Document:

EX-10.3

 Exhibit 10.3 

RYMAN HOSPITALITY PROPERTIES, INC. 

PERFORMANCE-BASED RESTRICTED STOCK UNIT 

AWARD AGREEMENT 
 (2016
OMNIBUS INCENTIVE PLAN) 
 THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”) is made and entered into as of
the             day of             ,             (the “Grant
Date”), between Ryman Hospitality Properties, Inc., a Delaware corporation (together with its subsidiaries, the “Company”), and             (the “Grantee”).
Capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in the Ryman Hospitality Properties, Inc. 2016 Omnibus Incentive Plan (the “Plan”). 

WHEREAS, the Company has adopted the Plan, which permits the issuance of restricted stock units of the Company (the “Restricted
Stock Units”); and 
 WHEREAS, pursuant to the Plan, the Committee responsible for administering the Plan has granted an award
of Restricted Stock Units to the Grantee as provided herein. 
 NOW, THEREFORE, in consideration of the mutual covenants hereinafter
set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

1. Grant of Restricted Stock Units. 

(a) The Company hereby grants to the Grantee an award (the “Award”) of
            Restricted Stock Units on the terms and conditions set forth in this Agreement and the Plan. A bookkeeping account will be maintained by the Company to keep track of the
Restricted Stock Units and any dividend equivalent rights that may accrue as provided in Section 4. 
 (b) The Grantee’s rights
with respect to any unvested portion of the Award shall remain forfeitable at all times prior to the dates on which the Restricted Period of such portion of the Award shall expire or terminate in accordance with Section 2 hereof. This Award may
not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by Grantee other than by will or the laws of descent and distribution or as otherwise permitted by the Plan. 

2. Vesting of the Award. 

(a) Except as otherwise provided herein, up to one hundred fifty percent (150%) of the Restricted Stock Units granted hereby may vest on
            (the “Vested Date”), based on and to the extent of the satisfaction of the performance targets as more fully described on Exhibit A and otherwise subject to the
limitations set forth therein. Any Restricted Stock Units that do not vest pursuant to the preceding sentence shall be cancelled immediately as of the Vested Date. 

  
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 (b) Except as otherwise determined by the Committee at or after the grant of the Award hereunder
(subject to Sections 7.5 and 8.2 of the Plan), in the event that the Grantee’s employment with the Company and its Subsidiaries and Affiliates is terminated (other than by reason of death, Disability or an approved retirement of such Grantee
(as determined by the Committee in its sole discretion) prior to the Vested Date and prior to the occurrence of a Change in Control, the Grantee shall forfeit such Restricted Stock Units (including Dividend Equivalent Units and other dividend
equivalent rights related thereto that have accrued pursuant to Section 4), and all of the Grantee’s rights with respect thereto shall cease. 

(c) If the Grantee’s employment with the Company and its Subsidiaries and Affiliates is terminated because of death, Disability or an
approved retirement of such Grantee (as determined by the Committee in its sole discretion) prior to the Vested Date and prior to the occurrence of a Change in Control, then Grantee will be entitled to a pro rata vesting of the Restricted Stock
Units (including Dividend Equivalent Units and other dividend equivalent rights related thereto) awarded hereunder at the Vested Date (or any earlier date of vesting as a result of a Change in Control) (the proration of the Award that would have
been earned had the Grantee remained employed through the Vested Date or the Change in Control will be based on the Grantee’s active service during the three-year period ending on the Vested Date in relation to the length of the total
three-year period). In the event of a Change in Control prior to or on the Vested Date, such pro-rated number of Restricted Stock Units (including Dividend Equivalent Units and other dividend equivalent rights related thereto) will be paid as set
forth in Section 2(d) below). Otherwise, such pro-rated number of Restricted Stock Units (including Dividend Equivalent Units and other dividend equivalent rights related thereto), as adjusted based on the extent to which the performance
targets set forth in Exhibit A have been satisfied, and shall be paid at the time such Award would have been settled if the Grantee had remained employed until the Vested Date. 

