Document:

Separation Agreement

 Exhibit 10.1 
 July 8, 2011 
 Delivered Via email 

Personal and Confidential 
 To:     Jeffrey A. Koch 
 Re:     Separation Agreement and
Release 
 Dear Jeff: 
 As we have
discussed, your employment with MakeMusic, Inc. (“MakeMusic”) ended effective at the close of business, June 13, 2011 as a result of the appointment of the CEO. The purpose of this Separation Agreement and Release letter
(“Agreement”) is to set forth the specific separation pay and benefits that MakeMusic has agreed to provide to you, provided you agree to the terms and conditions of this Agreement. 
 By your signature below, you agree to the following terms and conditions: 
 1.
End of Employment. 
 a. Your employment with MakeMusic ended effective at the close of business on June 13, 2011.

 b. Upon your receipt of your final paycheck which includes payment for services through June 13, 2011, you will have
received all wages owed to you by virtue of your employment with MakeMusic or separation thereof. 
 c. Upon your receipt of
payment from MakeMusic in the amount of $7,559.88, less applicable deductions and withholding, which represents payment for 68.62 hours of accrued but unused Paid Time Off (PTO) at your regular rate, you will have received all PTO benefits owed to
you by virtue of your employment with MakeMusic or separation thereof. 
 d. The COBRA period for continuation of your insurance
coverage under MakeMusic’s group plans will begin on July 1, 2011. Information regarding your right to elect COBRA coverage will be sent to you via separate letter. 
 e. Except as specifically modified within this Agreement, your rights with regard to your stock options and restricted stock awards with MakeMusic are governed by your separate equity award agreements
with MakeMusic. 
 f. You will continue to serve on MakeMusic’s Board of Directors until MakeMusic’s 2011 Annual
Meeting of Shareholders, and you have been nominated to serve for another one-year term upon election by MakeMusic’s shareholders at the 2011 Annual Meeting. As consideration for your continued service as a director during the 2011 fiscal year,
you will be entitled to pro-rated cash and equity compensation pursuant to MakeMusic’s current Board Compensation Plan, consisting of $20,000 cash, payable quarterly, and a four-year non-qualified option to purchase 3,000 shares of MakeMusic
common stock at an exercise price of $5.00 per share, which will become exercisable as to 500 shares at the end of each month from July 31, 2011 through December 31, 2011. Your director compensation for future fiscal years, if any, will be
determined in accordance with the then-applicable Board Compensation Plan. 

 You are not eligible for any other payments or benefits by virtue of your employment with MakeMusic or
separation thereof except for those expressly described in this Agreement or otherwise provided by the terms of any benefit plan. You will not receive the payments described in Section 2 if you (i) do not sign and return this Agreement by
the due date indicated, (ii) rescind this Agreement after signing it, or (iii) violate any of the terms and conditions set forth in this Agreement. 
 2. Separation Pay and Benefits. Specifically in consideration of your signing this Agreement and subject to the limitations, obligations, and other provisions contained in this Agreement, MakeMusic
agrees as follows: 
 a. To pay you separation pay in the gross amount of Ninety Three Thousand Eight Hundred Sixty Four and
98/100 Dollars ($93,864.98) (representing pay from June 14, 2011 through November 9, 2011 at your ending base salary), less applicable deductions and withholding. Such separation pay will be paid to you in substantially equal installments
on MakeMusic’s normal payroll schedule beginning on the first regularly scheduled payday following expiration of the rescission periods noted below; 
 b. To pay you the pro-rated value of any incentive cash compensation earned by you in fiscal year 2011. MakeMusic will calculate such fiscal year 2011 bonus in accordance with the terms of the applicable
Executive Incentive Compensation Plan and pro-rate to your June 13, 2011 separation date. Your 2011 cash bonus, if earned, will be paid to you on or before March 15, 2012; 

c. To issue to you the pro-rated portion of the earned restricted stock award for fiscal year 2011. MakeMusic will calculate such earned
restricted stock award in accordance with the terms of the applicable Executive Incentive Compensation Plan and pro-rate to your June 13, 2011 separation date. Your 2011 restricted stock award, if earned, will be issued to you on or before
March 15, 2012 and will not be subject to risks of forfeiture; 
 d. The portion of your previously-issued restricted stock
award under the 2010 bonus plan that would otherwise be subject to risk of forfeiture as of the date hereof (714 shares) is to be released from restriction as soon as reasonably practicable following the acceptance date of this
Agreement. 
 The shares issued pursuant to the restricted stock awards referenced in Sections 2(c) and 2(d) of this Agreement shall be released
into your Wells Fargo account as unrestricted shares of MakeMusic common stock. 
 3. Your Release of Claims. Specifically
in consideration of the separation pay and benefits described in Section 2, to which you would not otherwise be entitled, by signing this Agreement you, for yourself and anyone who has or obtains legal rights or claims through you, agree to the
following: 
 a. You hereby do release, agree not to sue, and forever discharge MakeMusic (as defined below) of and from any and
all manner of claims, demands, actions, causes of action, administrative claims, liability, damages, claims for punitive or liquidated damages, claims for attorney’s fees, costs and disbursements, individual or class action claims, or demands
of any kind whatsoever, you have or might have against them or any of them, whether known or unknown, in law or equity, contract or tort, arising out of or in connection with your employment with MakeMusic, or the termination of that employment, or
otherwise, and however originating or existing, from the beginning of time through the date of your signing this Agreement. 

 b. This release includes, without limiting the generality of the foregoing, any claims you
may have for wages, bonuses, commissions, penalties, deferred compensation, vacation pay, separation benefits, defamation, invasion of privacy, negligence, emotional distress, breach of contract, estoppel, improper discharge (based on contract,
common law, or statute, including any federal, state or local statute or ordinance prohibiting discrimination or retaliation in employment), violation of the United States Constitution, the Minnesota Constitution, the Age Discrimination in
Employment Act, 29 U.S.C. § 621 et seq., the Minnesota Human Rights Act, Minn. Stat. § 363A.01 et seq., Title VII of the Civil Rights Act, 42 U.S.C. § 2000e et seq., the Americans with
Disabilities Act, 42 U.S.C. § 12101 et seq., the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et seq., the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq., the
National Labor Relations Act, 29 U.S.C. § 151 et seq., the Worker Adjustment and Retraining Notification Act, 29 U.S.C. § 2101 et seq., the Sarbanes-Oxley Act, 15 U.S.C. § 7201 et seq.,
the Fair Labor Standards Act, any claim arising under Minn. Stat. Chapters 177 and 181, Minn. Stat. § 176.82, and any claim for retaliation, harassment or discrimination based on sex, race, color, creed, religion, age, national origin, marital
status, sexual orientation, disability, status with regard to public assistance, veteran or military status, genetic information, or any other protected class under federal, state or local law. You hereby waive any and all relief not provided for in
this Agreement. You understand and agree that, by signing this Agreement, you waive and release any past, present, or future claim to employment with MakeMusic. 
 c. If you file, or have filed on your behalf, a charge, complaint, or action, you agree that the payments and benefits described above in Section 2 is in complete satisfaction of any and all claims
in connection with such charge, complaint, or action and you waive, and agree not to take, any award of money or other damages from such charge, complaint, or action. 
 d. You are not, by signing this Agreement, releasing or waiving (1) any vested interest you may have in any 401(k) or profit sharing plan by virtue of your employment with MakeMusic, (2) any
rights or claims that may arise after the Agreement is signed, (3) the post-employment payments and benefits specifically promised to you under Section 2 of this Agreement, (4) the right to institute legal action for the purpose of
enforcing the provisions of this Agreement, (5) any rights you have under workers compensation laws, (6) any rights you have under state unemployment compensation benefits laws, (7) the right to file a charge of discrimination with a
governmental agency such as the Equal Employment Opportunity Commission, although, as noted above, you agree that you will not be able to recover any award of money or damages if you file such a charge or have a charge filed on your behalf,
(8) the right to testify, assist, or participate in an investigation, hearing, or proceeding conducted by the EEOC, (9) any rights you have under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), (10) any
existing rights pertaining to stock options and restricted stock awards, or (11) the right to coverage and indemnification under MakeMusic’s directors’ and officers’ insurance coverage as set forth in MakeMusic’s D&O
insurance policy. 
 e. MakeMusic, as used in this Section 3, shall mean MakeMusic, Inc. and its parent, subsidiaries,
divisions, affiliated entities, insurers, if any, and its and their present and former officers, directors, shareholders, trustees, employees, agents, attorneys, representatives and consultants, and the successors and assigns of each, whether in
their individual or official capacities, and the current and former trustees or administrators of any pension or other benefit plan applicable to the employees or former employees of MakeMusic, in their official and individual capacities.

