Document:

Guarantee Indenture

 Exhibit 4.18 
 THIS GUARANTEE INDENTURE dated as of May 1, 2013; 
 AMONG: 

BROOKFIELD RENEWABLE ENERGY PARTNERS L.P., an exempted limited partnership formed under the laws of Bermuda, 

(hereinafter referred to as “BREP”), 
 - and - 
 BROOKFIELD RENEWABLE ENERGY L.P., an exempted limited partnership
formed under the laws of Bermuda, 
 (hereinafter referred to as “BRELP”), 

- and - 

BROOKFIELD BRP HOLDINGS (CANADA) INC., a corporation incorporated under the laws of the Province of Ontario, 

(hereinafter referred to as “CanHoldco”), 
 - and - 
 BRP BERMUDA HOLDINGS I LIMITED, a corporation formed under the
laws of Bermuda, 
 (hereinafter referred to as “Bermuda Holdco” and collectively with BREP, BRELP and
CanHoldco, the “Guarantors”), 
 - and - 

BROOKFIELD RENEWABLE POWER PREFERRED EQUITY INC., a corporation incorporated under the federal laws of Canada, 

(hereinafter referred to as the “Corporation”), 
 - and - 
 COMPUTERSHARE TRUST COMPANY OF CANADA, a trust company organized
and existing under the laws of Canada, 
 (hereinafter referred to as the “Security Trustee”). 

 WHEREAS pursuant to the terms of this guarantee indenture (the “Guarantee”)
the Guarantors have agreed to guarantee in favour of the Holders (as defined below) the payment of the Series 6 Share Obligations (as defined below), pursuant to the terms of the Series 6 Shares (as defined below); 

AND WHEREAS as at the date hereof, the Corporation has authorized for issuance up to 7,000,000 Series 6 Shares; 

AND WHEREAS all necessary acts and proceedings have been done and taken and all necessary resolutions have been passed to authorize the
execution and delivery of this Guarantee and to make the same legal, valid and binding upon the Guarantors; 
 AND WHEREAS the
foregoing recitals are made as representations and statements of fact by the Guarantors and not by the Security Trustee; 
 NOW
THEREFORE THIS GUARANTEE WITNESSES that for good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each of the parties), the parties hereto agree as follows: 

ARTICLE 1 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
  

	1.1	Definitions 

 For all
purposes of this Guarantee, except as otherwise expressly provided or unless the context otherwise requires: 
  

	 	(a)	the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular; 

 

	 	(b)	the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Guarantee as a whole and
not to any particular Article, Section or other subdivision; and 

  

	 	(c)	all references to “the Guarantee” or “this Guarantee” are to this Guarantee as modified, supplemented or amended from time to time.

 The following terms shall have the following meanings: 
 “Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, through one or more intermediaries, Controls or is Controlled by such Person, or is under
common Control of a third Person; 
 “Authorized Investments” has the meaning given to such term in Section 5.7;

 “Bermuda Holdco” means BRP Bermuda Holdings I Limited; 

  
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 “Board Resolution” means, with respect to a Guarantor, a copy of a resolution duly passed
by the board of directors (or the equivalent) of the Governing Body of such Guarantor, to be in full force and effect on the applicable date, and delivered to the Security Trustee; 
 “BRELP” means Brookfield Renewable Energy L.P.; 
 “BREP” means
Brookfield Renewable Energy Partners L.P.; 
 “Business Day” means a day other than a Saturday, a Sunday or any other day that
is a statutory or civic holiday in the place where the Corporation has its head office; 
 “CanHoldco” means Brookfield BRP
Holdings (Canada) Inc.; 
 “CBCA” means the Canada Business Corporations Act; 

“Class A Preference Shares” means class A preference shares, of which the Corporation is authorized to issue an unlimited number
pursuant to its articles of incorporation; 
 “Control” means the control by one Person of another Person in accordance with
the following: a Person (“A”) controls another Person (“B”) where A has the power to determine the management and policies of B by contract or status (for example the status of A being the general partner of B) or
by virtue of beneficial ownership of or control over a majority of the voting interests in B; and, for certainty and without limitation, if A owns or has control over shares to which are attached more than 50% of the votes permitted to be cast in
the election of directors to the board of directors (or the equivalent) of the Governing Body of B or A is the general partner of B, a limited partnership, then in each case A Controls B for this purpose, and the term “Controlled”
has the corresponding meaning; 
 “Corporate Trust Office” means the office of the Security Trustee, at which at any particular
time its corporate trust business shall be principally administered, which office on the date of execution of this Guarantee is located at 100 University Ave, 8th Floor, Toronto ON M5J 2Y1; 
 “Corporation” means Brookfield Renewable Power Preferred Equity Inc. and its successors and assigns; 
 “Event of Default” has the meaning given to such term in Section 4.2; 

“Governing Body” means (i) with respect to a corporation or limited company, such corporation or limited company, (ii) with
respect to a limited liability company, a manager or managing partner of such limited liability company, (iii) with respect to a limited partnership, a general partner of such limited partnership (or if any such general partner is itself a
partnership, such general partner’s general partner), (iv) with respect to a general partnership, the managing partner (or if there is no managing partner, each partner) and (v) with respect to any other Person, the Person that has
the power to determine the management and policies of such Person by status, and in the case of each of (i) through (v) includes any Person to whom such Person has delegated any power or authority; 

“Guaranteed Obligations” has the meaning given to such term in Section 3.4; 

  
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 “Guarantors” means, collectively, BREP, BRELP, CanHoldco and Bermuda Holdco and their
respective successors and assigns; and “Guarantor” means any of them; 
 “Guarantor Order” or
“Guarantor Request” means, with respect to a Guarantor, a written request or order signed in the name of such Guarantor by any officer or director (or the equivalent) of the Governing Body of such Guarantor and delivered to the
Security Trustee; 
 “Holders” means the registered holders of the Series 6 Shares from time to time, provided that, in
determining whether the Holders of the requisite percentage of the aggregate Liquidation Amount of outstanding Series 6 Shares have given any request, notice, consent or waiver hereunder, “Holders” shall not include the Guarantors or any
Affiliate of the Guarantors; 
 “Liquidation Amount” means an amount equal to $25.00 per Series 6 Share plus an amount equal to
all declared and unpaid dividends up to, but excluding, the date fixed for payment or distribution; 
 “Officer’s
Certificate” means, with respect to a Guarantor, a certificate signed by any officer or director (or the equivalent) of the Governing Body of such Guarantor and delivered to the Security Trustee; 

“Opinion of Counsel” means a written opinion of counsel, who may be counsel for a Guarantor, including an employee of a Guarantor, a
Governing Body of a Guarantor or the Corporation, and who shall be acceptable to the Security Trustee; 
 “Person” means an
individual, a corporation, a partnership, an association, a trust or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof; 
 “Responsible Officer”, when used with respect to the Security Trustee, means any President, Senior Vice President, General Manager, Manager – Client Services, Manager –
Corporate Trust, Manager – Mortgage-Backed Securities, Manager – Stock Transfer & Client Services, Associate Trust Officer, Corporate Trust Officer, Professional – Mortgage-Backed Securities of the Security Trustee and any
other officer of the Security Trustee customarily performing functions similar to those performed by any of the above-designated officers, and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is
referred because of his knowledge of and familiarity with the particular subject; 
 “Security Trustee” means Computershare
Trust Company of Canada; 
 “Senior Indebtedness” shall mean, in respect of any Guarantor, the principal of and the interest
and premium (or any other amounts payable thereunder), if any, on: 
  

	 	(i)	all indebtedness (including any indebtedness to trade creditors), liabilities and obligations of such Guarantor (other than the Series 6 Share Obligations and the
Guaranteed Obligations), whether outstanding on the date of this Guarantee or thereafter created, incurred, assumed or guaranteed; and 

  
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	 	(ii)	all renewals, extensions, restructurings, refinancings and refundings of any such indebtedness, liabilities or obligations; 

except only for any such indebtedness, liabilities or obligations that are, pursuant to the terms of the instrument creating or evidencing such
indebtedness, liabilities or obligations, expressly pari passu with or subordinate in right of payment to the Series 6 Share Obligations; 
 “Series 6 Share Obligations” means all financial liabilities and obligations of the Corporation to the Holders in respect of the Series 6 Shares including or in respect of (i) any
declared and unpaid dividends on the Series 6 Shares, (ii) the applicable redemption price and all declared and unpaid dividends up to, but excluding, the date fixed for redemption with respect to Series 6 Shares called for redemption, and
(iii) the Liquidation Amount payable on the Series 6 Shares upon a voluntary or involuntary dissolution, liquidation or winding up of the Corporation, without regard to the amount of assets of the Corporation available for distribution;

 “Series 6 Shares” means the Class A Preference Shares, Series 6 of the Corporation; 

 

	1.2	Compliance Certificates and Opinions 

 Upon any application or request by a Guarantor to the Security Trustee to take any action under any provision of this Guarantee, such Guarantor shall furnish to the Security Trustee an Officer’s
Certificate stating that all conditions precedent, if any, provided for in this Guarantee (including any covenant compliance with which constitutes a condition precedent) relating to the proposed action have been complied with and an Opinion of
Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by
any provision of this Guarantee relating to such particular application or request, no additional certificate or opinion need be furnished. 
 In addition to the foregoing, every certificate or opinion with respect to compliance with a covenant or condition provided for in this Guarantee (other than as otherwise specified herein) shall include:

  

	 	(a)	a statement that each individual signing such certificate or opinion has read and understood such covenant or condition and the definitions herein relating thereto;

  

	 	(b)	a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are
based; 

  

	 	(c)	a statement that, in the opinion of each such individual, he or she has made such examination or investigation as is necessary to enable him or her to express an
informed opinion as to whether or not such covenant or condition has been complied with; and 

  

	 	(d)	a statement as to whether, in the opinion of each such individual, such covenant or condition has been complied with. 

  
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	1.3	Form of Documents Delivered to Security Trustee 

 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion
of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may
certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of an officer of the
Governing Body of a Guarantor may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to the matters upon which his or her certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or
opinion of, or representations by, an officer or officers of the Governing Body of a Guarantor stating that the information with respect to such factual matters is in the possession of such Guarantor, unless such counsel knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Guarantee, they may, but need not, be consolidated and form one instrument. 
  

	1.4	Acts of Holders 

  

	 	(a)	Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Guarantee to be given or taken by one or more Holders may be
embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed by them in writing. Except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Security Trustee and, where it is hereby expressly required, to the Guarantors and/or the Corporation. Such instrument or instruments (and the action embodied therein and evidenced thereby)
are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the
holding by any Person of a Series 6 Share, shall be sufficient for any purpose of this Guarantee and conclusive in favour of the Security Trustee, the Guarantors and the Corporation, if made in the manner provided in this Section.

  

	 	(b)	 The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by
a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is

  
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by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of authority. The fact and date of the execution of any
such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Security Trustee deems sufficient. 

 

	 	(c)	If a Guarantor shall solicit from the Holders of Series 6 Shares any request, demand, authorization, direction, notice, consent, waiver or other Act, such Guarantor
may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but such Guarantor shall
have no obligation to do so. Such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not earlier than the date 30 days prior to the first solicitation of Holders generally in connection
therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the
Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite percentage of outstanding Series 6 Shares have authorized or agreed or consented to such
request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the outstanding Series 6 Shares shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders
on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Guarantee not later than eleven months after the record date. 

 

	1.5	Notices, Etc. to Security Trustee and Guarantors 

 Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other documents provided or permitted by this Guarantee to be made upon, given or furnished to, or filed with,

  

	 	(a)	 the Security Trustee by any Holder, any Guarantor or the Corporation shall be sufficient for every purpose hereunder if in writing and delivered,
mailed (first-class postage prepaid) or sent by facsimile to the Security Trustee at 100 University Ave, 8th Floor, Toronto ON M5J 2Y1 Attention: Manager, Corporate Trust, Facsimile No. 416-981-9777; or 

  

	 	(b)	BREP by any Holder, the Security Trustee, any other Guarantor or the Corporation shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing and delivered, mailed (first-class postage prepaid) or sent by facsimile to BREP addressed to it at 73 Front Street, 5th Floor, Hamilton HM 12, Bermuda or at any other address previously furnished in writing to the
Security Trustee by BREP, Attention: Corporate Secretary, Facsimile No. 441-294-3304; or 

  
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	 	(c)	BRELP by any Holder, the Security Trustee, any other Guarantor or the Corporation shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing and delivered, mailed (first-class postage prepaid) or sent by facsimile to BRELP addressed to it at 73 Front Street, 5th Floor, Hamilton HM 12, Bermuda or at any other address previously furnished in writing to the Security
Trustee by BRELP, Attention: Corporate Secretary, Facsimile No. 441-294-3304; or 

  

	 	(d)	CanHoldco by any Holder, the Security Trustee, any other Guarantor or the Corporation shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing and delivered, mailed (first-class postage prepaid) or sent by facsimile to CanHoldco addressed to it at Suite 1700 - 180 Kent St., Ottawa ON K1P 0B6, or at any other address previously furnished in writing to the Security
Trustee by CanHoldco, Attention: Corporate Secretary, Facsimile No. 819-561-7188; or 

  

	 	(e)	Bermuda Holdco by any Holder, the Security Trustee, any other Guarantor or the Corporation shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and delivered, mailed (first-class postage prepaid) or sent by facsimile to Bermuda Holdco addressed to it at 73 Front Street, 5th Floor, Hamilton HM 12, Bermuda or at any other address previously furnished in
writing to the Security Trustee by Bermuda Holdco, Attention: Corporate Secretary, Facsimile No. 441-294-3304; or 

  

	 	(f)	the Corporation by any Holder, the Security Trustee or any Guarantor shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in
writing and delivered, mailed (first-class postage prepaid) or sent by facsimile to the Corporation addressed to it at P.O. Box 762, Suite 300, Brookfield Place, 181 Bay Street, Toronto, Ontario M5J 2T3, or at any other address previously furnished
in writing to the Security Trustee by the Corporation, Attention: Corporate Secretary, Facsimile No. (819) 561-7188. 

 Any delivery made or facsimile sent on a day other than a Business Day, or after 3:00 p.m. (Toronto time) on a Business Day, shall be deemed to be received on the next following Business Day.
Anything mailed shall not be deemed to have been given until it is actually received. A Guarantor or the Corporation may from time to time notify the Security Trustee of a change in address or facsimile number which thereafter, until changed by like
notice, shall be the address or facsimile number of the Guarantor or the Corporation for all purposes of this Guarantee. 
  

	1.6	Notice to Holders; Waiver 

Where this Guarantee provides for notice of any event to the Holders of Series 6 Shares by the Guarantors or the Security Trustee, such
notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each such Holder affected by such event, at the Holder’s address as it appears in the list of Holders as
provided by the Corporation, not later than the latest date, and not earlier than the earliest date, 

  
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prescribed for the giving of such notice or in any other manner from time to time permitted by applicable laws, including, without limitation, internet-based or other electronic communications.
In any case where notice to the Holders of Series 6 Shares is given by mail, neither the accidental failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with
respect to other Holders of Series 6 Shares, but upon such failure to mail or such defect in any notice so mailed being discovered, the notice (as corrected to address any defects) shall be mailed forthwith to such Holder. Any notice mailed to a
Holder in the manner herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not such Holder actually receives such notice. 
 Any request, demand, authorization, direction, notice, consent or waiver required or permitted under this Guarantee shall be in the English language. 

Where this Guarantee provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such
notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Security Trustee, but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver. 
  

