders present may proceed with the business of the meeting notwithstanding that a quorum is not present
throughout the meeting.” 
 4.    Paragraph 15 of By-law No. 1 of the Corporation is
repealed and replaced with the following: 
 “15.     ELECTION AND TERM – Shareholders
of the Corporation shall elect directors to hold office for a staggered term in three classes: 
  

	 	a)	 One class initially comprised of two directors who shall hold office for a term expiring at the closing of
the third annual general meeting of the shareholders following their election (“Class 3”); 

  

	 	b)	 A second class initially comprised of two directors who shall hold office for a term expiring at the close
of the second annual general meeting following their election (“Class 2”); and 

  

	 	c)	 A third class initially comprised of one director who shall hold office for a term expiring at the close of
the first annual general meeting following his or her election (“Class 1”). 

 At each future annual general meeting, each director in a class whose member
or whose members must retire from office at such meeting, on the expiration of the term for which he or she or they were elected, shall retire from office to be replaced with a successor or stand for
re-election, in either case for a term expiring at the close of the third annual meeting of shareholders following such meeting. Subject to the provisions of the Act, the board of directors shall determine
which class proposed or new directors shall join prior to such director’s election or appointment, as applicable.” 
  

	5.	 Paragraphs 20 through 29 of By-law No. 1 of the Corporation are
repealed and replaced with the following: 

 “20.    APPOINTMENT - The
board may designate the offices of the Corporation and from time to time appoint a chairman of the board, lead director, managing director, chief executive officer, chief financial officer, president, one or more vice-presidents (to which title may
be added words indicating seniority or function), a secretary, a chief financial officer and such other officers as the board may determine, including one or more assistants to any of the officers so appointed. The board may specify the duties of
and, in accordance with this by-law and subject to the provisions of the Act, delegate to such officers powers to manage the business and affairs of the Corporation. One person may hold more than one office
and, except for the chairman of the board, the lead director and the managing director, an officer need not be a director. 

21.    CHAIRMAN OF THE BOARD - If appointed, the chairman of the board may be assigned by the board
any of the powers and duties that are by any provisions of this by-law assigned to the managing director or to the president and, subject to the provisions of the Act, such other powers and duties as the board may specify or as are incidental to
such office. The chairman of the board shall, when present, preside at all meetings of the board and shareholders. Subject to section 13 and section 18, during the absence or disability of the chairman of the board, the duties of the chairman of the
board shall be performed, and the powers exercised, by the first mentioned of the following members of the board then in office: the lead director or such other member of the board as selected by a majority of the board members. 

22.    LEAD DIRECTOR - If the chairman of the board is not “independent” within the
meaning of applicable securities legislation, the board may appoint a lead director. If appointed, the lead director, who shall be “independent” within the meaning of applicable securities legislation, shall have the powers and duties of
the chairman of the board in case of the absence or disability of the chairman of the board. The lead director shall have such other powers and duties as the board may specify or as are incidental to such office. 

23.    MANAGING DIRECTOR - If appointed, the managing director shall be the chief executive officer
and, subject to the authority of the board, shall have general supervision of the business and affairs of the Corporation. The managing director shall, subject to the provisions of the Act, have such other powers and duties as the board may specify.
During the absence or disability of the president, or if no president has been appointed, the managing director shall also have the powers and duties of that office. 

 24.    PRESIDENT - If appointed, the president
shall have general supervision of the business and affairs of the Corporation, subject to the direction and authority of the board, the chairman of the board, the lead director and the managing director, and shall have such other powers and duties
as the board may specify. During the absence or disability of the managing director, or if no managing director has been appointed, the president shall also have the powers and duties of that office. 