 4. Notice of Right to Consult Attorney and Twenty-One (21) Calendar Day
Consideration Period. By signing this Agreement, you acknowledge and agree that MakeMusic has informed you by this Agreement that (1) you have the right to consult with an attorney of your choice prior to signing this Agreement, and
(2) you are entitled to twenty-one (21) calendar days from your receipt of this Agreement on June 21, 2011 to consider whether the terms are acceptable to you. You have the right, if you choose, to sign this Agreement prior to the
expiration of the twenty-one (21) day period. 
 5. Notification of Rights under the Minnesota Human Rights Act (Minn.
Stat. Chapter 363A) and the Federal Age Discrimination in Employment Act (29 U.S.C. § 621 et seq.). You are hereby notified of your right to rescind the release of claims contained in Section 3 with regard to claims arising under the
Minnesota Human Rights Act, Minnesota Statutes Chapter 363A, within fifteen (15) calendar days of your signing this Agreement, and with regard to your rights arising under the federal Age Discrimination in Employment Act, 29 U.S.C. § 621
et seq., within seven (7) calendar days of your signing this Agreement. The two rescission periods shall run concurrently. In order to be effective, the rescission must (a) be in writing; (b) delivered to Deb
Peterson, MakeMusic, Inc., 7615 Golden Triangle Drive, Suite M, Eden Prairie, MN 55344-3848 by hand or mail within the required period; and (c) if delivered by mail, the rescission must be postmarked within the required period, properly
addressed to Deb Peterson, as set forth above, and sent by certified mail, return receipt requested. You understand that if you rescind any part of this Agreement in accordance with this Section 5, you will not receive the separation pay and
benefits described in Section 2 and you will be obligated to return any such payments if already received. 
 6. Return
of Property. By signing this Agreement, you acknowledge and agree that all documents and materials relating to the business of, or the services provided by, MakeMusic are the sole property of MakeMusic. By signing this Agreement you further
agree and represent that you have returned to MakeMusic all of its property, including but not limited to, all keys, access cards, credit cards, customer records and other documents and materials, whether on computer disc, hard drive or other form,
and all copies thereof, within your possession or control, which in any manner relate to the business of, or the duties and services you performed on behalf of MakeMusic. MakeMusic acknowledges it is transferring ownership of your personal computer.
If there is any remaining current value, MakeMusic will loan these items to you until such time as there is no remaining taxable value, at which time MakeMusic will give the items to you. 

7. On-Going Obligations. You are hereby reminded of your on-going obligations to MakeMusic under Articles III, IV and V of your
Employment Agreement with MakeMusic. You acknowledge and agree that if you violate Article III, IV, and/or V of your Employment Agreement, MakeMusic shall be entitled to all available legal and equitable remedies, including but not limited to
suspending and recovering any and all payments and benefits made or to be made under Section 2 of this Agreement. 
 8.
Cooperation. In consideration of the separation pay and benefits described in Section 2 of this Agreement, you agree to respond to MakeMusic in a timely and helpful manner should it have questions for you regarding your work for
MakeMusic, including, without limitation, status of projects, technology-related questions, passwords, and location of data and documents. 
 9. Non-Disparagement and Confidentiality. You promise and agree not to disparage MakeMusic, its shareholders, officers, directors, employees, customers, products or services. You further promise
and agree not to disclose or discuss, directly or indirectly, in any manner whatsoever, any 

 
information regarding either (1) the contents and terms of this Agreement, or (2) the substance and/or nature of any dispute between MakeMusic and any employee or former employee,
including yourself. You agree that the only people with whom you may discuss this confidential information are your legal and financial advisors and your spouse and children, if applicable, provided they agree to keep the information confidential,
or as otherwise required by law. 
 10. Remedies. If you breach any term of this Agreement, MakeMusic shall be entitled to
its available legal and equitable remedies, including but not limited to suspending and recovering any and all payments and benefits made or to be made under Section 2 of this Agreement and payment by you of its attorneys’ fees and costs.
If MakeMusic seeks and/or obtains relief from an alleged breach of this Agreement, all of the provisions of this Agreement shall remain in full force and effect. 
 11. Non-Admission. It is expressly understood that this Agreement does not constitute, nor shall it be construed as, an admission by MakeMusic or you of any liability or unlawful conduct
whatsoever. MakeMusic and you specifically deny any liability or unlawful conduct. 
 12. Successors and Assigns. This
Agreement is personal to you and may not be assigned by you without the written agreement of MakeMusic. The rights and obligations of this Agreement shall inure to the successors and assigns of MakeMusic. Notwithstanding the foregoing, in the event
of your death, any remaining monies owing to you under this Agreement (PTO, separation pay, bonus pay) shall be paid to your estate and your rights with regard to stock options and restricted stock awards shall be transferred to your estate.

 13. Enforceability. If a court finds any term of this Agreement to be invalid, unenforceable, or void, the parties
agree that the court shall modify such term to make it enforceable to the maximum extent possible. If the term cannot be modified, the parties agree that the term shall be severed and all other terms of this Agreement shall remain in effect.

 14. Law Governing. This Agreement shall be governed and construed in accordance with the laws of the State of
Minnesota. 
 15. Full Agreement. This Agreement contains the full agreement between you and MakeMusic and may not be
modified, altered, or changed in any way except by written agreement signed by both parties. The parties agree that this Agreement supersedes and terminates any and all other written and oral agreements and understandings between the parties except
for the following agreements which shall remain in full force and effect: your separate stock option and restricted stock award agreements with MakeMusic (except to the extent that this Agreement provides for acceleration of the lapse of risks of
forfeiture on your previously-issued restricted stock award) and Articles I and III – IX of your Employment Agreement with MakeMusic. 
 16. Acknowledgment of Reading and Understanding. By signing this Agreement, you acknowledge that you have read this Agreement, including the release of claims contained in Section 3, and
understand that the release of claims is a full and final release of all claims you may have against MakeMusic and the other entities and individuals covered by the release. By signing, you also acknowledge and agree that you have entered into this
Agreement knowingly and voluntarily. 

 If not already accepted by you, the offer contained in this Agreement
will expire at 5:00 p.m. on the 22nd calendar day
following your receipt of this Agreement. After you have reviewed this Agreement and obtained whatever advice and counsel you consider appropriate regarding it, please evidence your agreement to the provisions set forth in this Agreement by dating
and signing the Agreement. Please then return an original signed Agreement to Deb Peterson no later than 5:00 p.m. on the
22nd calendar day following your receipt of this
Agreement. Please keep a copy for your records. 
 Sincerely, 
  

			
	MAKEMUSIC, INC.
		
		 	/s/ Karen L. VanDerBosch            
		 	Karen L. VanDerBosch
		 	Chief Operating Officer & Chief Financial Officer

 ACKNOWLEDGMENT AND SIGNATURE 

By signing below, I, Jeffrey A. Koch, acknowledge and agree to the following: 

 

	 	•	 	 I have had adequate time to consider whether to sign this Separation Agreement and Release. 

 

	 	•	 	 I have read this Separation Agreement and Release carefully. 

 

	 	•	 	 I understand and agree to all of the terms of the Separation Agreement and Release. 

 

	 	•	 	 I am knowingly and voluntarily releasing my claims against MakeMusic. 

 

	 	•	 	 I have not, in signing this Agreement, relied upon any statements or explanations made by MakeMusic except as for those specifically set forth in this
Separation Agreement and Release. 

  

	 	•	 	 I intend this Separation Agreement and Release to be legally binding. 