	1.7	Effect of Headings and Table of Contents 

 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

 

	1.8	Successors and Assigns 

All covenants and agreements in this Guarantee by the Guarantors shall bind their respective successors and assigns, whether so expressed
or not. 
  

	1.9	Severability Clause 

 In
case any provision in this Guarantee shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

 

	1.10	Governing Law 

 This
Guarantee shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. 
  

	1.11	No Recourse Against Certain Persons 

 A director (or the equivalent for a Guarantor that is not a corporation), officer, employee or securityholder, as such, of a Guarantor or the Governing Body of a Guarantor shall not have any liability for
any obligations of such Guarantor under this Guarantee or for any claim based on, in respect of or by reason of such obligations or its creation. Each of the parties hereto acknowledges that BREP and BRELP are limited partnerships and that there is
no recourse to the limited partners of BREP or BRELP. 

  
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	1.12	Multiple Originals 

 The
parties may sign any number of copies of this Guarantee. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Guarantee. 

 

	1.13	Language 

 Les parties aux
présentes ont exigé que la présente convention ainsi que tous les documents et avis qui s’y rattachent et/ou qui en decouleront soient rediges et exécutés en langue anglaise. The parties hereto have required
that this Guarantee and all documents and notices related thereto be drafted and executed in English. 
  

	1.14	Force Majeure 

 The
Security Trustee shall not be liable to any party to this Guarantee, or held in breach of this Guarantee by any party to this Guarantee, if prevented, hindered, or delayed in the performance or observance of any provision contained herein by reason
of acts of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other similar causes (including, but not limited to, mechanical, electronic or communication interruptions, disruptions or
failures). Performance times applicable to the Security Trustee’s obligations under this Guarantee shall be extended for a period of time equivalent to the time lost because of any delay that is excusable under this Section. 

ARTICLE 2 
 GUARANTEE 
  

	2.1	Guarantee 

 The Guarantors
irrevocably and unconditionally, jointly and severally, guarantee in favour of the Holders the due and punctual payment of the Series 6 Share Obligations, regardless of any defense (except for the defense of payment by the Corporation), right of
set-off or counterclaim which a Guarantor may have or assert. Each Guarantor’s obligation to pay Series 6 Share Obligations may be satisfied by (i) direct payment to the Holders or (ii) payment to the Holders through the facilities of
the Security Trustee. A Guarantor shall give prompt written notice to the Security Trustee in the event it makes a direct payment to the Holders hereunder. 
  

	2.2	Waiver of Notice 

 Each
Guarantor hereby waives notice of acceptance of this Guarantee. 

  
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	2.3	Guarantee Absolute 

 Each
Guarantor guarantees that the Series 6 Share Obligations will be paid strictly in accordance with the terms of the Series 6 Shares and this Guarantee within the time required by Section 2.1, regardless of any law, regulation or order now or
hereafter in effect in any jurisdiction affecting any such terms or the rights of the Holders with respect thereto. The liability of each Guarantor under this Guarantee shall be absolute and unconditional irrespective of: 

 

	 	(a)	any sale, transfer or assignment by any Holder of any Series 6 Shares or any right, title, benefit or interest of such Holder therein or thereto;

  

	 	(b)	any amendment or change in or to, or any waiver of, any of the terms of the Series 6 Shares; 

 

	 	(c)	any change in the name, objects, constitution, capacity, capital or the constating documents of a Guarantor; 

 

	 	(d)	any change in the name, objects, constitution, capacity, capital or the constating documents of the Corporation; 

 

	 	(e)	any partial payment by the Corporation, or any release or waiver, by operation of law or otherwise, of the performance or observance by the Corporation of any express
or implied agreement, covenant, term or condition relating to the Series 6 Shares to be performed or observed by the Corporation; 

  

	 	(f)	the extension of time for the payment by the Corporation of all or any portion of the Series 6 Share Obligations or the extension of time for the performance of any
other obligation under, arising out of, or in connection with, the Series 6 Shares; 

  

	 	(g)	any failure, omission, delay or lack of diligence on the part of the Holders to enforce, assert or exercise any right, privilege, power or remedy conferred on the
Holders pursuant to the terms of the Series 6 Shares, or any action on the part of the Corporation granting indulgence or extension of any kind; 

  

	 	(h)	subject to Section 4.1(b), the recovery of any judgment against the Corporation, any voluntary or involuntary liquidation, dissolution, sale of any collateral,
winding up, merger or amalgamation of the Corporation or a Guarantor, any sale or other disposition of all or substantially all of the assets of the Corporation, or any judicial or extrajudicial receivership, insolvency, bankruptcy, assignment for
the benefit of, or proposal to, creditors, reorganization, moratorium, arrangement, composition with creditors, or readjustment of debt of, or other proceedings affecting the Corporation, a Guarantor or any of the assets of the Corporation or a
Guarantor; 

  

	 	(i)	any circumstance, act or omission that would prevent subrogation operating in favour of a Guarantor; 

  
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	 	(j)	any invalidity of, or defect or deficiency in, the Series 6 Shares or this Guarantee; 

 

	 	(k)	the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or 

 

	 	(l)	any other circumstance, act or omission that might otherwise constitute a defence available to, or a discharge of, the Corporation in respect of any of the Series 6
Share Obligations, or a Guarantor in respect of any of the Series 6 Share Obligations (other than, and to the extent of, the payment or satisfaction thereof); 

 it being the intent of the Guarantors that their obligations in respect of the Series 6 Share Obligations shall be absolute and unconditional under all circumstances and shall not be discharged except by
payment in full of the Series 6 Share Obligations. The Holders shall not be bound or obliged to exhaust their recourse against the Corporation or any other Persons or to take any other action before being entitled to demand payment from the
Guarantors hereunder. 
 There shall be no obligation of the Holders to give notice to, or obtain the consent of, any or all of
the Guarantors with respect to the happening of any of the foregoing. 
  

	2.4	Continuing Guarantee 

This Guarantee shall apply to and secure any ultimate balance due or remaining due to the Holders in respect of the Series 6 Share
Obligations and shall be binding as an absolute and continuing obligation of each Guarantor. This Guarantee shall continue to be effective or be reinstated, as the case may be, if at any time payment of any of the Series 6 Share Obligations must or
may be rescinded, is declared or may become voidable, or must or may otherwise be returned by the Holders for any reason, including the insolvency, bankruptcy, dissolution or reorganization of the Corporation or upon or as a result of the
appointment of a custodian, receiver, trustee or other officer with similar powers with respect to the Corporation or any substantial part of its property, all as though such payment had not been made. If at any time the Corporation is precluded
from making payment when due in respect of any Series 6 Share Obligations by reason of the provisions of the CBCA or otherwise, such amounts shall nonetheless be deemed to be due and payable by the Corporation to the Holders for all purposes of this
Guarantee and the Series 6 Share Obligations shall be immediately due and payable to the Holders. This is a guarantee of payment, and not merely a deficiency or collection guarantee. 

 

	2.5	Rights of Holders 

 Each
Guarantor expressly acknowledges that: (i) this Guarantee will be deposited with the Security Trustee to be held for the benefit of the Holders; and (ii) the Security Trustee has the right to enforce this Guarantee on behalf of the
Holders. 
  

	2.6	Guarantee of Payment 

 If
the Corporation shall fail to pay any of the Series 6 Share Obligations when due, the Guarantors shall, jointly and severally, pay to the Holders the Series 6 Share Obligations immediately after demand made in writing by one or more Holders or the
Security Trustee, but in any event within 15 days of any failure by the Corporation to pay the Series 6 Share 

  
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Obligations when due, without any evidence that the Holders or the Security Trustee have demanded that the Corporation or the Guarantors pay any of the Series 6 Share Obligations or that the
Corporation has failed to do so. 
  

	2.7	Subrogation 

 The
Guarantors shall have no right of subrogation in respect of any payment made to the Holders hereunder until such time as the Series 6 Share Obligations have been fully satisfied. In the case of the liquidation, dissolution, winding-up or bankruptcy
of the Corporation (whether voluntary or involuntary), or if the Corporation makes an arrangement or compromise or proposal with its creditors, the Holders shall have the right to rank for their full claim and to receive all dividends or other
payments in respect thereof until their claims have been paid in full, and the Guarantors shall continue to be liable, jointly and severally, to the Holders for any balance which may be owing to the Holders by the Corporation. The Series 6 Share
Obligations shall not, however, be released, discharged, limited or affected by the failure or omission of the Holders to prove the whole or part of any claim against the Corporation. If any amount is paid to a Guarantor on account of any
subrogation arising hereunder at any time when the Series 6 Share Obligations have not been fully satisfied, such amount shall be held in trust by such Guarantor for the benefit of the Holders and shall forthwith be paid to the Holders to be
credited and applied against the Series 6 Share Obligations. 
  

	2.8	Independent Obligations 

Each Guarantor acknowledges that its obligations hereunder are independent of the obligations of the Corporation with respect to the
Series 6 Shares and that such Guarantor shall be liable to make payment of the Series 6 Share Obligations pursuant to the terms of this Guarantee notwithstanding the occurrence of any event referred to in subsections (a) through (l),
inclusive, of Section 2.3 and regardless of whether the Holders make a demand upon such Guarantor. Each Guarantor will pay the Series 6 Share Obligations without regard to any equities between it and the Corporation or any defence or right of
set-off, compensation, abatement, combination of accounts or cross-claim that it or the Corporation or the other Guarantors may have. 
  

	2.9	Guarantors to Investigate Financial Condition of the Corporation 

 Each Guarantor acknowledges that it has fully informed itself about the financial condition of the Corporation. Each Guarantor assumes full responsibility for keeping fully informed of the financial
condition of the Corporation and all other circumstances affecting the Corporation’s ability to pay the Series 6 Share Obligations. 
 ARTICLE 3 
 SUBORDINATION OF OBLIGATIONS TO SENIOR INDEBTEDNESS

  

	3.1	Applicability of Article 

The obligations of each Guarantor hereunder shall be subordinate and subject in right of payment, to the extent and in the manner
hereinafter set forth in the following sections of this Article 3, to the prior payment in full of all Senior Indebtedness of such Guarantor, and the Security Trustee and each Holder of Series 6 Shares as a condition to and by acceptance of the
benefits conferred hereby agrees to and shall be bound by the provisions of this Article 3. 

  
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	3.2	Order of Payment 

 Upon
any distribution of the assets of a Guarantor on any dissolution, winding up, liquidation or reorganization of such Guarantor (whether in bankruptcy, insolvency or receivership proceedings, or upon an “assignment for the benefit of
creditors” or any other marshalling of the assets and liabilities of such Guarantor, or otherwise): 
  

	 	(a)	all Senior Indebtedness of such Guarantor shall first be paid in full, or provision made for such payment, before any payment is made on account of the Series 6 Share
Obligations; and 

  

	 	(b)	any payment or distribution of assets of such Guarantor, whether in cash, property or securities, to which the Holders of the Series 6 Shares or the Security Trustee on
behalf of such Holders would be entitled except for the provisions of this Article 3, shall be paid or delivered by the trustee in bankruptcy, receiver, assignee for the benefit of creditors, or other liquidating agent making such payment or
distribution, directly to the holders of Senior Indebtedness of such Guarantor or their representative or representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior Indebtedness
may have been issued, to the extent necessary to pay all Senior Indebtedness of such Guarantor in full after giving effect to any concurrent payment or distribution, or provision therefor, to the holders of such Senior Indebtedness.

  

	3.3	Subrogation to Rights of Holders of Senior Indebtedness 

 Subject to the payment in full of all Senior Indebtedness of a Guarantor, the Holders of the Series 6 Shares shall be subrogated to the rights of the holders of Senior Indebtedness of such Guarantor to
receive payments or distributions of assets of such Guarantor (to the extent of the application thereto of such payments or other assets which would have been received by the Holders of the Series 6 Shares but for the provisions hereof) until the
Series 6 Share Obligations shall be paid in full, and no such payments or distributions to the Holders of the Series 6 Shares of cash, property or securities, which otherwise would be payable or distributable to the holders of such Senior
Indebtedness, shall, as between such Guarantor, its creditors (other than the holders of Senior Indebtedness), and the Holders of Series 6 Shares, be deemed to be a payment by such Guarantor to the holders of such Senior Indebtedness or on account
of such Senior Indebtedness, it being understood that the provisions of this Article 3 are and are intended solely for the purpose of defining the relative rights of the Holders of the Series 6 Shares, on the one hand, and the holders of Senior
Indebtedness of such Guarantor, on the other hand. 
  

	3.4	Pari Passu Ranking 

 Notwithstanding anything herein contained to the contrary, the obligations of each Guarantor hereunder rank on a pro rata and pari passu basis with any other obligations of such

  
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Guarantor in respect of similar guarantees that may be provided by such Guarantor in respect of other series of Class A Preference Shares of the Corporation (collectively, the
“Guaranteed Obligations”). 
  

	3.5	Obligation to Pay Not Impaired 

 Nothing contained in this Article 3 or elsewhere in this Guarantee or in the Series 6 Shares is intended to or shall impair, as between a Guarantor, its creditors (other than the holders of Senior
Indebtedness), and the Holders of the Series 6 Shares, the obligation of such Guarantor, which is absolute and unconditional, to pay to the Holders of the Series 6 Shares the Series 6 Share Obligations in accordance herewith, as and when the same
shall become due and payable in accordance with this Guarantee, or affect the relative rights of the Holders of the Series 6 Shares and creditors of such Guarantor other than the holders of the Senior Indebtedness; nor shall anything herein or
therein prevent the Security Trustee or the Holder of any Series 6 Share from exercising all remedies otherwise permitted by applicable law upon default under this Guarantee, subject to the rights, if any, under this Article 3 of the holders of
Senior Indebtedness in respect of cash, property or securities of such Guarantor that are received upon the exercise of any such remedy. 
  

	3.6	No Payment if Senior Indebtedness in Default 

 Upon the maturity of any Senior Indebtedness of a Guarantor by lapse of time, acceleration, demand or otherwise, then, except as provided in Section 3.7, all principal of and interest on all such
matured Senior Indebtedness shall first be paid in full, or shall first have been duly provided for, before any payment by such Guarantor is made on account of the Series 6 Share Obligations. 

In case of default with respect to any Senior Indebtedness of a Guarantor permitting the holders thereof to accelerate the maturity
thereof, unless and until such default shall have been cured or waived or shall have ceased to exist, no payment (by purchase of the Series 6 Shares or otherwise) shall be made by such Guarantor with respect to the Series 6 Share Obligations, and
neither the Security Trustee nor the Holders of Series 6 Shares shall be entitled to demand, institute proceedings for the collection of, or receive any payment or benefit from such Guarantor (including without limitation by set-off, combination of
accounts or otherwise in any manner whatsoever) on account of the Series 6 Share Obligations after the happening of such a default (except as provided in Section 3.8), and unless and until such default shall have been cured or waived or shall
have ceased to exist, such payments received from such Guarantor shall be held in trust for the benefit of, and, if and when the Senior Indebtedness of such Guarantor shall have become due and payable, shall be paid over to, the holders of such
Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing an amount of such Senior Indebtedness remaining unpaid, until all such Senior Indebtedness shall
have been paid in full, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness. 
 The fact that any payment hereunder is prohibited by this Section 3.6 shall not prevent the failure to make such payment from being an Event of Default hereunder. 