25.    VICE-PRESIDENT - If appointed, the vice-president, or if more than one, the vice-presidents,
in order of seniority as designated by the board, shall be vested with all the powers and perform all the duties of the president in the president’s absence, inability or refusal to act. A vice-president shall have such powers and duties as the
board may specify or as are incidental to such office. 
 26.    SECRETARY - If appointed, the
secretary shall attend and be the secretary of all meetings of the board, shareholders and committees of the board and shall enter or cause to be entered in records kept for that purpose minutes of all such proceedings. The secretary shall give or
cause to be given, as and when instructed, all notices to shareholders, directors, officers and auditors. The secretary shall be the custodian of all books and records of the Corporation, except when some other officer or agent has been appointed
for that purpose. The secretary shall have such other powers and duties as the board may specify or as are incidental to such office. 

27.    CHIEF FINANCIAL OFFICER - If appointed, the chief financial officer shall keep or cause to be
kept proper accounting records in compliance with the Act and shall be responsible for the deposit of money, the safekeeping of securities and the disbursement of funds of the Corporation. The chief financial officer shall render to the board
whenever required an account of all transactions undertaken as chief financial officer and of the financial position of the Corporation and shall have such other powers and duties as the board may specify or as are incidental to such office. 

28.    POWERS AND DUTIES OF OTHER OFFICERS - The powers and duties of all other officers shall be
such as the terms of their engagement call for or as the board may specify. Any of the powers and duties of an officer to whom an assistant has been appointed may be exercised and performed by such assistant, unless the board otherwise directs. 

29.    VARIATION OF POWERS AND DUTIES - Subject to the provisions of the Act, the board may from
time to time vary, add to or limit the powers and duties of any officer. 
 30.    TERM OF OFFICE -
The board, in its discretion, may remove any officer of the Corporation without prejudice to such officer’s rights under any employment contract. Otherwise, each officer appointed by the board shall hold office until a successor is
appointed, except that the term of office of the chairman of the board, lead director or managing director shall expire when the holder thereof ceases to be a director. 

31.    FIDELITY BONDS - The board may require such officers, employees and agents of the Corporation
as the board deems advisable to furnish bonds for the faithful 

 
discharge of their duties in such form and with such surety as the board may from time to time prescribe.” 
  

	6.	 Paragraph 13 of By-law No. 1 of the Corporation is repealed and
replaced with the following: 

 “13.    CHAIRMAN OF SHAREHOLDERS’ MEETINGS
– In the event that the chairman of the board, if any, the lead director, if any, the president or any vice-president fails to assume the chairmanship of a meeting in accordance with paragraphs 21, 22, 24 and 25 of this by-law within 15 minutes after the time appointed for the holding of the meeting, the persons present at the meeting and entitled to vote thereat shall choose a person from their number to be the chairman of the
meeting.” 
  

	7.	 Paragraph 18 of By-law No. 1 of the Corporation is repealed and
replaced with the following: 

 “ 18.    CHAIRMAN OF DIRECTORS’ MEETINGS
– In the event that the chairman of the board, if any, the lead director, if any, the president or any vice-president fails to assume the chairmanship of a meeting in accordance with paragraphs 21, 22, 24 and 25 of this by-law within 15 minutes after the time appointed for the holding of the meeting, the persons present at the meeting and entitled to vote thereat shall choose a person from their number to be the chairman of the
meeting.” 
  

	8.	 Paragraph 37 and 46 of By-law No. 1 of the Corporation are
repealed. 

 [Remainder of page intentionally left blank. Signature page follows.] 

 DATED the 13th day of May, 2010. 
  

					
	TRICON CAPITAL GROUP INC.
		
	 Per:
	 	 [DELETED]

		 	 Name:
	 	 David Berman

		 	 Title:
	 	 President

 [Original Signatures Redacted for Confidentiality Reasons.] 

Signature Page To By-law No. 3 

 BY-LAW NO. 4 

A by-law amending By-law No,. 1 and By-law No. 3 of 
 TRICON CAPITAL GROUP INC. 