 

	 	•	 	 I am signing this Separation Agreement and Release on or after my last day of employment with MakeMusic. 

 

			
	Accepted this 8th day of July, 2011.
		
		 	/s/ Jeffrey A. Koch            
		 	Jeffrey A. KochExhibit 4.1

 Exhibit 4.1 
  

QUÉBEC 
  

[    ]% GLOBAL NOTES SERIES [    ] 

DUE [    ] 
  

 
  

 
 FISCAL AGENCY
AGREEMENT 
  
  

 FISCAL AGENCY AGREEMENT 

THIS AGREEMENT, dated as of [    ], 

 

			
	 BETWEEN:
	 	 QUÉBEC, as issuer

		
		 	 (the “Issuer”),

		
	 AND:
	 	 [    ], as fiscal agent, registrar, principal paying agent and transfer agent

		
		 	 (in all such capacities, the “Registrar”),

		
	 AND:
	 	 [    ], as London paying agent and London transfer agent

		
		 	 (in such capacity, the “London Paying Agent and London Transfer Agent”),

 WHEREAS pursuant to a terms agreement (the “Terms Agreement”), dated
[    ], between the Issuer and [    ], as Representative of the several Underwriters named therein, which incorporates by reference all of the provisions of the Québec Underwriting Agreement Standard
Provisions (Debt Securities), dated [    ], the Issuer has agreed to create, issue and sell [    ] aggregate principal amount of [    ]% Global Notes Series [    ] due
[    ] (herein collectively called the “Notes” or, individually, a “Note”); 

WHEREAS the sale of the Notes pursuant to the Terms Agreement has taken place as described in a Prospectus Supplement, dated
[    ], which contains a description of the Notes and the clearing and settlement procedures related thereto; 
 WHEREAS the Notes are issuable in the form of one or more fully registered global certificates (the “Global Notes”) registered in the name of Cede & Co., as nominee of The Depository Trust
Company, New York (“DTC”), and held by [    ], as custodian for DTC (the “Custodian”), with beneficial interests in the Notes represented, with limited exceptions, through book-entry accounts of financial
institutions acting on behalf of owners of such beneficial interests as direct and indirect participants in DTC; 

WHEREAS owners of beneficial interests in the Notes are not, except in limited circumstances described in Section 5,
entitled to receive Notes represented by physical certificates or to have Notes registered in their names; and 

WHEREAS all Notes are recorded in a register held by the Registrar (the “Register”), and are registered in the
name of Cede & Co., for the benefit of holders of Notes through the Euroclear System (“Euroclear”), Clearstream Banking, société anonyme (“Clearstream, Luxembourg”) and DTC (together, the “Clearing
Systems”); 
 NOW THEREFORE it is hereby agreed as follows: 

 

	 1.
	 Definitions 

 Terms and expressions defined in the terms and conditions of the Notes attached as
Schedule B shall have the same meaning when used in this Agreement unless otherwise defined herein or unless the context otherwise requires. “Noteholders” or “holders of Notes” or “holders” or “registered
holders” refers to persons entered in the Register as registered holders of Notes. 
  

	 2.
	 Appointment 

 The Issuer hereby appoints [    ] as its registrar, fiscal agent, transfer agent and principal paying agent in respect of the Notes upon and subject to the terms and conditions herein and
therein contained and [    ] hereby accepts such appointments. 
  

	 3.
	 Issue of the Notes 

 (1) The Notes shall be issued in the form of one or more fully registered Global Notes registered in the name of Cede & Co., as nominee of DTC, and shall be executed by the Issuer. The Global Notes will be
substantially in the form attached as Schedule A, with such changes as may be agreed between the Issuer and the Registrar. The aggregate principal amount of Notes to be issued and outstanding at any time in the form of the Global Notes or physical
certificates (the “Certificated Notes”) issued in accordance with Section 5 shall not exceed [    ] except to the extent that Notes are further issued in accordance with Section 19. Forthwith after such
execution, the Global Notes shall be delivered to the Registrar and shall be authenticated by the Registrar (or by such other person as the Registrar may appoint for such purpose with the consent of the Issuer), and delivered to or to the order of
the Issuer pursuant to a written direction of the Issuer. 
 (2) Owners of beneficial interests in the Global Notes will not, except in
the limited circumstances described in Section 5, be entitled to receive Notes represented by Certificated Notes or to have Notes registered in their names and will not be considered holders thereof under this Agreement or the Notes. The
Certificated Notes, if any, will be substantially in the form of the Global Notes attached as Schedule A with the appropriate changes thereto (and including the use of a summary of terms and condition of the Notes), consistent with the provisions of
this Agreement, as may be agreed between the Issuer and the Registrar. 
 (3) The Global Notes shall be issued and delivered only to or to
the order of Cede & Co., as nominee for DTC or its successor appointed by the Issuer in accordance with Section 5. The Global Notes shall be in the principal amount from time to time endorsed thereon. The Registrar shall cause DTC to
establish on its book-entry Clearing System an account in the name of the Registrar, as registrar and transfer agent for the Notes (the “Registrar Segregated Account”), for the purpose of facilitating the initial distribution of Notes in
accordance with procedures previously agreed to by the Issuer, the Registrar and DTC. The Registrar Segregated Account is maintained exclusively for book-keeping purposes and for purposes of facilitating timely transfers of Notes, and the Registrar
shall not be deemed the owner or holder of the Notes recorded therein for any purpose under this 

  
 -2- 

 
Agreement or under the terms of the Notes. The Issuer acknowledges and agrees that the Registrar Segregated Account will be subject to the agreements, rules and procedures from time to time
governing DTC participant accounts (collectively, the “DTC Agreements”). 
 (4) So long as Cede & Co., as nominee of
DTC, is the registered owner of the Global Notes and subject to applicable law, DTC or its nominee, as the case may be, will be considered the sole owner or holder of the Notes represented by the Global Notes for all purposes under this Fiscal
Agency Agreement and the Notes, notwithstanding any notice to the contrary. Neither the Issuer nor the Registrar will have any responsibility or liability for any aspect of the records of the Clearing Systems relating to or payments made by the
Clearing Systems on account of beneficial ownership interests in the Global Notes or for maintaining, supervising or reviewing any records of the Clearing Systems relating to such beneficial ownership interests. 

(5) The Global Notes and the Certificated Notes shall be signed (either manually or by facsimile signature) by the Minister of Finance or the
Deputy Minister of Finance or any other authorized representative of the Issuer, and shall be authenticated by the Registrar upon written authorization of the Issuer (or by such other person as the Registrar may appoint for such purpose with the
consent of the Issuer). 
  

	 4.
	 The Register and Transfers 

 (1) The Registrar, as registrar and transfer agent of the Issuer, shall maintain at its principal office in New York, a Register for (i) registering and maintaining a record of the holdings of Notes,
(ii) ensuring that payments of principal and interest in respect of the Notes received by the Registrar from the Issuer are duly credited to Cede & Co., (iii) registering transfers between holders of Notes, (iv) registering
and maintaining a record of holders of Certificated Notes in the event any are issued in the limited circumstances described in Section 5, (v) registering transfers of Certificated Notes in the event any are issued in the limited
circumstances described in Section 5 and (vi) registering and maintaining a record of any further issues of Notes pursuant to Section 19 and any subsequent transfers thereof and shall be responsible for transmitting to the Issuer any
notices from holders of Notes. 
 In the event Certificated Notes are issued in exchange for the Global Notes under the
limited circumstances described in Section 5, the Registrar shall (i) register and maintain a record of holders of Certificated Notes and (ii) register transfers of Notes among holders of Certificated Notes and between holders of
Certificated Notes and participants in DTC, in accordance with such procedures as the Registrar shall deem reasonable upon consultation with the Issuer. 
 (2) The Registrar shall not be required to inquire into, or take any action in respect of, transfers of beneficial ownership interests in the Global Notes (i) within Euroclear or Clearstream, Luxembourg or
between Euroclear and Clearstream, Luxembourg participants, or (ii) between DTC participants. 

  
 -3- 

 (3) No service charge shall be payable by the presenter for any registration, registration of transfer
or exchange of the Notes provided that the Registrar may require payment by the transferee of a sum sufficient to cover any stamp or other tax or governmental charge in connection therewith. 