  
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	3.7	Payment on Series 6 Shares Permitted 

 Nothing contained in this Article 3 or elsewhere in this Guarantee, or in any of the Series 6 Shares, shall affect the obligation of a Guarantor to make, or prevent such Guarantor from making, at any
time except during the pendency of any dissolution, winding up or liquidation of such Guarantor or reorganization proceedings specified in Section 3.2 affecting the affairs of such Guarantor, any payment on account of the Series 6 Share
Obligations, except that such Guarantor shall not make any such payment other than as contemplated by this Article 3, if it is in default in payment of any of its Senior Indebtedness. The fact that any such payment is prohibited by this
Section 3.7 shall not prevent the failure to make such payment from being an Event of Default hereunder. Nothing contained in this Article 3 or elsewhere in this Guarantee, or in any of the Series 6 Shares, shall prevent the application by
the Security Trustee of any moneys deposited with the Security Trustee hereunder for the purpose so deposited, to the payment of or on account of the Series 6 Share Obligations unless and until the Security Trustee shall have received written notice
from a Guarantor or from the holder of Senior Indebtedness or from the representative of any such holder of default with respect to any Senior Indebtedness permitting the holders thereof to accelerate the maturity thereof. 

 

	3.8	Confirmation of Subordination 

 As a condition to the benefits conferred hereby on each Holder of Series 6 Shares, each such Holder by acceptance thereof authorizes and directs the Security Trustee, on the Holder’s behalf, to take
such action as may be necessary or appropriate to effectuate the subordination as provided in this Article 3, and appoints the Security Trustee as the Holder’s attorney-in-fact for any and all such purposes. Upon request of a Guarantor,
and upon being furnished with an Officer’s Certificate stating that one or more named persons are holders of Senior Indebtedness of such Guarantor, or the representative or representatives of such holders, or the trustee or trustees under which
any instrument evidencing such Senior Indebtedness may have been issued, and specifying the amount and nature of such Senior Indebtedness, the Security Trustee shall enter into a written agreement or agreements with such Guarantor and the person or
persons named in such Officer’s Certificate providing that such person or persons are entitled to all the rights and benefits of this Article 3 as the holder or holders, representative or representatives, or trustee or trustees of such
Senior Indebtedness specified in such Officer’s Certificate and in such agreement. Such agreement shall be conclusive evidence that the indebtedness specified therein is Senior Indebtedness, however, nothing herein shall impair the rights of
any holder of Senior Indebtedness who has not entered into such an agreement. 
  

	3.9	Security Trustee May Hold Senior Indebtedness 

 The Security Trustee is entitled to all the rights set forth in this Article 3 with respect to any Senior Indebtedness at the time held by it, to the same extent as any other holder of Senior
Indebtedness, and nothing in this Guarantee deprives the Security Trustee of any of its rights as such holder. 

  
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	3.10	Rights of Holders of Senior Indebtedness Not Impaired 

 No right of any present or future holder of any Senior Indebtedness to enforce the subordination herein will at any time or in any way be prejudiced or impaired by any act or failure to act on the part of
a Guarantor or by any non-compliance by a Guarantor with the terms, provisions and covenants of this Guarantee, regardless of any knowledge thereof which any such holder may have or be otherwise charged with. 

 

	3.11	Altering Senior Indebtedness 

 A holder of Senior Indebtedness has the right to extend, renew, modify or amend the terms of such Senior Indebtedness or any security therefor and to release, sell or exchange such security and otherwise
to deal freely with a Guarantor or any other Person, all without notice to or consent of the Holders of the Series 6 Shares or the Security Trustee and without affecting the subordination herein, the liabilities and obligations of the parties to
this Guarantee or the Holders of the Series 6 Shares or the Security Trustee. 
  

	3.12	Additional Indebtedness 

This Guarantee does not restrict any of the Guarantors from incurring any indebtedness for borrowed money or otherwise or mortgaging,
pledging or charging its properties to secure any indebtedness. 
 ARTICLE 4 

TERMINATION AND REMEDIES 
  

	4.1	Termination of Guarantee 

  

	 	(a)	This Guarantee shall terminate upon the occurrence of the following events: 

 

	 	(i)	either 

  

	 	(A)	all of the outstanding Series 6 Shares shall have been purchased and cancelled; or 

 

	 	(B)	all of the Series 6 Shares shall have been redeemed, 

 and, in each case, all amounts payable on the Series 6 Shares, including all accrued and unpaid dividends, shall have been paid in full by the Corporation and/or the Guarantors, as the case may be; and

  

	 	(ii)	all other sums payable by the Corporation in respect of the Series 6 Share Obligations have been paid; and 

the Guarantors shall confirm to the Security Trustee in writing the occurrence of either event under Section 4.1(a)(i). 

  
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	 	(b)	All of the rights, obligations and liabilities of a Guarantor pursuant to this Guarantee shall terminate upon the conveyance, distribution, transfer or lease (including
pursuant to a reorganization, consolidation, liquidation, dissolution, sale of any collateral, winding up, merger, amalgamation, arrangement or otherwise) of all or substantially all of such Guarantor’s properties, securities and assets to a
Person that is a Guarantor immediately prior to such conveyance, distribution, transfer or lease. 

  

	 	(c)	Upon termination (including any partial termination with respect to a Guarantor) of this Guarantee the Security Trustee shall, upon request of a Guarantor, provide to
such Guarantor written documentation acknowledging the termination (or partial termination with respect to a Guarantor) of this Guarantee. Notwithstanding the termination (including any partial termination with respect to a Guarantor) of this
Guarantee, the obligations of each Guarantor to the Security Trustee under Section 5.3 shall survive. 

  

	4.2	Suits for Enforcement by the Security Trustee 

 In the event that the Guarantors fail to pay the Series 6 Share Obligations as required (an “Event of Default”) pursuant to the terms of this Guarantee, the Holders may institute judicial
proceedings for the collection of the moneys so due and unpaid, may prosecute such proceedings to judgment or final decree and may enforce the same against the Corporation and/or the Guarantors and may collect the moneys adjudged or decreed to be
payable in the manner provided by law out of the property of the Guarantors. 
 If an Event of Default occurs and is continuing,
the Security Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders, upon being indemnified and funded to its satisfaction by the Holders, by such appropriate judicial proceedings as the Security
Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Guarantee or in aid of the exercise of any power granted herein, or to enforce any other proper
remedy. 
  

	4.3	Security Trustee May File Proofs of Claim 

 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to a Guarantor or the property
of a Guarantor, the Security Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, 
  

	 	(a)	to file and prove a claim for any Series 6 Share Obligation then due and payable and to file such other papers or documents as may be necessary or advisable in order to
have the claims of the Security Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Security Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding; and

  

	 	(b)	to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; 

  
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 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Holder to make such payments to the Security Trustee. 
 Nothing herein
contained shall be deemed to authorize the Security Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Series 6 Shares or the rights of any
Holder thereof or to authorize the Security Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  

	4.4	Security Trustee May Enforce Claims Without Possession of Series 6 Shares 

 All rights of action and claims under this Guarantee may be prosecuted and enforced by the Security Trustee without the possession of any of the Series 6 Shares in any proceeding relating thereto, and any
such proceeding instituted by the Security Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and
advances of the Security Trustee, its agents and counsel, be for the rateable benefit of the Holders of the Series 6 Shares in respect of which such judgment has been recovered. 

 

	4.5	Application of Money Collected 

 Any money collected by the Security Trustee pursuant to this Article shall be applied in the following order: 
 FIRST, To the payment of all amounts due to the Security Trustee including, without limitation, the reasonable compensation, expenses, disbursements and advances of the Security Trustee in
or about the execution of its trust, or otherwise in relation hereto, with interest thereon as herein provided; 

SECOND, To the payment of all amounts due to the Holders of the Series 6 Shares in respect of the costs, charges, expenses
and advances incurred in connection with enforcing their rights hereunder; 
 THIRD, To the payment of any Series
6 Share Obligation then due and unpaid on a pro rata basis; and 
 FOURTH, The balance, if any, to the Person or
Persons entitled thereto. 
  

	4.6	Limitation on Suits 

 No
Holder of any outstanding Series 6 Shares shall have any right to institute any proceeding, judicial or otherwise, with respect to this Guarantee, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

  

	 	(a)	such Holder has previously given written notice to the Security Trustee of a continuing Event of Default with respect to this Guarantee; 

  
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	 	(b)	the Holders representing not less than 25% of the aggregate Liquidation Amount of all of the then outstanding Series 6 Shares affected by such Event of Default
(determined as one class), shall have made written request to the Security Trustee to institute proceedings in respect of such Event of Default in its own name as Security Trustee hereunder; 

 

	 	(c)	such Holder or Holders have provided to the Security Trustee reasonable funding, if requested by the Security Trustee, and reasonable indemnity against the costs,
expenses and liabilities to be incurred in compliance with such request; 

  

	 	(d)	the Security Trustee for 15 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and

  

	 	(e)	no direction inconsistent with such written request has been given to the Security Trustee during such 15-day period by the Holders representing a majority of the
aggregate Liquidation Amount of all of the then outstanding Series 6 Shares affected by such Event of Default (determined as one class); 

 it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Guarantee to affect, disturb or
prejudice the rights of any other Holders of the outstanding Series 6 Shares, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Guarantee, except in the manner herein provided
and for the equal and rateable benefit of all Holders of the outstanding Series 6 Shares. 
  

	4.7	Restoration of Rights and Remedies 

 If the Security Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Guarantee and such proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Security Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Guarantors, the Security Trustee and the Holders of Series 6 Shares shall be restored severally and
respectively to their former positions hereunder and thereafter all rights and remedies of the Security Trustee and the Holders shall continue as though no such proceeding had been instituted. 

 

	4.8	Rights and Remedies Cumulative 

 No right or remedy herein conferred upon or reserved to the Security Trustee or to the Holders of Series 6 Shares is intended to be exclusive of any other right or remedy, and every right and remedy
shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  

	4.9	Delay or Omission Not Waiver 

 No delay or omission of the Security Trustee or of any Holder of any Series 6 Shares to exercise any right or remedy accruing upon an Event of Default shall impair any such

  
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right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Security Trustee or to the Holders
may be exercised from time to time, and as often as may be deemed expedient, by the Security Trustee or by the Holders, as the case may be. 
  

	4.10	Control by Holders 

 The
Holders representing not less than a majority of the aggregate Liquidation Amount of all of the then outstanding Series 6 Shares affected by an Event of Default (determined as one class) shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Security Trustee, or exercising any trust or power conferred on the Security Trustee, with respect to this Guarantee, provided that in each case: 

 

	 	(a)	such direction shall not be in conflict with any rule of law or with this Guarantee; 

 

	 	(b)	the Security Trustee may take any other action deemed proper by the Security Trustee which is not inconsistent with such direction; and 

 

	 	(c)	the Security Trustee need not take any action which might involve it in personal liability or be unjustly prejudicial to the Holders of outstanding Series 6 Shares not
consenting to any such direction. 

  

	4.11	Waiver of Stay or Extension Laws 

 Each Guarantor covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or
extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Guarantee; and each Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Security Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

  

	4.12	Undertaking for Costs 

All parties to this Guarantee agree, and each Holder of any Series 6 Shares by acceptance thereof and by acceptance of the benefits hereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Guarantee, or in any suit against the Security Trustee for any action taken, suffered or omitted by it as
Security Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including reasonable lawyers’ fees, against any party litigant in
such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to (i) any suit instituted by a Guarantor, (ii) any suit instituted by the
Security Trustee, (iii) any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 25% of the aggregate Liquidation Amount of all of the then outstanding Series 6 Shares, or (iv) any suit instituted by any
Holder for the enforcement of the payment of the Series 6 Share Obligations. 

  
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 ARTICLE 5 
 THE SECURITY TRUSTEE 
  

	5.1	Certain Duties and Responsibilities 

  

	 	(a)	The Security Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Guarantee, and no implied covenants or obligations
shall be read into this Guarantee against the Security Trustee. 

  

	 	(b)	The Security Trustee, in exercising its powers and discharging its duties prescribed or conferred by this Guarantee, shall 

 

	 	(i)	act honestly and in good faith with a view to the best interests of the Holders of the Series 6 Shares, and 

 

	 	(ii)	exercise that degree of care, diligence and skill a reasonably prudent trustee, appointed in respect of a guarantee indenture would exercise in comparable
circumstances. 

  

	 	(c)	In the absence of bad faith on its part, the Security Trustee, in the exercise of its rights and duties hereunder, may conclusively act and rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates, opinions or other evidence furnished to the Security Trustee and conforming to the requirements of this Guarantee. The Security Trustee shall not be liable for or
by reason of any statements of fact or recitals in this Guarantee or be required to verify the same, but all such statements or recitals are and shall be deemed to be made by the Guarantors (or by their agents). The Security Trustee shall not in any
way be responsible for the consequence of any breach on the part of a Guarantor (or by its agents) of any of the Guarantor’s covenants herein. 

  

	 	(d)	No provision of this Guarantee shall be construed to relieve the Security Trustee from the duties imposed on it in Section 5.1(b) or from liability for its own
gross negligence or its own wilful misconduct, except that: 

  

	 	(i)	this Section 5.1(d) shall not be construed to limit the effect of Section 5.1(a) and (b); 

 

	 	(ii)	the Security Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Security Trustee was
grossly negligent in ascertaining the pertinent facts; 

  

	 	(iii)	the Security Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with an appropriate direction of the
Holders pursuant to Section 4.10 relating to the time, method and place of conducting any proceeding for any remedy available to the Security Trustee, or exercising any trust or power conferred upon the Security Trustee, under this Guarantee;
and 

  
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	 	(iv)	no provision of this Guarantee shall require the Security Trustee to expend or risk its own funds or otherwise incur any personal financial liability in the performance
of any of its duties hereunder, or in the exercise of any of its rights or powers except as herein expressly provided. 

  

	 	(e)	Whether or not herein expressly so provided, every provision of this Guarantee relating to the conduct or affecting the liability of or affording protection to the
Security Trustee shall be subject to the provisions of this Section. 