(the “Corporation”) 

BE IT ENACTED as a by-law of the corporation as follows: 

 

	1.	 ADVANCE NOTICE OF NOMINATIONS OF DIRECTORS 

 

	 	(a)	 Nomination of Directors. Only persons who are nominated in accordance with the provisions of
paragraph 1(a) of this By-law 4 shall be eligible for election as directors of the Corporation. Nominations of persons for election as directors of the Corporation at any annual meeting of shareholders, or at
any special meeting of shareholders called for the purpose of electing directors as set forth in the Corporation’s notice of such special meeting, may only be made: (a) by or at the direction of the board of directors of the Corporation,
including pursuant to a notice of meeting, (b) by or at the direction or request of one or more shareholders pursuant to a proposal submitted to the Corporation in accordance with the Act or a requisition of meeting submitted to the directors
in accordance with the Act, or (c) by any person (a “nominating shareholder”) who, at the close of business on the date of the giving of the notice provided for below and on the record date for determining shareholders entitled to
vote at such meeting, is a registered holder or beneficial owner of shares that are entitled to be voted at such meeting and complies with the notice and other procedures set forth in paragraph 1 of this By-law 4. 

 

	 	(b)	 Timely Notice. In addition to any other requirements in paragraph 1 of this By-law 4 and under
applicable laws, for a nomination to be made by a nominating shareholder, the nominating shareholder must have given timely notice thereof in proper written form to the secretary of the Corporation. To be timely, a nominating shareholder’s
notice must be received by the secretary at the principal executive offices of the Corporation (a) in the case of an annual meeting of shareholders, not less than 30 nor more than 65 days prior to the date of the annual meeting of shareholders;
provided, however, that if the annual meeting of shareholders is called for a date that is less than 45 days after the date on which the first public announcement of the date of the annual meeting was made, notice by the nominating shareholder may
be made not later than the close of business on the 15th day following the date on which the public announcement of the date of the annual meeting is first made by the Corporation; and (b) in the case of a special meeting of shareholders (which
is not also an annual meeting of shareholder), not later than the close of business on the 15th day following the day on which the public announcement of the date of the special meeting of shareholders is first made by the Corporation. The
adjournment or postponement of a meeting of shareholders or the announcement thereof shall not commence a new time period for the giving of a nominating shareholder’s notice as described above. 

	 	(c)	 Full Slate not Nominated. Notwithstanding anything in paragraph 1(b) of this By-law 4 to the
contrary, if the management information circular for an annual meeting of shareholders nominates fewer than the number of directors to be elected at the meeting, a nominating shareholder’s notice required by paragraph 1 of this By-law 4 shall also be considered timely, but only regarding nominees for the additional directorships that are to be filled by election at such annual meeting, if it shall be received by the secretary at the
principal executive offices of the Corporation not later than the close of business on the 15th day following the date on which such management information circular was first mailed to the shareholders by the Corporation. 

 

	 	(d)	 Proper Written Form. To be in proper written form, a nominating shareholder’s notice to the
secretary must set forth: (a) as to each person whom the nominating shareholder proposes to nominate for election as a director (i) the name, age, business address and residential address of the nominee, (ii) the principal occupation
or employment of the nominee, (iii) whether the nominee is a resident Canadian within the meaning of the Act, (iv) the class or series and number of shares of the Corporation which are controlled or which are owned beneficially or of
record by the nominee as of the record date for the meeting of shareholders (if such date shall then have been made publicly available and shall have occurred) and as of the date of such notice, (v) any relationships, agreements or
arrangements, including financial, compensation and indemnity related relationships, agreements or arrangements, between the nominee or any of its affiliates and the nominating shareholder, any person acting jointly or in concert with the nominating
shareholder or any of their respective affiliates, and (vi) any other information relating to the nominee that would be required to be disclosed in a dissident’s proxy circular in connection with solicitations of proxies for election of
directors pursuant to the Act and applicable securities laws; and (b) as to the nominating shareholder giving the notice, (i) the name and record address of the nominating shareholder, (ii) the class or series and number of shares of
the Corporation which are controlled or which are owned beneficially or of record by the nominating shareholder as of the record date for the meeting of shareholders (if such date shall then have been made publicly available and shall have occurred)
and as of the date of such notice, (iii) any derivatives or other economic or voting interests in the Corporation and any hedges implemented with respect to the nominating shareholders’ interests in the Corporation, (iv) any proxy,
contract, arrangement, understanding or relationship pursuant to which the nominating shareholder has a right to vote any shares of the Corporation, (v) whether the nominating shareholder intends to deliver a proxy circular and form of proxy to
any shareholders of the Corporation in connection with the election of directors, and (vi) any other information relating to the nominating shareholder that would be required to be made in a dissident’s proxy circular in connection with
solicitations of proxies for election of directors pursuant to the Act and applicable securities laws. Such notice must be accompanied by the written consent of each nominee to being named as a nominee and to serve as a director, if elected.
Reference to “nominating shareholder” in this paragraph 1 (d) of this By-law 4 shall be deemed to refer to each shareholder that nominates a person for