(4) The Register shall at all reasonable times be open for inspection by the Issuer and any agent of the Issuer. In the event of any discrepancy
between the principal amount of the Global Notes and the aggregate principal amount of Notes held by Cede & Co. as shown on the Register, the aggregate principal amount of Notes as shown on the Register shall prevail. 

(5) Neither the Issuer nor the Registrar shall be required (i) to register the transfer or exchange of any Notes on any Interest Payment Date
(as such term is defined in the Note) or during a period commencing at the close of business of the New York office of the Registrar on the 14th calendar day immediately preceding any such date and ending on such date; (ii) to register the
transfer or exchange of any Notes during the period commencing at the close of business of the New York office of the Registrar on the record date of any notice by the Issuer of any Notes to be redeemed or purchased through the date the notice of
redemption or purchase is given; or (iii) to register the transfer or exchange of any Notes called for redemption unless upon due presentation thereof such Notes called for redemption shall not be redeemed. 

(6) Subject to applicable law, the Issuer, the Registrar or any other agents of the Issuer or the Registrar shall not be charged with notice of or
be bound to see to the execution of any trust, whether express, implied or constructive, in respect of any Notes and may register the transfer of any Notes on the direction of the holder thereof, whether named as trustee or otherwise, as though that
person were the beneficial owner thereof. 
 (7) The parties hereto acknowledge that in accordance with Section 326 of the USA
Patriot Act the Registrar, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a
relationship or opens an account with [    ]. The parties to this Fiscal Agency Agreement agree that they will provide the Registrar with such information as it may request in order for the Registrar to satisfy the requirements
of the USA Patriot Act. 
 (8) The Registrar and the London Paying Agent and London Transfer Agent shall not incur any liability for not
performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of the Registrar and the London Paying Agent and London Transfer Agent (including but not limited to any act or
provision of any present or future law or regulation or governmental authority, any act of God or war, civil unrest, local or national disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile
or other wire or communication facility). 
  

	 5.
	 Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes 

  
 -4- 

 Certificated Notes 

(1) The Registrar, or an agent duly authorized by the Registrar, is hereby authorized from time to time in accordance with the provisions of the
Notes and of this section to authenticate and deliver: 
 (a)         the Global Notes or the
Certificated Notes, as the case may be, in exchange for or in lieu of the Global Notes or the Certificated Notes, as the case may be, outstanding on the Register with the same maturity and of like form which have become mutilated, defaced,
destroyed, stolen or lost, provided that the applicant therefor shall have (i) paid such costs as may have been incurred in connection therewith; (ii) surrendered to the Registrar any mutilated or defaced Global Notes or Certificated
Notes, as the case may be, to be replaced; and (iii) in the case of lost, stolen or destroyed Global Notes or Certificated Notes, as the case may be, furnished the Registrar with such evidence (including evidence as to the serial number of the
Global Notes or the Certificated Notes in question) and indemnity in respect thereof as the Issuer and the Registrar may require; 
 (b)
        Certificated Notes in an authorized form and denomination in exchange for a like aggregate principal amount of Certificated Notes; and 

(c)         upon any registration of a transfer, a new Global Note or, as the case may be, a new
Certificated Note which shall be issued to the new holder in replacement of the existing Global Note or Certificated Note thus transferred. Such new Global Note or, as the case may be, new Certificated Note, shall be duly authenticated by the
Registrar. Each new Global Note or Certificated Note authenticated and delivered upon any registration of transfer or exchange for or in lieu of the whole or any part of any Global Note or Certificated Note shall carry all the rights to interest, if
any, accrued and unpaid and to accrue which were carried by the whole or such part of such latter Global Note or Certificated Note, and notwithstanding anything to the contrary herein contained, such new Global Note or Certificated Note shall be
dated the date of the authentication of such Global Note or Certificated Note. 
 (2) The Issuer will issue or cause to be issued
Certificated Notes upon registration of transfer of, or in exchange for, Notes represented by the Global Notes (i) if DTC notifies the Issuer that it is unwilling or unable to continue as depository in connection with the Global Notes or
ceases to be a clearing agency registered under the United States Securities Exchange Act of 1934, as amended, at a time when it is required to be so registered and a successor depository is not appointed by the Issuer within 90 days after
receiving such notice or becoming aware that DTC is no longer so registered; (ii) if the Issuer, in its sole discretion at any time, determines not to have any of the Notes represented by the Global Notes; or (iii) upon request by DTC to
the Registrar, acting on direct or indirect instructions of any owners of beneficial interests in a Global Note request in writing from the Issuer the exchange, in whole or in part, of such Global Note for Certificated Notes, but only after an event
of default entitling the holder to accelerate the stated maturity of the Global Note has occurred and is continuing, or, if DTC is unwilling or does not promptly make that request to the Issuer, then any beneficial owner of an interest in such
Global Note shall be entitled to make such request with respect to such interest. 

  
 -5- 

 The Issuer shall bear the costs and expenses of printing or preparing any Certificated Notes.

 (3) Upon any such issuance pursuant to Section 5(2) of the Certificated Notes in exchange for all the Notes represented by the
Global Notes, (i) the Issuer shall promptly make available to the Registrar a reasonable supply of Certificated Notes in blank form to proceed with such issuance, (ii) DTC shall cause the Global Notes to be delivered to the Registrar and
provide the Registrar with the necessary registration information for such Certificated Notes, (iii) the Registrar shall authenticate and deliver such Certificated Notes in an aggregate principal amount equal to the principal amount of the
Global Notes to be exchanged for such Certificated Notes, (iv) the Registrar shall cancel the Global Notes and, in the case of a partial exchange, issue and deliver to or to the order of DTC new Global Notes equal to the unexchanged portion of
any such Global Notes partially exchanged for Certificated Notes and (v) the Registrar shall reduce accordingly the holdings of Cede & Co. on the Register. The Registrar shall have at least 30 days from the date of its receipt of
Certificated Notes and registration information to authenticate and deliver such Certificated Notes. Such Certificated Notes shall be registered in such names and in such denominations as DTC, pursuant to instructions from direct or indirect
participants, shall direct and shall be delivered as directed by the persons in whose names such Certificated Notes are to be registered. All Notes represented by Certificated Notes issued upon any such issuance in exchange for the Notes represented
by the Global Notes shall be a valid obligation of the Issuer, shall be entitled to the same benefits under this Agreement as the Global Notes and shall be so exchanged without charge to the Registrar, DTC or the transferee. On or after any such
exchange, the Registrar shall direct all payments in respect or such Certificated Notes to the registered holders thereof, including when such exchange occurred after the record date for any payment due and prior to the date of such payment.

 (4) The Issuer expressly acknowledges that if Certificated Notes are not promptly issued to the owners of beneficial interests in a
Global Note in accordance with this Section 5, then an owner of a beneficial interest will be entitled to pursue any remedy under this Agreement, the Global Notes or applicable law with respect to the portion of the Global Note representing
that owner’s interest in the Global Note as if Certificated Notes had been issued. 
 (5) Unless the Global Notes are presented by an
authorized representative of DTC to the Issuer, the Registrar or their respective agents for registration of transfer, exchange or payment, and any replacement Global Notes are registered in the name of a nominee of DTC and any payment is made to
such nominee, any transfer, pledge or other use of the Global Notes for value or otherwise shall be wrongful since the registered holders of the Global Notes have an interest in the Notes evidenced by the Global Notes. 

 

	 6.
	 Paying Agents and Transfer Agents 

 The Registrar shall act as the principal paying agent and transfer agent for the Issuer in connection with the Notes. The Issuer hereby appoints [    ], as the London Paying

  
 -6- 

 
Agent and London Transfer Agent and may appoint any additional paying agents or transfer agents or terminate the appointment of any paying agents or transfer agents except that if and for so long
as the Notes are admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange’s Regulated Market and the rules of the London Stock Exchange so require, the Issuer will maintain a paying agent and
transfer agent in London. The Issuer undertakes to maintain a paying agent that will not be obliged to withhold or deduct tax pursuant to the European Council Directive 2003/48/EC or any law implementing or complying with, or introduced in order to
conform to, such Directive. 
  