  

	5.2	Certain Rights of Security Trustee 

 Subject to the provisions of Section 5.1: 
  

	 	(a)	the Security Trustee may rely absolutely and shall be protected in acting or refraining from acting upon any resolution, Officer’s Certificate or other
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties, not only as to its due
execution and the validity and effectiveness of its provisions, but also as to the truth or accuracy of any information therein contained; 

  

	 	(b)	any order, request or direction of a Guarantor mentioned herein shall be sufficiently evidenced by a Guarantor Request or Guarantor Order and any resolution shall be
sufficiently evidenced by a Board Resolution; 

  

	 	(c)	whenever in the administration of this Guarantee the Security Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or
omitting any action hereunder, the Security Trustee (unless other evidence be herein specifically prescribed) may act and rely upon an Officer’s Certificate (i) as evidence of the truth of any statements of fact, and (ii) to the
effect that any particular dealing or transaction or step or thing is, in the opinion of the officers so certifying, expedient, as evidence that it is expedient; provided that the Security Trustee may in its sole discretion, acting reasonably,
require from any Guarantor or otherwise further evidence or information before acting or relying on such certificate; 

  

	 	(d)	the Security Trustee may employ or retain such agents, counsel and other assistants as it may reasonably require for the proper determination and discharge of its
duties hereunder and shall be entitled to receive reasonable remuneration for all services performed by it and compensation for all disbursements, costs and expenses made or incurred by it in the discharge of its duties hereunder and shall not be
responsible for any misconduct on the part of any of them, any such costs and expenses which shall immediately become and form part of the Security Trustee’s fees hereunder; 

 

	 	(e)	the Security Trustee may, in relation to this Guarantee, act and rely on the opinion or advice of or on information obtained from any counsel, notary, valuer, surveyor,
engineer, broker, auctioneer, accountant or other expert, whether retained by the Security Trustee or by any Guarantor or otherwise; 

  
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	 	(f)	the Security Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection
in respect of any action taken, suffered or omitted by it hereunder in reliance thereon; 

  

	 	(g)	the Security Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Guarantee at the request or direction of any of the
Holders pursuant to this Guarantee, unless such Holders shall have furnished to the Security Trustee reasonable funding and a reasonable indemnity, satisfactory to the Security Trustee, to protect and hold harmless the Security Trustee against the
costs, expenses and liabilities which might be incurred by it in compliance with such request or direction and/or damage it may suffer by reason thereof as a condition to the commencement or continuation of such act, action or proceeding. The
Security Trustee may, before commencing or at any time during the continuance of any such act, action or proceeding require the Holders at whose instance it is acting, to deposit with the Security Trustee the share certificates held by them
respecting the Series 6 Shares for which such share certificates the Security Trustee shall issue receipts; 

  

	 	(h)	the Security Trustee shall not be required to take notice of any default under this Guarantee, other than payment of any moneys required by any provision of this
Guarantee to be paid to it, unless and until notified in writing of such default, which notice shall clearly set out the nature of the default desired to be brought to the attention of the Security Trustee; 

 

	 	(i)	prior to the occurrence of an Event of Default under this Guarantee and after the curing of any such Event of Default which may have occurred, the Security Trustee
shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, or other paper or document or any investigation of the
books and records of any Guarantor (but the Security Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Security Trustee shall determine to make such further inquiry
or investigation, it shall be entitled to examine the books, records and premises of a Guarantor, personally or by agent or attorney), unless requested to do so by the Act of the Holders representing a majority of the aggregate Liquidation Amount of
all of the then outstanding Series 6 Shares; provided, however, that the Security Trustee may require reasonable indemnity against the costs, expenses or liabilities likely to be incurred by it in the making of such investigation; and

  

	 	(j)	 the Security Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys, and the Security Trustee shall not be responsible for any misconduct or 

  
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negligence on the part of any agent or attorney appointed with due care by it hereunder. Any solicitors employed or consulted by the Security Trustee as counsel may, but need not be solicitors
for a Guarantor. 

  

	5.3	Protection of Security Trustee 

 By way of supplement to the provisions of any law for the time being relating to trustees, it is expressly declared and agreed as follows: 

 

	 	(a)	the recitals contained herein, shall be taken as the statements of the Guarantors, and the Security Trustee shall not be liable for or assume any responsibility for
their correctness; 

  

	 	(b)	the Security Trustee makes no representations as to, and shall not be liable for, the validity or sufficiency of this Guarantee; 

 

	 	(c)	nothing herein contained shall impose any obligation on the Security Trustee to see or to require evidence of registration or filing (or renewals thereof) of this
Guarantee or any instrument ancillary or supplemental hereto; 

  

	 	(d)	the Security Trustee shall not be bound to give any notice of the execution hereof; 

 

	 	(e)	the Security Trustee shall not incur any liability or responsibility whatever or be in any way responsible for the consequence of any breach on the part of a Guarantor
of any of the covenants herein contained or of any act of the agents or servants of a Guarantor; and 

  

	 	(f)	the Guarantors shall indemnify the Security Trustee (including its directors, officers, employees, representatives and agents) for, and hold it harmless against, any
claim, demand, suit, loss, liability or expense (including any and all reasonable legal and adviser fees and disbursements) incurred without gross negligence or bad faith on its part, arising out of or in connection with the acceptance or
administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. This indemnity will survive
the termination (including any partial termination with respect to a Guarantor) or discharge of this Guarantee and the resignation or removal of the Security Trustee. 

 

	5.4	Security Trustee Not Required to Give Security 

 The Security Trustee shall not be required to give security for the execution of the trusts or its conduct or administration hereunder. 

 

	5.5	No Person Dealing with Security Trustee Need Enquire 

 No person dealing with the Security Trustee shall be concerned to enquire whether the powers that the Security Trustee is purporting to exercise have become exercisable, or whether any money remains due
upon the Series 6 Shares or to see to the application of any money paid to the Security Trustee. 

  
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	5.6 	May Hold Series 6 Shares 

Subject to applicable law, the Security Trustee or any other agent of a Guarantor, in its individual or in any other capacity, may become
the owner or pledgee of the Series 6 Shares and, subject to Section 5.8, may otherwise deal with the Guarantors with the same rights it would have if it were not the Security Trustee, and without being liable to account for any profit made
thereby. 
  

	5.7	Moneys Held in Trust 

Upon receipt of a direction from the Guarantors (acting jointly), the Security Trustee shall invest funds held by the Security Trustee in
Authorized Investments in its name in accordance with such direction. Any direction from the Guarantors to the Security Trustee shall be in writing and shall be provided to the Security Trustee no later than 9:00 a.m. on the day on which the
investment is to be made. Any such direction received by the Security Trustee after 9:00 a.m. ET or received on a non-Business Day, shall be deemed to have been given prior to 9:00 a.m. ET the next Business Day. Any direction from the
Guarantors (acting jointly) for the release of the funds must be received prior to 11:00 a.m. ET on the day on which the release of funds is to be made. Any such direction for the release of funds received after 11:00 a.m. ET or on a
non-Business Day, will be handled on a commercially reasonable efforts basis and may result in funds being released on the next Business Day. For the purposes of this section, “Authorized Investments” means short term interest bearing or
discount debt obligations issued or guaranteed by the Government of Canada or a Province or a Canadian chartered bank (which may include an Affiliate or related party of the Security Trustee) provided that such obligation is rated at least R1
(middle) by DBRS Limited or an equivalent rating service. 
 In the event that the Security Trustee does not receive a direction
or only a partial direction, the Security Trustee may hold cash balances constituting part or all of the funds and may, but need not, invest same in its deposit department, the deposit department of one of its Affiliates, or the deposit department
of a Canadian chartered bank; but the Security Trustee, its Affiliates or a Canadian chartered bank shall not be liable to account for any profit to any parties to this Guarantee or to any other person or entity other than at a rate, if any,
established from time to time by the Security Trustee, its Affiliates or a Canadian chartered bank. For the purpose of this Section, “Affiliate” means affiliated companies within the meaning of the CBCA, and includes Computershare Investor
Services Inc. and each of their affiliates within the meaning of the Business Corporations Act (Ontario). 
  

	5.8	Conflict of Interest 

  

	 	(a)	The Security Trustee represents to the Guarantors that at the time of the execution and delivery hereof no material conflict of interest exists in respect of the
Security Trustee’s role as a fiduciary hereunder and agrees that in the event of a material conflict of interest arising hereafter it will, within 90 days after becoming aware that a material conflict of interest exists, either eliminate
the same or resign its trust hereunder. 

  
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	 	(b)	If, notwithstanding Section 5.8(a), the Security Trustee has a material conflict of interest, the validity and enforceability of this Guarantee shall not be
affected in any manner whatsoever by reason only of the existence of such material conflict of interest. 

  

	 	(c)	If the Security Trustee contravenes Section 5.8(a), the Holders representing not less than 25% of the aggregate Liquidation Amount of all of the then outstanding
Series 6 Shares affected thereby may apply to the Ontario Superior Court of Justice for an order that the Security Trustee be replaced, and such court may make an order on such terms as it thinks fit. 

 

	5.9	Corporate Trustee Required; Eligibility 

 There shall at all times be a trustee hereunder which shall be a corporation resident or authorized to carry on the business of a trust company in Canada. None of the Guarantors nor any Affiliate of a
Guarantor shall serve as trustee. If at any time the Security Trustee shall cease to be eligible in accordance with the provisions of this Section, the Security Trustee shall resign immediately in the manner and with the effect hereinafter specified
in this Article. 
  

	5.10	Resignation and Removal; Appointment of Successor 

  

	 	(a)	Notwithstanding any other provisions hereof, no resignation or removal of the Security Trustee and no appointment of a successor trustee pursuant to this Article shall
become effective until the acceptance of appointment by the successor trustee in accordance with the applicable requirements of Section 5.11. 

  

	 	(b)	The Security Trustee may resign its trust and be discharged from all further duties and liabilities hereunder at any time with respect to the Guarantee by giving to the
Guarantors 60 days’ notice in writing or such shorter notice as the Guarantors may accept as sufficient. If the instrument of acceptance by a successor trustee required by Section 5.11 shall not have been delivered to the Security Trustee
within 60 days after the giving of such notice of resignation, the resigning trustee may apply to the Ontario Superior Court of Justice for an order for the appointment of a successor trustee with respect to the Guarantee.

  

	 	(c)	The Security Trustee may be removed at any time by the Guarantors, except during an Event of Default. 

 

	 	(d)	If any time: 

  

	 	(i)	the Security Trustee shall fail to comply with Section 5.8(a); or 

  

	 	(ii)	the Security Trustee shall cease to be eligible under Section 5.9 and shall fail to resign after written request to do so by the Guarantors; or

  
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	 	(iii)	the Security Trustee shall be dissolved, shall become incapable of acting or shall become or be adjudged a bankrupt or insolvent or a receiver of the Security Trustee
or of its property shall be appointed or any public officer shall take charge or control of the Security Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

then, in any such case the Guarantors by Board Resolutions may remove the Security Trustee. 

 

	 	(e)	If the Security Trustee shall resign, be removed or become incapable of acting or if a vacancy shall occur in the office of the Security Trustee for any other reason,
the Guarantors, by Board Resolutions, shall promptly appoint a successor trustee or trustees and shall comply with the applicable requirements of Section 5.11. If, within one year after such resignation, removal or incapability or the
occurrence of such vacancy, a successor trustee has not been successfully appointed in accordance with the terms hereof, a successor trustee shall be appointed by Act of the Holders representing a majority of the aggregate Liquidation Amount of all
of the then outstanding Series 6 Shares and the successor Trustee so appointed by the Holders shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 5.11, become the successor trustee.
If no successor trustee shall have been so appointed by the Guarantors or the Holders and such appointment accepted in the manner required by Section 5.11, the Security Trustee (at the Guarantors’ expense) or any Holder who is a bona
fide Holder of the Series 6 Shares may, on behalf of such Holder and all other Holders, apply to the Ontario Superior Court of Justice for any order for the appointment of a successor trustee. 

 

	 	(f)	The Guarantors shall give notice of each resignation and each removal of the Security Trustee and each appointment of a successor trustee to the Holders by mailing such
notice to such Holders at their addresses as they shall appear on the list of Holders as provided by the Corporation to the Guarantors. If the Guarantors shall fail to give such notice within 10 days after acceptance of appointment by the
successor trustee, the successor trustee shall cause such notice to be given at the expense of the Guarantors. Each notice shall include the name of the successor trustee and the address of its Corporate Trust Office. 

 

	5.11	Acceptance of Appointment by Successor Trustee 

  

	 	(a)	 In case of the appointment hereunder of a successor trustee, each successor trustee so appointed shall execute, acknowledge and deliver to the
Guarantors and to the retiring trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring trustee shall become effective and such successor trustee, without any further act, deed or conveyance (but
subject to Section 5.11(b)), shall become vested with all the rights, powers, trusts and duties of the retiring trustee; but, on the request of the Guarantors or the successor trustee, such retiring trustee shall, upon payment of its fees and
expenses then unpaid, execute, acknowledge and deliver an instrument transferring to such 

  
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successor trustee all such rights, powers and trusts of the retiring trustee and shall duly assign, transfer and deliver to such successor trustee all property and money, if any, held by such
retiring trustee hereunder. 

  

	 	(b)	In case of the appointment hereunder of a successor trustee, the Guarantors, the retiring trustee and such successor trustee shall execute, acknowledge and deliver an
indenture supplemental hereto in which each successor trustee shall accept such appointment and which shall (i) contain such provisions as shall be deemed necessary or desirable to transfer and confirm to, and to vest in, such successor trustee
all the rights, powers, trusts and duties of the retiring trustee to which the appointment of such successor trustee relates, (ii) add to or change any of the provisions of this Guarantee to the extent necessary to provide for or facilitate the
administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental indenture (except as specifically provided for therein) shall constitute such trustees co-trustees of the same trust and
that each such trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such trustee; and upon the execution and delivery of such supplemental indenture, the resignation
or removal of the retiring trustee shall become effective to the extent provided therein, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the
retiring trustee with respect to the Guarantee to which the appointment of such successor trustee relates, and such retiring Trustee shall duly assign, transfer and deliver to each successor trustee all property and money held, if any, by such
retiring trustee hereunder which the appointment of such successor trustee relates. 

  

	 	(c)	Upon request of any such successor trustee, the Guarantors shall execute any and all instruments for more fully and certainly vesting in and confirming to such
successor trustee all rights, power and trusts referred to in subsection (a) or (b) of this Section, as the case may be. 

  

	 	(d)	No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified and eligible under this Article.

  

	5.12	Merger, Consolidation, Amalgamation or Succession to Business 

 Any corporation into which the Security Trustee may be merged or with which it may be consolidated or amalgamated, or any corporation resulting from any merger, consolidation or amalgamation to which the
Security Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Security Trustee, shall be the successor of the Security Trustee hereunder, provided such corporation shall be
otherwise qualified and eligible under this Article, without the execution or filing of any paper or instrument or any further act on the part of any of the parties hereto. 

  
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	5.13	Not Bound to Act 

 The
Security Trustee shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Security Trustee, in its sole judgment, determines that such act might cause it
to be in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline. Further, should the Security Trustee, in its sole judgment, determine at any time that its acting under this Guarantee has
resulted in its being in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline, then it shall have the right to resign on 10 days written notice to the Guarantors, provided that
(i) the Security Trustee’s written notice shall describe the circumstances of such non-compliance; and (ii) if such circumstances are rectified to the Security Trustee’s satisfaction, acting reasonably, within such 10 day period,
then such resignation shall not be effective. 
  

	5.14	Security Trustee’s Privacy Clause 

 The parties acknowledge that federal and/or provincial legislation that addresses the protection of individuals’ personal information (collectively, “Privacy Laws”) applies to
obligations and activities under this Guarantee. Despite any other provision of this Guarantee, no party shall take or direct any action that would contravene, or cause the other to contravene, applicable Privacy Laws. The Guarantors shall, prior to
transferring or causing to be transferred personal information to the Security Trustee, obtain and retain required consents of the relevant individuals to the collection, use and disclosure of their personal information, or shall have determined
that such consents either have previously been given upon which the parties can rely or are not required under the Privacy Laws. The Security Trustee shall use commercially reasonable efforts to ensure that its services hereunder comply with Privacy
Laws. Specifically, the Security Trustee agrees: (i) to have a designated chief privacy officer; (ii) to maintain policies and procedures to protect personal information and to receive and respond to any privacy complaint or inquiry;
(iii) to use personal information solely for the purposes of providing its services under or ancillary to this Guarantee and not to use it for any other purpose except with the consent of or direction from the Guarantors or the individual
involved; (iv) not to sell or otherwise improperly disclose personal information to any third party; and (v) to employ administrative, physical and technological safeguards to reasonably secure and protect personal information against
loss, theft, or unauthorized access, use or modification. 
  

	5.15	Compensation and Reimbursement 

 The Guarantors agree: 
  

	 	(a)	to pay to the Security Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust); and 

  

	 	(b)	 except as otherwise expressly provided herein, to reimburse the Security Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Security Trustee in accordance with any provision of this 

  
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Guarantee (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its
negligence or bad faith. 