(d) Assuming that Grantee remains employed by the Company or any Subsidiary or Affiliate thereof (or has previously terminated such employment
as a result of the Grantee’s approved retirement (determined by the Committee in its sole discretion) or his or her death or disability) upon the occurrence of a Change in Control (as defined in the Plan) occurring prior to or on the Vested
Date, upon a Change in Control, the Award shall vest (subject to any applicable proration pursuant to Section 2(c) above in the event of any termination of employment as a result of the Grantee’s approved retirement (determined by the
Committee in its sole discretion) or his or her death or disability prior to the occurrence of the Change in Control) at the Target Amount (as defined in Exhibit A hereto), become immediately payable and all restrictions shall be lifted.
Notwithstanding the foregoing, if a Change in Control is anticipated to occur, then immediately prior to such Change in Control, the Committee may review the Company’s performance and the performance criteria for any competed and/or in process
one-year performance periods, as determined by the Committee in its discretion (the “Elapsed Period”) to determine whether in its reasonable belief the Award (or portion thereof) for such Elapsed Period would have vested and the Committee
may vest such Restricted Stock Units (and cause the remainder to be forfeited) effective upon the Change in Control on the basis that the performance criteria have been met and determine that such Award (or portion thereof) has vested based upon the
Company’s performance for such Elapsed Period (subject to any applicable proration pursuant to Section 2(c) above in the event of any termination of employment as a result of the Grantee’s approved retirement (determined by the
Committee in its sole discretion) or his or her death or disability prior to the occurrence of the Change in Control. 

  
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 3. Payment of Vested Restricted Stock Units. Grantee shall be entitled to receive one
Share for each Restricted Stock Unit with respect to which the Restricted Period expires pursuant to Section 2 or otherwise terminates. Subject to the provisions of the Plan and Section 8(a) hereof, such payment shall be made through the
issuance to the Grantee, as promptly as practicable thereafter (or to the executors or administrators of Grantee’s estate, as promptly as practicable after the Company’s receipt of notification of Grantee’s death, as the case may be),
of a number of Shares equal to the number of such Restricted Stock Units with respect to which the Restricted Period shall have expired or terminated. 

4. Dividend Equivalent Rights. Grantee shall receive dividend equivalent rights in respect of the Restricted Stock Units covered by this
Agreement at the time of any payment of dividends to stockholders on Shares. The Restricted Stock Units will be credited with a cash amount equal to the cash dividend amount that would be payable to the Grantee as a stockholder in respect of a
number of Shares equal to the number of Restricted Stock Units outstanding and unpaid as of the dividend record date (rounded down to the nearest one cent (or such other convention as may be determined by the Committee in its sole discretion)). The
Restricted Stock Units will be credited with additional Restricted Stock Units (“Dividend Equivalent Units”) for stock dividends paid on Shares by multiplying the stock dividend paid per Share by the number of Restricted Stock Units
outstanding and unpaid on the dividend record date (rounded down to the nearest whole share (or such other convention as may be determined by the Committee in its sole discretion)). Each cash dividend equivalent right (or in the case of a stock
dividend each Dividend Equivalent Unit) will vest and be settled or payable at the same time as, and to the extent of the vesting of, the Restricted Stock Units to which such dividend equivalent right (or in the case of a stock dividend such
Dividend Equivalent Unit) relates. 
 5. Rights as a Stockholder. Except as provided above, the Grantee shall not have voting or any
other rights as a stockholder of the Company with respect to Restricted Stock Units. Grantee will obtain full voting and other rights as a stockholder of the Company upon the settlement of Restricted Stock Units in Shares. 

6. Adjustments. The Committee shall make appropriate adjustments in the terms and conditions of, and the criteria included in, this
Award in recognition of unusual or nonrecurring events affecting the Company, or the financial statements of the Company, or of changes in applicable laws, regulations, or accounting principles, whenever the Committee determines that such
adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. Upon the occurrence of any of the events described in Section 4.2 of the Plan, the
Committee shall make the adjustments described in this Section 6. Any such adjustments shall be made in a manner provided in Section 4.2 of the Plan and in a manner that does not result in a discretionary increase in the amounts payable
under the Award. 

  
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 7. Amendment to Award. Subject to the restrictions contained in the Plan, the Committee
may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate the Award, prospectively or retroactively; provided that any such waiver, amendment, alteration, suspension, discontinuance,
cancellation or termination that would materially and adversely affect the rights of the Grantee or any holder or beneficiary of the Award shall not to that extent be effective without the consent of the Grantee, holder or beneficiary affected. 