	 7.
	 Payments by the Issuer to the Registrar 

 (1) The Issuer agrees to provide to the Registrar by 10:00 a.m., New York time, on each date on which a payment of principal or interest (and any Additional Amounts) in respect of the Notes is due (each a
“Payment Date”) pursuant to the terms and conditions of the Notes such amount as is required to be paid on such date in immediately available funds in U.S. dollars to an account in New York designated by the Registrar. 

(2) All monies paid to the Registrar pursuant to and for the payment of the amounts referred to in this Section 7 shall be received and held
by the Registrar as agent for the Issuer and shall be applied to the payment of the appropriate U.S. dollar amounts at the time and in the manner provided in this Agreement and the Notes. 

(3) All monies paid to the Registrar pursuant to this Agreement shall be held by the Registrar in a separate account under arrangements agreed upon
separately by the Issuer and the Registrar from the moment when such monies are received until the time of actual payment for the benefit of the holders of the Notes and the Registrar shall apply such amount for payment of principal and interest
(and any Additional Amounts) due in respect of the Notes. If for any reason, the amounts paid to the Registrar pursuant to this paragraph are insufficient to satisfy all such claims for interest payable in respect of all Notes, the Registrar shall
not be obliged to pay any such claims until the Registrar has received the full amount of the monies that are due and payable. The Registrar shall, to the extent permitted by law, return to the Issuer any funds transferred to it for payments with
respect to the Notes that are not so paid by the Registrar at the expiration of three years after the due date for payment thereof; thereafter, the holders of Notes shall look only to the Issuer for any payment of such funds. 

(4) The Registrar is authorized by the Issuer to open an account for the purposes contemplated in this Section 7. Such account will not bear
any interest on funds deposited unless otherwise agreed to in writing by the Registrar and the Issuer. The Registrar shall provide to the Issuer monthly statements identifying transactions, transfers or holdings of the account and each such
statement shall be deemed to be correct and final upon receipt thereof by the Issuer unless the Registrar is notified in writing by the Issuer to the contrary within thirty (30) business days of the date of such statement. The requirements of
this Section 7.4 shall be performed by the Registrar by granting the Issuer on-line read only access to the account. 

  
 -7- 

	 8.
	 Payment of Notes 

 (1) All payments in respect of the Notes represented by Global Notes or Certificated Notes will be made by the Registrar to the registered holders of such Global Notes or Certificated Notes after receipt of such
payments from the Issuer as provided in Section 7 and as set forth in the terms and conditions of the Notes. 
 (2) The Issuer shall
have the right to require a holder of a Note, as a condition of payment of the principal of, or interest (and any Additional Amounts) on a Note, to deliver to the Registrar a certificate in such form as the Issuer may from time to time prescribe in
order to enable the Issuer to determine its duties and liabilities with respect to (i) any taxes, assessments or governmental charges which the Issuer, the Registrar or the paying agent may be required to deduct or withhold from payments in
respect of such Note under any present or future law of Canada or Québec or any regulation thereunder and (ii) any reporting or other requirements under such law or regulation. The Issuer shall be entitled to determine its duties and
liabilities with respect to such deduction, withholding, reporting or other requirements on the basis of information contained in such certificate or, if no certificate shall be presented, on the basis of any presumption created by any such law or
regulation and shall be entitled to act in accordance with such determination. 
 (3) Subject to applicable law and the terms hereof, the
Issuer, the Registrar and any other agent of the Issuer or the Registrar shall deem and treat the person whose name appears in the Register as the registered holder of a Note as the absolute owner thereof for all purposes whatsoever notwithstanding
any notice to the contrary, and any payment in U.S. dollars of or on account of the principal of, and interest, and any Additional Amounts on such Note shall be made only to or to the order in writing of such holder, and such payment shall be valid
and shall discharge the liability of the Issuer or the Registrar and any other agent of the Issuer or the Registrar on such Note to the extent of the sum or sums so paid. 
 (4) The registered holder of any Note shall be entitled to the payments of principal of, and interest, and any Additional Amounts on such Note, free from all rights of set-off or counterclaim between the Issuer and
the original or any intermediate holder thereof and all persons may act accordingly and a transferee of a Note shall, after the appropriate form of transfer is lodged with the Registrar or other agent of the Issuer or the Registrar for the purpose
and upon compliance with all other conditions relating thereto required by this Agreement or by any conditions contained in such Note or by law, be entitled to be entered on the Register as the owner of such Note free from all rights of set-off or
counterclaim between the Issuer and his transferor or any previous holder thereof, save in respect to rights of which the Issuer is required to take notice by statute or by order of a court of competent jurisdiction. Delivery to the Issuer or the
Registrar by a Noteholder of a Note or the receipt by such holder of the principal, interest and any Additional Amounts in respect of such Note shall be a valid discharge to the Issuer and the Registrar, which shall not be bound to inquire into the
title of such holder, save as ordered by a court of competent jurisdiction or as required by statute. 
 (5) Where a Note is registered in
more than one name, the principal and interest and any Additional Amounts from time to time payable in respect thereof shall be paid to or to the 

  
 -8- 

 
order of all the joint holders thereof, failing written instructions to the contrary from all such joint holders, and such payment shall be a valid discharge to the Issuer, the Registrar and any
other agent of the Issuer or the Registrar. 
 (6) In the case of the death of one or more joint holders, the principal of, and interest,
and any Additional Amounts on any Notes registered in their names may, notwithstanding subsection (4) of this Section 8, be paid to the survivor or survivors of such holders whose receipt therefor shall constitute a valid discharge to the
Issuer, the Registrar and any other agent of the Issuer or the Registrar. 
  

	 9.
	 Cancellation of Notes 

 All Certificated Notes that are presented for transfer pursuant to Section 4(1), all Notes that are presented for replacement, exchange or registration of transfer pursuant to Section 5 or repaid on
maturity or redeemed or purchased shall, upon such registration of transfer, replacement or exchange or upon payment being made, be cancelled by the Registrar. The Registrar shall, as soon as reasonably possible after the date of any such
registration of transfer, replacement, exchange, redemption, purchase or payment, furnish the Issuer with a certificate or certificates stating: (i) the serial numbers and total number of Notes so transferred, replaced, exchanged, redeemed,
purchased or repaid; and (ii) the amount, if any, paid in respect of such Notes. Unless otherwise instructed by the Issuer, the Registrar shall destroy the cancelled Notes in its possession in accordance with its customary procedure and provide
the Issuer with a destruction certificate duly signed by a representative of the Registrar. 
  

	 10.
	 Maturity, Redemption and Purchase 

 Unless previously redeemed for tax reasons as provided in the terms and conditions of the Notes, or purchased, the principal amount of the Notes shall be due and payable on [    ]. 

In accordance with the terms and conditions of the Notes, upon receipt of a notice of intention to redeem and the certificate
contemplated in the provisions under “Maturity, Redemption and Purchases” in the terms and conditions of the Notes, not less than 30 days nor more than 60 days prior to the date fixed for redemption, the Registrar shall cause to be
given on behalf of the Issuer, in accordance with the provisions under “Notices” in the terms and conditions of the Notes, a notice of redemption stating: (i) the date fixed for redemption; (ii) the redemption price and
(iii) if applicable, the place or places of surrender of the Notes to be redeemed. 
 The Issuer may, if not in
default under the Notes, purchase Notes at any time in any manner and at any price. If the purchases are made by tender, tenders must be available to all holders of the Notes alike. 