 The Security Trustee’s remuneration, shall be payable out of any funds coming
into the possession of the Security Trustee in priority to any payment of the Series 6 Share Obligations. The said remuneration shall continue to be payable whether or not this Guarantee shall be in the course of administration by or under the
direction of a court of competent jurisdiction. Any amount due under this Section and unpaid within 30 days after demand for such payment by the Security Trustee, shall bear interest at the then current rate of interest charged by the Security
Trustee to its corporate customers. This Section 5.15 shall survive the removal or termination of the Security Trustee and the termination (including any partial termination with respect to a Guarantor) of this Guarantee. 

 

	5.16	Third Party Interests 

Each party to this Agreement (“Representing Party”) hereby represents to the Security Trustee that any account to be
opened by, or interest to be held by, Security Trustee in connection with this Agreement, for or to the credit of such Representing Party, either (i) is not intended to be used by or on behalf of any third party; or (ii) is intended to be
used by or on behalf of a third party, in which case such Representing Party hereby agrees to complete, execute and deliver forthwith to Security Trustee a declaration, in Security Trustee’s prescribed form or in such other form as may be
satisfactory to it, as to the particulars of such third party. 
 ARTICLE 6 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND GUARANTORS 

 

	6.1	List of Holders 

 The
Corporation shall furnish or cause to be furnished to the Security Trustee at such times as the Security Trustee may request in writing, within five Business Days after the receipt by the Corporation of any such request, a list, in such form as
the Security Trustee may reasonably require, of the names and addresses of the Holders as of a date not more than 15 days prior to the time such list is furnished, in each case to the extent such information is in the possession or control of
the Corporation and is not identical to a previously supplied list of Holders or has not otherwise been received by the Security Trustee in its capacity as such. The Security Trustee may destroy any list of Holders previously given to it on receipt
of a new list of Holders. 
  

	6.2	Access to list of Holders 

A Holder may, upon payment to the Security Trustee of a reasonable fee, require the Security Trustee to furnish within 10 days after
receiving the affidavit or statutory declaration referred to below, a list setting out (i) the name and address of every Holder of Series 6 Shares, (ii) the aggregate number of Series 6 Shares owned by each such Holder, and (iii) the
aggregate number of the Series 6 Shares then outstanding, each as shown on the records of the Security Trustee on the day that the affidavit or statutory declaration is delivered to the Security Trustee. The affidavit or statutory declaration, as
the case may be, shall contain (i) the name and address 

  
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of the Holder, (ii) where the applicant is a corporation, its name and address for service, (iii) a statement that the list will not be used except in connection with an effort to
influence the voting of the Holders of Series 6 Shares, or any other matter relating to the Guarantee, and (iv) such other undertaking as may be required by applicable law. Where the Holder is a corporation, the affidavit or statutory
declaration shall be made by a director or officer of the corporation. 
  

	6.3	Communications to Holders 

The rights of Holders to communicate with other Holders with respect to their rights under this Guarantee and the corresponding rights and
privileges of the Security Trustee, shall be governed by applicable law. 
 Every Holder of Series 6 Shares, by receiving and
holding the same, agrees with the Guarantors and the Security Trustee that none of the Guarantors nor the Security Trustee nor any agent of any of them shall be held accountable by reason of any disclosure of information as to the names and
addresses of Holders made pursuant to the terms hereof or applicable law. 
 ARTICLE 7 

CONVEYANCE, TRANSFER OR LEASE 
  

	7.1	Conveyance, Transfer or Lease; Only on Certain Terms 

 A Guarantor shall not convey, distribute, transfer or lease all or substantially all of its properties, securities and assets to any Person or Persons (other than to a Person that is a Guarantor
immediately prior to such conveyance, distribution, transfer or lease), unless: 
  

	 	(a)	the Person or Persons which acquire by conveyance, distribution or transfer, or which leases, all or substantially all of the properties, securities and assets of such
Guarantor shall, unless such assumption shall occur by operation of law, expressly assume, by an indenture supplemental hereto, executed and delivered to the Security Trustee, in form satisfactory to the Security Trustee, acting reasonably, such
Guarantor’s obligations hereunder for the Series 6 Share Obligations and the performance and observance of every covenant of this Guarantee on the part of such Guarantor to be performed or observed; and 

 

	 	(b)	such Guarantor or such Person shall have delivered to the Security Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such conveyance,
distribution, transfer or lease and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 

This Section shall only apply to conveyances, distributions, leases and transfers by a Guarantor as transferor or lessor. 

 

	7.2	Successor Person Substituted 

 Upon any conveyance, distribution, transfer or lease of all or substantially all of the properties, securities and assets of a Guarantor to any Person in accordance with Section 7.1,

  
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the successor Person to which such conveyance, distribution, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the applicable
Guarantor under this Guarantee with the same effect as if such successor Person had been named as such Guarantor herein, and in the event of any such conveyance, distribution or transfer, the applicable Guarantor, except in the case of a lease,
shall be discharged of all obligations and covenants under this Guarantee. 
 ARTICLE 8 

SUPPLEMENTAL INDENTURES 
  

	8.1	Supplemental Indentures Without Consent of Holders 

 Without the consent of any Holders, the Guarantors, when authorized by or pursuant to a Board Resolution, and the Security Trustee, at any time and from time to time, may enter into one or more indentures
supplemental hereto, in form satisfactory to the Security Trustee, for any of the following purposes: 
  

	 	(a)	to evidence the succession of another Person to a Guarantor and the assumption by any such successor of the covenants of the applicable Guarantor contained herein; or

  

	 	(b)	to add to the covenants of the Guarantors or to surrender any right or power herein conferred upon the Guarantors, both of which in the opinion of the Security Trustee,
relying upon an Opinion of Counsel, is for the benefit of the Holders of all of the Series 6 Shares and is not prejudicial to the rights of the Holders; or 

 

	 	(c)	to add any additional Events of Default; or 

  

	 	(d)	to secure or further secure the Series 6 Share Obligations; or 

  

	 	(e)	to evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect to this Guarantee and to add to or change any of the provisions
of this Guarantee as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 5.11; or 

 

	 	(f)	to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein, or to make any other provisions with
respect to matters or questions arising under this Guarantee, which in the opinion of the Security Trustee, relying upon an Opinion of Counsel, shall not adversely affect the interests of the Holders of Series 6 Shares in any material respect; or

  

	 	(g)	to supplement any of the provisions of this Guarantee to such extent as shall be necessary to permit or facilitate the termination (including any partial termination
with respect to a Guarantor) pursuant to Section 4.1; provided that in the opinion of the Security Trustee, relying upon an Opinion of Counsel, any such action shall not adversely affect the interests of the Holders of Series 6 Shares in any
material respect. 

  
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	8.2	Supplemental Indentures with Consent of Holders 

 With the consent of either (i) the Holders representing not less than a majority of the aggregate Liquidation Amount of all of the then outstanding Series 6 Shares, by Act of such Holders delivered
to the Guarantors and the Security Trustee, or (ii) if a meeting of the Holders is called for obtaining such consent, Holders representing not less than a majority of the aggregate Liquidation Amount of all Series 6 Shares represented at such
meeting and voting in respect of such consent, the Guarantors, when authorized by or pursuant to Board Resolutions, and the Security Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Guarantee or of modifying in any manner the rights of the Holders under this Guarantee; provided, however, that no such supplemental indenture shall, without the consent of the
Holders representing not less than
66 2/3% of the aggregate Liquidation Amount of all of the then outstanding Series 6 Shares or, if a meeting of the Holders is called for obtaining such consent, Holders representing not less than
66 2/3% of the aggregate Liquidation Amount of all Series 6 Shares represented at such meeting and voting in respect of such consent, as the case may be, 

 

	 	(a)	reduce the percentage of the aggregate Liquidation Amount of the outstanding Series 6 Shares required for any such supplemental indenture, for any waiver of compliance
with certain provisions of this Guarantee or certain defaults applicable hereunder and their consequences provided for in this Guarantee, or reduce the requirements of Section 11.4 for quorum or voting with respect to the Guarantee, or

  

	 	(b)	modify any of the provisions of this Section, except to increase any such percentage or to provide that certain other provisions of this Guarantee cannot be modified or
waived without the consent of the Holder of each outstanding Series 6 Share. 

  

	8.3	Execution of Supplemental Indentures 

 In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Guarantee, the Security Trustee
shall be entitled to receive, and shall be fully protected in acting and relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Guarantee. The Security Trustee may, but shall
not be obligated to, enter into any such supplemental indenture which affects the Security Trustee’s own rights, duties or immunities under this Guarantee or otherwise. 

 

	8.4	Effect of Supplemental Indentures 

 Upon the execution of any supplemental indenture under this Article, this Guarantee shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Guarantee for all
purposes. 

  
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	8.5	Notice of Supplemental Guarantees 

 Promptly after the execution by the Guarantors and the Security Trustee of any supplemental indenture pursuant to the provisions of Section 8.2, the Guarantors shall give notice thereof to the
Holders of each of the outstanding Series 6 Shares affected, in the manner provided for in Section 1.6, setting forth in general terms the substance of such supplemental indenture. 

ARTICLE 9 
 COVENANTS 
  

	9.1	Existence 

 Subject to
Article 7, each Guarantor will do or cause to be done all things necessary to preserve and keep in full force and effect its existence and its rights and franchises and the rights and franchises of its subsidiaries; provided, however, that a
Guarantor shall not be required to preserve any such right or franchise if the Guarantor shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Guarantor. 

 

	9.2	Security Trustee Not Required to Verify Liquidation Amount 

 The Guarantors will not require the Security Trustee to calculate or verify the Liquidation Amount. When requested by the Security Trustee, a Guarantor shall deliver to the Security Trustee an
Officer’s Certificate specifying the Liquidation Amount. 
  

	9.3	Restriction on Distributions 

 Each Guarantor hereby covenants and agrees that if and for so long as either the board of directors of the Corporation has failed to declare, or the Corporation has failed to pay, dividends on the Series
6 Shares, in each case, in accordance with the share conditions attaching thereto, then such Guarantor shall not declare, pay or make any distributions or return of capital on its equity securities. 

ARTICLE 10 
 PURCHASE OF SERIES 6 SHARES 
  

	10.1	Purchase of Series 6 Shares 

 Subject to applicable law, at any time when a Guarantor is not in default hereunder, such Guarantor may purchase Series 6 Shares at any price in the market (including purchases from or through an
investment dealer or a firm holding membership on a recognized stock exchange) or by tender available to all Holders of Series 6 Shares or by private contract, in each case in accordance with the terms of the Series 6 Shares. 

  
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 ARTICLE 11 

MEETINGS OF HOLDERS OF SERIES 6 SHARES 
  

	11.1	Purposes for Which Meetings May Be Called 

 A meeting of the Holders of the Series 6 Shares may be called at any time and from time to time pursuant to the provisions of this Article for one or more of the following purposes: 

 

	 	(a)	to give any notice to the Guarantors or to the Security Trustee, to give any directions to the Security Trustee, or to take any other action authorized to be taken by
the Holders of the Series 6 Shares pursuant to any of Sections 4.3 to 4.12; 

  

	 	(b)	to remove the Security Trustee and appoint a successor Trustee with respect to the Guarantee pursuant to the provisions of Article 5; 

 

	 	(c)	to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 8.2; or 

 

	 	(d)	to take any other action required or permitted to be taken by or on behalf of the Holders of any specified percentage of the aggregate Liquidation Amount of all of the
then outstanding Series 6 Shares under any other provision of this Guarantee or under applicable law. 

  

	11.2	Call, Notice and Place of Meetings 

  

	 	(a)	The Security Trustee may at any time request that the Corporation call, and upon receipt of such request the Corporation shall call or cause its transfer agent to call,
a meeting of Holders of Series 6 Shares for any purpose specified in Section 11.1, to be held at such time and at such place in Toronto, Ontario, or in such other place as the Security Trustee shall determine. Notice of every meeting of Holders
of Series 6 Shares, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided for in Section 1.6, not less than 21 nor more than
180 days prior to the date fixed for the meeting. In all cases, it is the Corporation who is to bear all costs associated with calling, giving notice of, and holding the meeting. 

 

	 	(b)	 In case at any time the Guarantors, pursuant to Board Resolutions, or the Holders representing at least 10% of the aggregate Liquidation Amount of all
of the then outstanding Series 6 Shares shall have requested the Security Trustee to request that the Corporation call a meeting of the Holders of Series 6 Shares for any purpose specified in Section 11.1, by written request setting forth in
reasonable detail the action proposed to be taken at the meeting, and the Security Trustee shall not have so requested or the Corporation shall not have mailed or caused to be mailed notice of such meeting within 21 days after receipt of such
request and any required indemnification or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Guarantors or the Holders of Series 6 

  
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Shares representing the aggregate Liquidation Amount in the amount above specified, as the case may be, may determine the time and the place in Toronto, Ontario, or in such other place as the
Security Trustee may approve for such meeting and may call such meeting for such purposes by giving notice thereof as provided in paragraph (a) of this Section. 

 

	11.3	Persons Entitled to Vote at Meetings 

 To be entitled to vote at any meeting of Holders of Series 6 Shares, a Person shall be (1) a Holder of one or more outstanding Series 6 Shares, or (2) a Person appointed by an instrument in
writing as proxy for a Holder or Holders of one or more outstanding Series 6 Shares by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Series 6 Shares shall be the Persons
entitled to vote at such meeting and their respective counsel, employees or any representatives of the Security Trustee and its counsel, and any representatives of the Guarantors and their counsel. 

 

	11.4	Quorum; Action 

 The
Holders representing not less than 25% of the aggregate Liquidation Amount of all of the then outstanding Series 6 Shares shall constitute a quorum for a meeting of Holders of Series 6 Shares; provided, however, that, if any action is to be taken at
such meeting with respect to a consent or waiver which this Guarantee expressly provides may be given by the Holders of not less than a specified percentage of the aggregate Liquidation Amount of all of the then outstanding Series 6 Shares, the
Persons entitled to vote such specified percentage in aggregate amount of the outstanding Series 6 Shares shall constitute a quorum. In the absence of a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if
convened at the request of Holders of Series 6 Shares, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In
the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice
of the reconvening of any adjourned meeting shall be given as provided in Section 11.2(a), except that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. 

Subject to the foregoing, at the reconvening of any meeting adjourned for lack of a quorum, the Holders of Series 6 Shares entitled to
vote at such meeting present in person or by proxy shall constitute a quorum for the taking of any action set forth in the notice of the original meeting. 
 Except as limited by the proviso to Section 8.2, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted by the affirmative
vote of the Holders representing not less than a majority of the aggregate Liquidation Amount of Series 6 Shares represented at such meeting in person or by proxy; provided, however, that, except as limited by the proviso to Section 8.2, any
resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which this Guarantee expressly provides may be made, given or taken by the Holders of a

  
 - 37 -

 
specified percentage, which is less than a majority of the aggregate Liquidation Amount of all of the then outstanding Series 6 Shares, may be adopted at a meeting or an adjourned meeting duly
reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of not less than such specified percentage of the aggregate Liquidation Amount of all of the then outstanding Series 6 Shares. 

Any resolution passed or decision taken at any meeting of Holders of Series 6 Shares duly held in accordance with this Section shall be
binding on all the Holders of Series 6 Shares, whether or not present or represented at the meeting. 
 Notwithstanding the
foregoing provisions of this Section 11.4, if any action is to be taken at a meeting of Holders of Series 6 Shares with respect to any request, demand, authorization, direction, notice, consent, waiver or other action that this Guarantee
expressly provides may be made, given or taken by the Holders of a specified percentage of the aggregate Liquidation Amount of all of the then outstanding Series 6 Shares affected thereby: 

 

	 	(i)	there shall be no minimum quorum requirement for such meeting; and 

  

	 	(ii)	the aggregate Liquidation Amount of all of the then outstanding Series 6 Shares that vote in favour of such request, demand, authorization, direction, notice, consent,
waiver or other action shall be taken into account in determining whether such request, demand, authorization, direction, notice, consent, waiver or other action has been made, given or taken under this Guarantee. 