8. Taxes; Section 409A. 

(a) Upon the delivery of shares pursuant to Section 3 hereof, the Grantee shall remit to the Company the minimum amount necessary to
satisfy the Withholding Tax Obligation (as defined below) with respect to which the Award or portion thereof has settled as a condition to the Company’s issuance of any Shares. The payment shall be in cash or at the election of Grantee by means
of: (i) the delivery of Shares previously owned by Grantee, subject to applicable legal requirements, and held for the requisite period of time as may be required to avoid the Company incurring any adverse accounting charge; (ii) a
reduction in the number of Shares otherwise deliverable upon vesting or other amounts otherwise payable to the Grantee pursuant to this Agreement; or (iii) a combination of (i) and/or (ii). The value of any Shares delivered or withheld as
payment in respect of the Withholding Tax Obligation shall be determined by reference to the Fair Market Value of such Shares as of the date of such withholding or delivery. For purposes hereof, the “Withholding Tax Obligation” means the
minimum amount necessary to satisfy Federal, state, local or foreign withholding tax requirements, if any, in connection with vesting of all or a portion of the Award; provided, however, that, in the sole discretion of the Company, the Company may
allow the Grantee to withhold an additional amount or additional number of Shares to satisfy an additional amount of withholding taxes up to the maximum individual statutory rate in the applicable jurisdiction, but only if such additional
withholding, or the discretion to elect such additional withholding, does not result in adverse accounting treatment of this Award to the Company. 

(b) Notwithstanding anything herein to the contrary, to the maximum extent permitted by applicable law, the settlement of the Restricted Stock
Units (including any dividend equivalent rights) to be made to the Grantee pursuant to this Agreement is intended to qualify as a “short-term deferral” pursuant to Section 1.409A-1(b)(4) of the Regulations and this Agreement shall be
interpreted consistently therewith. However, under certain circumstances, including where Grantee has elected to defer settlement of this Award, settlement of the Restricted Stock Units or any dividend equivalent rights may not so qualify, and in
that case, the Committee shall administer the grant and settlement of such Restricted Stock Units and any dividend equivalent rights in strict compliance with Section 409A of the Code, including but not limited to delaying, if required, the
issuance of Shares contemplated hereunder. Each payment of Restricted Stock Units (and related dividend equivalent rights) constitutes a “separate payment” for purposes of Section 409A of the Code. 

9. No Right to Continued Employment. Nothing in this Agreement or the Plan shall be interpreted or construed to confer upon the
Grantee any right to continued employment by the Company or any of its Subsidiaries or Affiliates, nor shall this Agreement or the Plan interfere in any way with the right of the Company or any of its Subsidiaries or Affiliates to terminate the
Grantee’s employment at any time for any reason whatsoever, whether or not with cause. 

  
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 10. Plan Governs. The Grantee hereby acknowledges receipt of a copy of the Plan and agrees
to be bound by all the terms and provisions thereof. The terms of this Agreement are governed by the terms of the Plan, and in the case of any inconsistency between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall
govern. 
 11. Severability. If any provision of this Agreement is, or becomes, or is deemed to be invalid, illegal, or unenforceable
in any jurisdiction or as to any Person or the Award, or would disqualify the Plan or Award under any laws deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be
construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award, and the remainder of the Plan and Award
shall remain in full force and effect. 
 12. Notices. All notices required to be given under this Grant shall be deemed to be
received if delivered or mailed as provided for herein, to the parties at the following addresses, or to such other address as either party may provide in writing from time to time. 

 

			
	 To the Company:
	  	Ryman Hospitality Properties, Inc.
		  	One Gaylord Drive
		  	Nashville, Tennessee 37214
		  	Attn: General Counsel
		
	 To the Grantee:
	  	The address then maintained with respect to the Grantee in the Company’s records.

 13. Governing Law. The validity, construction and effect of this Agreement shall be determined in
accordance with the laws of the State of Delaware without giving effect to conflicts of laws principles. 
 14. Successors in
Interest. This Agreement shall inure to the benefit of and be binding upon any successor to the Company. This Agreement shall inure to the benefit of the Grantee’s legal representatives. All obligations imposed upon the Grantee and all
rights granted to the Company under this Agreement shall be binding upon the Grantee’s heirs, executors, administrators and successors. 