  
 -9- 

	 11.
	 Financial Documents 

 For so long as any of the Notes are outstanding, the Issuer agrees to supply the Registrar and the London Paying Agent and London Transfer Agent with copies of all documents required to be available by any stock
exchange on which the Notes are for the time being listed, with electronic copies of the latest statements of consolidated revenues and expenditures and annual reports of the Issuer as soon as practicable after publication thereof for inspection by
Noteholders at the principal office of the Registrar in New York and of the London Paying Agent and London Transfer Agent in London. Notwithstanding anything herein contained, the obligations of the Issuer under this Section 11 will terminate
on such date as all amounts required to be paid to the Noteholders by the Issuer under the Notes have been paid in full. Upon the written request of holders of Notes, the Registrar and the London Paying Agent and London Transfer Agent, subject to
the Registrar in New York and the London Paying Agent and London Transfer Agent in London being provided with copies of the documents and reports referred to above, undertake to make such copies available to holders of Notes at their principal
office, in the case of the Registrar, in New York, and, in the case of the London Paying Agent and London Transfer Agent, in London during the term of the Notes. All financial documents of the Issuer referred to in this section will also be made
available from the Electronic Data-Gathering, Analysis, and Retrieval system, which is commonly known by the acronym EDGAR, through the Securities and Exchange Commission’s website (http://www.sec.gov). 

 

	 12.
	 Fees 

 The Issuer shall pay to the Registrar and the London Paying Agent and London Transfer Agent such fees for their respective services hereunder as are agreed separately by the Issuer and the Registrar and by the
Issuer and the London Paying Agent and London Transfer Agent, including any applicable value added or equivalent tax. 
  

	 13.
	 Further Reports 

 The Registrar shall provide the Issuer upon written request such information regarding the financial servicing of the Notes expressed in such form as the Issuer may reasonably require. The Registrar shall transmit
to the Issuer promptly any notices or other communications addressed to the Issuer in connection with the Notes, including any notice of any legal action or proceeding which may be brought against the Issuer and of which the Registrar has knowledge.

  

	 14.
	 Meetings of Holders of Notes 

 (1) The Registrar shall, on receipt of a written request of the Issuer or a written request signed in one or more counterparts by the holders of not less than 10% of the principal amount of the Notes then
outstanding and upon being indemnified to its reasonable 

  
 -10- 

 
satisfaction by the Issuer or the holders of Notes signing such request against the costs which may be incurred in connection with the calling and holding of such meeting, convene a meeting of
the holders of Notes for any lawful purpose affecting their interests. If the Registrar fails to give notice convening such meeting within 30 days after receipt of such request and indemnity, the Issuer or such holders of Notes, as the case may be,
may convene such meeting. Every such meeting shall be held in New York or such other place as may be approved or determined by the Registrar. 
 (2) At least 21 days’ notice of any meeting shall be given to the holders of the Global Notes or Certificated Notes, as the case may be, in the manner provided pursuant to the provisions under
“Notices” in the terms and conditions of the Notes, and a copy thereof shall be sent by post to the Registrar unless the meeting has been called by it, and to the Issuer, unless the meeting has been called by the Issuer. Such notice shall
state the day, time, place and purpose of the meeting and the general nature of the business to be transacted thereat, and shall include a statement to the effect that, prior to 48 hours prior to the time fixed for the meeting, (i) in the
limited circumstances in which Certificated Notes have been issued, those holders of Certificated Notes who deposit such Notes with the Registrar, or any other person authorized for such purpose by the Registrar or the Issuer or (ii) in the
case of Notes being represented by the Global Notes, those persons recorded in the Register, shall be entitled to obtain voting certificates for appointing proxies, but it shall not be necessary for any such notice to set out the terms of any
resolution to be proposed at such meeting or any other provisions. 
 (3) A holder of Notes may appoint any person by instrument in
writing as the holder’s proxy in respect of a meeting of the holders of Notes or any adjournment of such meeting, and such proxy shall have all rights of the holder of Notes in respect of such meeting. All notices of meetings to the holder of a
Global Note shall contain a requirement that the Clearing Systems must notify Clearing Systems participants and, if known, owners of beneficial interests in the Global Notes of the meeting in accordance with procedures established from time to time
by the Clearing Systems. The registered holders of Notes shall seek voting instructions on the matters to be raised at such meeting from the Clearing Systems participants or, if known, from the owners of beneficial interests in the Global Notes in
accordance with the applicable procedure of the Clearing Systems. For greater certainty, it is acknowledged that none of the Issuer, the Registrar, any clearing agency or any intermediary or participant shall be required to comply with the time
limits set out in the applicable procedure of the Clearing Systems but shall use all reasonable efforts to otherwise comply with such procedure and attempt to provide non-registered holders of the Notes with meeting materials and voting rights as if
such non-registered holders of Notes were registered holders thereof. 
 (4) Some person, who need not be a holder of Notes, nominated in
writing by the Registrar shall be chairman of the meeting and if no person is so nominated or if the person so nominated is not present within 15 minutes from the time fixed for the holding of the meeting, the holders of the Notes present in person
or by proxy shall choose some person present to be chairman, and, failing such choice, the Issuer may appoint a chairman. 

  
 -11- 

 (5) At a meeting of holders of Notes, a quorum shall consist of two or more holders of Notes present
in person or by proxy who represent at least a majority in aggregate principal amount of the Notes at the time outstanding. If a quorum of the holders of Notes shall not be present within one-half hour after the time fixed for holding any meeting,
the meeting, if convened by or at the request of holders of Notes, shall be dissolved, but if otherwise convened the meeting shall stand adjourned without notice to the same day in the next week (unless such day is not a business day in the place
where the meeting is to take place in which case it shall stand adjourned until the next such business day following thereafter) at the same time and place unless the chairman shall appoint some other place, day or time of which not less than seven
days’ notice shall be given in the manner provided above. At any adjourned meeting called by the Issuer or the Registrar, two or more holders of Notes present in person or by proxy shall constitute a quorum and may transact the business for
which the meeting was originally convened notwithstanding that they may not represent at least a majority in aggregate principal amount of the Notes then outstanding. 
 (6) The chairman of any meeting at which a quorum of the holders of Notes is present may, with the consent of the holder(s) of a majority in aggregate principal amount of the Notes represented thereat, adjourn any
such meeting and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe. 
 (7) Every motion
or question submitted to a meeting shall be decided by Extraordinary Resolution (as hereinafter defined) and in the first place by the votes given on a show of hands. At any such meeting, unless a poll is duly demanded as herein provided, a
declaration by the chairman that a resolution has been carried or carried unanimously or by a particular majority or lost or not carried by a particular majority shall be conclusive of the fact. On any question submitted to a meeting when ordered by
the chairman or demanded by a show of hands by one or more holders of Notes acting in person or by proxy and holding at least 2% in aggregate principal amount of the Notes then outstanding, a poll shall be taken in such manner as the chairman shall
direct. 
 (8) In a poll, each holder of Notes present in person or represented by a proxy duly appointed by an instrument in writing
shall be entitled to one vote in respect of each U.S.$1,000 principal amount of Notes then held by such holder. A proxy need not be a holder of Notes. In the case of Notes held jointly, any one of the joint holders present in person or by proxy may
vote in the absence of the other or others; but in case more than one of them is present in person or by proxy, only one of them may vote in respect of each U.S.$1,000 principal amount of Notes of which they are joint holders. 

(9) The Issuer and the Registrar by their respective officers, directors and representatives, and the legal advisors of the Issuer and the
Registrar may attend any meeting of the holders of Notes, but shall have no vote as such. 
 (10)     Subject to
Section 16, in addition to all other powers conferred upon them by any other provision of this Agreement or by law, holders of Notes at a meeting shall have the following powers, any one or combination of which may be exercised from time to
time by Extraordinary Resolution: 

  
 -12- 

 (a)         power to confirm any modification or amendment of
this Agreement or the terms and conditions of the Notes proposed by the Issuer; 
 (b)
        power to direct or authorize the Registrar to exercise any power, right, remedy or authority given to it by this Agreement or the Notes in any manner specified in such Extraordinary Resolution or to
refrain from exercising any such power, right, remedy or authority; 
 (c)         power to waive
and direct the Registrar to waive any default on the part of the Issuer in complying with any provisions of this Agreement or the Notes or to waive and direct the Registrar to waive future compliance with any provision or provisions of this
Agreement or the Notes; and 
 (d)         power to repeal, modify or amend any Extraordinary
Resolution previously passed by the holders of Notes; 
 provided, however, that no such modification nor amendment to this Agreement or
to the terms and conditions of the Notes or any other action taken may, without the consent of the holder of each such Note affected thereby: (a) change the stated maturity or interest payment date(s) of any such Note; (b) reduce the
principal amount of or rate of interest on any such Note; (c) change the currency of payment of any such Note; (d) impair the right to institute suit for the enforcement of any payment on or with respect to such Note; (e) reduce the
percentage of the holders of Notes necessary to modify or amend this Agreement or the terms and conditions of the Notes or reduce the percentage of votes required for the taking of action or the quorum required at any meeting of holders of Notes; or
(f) reduce the percentage of outstanding Notes necessary to waive any future compliance or past default. 
 (11)
    All actions that may be taken and all powers that may be exercised by the holders of Notes at a meeting held as hereinbefore provided may also be taken and exercised by the holders of not less than 66 2/3% of the aggregate
principal amount of the Notes at the time outstanding by an instrument in writing signed in one or more counterparts, and the expression “Extraordinary Resolution” when used in this Agreement shall include an instrument so signed.