 

	11.5	Determination of Voting Rights; Conduct and Adjournment of Meetings 

 

	 	(a)	Notwithstanding any provisions of this Guarantee, the Security Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of
Series 6 Shares in regard to proof of the holding of Series 6 Shares and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of
the right to vote, and such other matters concerning the conduct of the meeting as its shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding of Series 6 Shares shall be proved in the manner specified
in Section 1.4 and the appointment of any proxy shall be proved in the manner specified in Section 1.4. Such regulations may provide that written instruments appointing proxies may be presumed valid and genuine without the proof specified
in Section 1.4 or other proof. 

  

	 	(b)	The Security Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Guarantors or by
Holders of Series 6 Shares as provided in Section 11.2(b), in which case the Guarantors or the Holders of Series 6 Shares calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a
permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote representing a majority of the aggregate Liquidation Amount of all of the then outstanding Series 6 Shares represented and voted at the meeting.

  
 - 38 -

	 	(c)	Any meeting of Holders of Series 6 Shares duly called pursuant to Section 11.2 at which a quorum is present may be adjourned from time to time by Persons entitled
to vote representing a majority of the aggregate Liquidation Amount of all of the then outstanding Series 6 Shares represented and voted at the meeting; and the meeting may be held as so adjourned without further notice. 

 

	11.6	Counting Votes and Recording Action of Meetings 

 The vote upon any resolution submitted to any meeting of Holders of Series 6 Shares shall be by written ballot(s) on which shall be subscribed the signatures of the Holders of Series 6 Shares or of their
representatives by proxy and the number of outstanding Series 6 Shares held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any
resolution and who shall make and file with the permanent secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders of Series
6 Shares shall be prepared by the permanent secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having
knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 11.2 and, if applicable, Section 11.4. Each copy shall be signed and verified by the affidavits of the
permanent chairman and permanent secretary of the meeting and one such copy shall be delivered to the Guarantors, and another to the Security Trustee to be preserved by the Security Trustee, the latter to have attached thereto the ballots voted at
the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 
 [Remainder of
Page Intentionally Left Blank] 

  
 - 39 -

 This Guarantee may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Guarantee. 
 IN
WITNESS WHEREOF the parties hereto have duly executed and delivered this Guarantee as of the date first written above. 
  

					
	 BROOKFIELD RENEWABLE ENERGY PARTNERS L.P. by its general partner,

Brookfield Renewable Partners Limited

		
	By:	 	   /s/ Jane Sheere

		 	  Name:   Title:	 	 Jane Sheere

Secretary

  

					
	BROOKFIELD RENEWABLE ENERGY L.P. by its general partner, BREP Holding L.P. by its general partner, BRP Bermuda GP Limited
		
	By:	 	   /s/ Jane Sheere

		 	  Name:   Title:	 	 Jane Sheere

Secretary

  

					
	BROOKFIELD BRP HOLDINGS (CANADA) INC.
		
	By:	 	   /s/ Patricia Bood

		 	  Name:   Title:	 	 Patricia Bood
 Secretary,
Senior Vice President of Legal Services and General Counsel

  

					
	BRP BERMUDA HOLDINGS I LIMITED
		
	By:	 	   /s/ Jane Sheere

		 	  Name:   Title:	 	 Jane Sheere

Secretary

 [GUARANTEE INDENTURE FOR SERIES 6 SHARES] 

  
 - 40 -

 
					
	BROOKFIELD RENEWABLE POWER PREFERRED EQUITY INC.
		
	By:	 	   /s/ Patricia Bood

		 	  Name:   Title:	 	 Patricia Bood
 Secretary,
Senior Vice President of Legal Services and General Counsel

  

					
	COMPUTERSHARE TRUST COMPANY OF CANADA
		
	By:	 	   /s/ Daniel Marz

		 	  Name:   Title:	 	 Daniel Marz
 Corporate Trust
Officer

		
	By:	 	   /s/ Soheil Kafai

		 	  Name:   Title:	 	 Soheil Kafai
 Corporate
Trust Officer

 [GUARANTEE INDENTURE FOR SERIES 6 SHARES] 

  
 - 41 -EX-10.1

 Exhibit 10.1 
 2013 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT, is dated as
of May 16, 2013 (this “Agreement”), by MRC Global, Inc., a Delaware corporation (the “Company”), and Andrew R. Lane (the “Executive”) to be effective as of September 10, 2013
(the “Effective Date”). 
 WHEREAS, the Company desires to employ the Executive as Chief Executive Officer and
to utilize his management services as indicated herein, and the Executive has agreed to provide such management services to the Company; 
 WHEREAS, the Executive desires to accept the Company’s offer of employment as set forth herein to be effective on the Effective Date. 

WHEREAS, the Company and Executive entered into an employment agreement dated September 10, 2008 which by its terms expires
effective September 10, 2013; 
 WHEREAS, the Company and Executive desire to enter into a new agreement to be effective as
of the Effective Date; 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other valid
consideration, the sufficiency of which is acknowledged, the parties hereto agree as follows: 
  

	1.	Employment 

  

	 	1.1.	Term. The Company agrees to employ the Executive, and the Executive agrees to be employed by the Company, in each case, pursuant to this Agreement, for a period
commencing on the Effective Date and ending on the earlier of: 

  

	 	(i)	the third anniversary of the Effective Date and 

  

	 	(ii)	the termination of the Executive’s employment in accordance with Section 3 (the “Term”); 

provided, that on the third anniversary of the Effective Date and each subsequent anniversary of the Effective Date, the Term
shall automatically be extended for one year unless 90 days’ written notice of non-renewal is given by the Executive or the Company to the other party. 
  

	 	1.2.	Duties. During the Term, the Executive shall serve as Chief Executive Officer of the Company and in such other positions as an officer or director of the Company
or its affiliates as the Executive and the Board of Directors of the Company (the “Board”) shall mutually agree from time to time. In addition, the Executive shall serve as a member of the Board during the Term. The Executive shall
perform such duties, functions and responsibilities commensurate with the Executive’s positions as the Board reasonably directs. 

  

	 	1.3.	 Exclusivity. During the Term, the Executive shall devote his full time and attention to the business and affairs of the Company, shall
faithfully serve the Company, and shall in all material respects conform to and comply with the lawful and reasonable directions and instructions that the Board gives him, consistent with Section 1.2. During the Term, the Executive shall use
his best efforts to promote and serve the interests of the Company and shall not engage in any other business activity, whether or not the activity shall be engaged in 

	 	
for pecuniary profit, except that the Executive may sit on the boards or similar governing bodies of other companies with the consent of the Board, which shall not be unreasonably withheld.

  

	2.	Compensation  

  

	 	2.1.	Salary. As compensation for the performance of the Executive’s services under this Agreement, during the Term, the Company shall pay to the Executive a
salary at an annual rate of $850,000 payable in accordance with the Company’s standard payroll policies (the “Base Salary”). The Board (or a committee of the Board) shall review the Executive’s Base Salary annually and may
adjust the Base Salary upward (but not lower) in the discretion of the Board (or a committee of the Board), based on competitive data and the Executive’s performance. No increase in Base Salary shall limit or reduce any other right or
obligation of the Executive under this Agreement and the Base Salary shall not be reduced at any time (including after any increase). 

  

	 	2.2.	Annual Bonus. Beginning with the fiscal year that commences on January 1, 2014, for each completed fiscal year during the Term, the Executive shall be
eligible to receive additional cash incentive compensation pursuant to the annual bonus plan of the Company in effect at the time (the “Annual Bonus”). The target Annual Bonus shall be 100% of the Executive’s Base Salary as in
effect at the beginning of the fiscal year with the actual Annual Bonus to be based upon such individual or Company performance criteria established for each fiscal year by the Board in consultation with the Executive. The Board (or a committee of
the Board) shall review the Executive’s Annual Bonus target percentage annually and may adjust the Annual Bonus target percentage upward (but not lower) in the discretion of the Board (or a committee of the Board), based on competitive data and
the Executive’s performance. The Executive shall be eligible to receive an annual bonus for 2013 based upon the terms and conditions of the annual bonus program that were established previously for the 2013 calendar year.

  

	 	2.3.	Long-Term Incentive Plan Participation. Beginning with the fiscal year that commences on January 1, 2014, for each fiscal year during the Term, the
Executive shall be eligible to receive long-term incentive compensation awards pursuant to the Company’s 2011 Omnibus Incentive Plan or any replacement or successor plan (the “Long-Term Incentive Awards”) in such amounts as the
Board (or a committee of the Board) determines in its discretion on terms and conditions (including time and performance based vesting conditions) that are generally applicable to other senior executives of the Company; provided, that the mix
of types of Long-Term Incentive Awards awarded to the Executive may differ from those awarded to other senior executives to address limitations on the amount and types of awards permitted by the 2011 Omnibus Incentive Plan or any replacement or
successor plan. The Executive acknowledges that the Executive has received his Long-Term Incentive Award for the 2013 calendar year. 

  

	 	2.4.	Employee Benefits. During the Term, the Executive shall be eligible to participate in such health and other group insurance and other employee benefit plans and
programs of the Company and its U.S. affiliates as in effect from time to time on the same basis as other senior executives of the Company. 

  

	 	2.5.	Vacation. During the Term, the Executive shall be entitled to 25 days per calendar year of paid vacation. 

  
 2 

	 	2.6.	Business Expenses. The Company shall pay or reimburse the Executive for all commercially reasonable business out-of-pocket expenses that the Executive incurs
during the Term in performing his duties under this Agreement upon presentation of documentation and in accordance with the expense reimbursement policy of the Company generally applicable to all senior executives as in effect from time to time.

  

	3.	Termination of Employment 

  

	 	3.1.	Generally. The Company may terminate the Executive’s employment for any reason during the Term, and the Executive may voluntarily terminate his employment
for any reason during the Term, in each case (other than a termination by the Company for Cause (defined below)) at any time upon not less than 30 days’ notice to the other party. Upon the termination of the Executive’s employment with the
Company for any reason, the Executive shall be entitled to any Base Salary earned but unpaid through the date of termination, any earned but unpaid Annual Bonus for completed fiscal years, any unreimbursed expenses in accordance with
Section 2.5 and, to the extent not yet paid or provided, any other amounts or benefits required to be paid or provided under any plan, program, policy or practice or other contract or agreement of the Company and its affiliates through the date
of termination of employment (collectively, the “Accrued Amounts”). 

  

	 	3.2.	Certain Terminations 

  

	 	a)	Termination by the Company other than for Cause, death or Disability; Termination by the Executive for Good Reason. If the Executive’s employment is
terminated during the Term by the Company other than for Cause, death or Disability (defined below), or by the Executive for Good Reason (defined below), the Executive shall be entitled to: 

 

	 	(i)	the Accrued Amounts, 

  

	 	(ii)	a pro-rata bonus for the fiscal year of termination, based on actual performance through the end of the applicable fiscal year and the number of days that have elapsed
in the fiscal year through the date of termination (a “Pro-Rata Bonus”), 

  

	 	(iii)	payment of an amount equal to the sum of 1/12 of Base Salary and 1/12 of the target Annual Bonus each month for 24 months following termination (the “Severance
Payments”), and 

  

	 	(iv)	 continuation of medical, dental and vision benefits on the same terms as active senior executives (“Medical Continuation”) for 24
months following termination. For the period of time during which the Executive is entitled to Medical Continuation under this Section 3.2(a)(iv) (or Section 3.2(c)(iii), if applicable), the Executive shall pay the full cost of the
benefits as determined under the then-current practices of the Company on a monthly basis, provided that the Company shall reimburse the Executive the amounts paid for the coverage. The Company shall pay all reimbursements to the Executive as
required under this Section 3.2(a)(iv) on a regular, periodic basis within 30 days after the reimbursable amounts are incurred by the Executive; provided that, prior to any reimbursement, the Company must possess the applicable and
appropriate evidence of the reimbursable amount. Any reimbursements provided during one 

  
 3 

	 	
taxable year of the Executive shall not affect the expenses eligible for reimbursement in any other taxable year of the Executive (with the exception of applicable lifetime maximums applicable to
medical expenses or medical benefits described in Section 105(b) of the Internal Revenue Code of 1986, as amended (the “Code”) and the right to reimbursement under this Section 3.2(a)(iv) shall not be subject to
liquidation or exchange for another benefit or payment. Following the Medical Continuation period, Executive shall be eligible to elect COBRA payable at Executive’s expense in accordance with the Company’s standard procedures.

 If, prior to a Change in Control (defined below) or after the 24-month period following a Change of Control,
the Executive’s employment is terminated during the Term by the Company other than for Cause, death or Disability, or by the Executive for Good Reason, all outstanding options, restricted stock awards and other long-term equity awards will
continue to vest for the next 24-month period as if Executive remained an active employee. Effective as of the end of this 24-month period, any non-vested options will be immediately forfeited. 

Receipt of the Severance Payments, Medical Continuation and extended vesting period shall be conditioned on: 

 

	 	(x)	the Executive’s continued compliance with his obligations under Section 5, and 

 

	 	(y)	the Executive’s execution, delivery and non-revocation of an effective, valid and enforceable general release of claims (the “Release”) in the
form attached as Exhibit A within 30 days of the effective date of Executive’s termination. 

 If the Executive breaches any of the covenants set forth in Section 5, the Executive shall immediately return to the Company any portion of the Severance Payments that have been paid to the Executive
pursuant to this Section 3.2(a), the Medical Continuation shall immediately terminate and any options that became vested pursuant to this Section 3.2(a) shall immediately terminate. Subject to Section 3.2(d) and the provision of a
valid Release as required under this Section 3.2(a), the Company will commencing paying or providing the Severance Payments (other than the Pro-Rata Bonus) and Medical Continuation on the 30th day following the effective date of Executive’s termination of
employment. Executive shall forfeit any and all payments, benefits and extended vesting rights payable or due under this Agreement if Executive does not provide the Company with an effective Release before such 30th day. The Pro-Rata Bonus will be paid at the time the Company
ordinarily pays incentive bonuses to its executives with respect to the fiscal year in which the termination occurs. 
  

	 	b)	Termination upon Death or Disability. If the Executive’s employment is terminated due to the Executive’s death or Disability, the Executive (or the
Executive’s estate, if applicable) will receive (i) the Accrued Amounts, and (ii) a Pro-Rata Bonus. 

  

	 	c)	Termination following a Change in Control. If, during the Term and within 24 months following a Change in Control, the Executive’s employment is
terminated by the Company other than for Cause, death or Disability, or by the Executive for Good Reason the Executive shall be entitled to: 

  

	 	(i)	the Accrued Amounts, 

  
 4 

	 	(ii)	payment of an amount equal to the sum of 36 months’ of Base Salary and three times the target Annual Bonus in effect on his date of termination (the
“Change of Control Severance Payments”), and 

  

	 	(iii)	Medical Continuation for 36 months. Premiums for Medical Continuation shall be paid and reimbursed in accordance with the provisions contained in
Section 3.2(a)(iv). Following the Medical Continuation period, Executive shall be eligible to elect COBRA in accordance with the Company’s standard procedures. 