	 	 
election as director in the case of a nomination proposal where more than one shareholder is involved in making such nomination proposal. 

 

	 	(e)	 Further Information. The Corporation may require any proposed nominee to furnish such other
information as may reasonably be required by the Corporation to determine the eligibility of such proposed nominee to serve as an independent director of the Corporation or that could be material to a reasonable shareholder’s understanding of
the independence, or lack thereof, of such proposed nominee. 

  

	 	(f)	 Determination of Eligibility. The chairman of the meeting of shareholders at which an election for
directors is held shall have the power and duty to determine whether a nomination was made in accordance with the procedures set forth in the foregoing provisions and, if any proposed nomination is not in compliance with such foregoing provisions,
to declare that such defective nomination shall be disregarded. The Board may, in its sole discretion, waive any requirement in paragraph 1 of this By-law 4. 

 

	 	(g)	 Discussion Permitted. Nothing in paragraph 1 of this By-law 4
shall be deemed to preclude discussion by a shareholder (as distinct from the nomination of directors) at a meeting of shareholders of any matter it is entitled to discuss pursuant to the Act. 

 

	 	(h)	 Meaning of Public Announcement. For purposes of paragraph 1 of this
By-law 4, “public announcement” shall mean disclosure in a press release reported by a national news service in Canada, or in a document publicly filed by the Corporation under its profile on the
System of Electronic Document Analysis and Retrieval at www.sedar.com. 

  

	 	(i)	 Notice. Notwithstanding any other provision of the by-laws of
the Corporation, notice given to the secretary pursuant to paragraph 1 of this By-law 4 may only be given by personal delivery, facsimile transmission or by email (at such email address as may be
stipulated from time to time by the secretary for purposes of this notice), and shall be deemed to have been given and made only at the time it is served by personal delivery to the secretary at the address of the principal executive offices of the
Corporation, email (at the address as aforesaid) or sent by facsimile transmission (provided that receipt of confirmation of such transmission has been received); provided that if such delivery or electronic communication is made on a day which is a
not a business day or later than 5:00 p.m. (Toronto time) on a day which is a business day, then such delivery or electronic communication shall be deemed to have been made on the subsequent day that is a business day. 

 

	2.	 Paragraph 15 of By-law No. 3 of the Corporation is repealed and
replaced with the following: 

 “15.    ELECTION AND TERM – The
directors shall be elected at each annual meeting of shareholders of the Corporation and each director shall hold office until the close of the first annual meeting following the director’s election; provided that if an election of directors is
not held at an annual meeting of shareholders, the directors then in 

 
office shall continue in office until their successors are elected. Retiring directors are eligible for re-election. 

[Remainder of page intentionally left blank. Signature page follows.] 

 DATED the 12th day of March, 2013. 
  

					
	 TRICON CAPITAL GROUP INC.

		
	 Per:
	 	 [DELETED]

		 	 Name:

Title:
	 	 

 [Original Signatures Redacted for Confidentiality Reasons.] 

Signature Page to By-law No.4

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