 (12)     The term “Extraordinary Resolution” means a resolution proposed to be passed at a meeting of
holders of the Notes duly convened for the purpose and held in accordance with the provisions of this Agreement and passed by the affirmative vote of the holders of not less than 66 2/3% of the aggregate principal amount of the Notes represented at
the meeting in person or by proxy or as an instrument in writing signed by the holders of not less than 66 2/3% in principal amount of the outstanding Notes. 
 (13)     Minutes of all resolutions and proceedings at every meeting of holders of Notes held in accordance with the provisions of this Agreement shall be made and entered in books to be from
time to time provided for that purpose by the Registrar at the expense of the Issuer and any such minutes, if signed by the chairman of the meeting at which such resolutions were passed or proceedings taken, or by the chairman of the next succeeding

  
 -13- 

 
meeting of the holders of Notes, shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting, in respect of the proceedings of which
minutes shall have been made, shall be deemed to have been duly held and convened, and all resolutions passed and proceedings taken thereat to have been duly passed and taken. 
 (14)     Every Extraordinary Resolution passed in accordance with the provisions of this Agreement at a meeting of holders of Notes shall be binding upon all the holders of Notes, whether
present at or absent from such meeting, and every instrument in writing signed by holders of Notes in accordance with Section 14(11) shall be binding upon all the holders of Notes (whether or not a signatory). Subject to the provisions for its
indemnity herein contained, the Registrar shall be bound to give effect accordingly to every such Extraordinary Resolution. 
 (15)
    The Registrar, or the Issuer with the approval of the Registrar, may from time to time make and from time to time vary such regulations as it shall from time to time deem fit: 

(a)         for the deposit of instruments appointing proxies at such place as the Registrar, the Issuer or
the holders of Notes convening a meeting, as the case may be, may in the notice convening such meeting direct; 
 (b)
        for the deposit of instruments appointing proxies at some approved place or places other than the place at which the meeting is to be held and enabling particulars of such instruments appointing
proxies to be mailed or sent by any other means of recorded communication before the meeting to the Issuer or to the Registrar at the place where the same is to be held and for the voting of proxies so deposited as though the instruments themselves
were produced at the meeting. 
 Any regulation so made shall be binding and effective and votes given in accordance
therewith shall be valid and shall be counted. Save as such regulations may provide, the only persons who shall be entitled to vote at a meeting of holders of Notes shall be the holders thereof or their duly appointed proxies. 

(16)     The powers and any combination of the powers in this Agreement stated to be exercisable by the holders of Notes by
Extraordinary Resolution may be exercised from time to time and the exercise of any one or more of such powers or any combination of powers from time to time shall not be deemed to exhaust the right of the holders of Notes to exercise such power or
powers or combination of powers then or any power or powers or combination of powers thereafter from time to time. 
  

	 15.
	 Indemnities 

(1) The Issuer agrees to indemnify and hold harmless the Registrar and the London Paying Agent and Transfer Agent against all claims, actions,
demands, damages, costs and losses arising out of or relating to the Registrar’s duties as fiscal agent, registrar, transfer agent and principal paying agent for the Issuer and the London Paying Agent and

  
 -14- 

 
London Transfer Agent’s duties with respect to the Notes, except such as may result from the Registrar’s or the London Paying Agent and London Transfer Agent’s, as applicable,
gross negligence, willful misconduct or bad faith or that of its directors, officers, employees or representatives. 
 (2) This
Section 15 shall survive the payment in full of all obligations of the Notes, whether by redemption, repayment or otherwise and the resignation or removal of the Registrar or the London Paying Agent and the London Transfer Agent. 

 

	 16.
	 Amendments 

 This Agreement and the Notes may be amended by the Issuer and the Registrar without notice to or the consent of the holders of Notes, for the purposes of: (i) curing any ambiguity; (ii) curing, correcting
or supplementing any defective provisions contained herein or therein; (iii) effecting the issue of further Notes of the Issuer pursuant to Section 19; or (iv) in any other manner in which the Issuer, on the one hand, and the
Registrar, on the other hand, acting on the advice of independent counsel, may deem necessary or desirable and which will not be inconsistent with this Agreement or the Notes and which in the reasonable opinion of the Issuer, on the one hand, and
the Registrar, on the other hand, will not adversely affect the interests of the holders of Notes. This Agreement may also be amended by Extraordinary Resolution of the holders of the Notes as specified in Section 14 of this Agreement and in
the terms and conditions of the Notes. No amendment may be made to this Agreement which would in any way alter, amend or change the duties, responsibilities, obligations of or the protections afforded to the London Paying Agent and London Transfer
Agent from those set out in this Agreement as at the date of this Agreement without the prior written consent of the London Paying Agent and London Transfer Agent. 
  

	 17.
	 The Registrar and the London Paying Agent and London Transfer Agent 

(1) Subject to Section 7(3), in acting under this Agreement and in connection with the Notes, the Registrar and the London Paying Agent and
London Transfer Agent are acting solely as agents of the Issuer and do not assume any obligation or relationship of agency or trust with any of the holders of Notes, except that all amounts received and held by the Registrar or the London Paying
Agent and London Transfer Agent for payment in respect of the Notes shall be held in trust for the holders of the Notes in a separate account or accounts for payment to the holders of Notes. The Registrar and the London Paying Agent and London
Transfer Agent, as the case may be, shall not be liable to pay interest to the Issuer on any moneys received from the Issuer for the purposes of payment pursuant to Section 7. 

(2) The Registrar and the London Paying Agent and London Transfer Agent shall be protected and shall incur no liability for action taken or not
taken, or suffered to be taken or not taken, with respect to all legal matters upon which it has received advice from counsel in good faith and in accordance with the opinions and advice of such counsel. 

  
 -15- 

 (3) The Registrar and the London Paying Agent and London Transfer Agent and their respective officers,
directors and employees may become the owners of, or acquire an interest in, any Notes, with the same rights that they would have if the Registrar and the London Paying Agent and London Transfer Agent were not acting as agents hereunder, and may
engage or be interested in any financial or other transaction with the Issuer, and may act on behalf of, or as a depository, trustee or agent for, any committee or body of holders of Notes or holders of other obligations of the Issuer as freely as
if the Registrar or the London Paying Agent and London Transfer Agent were not acting as agents hereunder. 
 (4) The Registrar and the
London Paying Agent and London Transfer Agent may rely and shall be protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, letter, telegram, telecopier or other paper or
document believed by them to be genuine and to have been signed, sent or presented by or on behalf of the proper party or parties and, in particular, may rely and shall be protected in acting on the basis of any such notice which is given in
accordance with the provisions hereof. 
  