Receipt of the Change in Control Severance Payments and Medical Continuation shall be conditioned on the
Executive’s execution, delivery and non-revocation of an effective and valid Release in the form attached as Exhibit A within 30 days of Executive’s termination of employment. Subject to Section 3.2(d) and the provision of a valid
Release as required under this Section 3.2(c), the Company will pay the Change in Control Severance Payments in a single lump sum payment and commence providing Medical Continuation on the 30th day following the effective date of Executive’s termination of
employment. Executive shall forfeit any and all payments and benefits payable under this Agreement if Executive does not provide the Company with an effective Release before such 30th day. 
  

	 	d)	Section 409A Specified Employee. Notwithstanding anything to the contrary contained in this Agreement, if the Executive is a “specified employee”
for purposes of Section 409A of the Code and regulations and other interpretive guidance issued under the Code (“Section 409A”), the Company shall not commence payment of the Severance Payments to the Executive until one
day after the day which is six months after the Executive’s termination date (the “Delay Period”), with the first payment equaling the total of all payments that would have been paid during the Delay Period but for the
application of Section 409A to those payments. For purposes of this Agreement, the Executive’s employment with the Company shall be considered to have terminated when the Executive incurs a “separation from service” with the
Company within the meaning of Section 409A(a)(2)(A)(i) of the Code, and applicable administrative guidance issued under the Code. 

  

	 	e)	Exclusive Remedy. The foregoing payments upon termination of the Executive’s employment described in Section 3.2 shall constitute the exclusive
severance payments due the Executive upon a termination of his employment under this Agreement. 

  

	 	3.3.	Resignation from All Positions. Upon the termination of the Executive’s employment with the Company for any reason, the Executive shall be deemed to have
resigned, as of the date of such termination, from all positions he then holds as an officer, director, employee and member of the Board (and any committee of the Board) and the board of directors or similar governing positions (and any committees
of those bodies) of any of the Company’s affiliates. 

  

	 	3.4.	 Cooperation. Following the termination of the Executive’s employment with the Company for any reason, the Executive agrees to reasonably
cooperate with the Company upon reasonable request of the Board and to be reasonably available to the Company with respect to matters arising out of the Executive’s services to the Company and its subsidiaries and

  
 5 

	 	
affiliates. The Company shall pay the Executive a reasonable fee for any those services and promptly reimburse the Executive for expenses reasonably incurred in connection with those matters.

  

	4.	Section 280G. 

  

	 	(i)	If the aggregate of all amounts and benefits due to the Executive under this Agreement and under any other arrangement with the Company would, if received by the
Executive in full and valued under Section 280G of the Code, constitute “parachute payments” as defined in and under Section 280G of the Code (collectively, “280G Benefits”), and 

 

	 	(ii)	if such aggregate would, if reduced by all federal, state and local taxes applicable thereto, including the excise tax imposed pursuant to Section 4999 of the
Code, be less than the amount the Executive would receive, after all taxes, if the Executive received aggregate 280G Benefits equal (as valued under Section 280G of the Code) to only three times the Executive’s “base amount” as
defined in and under Section 280G of the Code, less $1.00, 

 then the 280G Benefits shall (to the extent
that the reduction of the 280G Benefits can achieve the intended result) be reduced or eliminated to the extent necessary so that the aggregate 280G Benefits received by the Executive will not constitute parachute payments. An independent auditor
(the “Auditor”) that the Company pays shall make the determinations with respect to this Section 4. The Auditor shall be the Company’s regular independent auditor unless the Executive reasonably objects to the use of that
firm, in which event the Auditor will be a nationally recognized United States public accounting firm that the parties choose. 
  

	5.	Unauthorized Disclosure; Non-Competition; Non-Solicitation; Interference with Business Relationships; Proprietary Rights 

 

	 	5.1.	 Unauthorized Disclosure. The Executive agrees and understands that in the Executive’s position with the Company, the Executive has been and
will continue to be exposed to and has and will receive information relating to the confidential affairs of the Company and its affiliates, including technical information, intellectual property, business and marketing plans, strategies, customer
information, software, other information concerning the products, promotions, development, financing, expansion plans, business policies and practices of the Company and its affiliates and other forms of information that the Company and its
affiliates consider to be confidential or in the nature of trade secrets (including, ideas, research and development, know-how, formulas, technical data, designs, drawings, specifications, customer and supplier lists, pricing and cost information
and business and marketing plans and proposals) (collectively, the “Confidential Information”). “Confidential Information” does not include any information that becomes generally available to the public other than as a
result of the Employee’s public use, disclosure, or fault. The Executive agrees that at all times during the Executive’s employment with the Company and thereafter, the Executive shall not disclose such Confidential Information, either
directly or indirectly, to any person or entity other than in connection with the Executive’s employment with the Company without the prior written consent of the Company and shall not use or attempt to use any such Confidential Information in
any manner other than in connection with his employment with the Company, unless required by law to disclose the Confidential Information, in which case 

  
 6 

	 	
the Executive shall provide the Company with written notice of the requirement as far in advance of the anticipated disclosure as possible. This confidentiality covenant has no temporal,
geographical or territorial restriction. Upon termination of the Executive’s employment with the Company, the Executive shall promptly supply to the Company all property, keys, notes, memoranda, writings, lists, files, reports, customer lists,
correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical data and any other tangible product or document that has been produced by, received by or otherwise submitted to the Executive during the Executive’s employment with
the Company, and any copies thereof in his (or capable of being reduced to his) possession; provided, that the Executive may retain his full rolodex or similar address and telephone directories. 

 

	 	5.2.	Non-Competition. By and in consideration of the Company entering into this Agreement and the payments made and the benefits that this Agreement provides, and in
further consideration of the Executive’s exposure to the Confidential Information of the Company and its affiliates, the Executive agrees that the Executive shall not, during the Executive’s employment with the Company and for 24 months
thereafter (or 36 months thereafter if Executive is entitled to receive the benefits of Section 3.2(c)) (in the applicable case, the “Restriction Period”), directly or indirectly, own, manage, operate, join, control, be
employed by, or participate in the ownership, management, operation or control of, or be connected in any manner with, including, without limitation, holding any position as a stockholder, director, officer, consultant, independent contractor,
employee, partner, or investor in, any Restricted Enterprise (defined below); provided, that in no event shall ownership of one percent or less of the outstanding securities of any class of any issuer whose securities are registered under the
Securities Exchange Act of 1934, as amended, standing alone, be prohibited by this Section 5.2, so long as the Executive does not have, or exercise, any rights to manage or operate the business of the issuer other than rights as an equity or
stock holder of the issuer. “Restricted Enterprise” means any person or entity that is actively engaged in any geographic area in any business which is either: 

 

	 	(i)	in competition with the business of the Company or any of its subsidiaries or affiliates or 

 

	 	(ii)	proposed to be conducted by the Company or any of its subsidiaries or affiliates in their respective business plans as in effect at that time. 

During the Restriction Period, upon request of the Company, the Executive shall notify the Company of the Executive’s then-current
employment status. 
  

	 	5.3.	Non-Solicitation of Employees. During the Restriction Period, the Executive shall not directly or indirectly contact, induce or solicit (or assist any person or
entity to contact, induce or solicit) for employment any person who is, or within 12 months prior to the date of the solicitation was, an employee of the Company or any of its subsidiaries or affiliates. 

 

	 	5.4.	Interference with Business Relationships. During the Restriction Period (other than in connection with carrying out his responsibilities for the Company and its
affiliates), the Executive shall not directly or indirectly contact, induce or solicit (or assist any person or entity to contact, induce or solicit) any customer or client of the Company or its subsidiaries or affiliates to terminate its
relationship or otherwise cease doing business in whole or in part with the Company or its subsidiaries or affiliates, or directly or indirectly interfere with (or assist any person or entity to interfere with) any material relationship between the
Company or its subsidiaries or affiliates and any of its or their customers or clients so as to cause harm to the Company or its affiliates. 

  
 7 

	 	5.5.	Extension of Restriction Period. The Restriction Period shall be tolled for any period during which the Executive is in breach of any of Sections 5.2, 5.3 or
5.4. 

  

	 	5.6.	Proprietary Rights. The Executive shall disclose promptly to the Company any and all inventions, discoveries, and improvements (whether or not patentable or
registrable under copyright or similar statutes), and all patentable or copyrightable works, initiated, conceived, discovered, reduced to practice, or made by him, either alone or in conjunction with others, during the Executive’s employment
with the Company and related to the business or activities of the Company and its affiliates (the “Developments”). Except to the extent any rights in any Developments constitute a work made for hire under the U.S. Copyright Act, 17
U.S.C. § 101, et seq., that are owned ab initio by the Company or its applicable affiliate, the Executive assigns all of his right, title and interest in all Developments (including all intellectual property rights therein)
to the Company or its nominee without further compensation, including all rights or benefits therefor, including without limitation the right to sue and recover for past and future infringement. The Executive acknowledges that any rights in any
Developments constituting a work made for hire under the U.S. Copyright Act, 17 U.S.C. § 101, et seq., are owned upon creation by the Company or its applicable affiliate as the Executive’s employer. Whenever requested to do so by
the Company, the Executive shall execute any and all applications, assignments or other instruments which the Company shall deem necessary to apply for and obtain trademarks, patents or copyrights of the United States or any foreign country or
otherwise protect the interests of the Company and its affiliates therein. These obligations shall continue beyond the end of the Executive’s employment with the Company with respect to inventions, discoveries, improvements or copyrightable
works initiated, conceived or made by the Executive while employed by the Company, and shall be binding upon the Executive’s employers, assigns, executors, administrators and other legal representatives. In connection with his execution of this
Agreement, the Executive has informed the Company in writing of any interest in any inventions or intellectual property rights that he holds as of the date hereof as set forth on Exhibit B (the “Existing Inventions”).
Notwithstanding anything to the contrary in this Agreement, the Developments shall not include any Existing Inventions. If the Company is unable for any reason, after reasonable effort, to obtain the Executive’s signature on any document needed
in connection with the actions described in this Section 5.6, the Executive hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as the Executive’s agent and attorney-in-fact to act for and on
the Executive’s behalf to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of this Section 5.6 with the same legal force and effect as if executed by the Executive.

  

	 	5.7.	 Remedies. The Executive agrees that any breach of the terms of this Section 5 would result in irreparable injury and damage to the Company
for which the Company would have no adequate remedy at law. The Executive, therefore, also agrees that in the event of a breach of this Section 5 or any threat of such a breach, the Company shall be entitled to an immediate injunction and
restraining order to prevent the breach, threatened breach or continued breach by the Executive or any and all persons acting for or with the Executive, without having to prove damages, in addition to any other remedies to which the Company may be
entitled at law or in equity, in each case, without the necessity of posting a bond or other security with the applicable court or body. The terms of this Section 5.8 shall not prevent the Company

  
 8 

	 	
from pursuing any other available remedies for any breach or threatened breach of this Agreement, including, the recovery of damages from the Executive. The Executive and the Company further
agree that the provisions of the covenants contained in this Section 5 are reasonable and necessary to protect the businesses of the Company and its affiliates because of the Executive’s access to Confidential Information and his material
participation in the operation of such businesses. 

  

	6.	Representation. The Executive and the Company each represents and warrants that: 

 

	 	a)	he or it is not subject to any contract, arrangement, policy or understanding, or to any statute, governmental rule or regulation, that in any way limits his or its
ability to enter into and fully perform his or its obligations under this Agreement, and 

  

	 	b)	he or it is not otherwise unable to enter into and fully perform his or its obligations under this Agreement. 

 

	7.	Non-Disparagement. From and after the Effective Date and following termination of the Executive’s employment with the Company, the Executive agrees not to
make any statement (other than statements made in connection with carrying out his responsibilities for the Company and its subsidiaries and affiliates) that is intended to become public, or that should reasonably be expected to become public, and
that criticizes, ridicules, disparages or is otherwise derogatory of the Company or any of its subsidiaries, affiliates, employees, officers, directors or stockholders. The Company and its affiliates shall cause their officers and directors not to
make any such statement regarding the Executive. 

  

	8.	Withholding. The Company may withhold from any amounts payable under this Agreement such United States federal, state local or foreign taxes as shall be required
to be withheld pursuant to any applicable law or regulation. The Executive shall be solely responsible for the payment of all taxes relating to the payment or provision of any amounts or benefits under this Agreement. 

 

	9.	Definitions. For purposes of this Agreement, the following capitalized terms shall have the following meanings: 

 

	 	9.1.	“Cause” means the Executive’s: 

  

	 	a)	continuing failure, for more than ten days after the Company’s written notice to the Executive of the failure, to perform such duties as the Company reasonably
requests, 

  

	 	b)	failure to observe material policies generally applicable to officers or employees of the Company unless the failure is capable of being cured and is cured within ten
days of the Executive receiving written notice of the failure, 

  

	 	c)	failure to cooperate with any internal investigation of the Company or any of its affiliates; 

 

	 	d)	commission of any act of fraud, theft or financial dishonesty with respect to the Company or any of its affiliates or indictment or conviction of any felony; or

  
 9 

	 	e)	material violation of the provisions of this Agreement unless the violation is capable of being cured and is cured within ten days of the Executive receiving written
notice of the violation. 

  

	 	9.2.	“Change in Control” means: 

  

	 	a)	An acquisition (other than directly from the Company) of any voting securities of the Company (the “Voting Securities”) by any
“Person” (for purposes of this Section 9.2, as the term “person” is used for purposes of Section 13(d) or 14(d) of the Exchange Act), immediately after which such Person has “Beneficial
Ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than fifty percent of: 

  

	 	(i)	the then-outstanding shares of common stock, par value $.01 per share, of the Company and any other securities into which those shares are changed or for which those
shares are exchanged (“Shares”) or 

  

	 	(ii)	the combined voting power of the Company’s then-outstanding Voting Securities; 

provided, that in determining whether a Change in Control has occurred pursuant to this Section 9.2(a), the acquisition of
Shares or Voting Securities in a Non-Control Acquisition (defined below) shall not constitute a Change in Control. A “Non-Control Acquisition” means an acquisition by: 

 

	 	(i)	an employee benefit plan (or a trust forming a part thereof) maintained by: 

 

	 	(A)	the Company or 

  

	 	(B)	any corporation or other Person the majority of the voting power, voting equity securities or equity interest of which is owned, directly or indirectly, by the Company

 (for purposes of this definition, a “Related Entity”), 

 

	 	(ii)	the Company or any Related Entity, or 

  

	 	(iii)	any Person in connection with a Non-Control Transaction (defined below); or 

 

	 	b)	The consummation of: 

  

	 	(i)	A merger, consolidation or reorganization (x) with or into the Company or (y) in which securities of the Company are issued (a “Merger”),
unless the Merger is a “Non-Control Transaction.” 

 A “Non-Control Transaction”
means a Merger in which: 
  

	 	(A)	the shareholders of the Company immediately before the Merger own directly or indirectly immediately following the Merger at least a majority of the combined voting
power of the outstanding voting securities of: 

  

	 	(I)	the corporation resulting from the Merger (the “Surviving Corporation”), if there is no Person that Beneficially Owns, directly or indirectly, 50% or
more of the combined voting power of the then-outstanding voting securities of the Surviving Corporation (a “Parent Corporation”), or 

  
 10 

	 	(II)	if there is one or more than one Parent Corporation, the ultimate Parent Corporation; 

 

	 	(B)	the individuals who were members of the Board immediately prior to the execution of the agreement providing for the Merger constitute at least a majority of the members
of the board of directors of: 

  

	 	(I)	the Surviving Corporation, if there is no Parent Corporation, or 

  

	 	(II)	if there is one or more than one Parent Corporation, the ultimate Parent Corporation; and 

 

	 	(C)	no Person other than: 

  

	 	(I)	the Company or another corporation that is a party to the agreement of Merger, 

 

	 	(II)	any Related Entity, 

  

	 	(III)	any employee benefit plan (or any trust forming a part thereof) that, immediately prior to the Merger, was maintained by the Company or any Related Entity, or

  

	 	(IV)	any Person who, immediately prior to the Merger had Beneficial Ownership of 50% or more of the then outstanding Shares or Voting Securities, 

has Beneficial Ownership, directly or indirectly, of 50% or more of the combined voting power of the outstanding voting securities or
common stock of: 
  

	 	(x)	the Surviving Corporation, if there is no Parent Corporation, or 

  

	 	(y)	if there is one or more than one Parent Corporation, the ultimate Parent Corporation. 

 

	 	c)	A complete liquidation or dissolution of the Company; or 

  

	 	d)	The sale or other disposition of all or substantially all of the assets of the Company and its subsidiaries taken as a whole to any Person (other than (x) a transfer to
a Related Entity or (y) the distribution to the Company’s shareholders of the stock of a Related Entity or any other assets). 

  
 11 

 Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely
because any Person (the “Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the then outstanding Shares or Voting Securities as a result of the acquisition of Shares or Voting Securities by the
Company which, by reducing the number of Shares or Voting Securities then outstanding, increases the proportional number of shares Beneficially Owned by the Subject Persons; provided that if a Change in Control would occur (but for the
operation of this sentence) as a result of the acquisition of Shares or Voting Securities by the Company and, after such share acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional Shares or Voting Securities
and such Beneficial Ownership increases the percentage of the then outstanding Shares or Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur. 

 

	 	9.3.	“Disability” means the Executive is entitled to receive long-term disability benefits under the long-term disability plan of the Company or its
affiliates in which Executive participates, or, if there is no such plan, the Executive’s inability, due to physical or mental ill health, to perform the essential functions of the Executive’s job, with or without a reasonable
accommodation, for 180 days during any 365 day period irrespective of whether such days are consecutive. 

  

	 	9.4.	Good Reason” means 

  

	 	a)	a material and adverse change in the Executive’s duties or responsibilities; provided that a separation of the role of Chairman of the Board from
Executive’s duties or responsibilities shall not be a material and adverse change; 

  

	 	c)	a reduction in the Executive’s Base Salary or target Annual Bonus percentage; or 

 

	 	d)	breach by the Company of any material provision of this Agreement; 

 provided, that the Executive must give notice of termination for Good Reason within 60 days of the occurrence of the first event giving rise to Good Reason. 

 

	10.	Miscellaneous. 

  

	 	10.1.	Indemnification. The Company shall indemnify the Executive to the fullest extent provided under the Company’s By-Laws. The Company shall also maintain
director and officer liability insurance in such amounts and subject to such limitations as the Board shall, in good faith, deem appropriate for coverage of directors and officers of the Company. 

 

	 	10.2.	Amendments and Waivers. This Agreement and any of the provisions of this Agreement may be amended, waived (either generally or in a particular instance and
either retroactively or prospectively), modified or supplemented, in whole or in part, only by written agreement signed by the parties; provided, that, the observance of any provision of this Agreement may be waived in writing by the party
that will lose the benefit of such provision as a result of such waiver. The waiver by any party of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of the breach or as a waiver of any
other or subsequent breach, except as otherwise explicitly provided for in the waiver. Except as otherwise expressly provided in this Agreement, no failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy
hereunder, or otherwise available in respect thereof at law or in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by the party preclude any other or further exercise thereof or the
exercise of any other right, power or remedy. 

  
 12 

	 	10.3.	Assignment; No Third-Party Beneficiaries. This Agreement, and the Executive’s rights and obligations hereunder, may not be assigned by the Executive, and
any purported assignment by the Executive in violation of this Agreement shall be null and void. Nothing in this Agreement shall confer upon any person not a party to this Agreement, or the legal representatives of the person, any rights or remedies
of any nature or kind whatsoever under or by reason of this Agreement. 

  

	 	10.4.	Notices. Unless otherwise provided in this Agreement, all notices, requests, demands, claims and other communications provided for under the terms of this
Agreement shall be in writing. Any notice, request, demand, claim or other communication under this Agreement shall be sent by 

  

	 	a)	personal delivery (including receipted courier service) or overnight delivery service, 

 

	 	b)	registered or certified mail, return receipt requested, postage prepaid and addressed to the intended recipient as set forth below or 

 

	 	c)	e-mail delivery, with confirmation of receipt, to the Company’s General Counsel: 

 

			
	If to the Company:	  	MRC Global, Inc.
		  	909 Fannin Street Suite 3100
		  	Houston, TX 77010
		
		  	Attention: General Counsel
		  	e-mail: [    ]
		
	If to the Executive:	  	Andrew R. Lane, at his principal office at the Company (e-mail: [    ] (during the Term), and at all times to his principal residence as reflected in the records
of the Company.

 All such notices, requests, consents and other communications shall be deemed to have been given when
received. Either party may change its facsimile number or its address to which notices, requests, demands, claims and other communications under are this Agreement to be delivered by giving the other parties notice in the manner then set forth.

  

	 	10.5.	Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights and obligations of the parties shall be governed by, the laws of
the State of Texas, without giving effect to the conflicts of law principles thereof. 

  

	 	10.6.	 Severability. Whenever possible, each provision or portion of any provision of this Agreement, including those contained in Section 5 will
be interpreted in such manner as to be effective and valid under applicable law but the invalidity or unenforceability of any provision or portion of any provision of this Agreement in any jurisdiction shall not affect the validity or enforceability
of the remainder of this Agreement in that jurisdiction or the validity or enforceability of this Agreement, including that provision or portion of any provision, in any other jurisdiction. In addition, should a court or arbitrator determine that
any provision or portion of any provision of this Agreement, including those contained in 

  
 13 

	 	
Section 5, is not reasonable or valid, either in period of time, geographical area, or otherwise, the parties hereto agree that such provision should be interpreted and enforced to the
maximum extent which such court or arbitrator deems reasonable or valid. 

  

	 	10.7.	Entire Agreement. From and after the Effective Date this Agreement shall constitute the entire agreement between the parties hereto, and supersede all prior
representations, agreements and understandings (including any prior course of dealings), both written and oral, between the parties hereto with respect to the subject matter hereof. 

 

	 	10.8.	Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts shall together
constitute one and the same instrument. This Agreement may be delivered through the means of e-mail delivery of a portable document format (.pdf) file of the signed Agreement. 

 

	 	10.9.	Binding Effect. This Agreement shall inure to the benefit of and be binding on, the successors of each of the parties, including, without limitation, the
Executive’s heirs and the personal representatives of the Executive’s estate and any successor to all or substantially all of the business and/or assets of the Company. 

 

	 	10.10.	General Interpretive Principles. The name assigned this Agreement and headings of the sections, paragraphs, subparagraphs, clauses and subclauses of this
Agreement are for convenience of reference only and shall not in any way affect the meaning or interpretation of any of the provisions hereof. Words of inclusion shall not be construed as terms of limitation herein, so that references to
“include,” “includes” and “including” shall not be limiting and shall be regarded as references to non-exclusive and non-characterizing illustrations. In this Agreement, references to a “party” mean either of
the Company or the Executive and to the “parties” mean both of them; references to a “person” mean any individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including
a government or political subdivision or an agency or instrumentality thereof; references to “Sections” mean the sections and subsections of this Agreement; references to “Exhibits” mean the exhibits to this Agreement; references
to the singular include the plural and vice versa, in each case, unless the context expressly requires the contrary. 

  

	 	10.11.	Mitigation. Notwithstanding any other provision of this Agreement, 

  

	 	a)	the Executive will have no obligation to mitigate damages for any breach or termination of this Agreement by the Company, whether by seeking employment or otherwise and

  

	 	b)	the amount of any payment or benefit due the Executive after the date of such breach or termination will not be reduced or offset by any payment or benefit that the
Executive may receive from any other source. 

  

	 	10.12.	Section 409A Compliance. This Agreement is intended to comply with Section 409A (to the extent applicable) and, to the extent it would not adversely
impact the Company, the Company agrees to interpret, apply and administer this Agreement in the least restrictive manner necessary to comply with such requirements and without resulting in any diminution in the value of payments or benefits to the
Executive. 

  
 14 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

			
	MRC GLOBAL, INC.
		
	By:	 	 /s/ Rhys Best

		 	Rhys Best
		 	 Chairman, Compensation Committee of the Board of Directors of MRC Global Inc.

	
	EXECUTIVE
	
	 /s/ Andrew R. Lane

	Andrew R. Lane

  
 15 

 Exhibit A 

Release 
  

	1.	In consideration of the payments and benefits to be made under the Employment Agreement, effective dated as of September 10, 2013 (the “Employment
Agreement”), to which Andrew R. Lane (the “Executive”) and MRC Global, Inc. (the “Company”) (each of the Executive and the Company, a “Party” and collectively, the
“Parties”) are parties, the sufficiency of which the Executive acknowledges, the Executive, with the intention of binding himself and his heirs, executors, administrators and assigns, does hereby release, remise, acquit and forever
discharge the Company and each of its subsidiaries and affiliates (the “Company Affiliated Group”), their present and former officers, directors, executives, shareholders, agents, attorneys, employees and employee benefit plans (and
the fiduciaries thereof), and the successors, predecessors and assigns of each of the foregoing (collectively, the “Company Released Parties”), of and from any and all claims, actions, causes of action, complaints, charges, demands,
rights, damages, debts, sums of money, accounts, financial obligations, suits, expenses, attorneys’ fees and liabilities of whatever kind or nature in law, equity or otherwise, whether accrued, absolute, contingent, unliquidated or otherwise
and whether now known or unknown, suspected or unsuspected, which the Executive, individually or as a member of a class, now has, owns or holds, or has at any time heretofore had, owned or held, arising on or prior to the date hereof, against any
Company Released Party that arises out of or relates to, the Employment Agreement, the Executive’s employment with the Company or any of its subsidiaries and affiliates, or any termination of such employment, including claims

  

	 	(i)	for severance or vacation benefits, unpaid wages, salary or incentive payments, 

 

	 	(ii)	for breach of contract, wrongful discharge, impairment of economic opportunity, defamation, intentional infliction of emotional harm or other tort,

  

	 	(iii)	for any violation of applicable state and local labor and employment laws (including, without limitation, all laws concerning unlawful and unfair labor and employment
practices) and 

  

	 	(iv)	for employment discrimination under any applicable federal, state or local statute, provision, order or regulation, and including, without limitation, any claim under
Title VII of the Civil Rights Act of 1964 (“Title VII”), the Civil Rights Act of 1988, the Fair Labor Standards Act, the Americans with Disabilities Act (“ADA”), the Employee Retirement Income Security Act of
1974, as amended (“ERISA”), the Age Discrimination in Employment Act (“ADEA”), and any similar or analogous state statute, excepting only: 

 

	 	1.1.	rights of the Executive arising under, or preserved by, this Release or Section 3 of the Employment Agreement; 

 

	 	1.2.	the right of the Executive to receive COBRA continuation coverage in accordance with applicable law; 

	 	1.3.	claims for benefits under any health, disability, retirement, life insurance or other similar employee benefit plan (within the meaning of Section 3(3) of ERISA)
of the Company Affiliated Group; and 

  

	 	1.4.	rights to indemnification the Executive has or may have under the by-laws or certificate of incorporation of any member of the Company Affiliated Group or as an insured
under any director’s and officer’s liability insurance policy or other insurance policy of the Company and its subsidiaries that benefits the Executive now or previously in force. 

 

	2.	The Employee acknowledges and agrees that the release of claims set forth in this Release is not to be construed in any way as an admission of any liability whatsoever
by any Company Released Party, any such liability being expressly denied. 

  

	3.	The release of claims set forth in this Release applies to any relief no matter how called, including, without limitation, wages, back pay, front pay, compensatory
damages, liquidated damages, punitive damages, damages for pain or suffering, costs, and attorneys’ fees and expenses. 

  

	4.	The Executive specifically acknowledges that his acceptance of the terms of the release of claims set forth in this Release is, among other things, a specific waiver of
his rights, claims and causes of action under Title VII, ADEA, ADA and any state or local law or regulation in respect of discrimination of any kind; provided, that nothing in this Release shall be deemed, nor does anything contained herein
purport, to be a waiver of any right or claim or cause of action which by law the Executive is not permitted to waive. 

  

	5.	As to rights, claims and causes of action arising under the ADEA, the Executive acknowledges that he has been given but not utilized a period of 21 days to consider
whether to execute this Release. If the Executive accepts the terms hereof and executes this Release, he may thereafter, for a period of seven days following (and not including) the date of execution, revoke this Release as it relates to the release
of claims arising under the ADEA. If no such revocation occurs, this Release shall become irrevocable in its entirety, and binding and enforceable against the Executive, on the day next following the day on which the foregoing seven-day period has
elapsed. If such a revocation occurs, the Executive shall irrevocably forfeit any right to payment of the Severance Payments (as defined in the Employment Agreement), but the remainder of the Employment Agreement shall continue in full force.

  

	6.	Other than as to rights, claims and causes of action arising under the ADEA, the release of claims set forth in this Release shall be immediately effective upon
execution by the Executive. 

  

	7.	The Executive acknowledges and agrees that he has not, with respect to any transaction or state of facts existing prior to the date hereof, filed any complaints,
charges or lawsuits against any Company Released Party with any governmental agency, court or tribunal. 

  

	8.	The Executive acknowledges that he has been advised to seek, and has had the opportunity to seek, the advice and assistance of an attorney with regard to the release of
claims set forth in this Release, and has been given a sufficient period within which to consider the release of claims set forth in this Release. 

  
 2 

	9.	The Executive acknowledges that the release of claims set forth in this Release relates only to claims which exist as of the date of this Release.

  

	10.	The Executive acknowledges that the Severance Payments he is receiving in connection with the release of claims set forth in this Release and his obligations under this
Release are in addition to anything of value to which the Executive is entitled from the Company and any of its affiliates. 

  

	11.	Each provision of this Release is severable from this Release, and if one or more provisions hereof are declared invalid, the remaining provisions shall nevertheless
remain in full force and effect. If any provision of this Release is so broad, in scope, or duration or otherwise, as to be unenforceable, such provision shall be interpreted to be only so broad as is enforceable. 

 

	12.	This Release constitutes the complete agreement of the Parties in respect of the subject matter hereof and shall supersede all prior agreements between the Parties in
respect of the subject matter hereof except to the extent set forth in this Release. 

  

	13.	The failure to enforce at any time any of the provisions of this Release or to require at any time performance by another party of any of the provisions hereof shall in
no way be construed to be a waiver of such provisions or to affect the validity of this Release, or any part hereof, or the right of any party thereafter to enforce each and every such provision in accordance with the terms of this Release.

  

	14.	This Release may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same
instrument. Signatures delivered by facsimile shall be deemed effective for all purposes. 

  

	15.	This Release shall be binding upon any and all successors and assigns of the Executive and the Company. 

 

	16.	Except for issues or matters as to which federal law is applicable, this Release shall be governed by and construed and enforced in accordance with the laws of the
State of Texas without giving effect to the conflicts of law principles thereof. 

 [Signature page follows]

  
 3 

 IN WITNESS WHEREOF, this Release has been signed by or on behalf of each of the Parties, all as of
                    . 
  

			
	MRC GLOBAL, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	EXECUTIVE
	
	  

	Andrew R. Lane

  
 4 

 Exhibit B 

Existing Inventions 
 [None.]

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