	 18.
	 Resignation or Replacement of Registrar or London Paying Agent and London Transfer Agent 

(1) The Issuer agrees that there shall at all times be a registrar, fiscal agent, transfer agent, principal paying agent and London paying agent
and London transfer agent hereunder until the earlier of (i) there being no Notes outstanding, or (ii) the Issuer having established to the satisfaction of the Registrar and the London Paying Agent and London Transfer Agent that the Issuer
may avail itself of defenses under all relevant laws for the prescription of actions in respect of any outstanding Notes. 
 (2) The
Registrar and the London Paying Agent and London Transfer Agent may resign at any time by sending at least ninety days’ written notice by registered mail to the Issuer. Upon receipt of such notice, the Issuer shall appoint another financial
institution or institutions as successor registrar, fiscal agent, transfer agent and principal paying agent or successor London paying agent and London transfer agent, as applicable, under this Agreement. Subject to the provisions hereof, the Issuer
may terminate the appointment of the Registrar as registrar, fiscal agent, transfer agent and principal paying agent or the London Paying Agent and London Transfer Agent and appoint another financial institution or institutions as successor
registrar, fiscal agent, transfer agent and principal paying agent or successor London paying agent and London transfer agent under this Agreement provided that it give the Registrar or the London Paying Agent and London Transfer Agent, as
applicable, not less than ninety days’ written notice of termination. Neither the resignation nor the termination of the appointment of the Registrar as registrar, fiscal agent, transfer agent and principal paying agent or the London Paying
Agent and London Transfer Agent shall take effect until the appointment of the successor registrar, fiscal agent, transfer agent and principal paying agent or successor London paying agent and London transfer agent, as applicable, becomes effective.
On the effective date of the resignation of the Registrar or the London Paying Agent and London Transfer Agent or of 

  
 -16- 

 
the termination of its appointment as registrar, fiscal agent, transfer agent and principal paying agent or London paying agent and London transfer agent, as applicable, the Registrar or the
London Paying Agent and London Transfer Agent shall deliver to the successor registrar, fiscal agent, transfer agent and principal paying agent or successor London paying agent and London transfer agent, as applicable, all funds of the Issuer then
held by it and the Issuer shall pay to the Registrar or the London Paying Agent and London Transfer Agent all amounts owed by the Issuer to the Registrar or the London Paying Agent and London Transfer Agent, as applicable, pursuant to this Agreement
up to the said effective date. 
 (3) If the Registrar or the London Paying Agent and London Transfer Agent shall be adjudged a bankrupt
or insolvent, or shall file a voluntary petition in bankruptcy or makes an assignment for the benefit of its creditors or consents to the appointment of a receiver or custodian of all or any substantial part of its property, or shall admit in
writing of its inability to pay or meet its debts as they mature, or if a receiver or custodian of it or of all or any substantial part of its property shall be appointed or if any public officer shall have taken charge or control of it or of its
property or affairs, for the purposes of rehabilitation, conservation or liquidation, a successor registrar, fiscal agent, transfer agent and principal paying agent or successor London paying agent and London transfer agent, as applicable, shall be
appointed by the Issuer. Upon such an appointment of a successor registrar, fiscal agent, transfer agent and principal paying agent or successor London paying agent and London transfer agent, the Registrar or the London Paying Agent and London
Transfer Agent shall cease to be a registrar, fiscal agent, transfer agent and principal paying agent or London paying agent and London transfer agent, as applicable, hereunder whether or not notice of such termination shall have been given. If no
successor registrar, fiscal agent, transfer agent and principal paying agent or successor London paying agent and London transfer agent, as applicable, shall have been appointed by the Issuer, any holder of a Note, on behalf of itself and all other
holders of Notes, or the Registrar or the London Paying Agent and London Transfer Agent, as applicable, may petition any court of competent jurisdiction for the appointment of a successor registrar, fiscal agent, transfer agent and principal paying
agent or successor London paying agent and London transfer agent. 
 (4) Any appointment by the Issuer of a paying agent or transfer agent
under this Section 18 shall be subject to Section 6 hereof. 
  

	 19.
	 Further Issues 

 The Issuer may from time to time, without the consent of the holders of the Notes, create and issue further notes having the same terms and conditions as the Notes (or in all respects except for the payment of
interest accruing prior to the issue date of such further notes or except for the first payment of interest thereon), and such further notes shall be consolidated and form a single series with the Notes. Any further notes forming a single series
with the outstanding Notes shall be issued with the benefit of and subject to an agreement supplemental to this Agreement. 

  
 -17- 

	 20.
	 General 

 (1)
Any notice pursuant to this Agreement shall be in English. Any notice pursuant to this Agreement shall be deemed to have been duly given upon the dispatch of such notice by registered mail or telecopier (to be confirmed in writing by registered
mail), addressed to the Issuer, to the Registrar or to the London Paying Agent and London Transfer Agent as follows: 
  

					
	 Issuer
	  	 Address:
	  	 Ministère des Finances

		  		  	 8, rue Cook, 2e étage

		  		  	 Québec, Québec G1R 0A4

		  		  	 Canada

		  	 Attention:
	  	 Direction générale des opérations bancaires

		  		  	 et financières

		  	 Fax No:
	  	 (418) 528-1240

		  	 Telephone No:
	  	 (418) 528-1479

			
		  	 With a copy to:
	  	
			
		  	 Address:
	  	 Ministère des Finances

		  		  	 12 rue St-Louis, bureau 2.27

		  		  	 Québec, Québec G1R 5L3

		  	 Attention:
	  	 Direction du financement des organismes publics
 et de la documentation financière

		  	 Fax No:
	  	 (418) 643-4700

		  	 Telephone No:
	  	 (418) 643-8141

			
	 Registrar
	  	 Address:
	  	
		  	 Attention:
	  	
		  	 Fax No:
	  	
		  	 Telephone No:
	  	
			
		  	 copy to:
	  	
			
		  	 Address:
	  	
		  	 Attention:
	  	
		  	 Fax No:
	  	
		  	 Telephone No:
	  	
	 London Paying 

Agent and 

London Transfer 

Agent
	  	 Address:
	  	
		  	 Attention:
	  	
		  	 Fax No:
	  	
		  	 Telephone No:
	  	

  
 -18- 

 or to any other address or number of which either of the parties shall have notified the other in
writing in accordance with this provision. 
 (2) This Agreement shall be governed by and interpreted in accordance with the laws of
Québec and the laws of Canada applicable therein. 
 (3) This Agreement shall extend to and enure to the benefit of and be binding
upon the Issuer, the Registrar and the London Paying Agent and London Transfer Agent and their respective successors and assigns. 
 (4)
This Agreement may be executed in separate counterparts, and each such counterpart, when so executed and delivered, shall be deemed to be an original. Such counterparts shall together constitute one and the same agreement. 

 

	 21.
	 Jurisdiction of Courts 

 The Issuer hereby appoints the person from time to time who holds the position of Delegate General of Québec in New York, One Rockefeller Plaza, 26th Floor, New York, New York 10020-2102, as its authorized
agent (the “Authorized Agent”) upon whom process may be served in any action arising from this Agreement which may be instituted in any State or Federal court in The City of New York, and expressly accepts the non-exclusive jurisdiction of
any such court in respect of such action. The Issuer hereby irrevocably waives any immunity to service of process in respect of any such action to which the Authorized Agent might otherwise be entitled. Such appointment shall be irrevocable as long
as any of the Notes remain outstanding, except that, if for any reason the Authorized Agent ceases to be able to act as agent or no longer has an address in The City of New York, the Issuer will appoint another person or persons in The City of New
York, selected in its discretion, as Authorized Agent(s). The Issuer will take any and all action, including the filing of any and all documents and instruments that may be necessary to continue such appointment or appointments in full force and
effect as aforesaid. Service of process upon the Authorized Agent, together with written notice of such service mailed or delivered to the Issuer at its address set forth in Section 20, shall be deemed in every respect effective service of
process upon the Issuer. Notwithstanding the foregoing, any action arising from this Agreement may be instituted in any competent court in Québec. The Issuer hereby waives, to the fullest extent permitted by applicable law, any immunity to
jurisdiction to which it might otherwise be entitled in any action based on this Agreement which may be instituted as provided in this Section in any State or Federal court in The City of New York or in any competent court in Québec.

  
 -19- 

  

			
	 QUÉBEC

		
	 by:
	 	 
		 	 Name:

		 	 Title:

		
	 [    ]
	 	

  

					
		 	 by:
	 	 
		 		 	Authorized Signatory
			
		 	 by:
	 	 
		 		 	Authorized Signatory

  

			
		
	 [    ]
	 	
		
	 by:
	 	 
		 	Authorized Signatory
		
	 by:
	 	 
		 	Authorized Signatory

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