15. Resolution of Disputes. Any dispute or disagreement which may arise under, or as a result of, or in any way related to, the
interpretation, construction or application of this Agreement shall be determined by the Committee. Any determination made hereunder shall be final, binding and conclusive on the Grantee and the Company for all purposes. 

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

			
	RYMAN HOSPITALITY PROPERTIES, INC.
		
	By:	 	  

		 	Scott J. Lynn, SVP & General Counsel
	
	GRANTEE:
	
	  
 Print
Name

	
	  

Signature

  
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 EXHIBIT A 

For purposes of this Award, performance will be measured in terms of the Company’s Total Shareholder Return (“TSR”) performance
over the 3-year award cycle using the Company’s TSR for the three-year period. The amount of the Award earned by the participant is determined by comparing the Company’s TSR performance during the performance period (January 1,
            – December 31,             ) relative to the median of the TSR performance of the following two peer
groups, weighted equally: (1)             companies within the FTSE NAREIT Lodging Resorts Index selected by the Committee in its sole discretion; and (2) a custom group of
high-performing hospitality and non-hospitality peer companies selected by the Committee in its sole discretion (collectively, the “Peer Groups”). Notwithstanding the foregoing, the Committee also retains the discretion to re-evaluate the
Peer Groups for each fiscal year to take into account changes to the composition of the Peer Groups (i.e., mergers or delistings) or any other factors which the Committee in its sole discretion may determine or to re-evaluate the weighting assigned
to either of the Peer Groups described above. The Award will vest as follows: 
  

	 	•	 	One hundred fifty percent (150%) of the Award (the “Stretch Amount”) will vest if the Company’s TSR performance is 15 percentage points or more above the median TSR performance of the Peer Groups.

  

	 	•	 	One hundred percent (100%) of the Award (the “Target Amount”) will vest if the Company’s TSR performance is equal to the median TSR performance of the Peer Groups. 

 

	 	•	 	Fifty percent (50%) of the Award (the “Threshold Amount”) will vest if the Company’s TSR performance is 15 percentage points below the median TSR performance of the Peer Groups. 

 

	 	•	 	No portion of the Award will vest if the Company’s TSR performance is more than 15 percentage points below the median TSR performance of the Peer Groups. 

If the performance achieved falls in between the established goal levels, the percentage of the Award earned by the participant will be
determined on a directly proportional basis using straight-line interpolation and rounding to the nearest full share. In the event that the Company’s TSR is negative, on an absolute basis, the Committee may, in its discretion, reduce by 25% the
number of Awards ultimately vesting (the “Contingent Negative Modifier”). In no event will the final value of the Award exceed 500% of the Fair Market Value of the Company’s shares on the Grant Date. Notwithstanding any of the
foregoing, the Committee retains the discretion to establish new goals and weights at the beginning of each fiscal year during the performance period. As used above, the term “Total Shareholder Return” or “TSR” is calculated by
measuring the cumulative performance of a company’s stock price (taking into account any dividends paid) over the three-year performance period (January 1,             –
December 31,             ). The Committee may establish standards for calculation of the components of TSR (e.g., the method of computation of beginning and ending prices, etc.) in its
sole discretion. 

  
 7Amended and Restated 2014 Omnibus Incentive Plan

 Exhibit 10.36 

RESTAURANT BRANDS INTERNATIONAL INC. 

2014 OMNIBUS INCENTIVE PLAN 

Amended and Restated June 9, 2016 

Section 1. Purpose. The purpose of the Restaurant Brands International Inc. 2014 Omnibus Incentive Plan is to attract, retain and
reward those employees, directors and other individuals who are expected to contribute significantly to the success of the Company and its Affiliates, to incentivize such individuals to perform at the highest level, to strengthen the mutuality of
interests between such individuals and the Company’s stockholders and, in general, to further the best interests of the Company and its shareholders. 

Section 2. Definitions. As used in the Plan, the following terms shall have the meanings set forth below: 

“Act” shall mean the Securities Exchange Act of 1934, as amended. Reference to a specific section of the Act or regulation
thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or
regulation. 
 “Affiliate” shall mean: (i) any entity that, directly or indirectly, controls (as well as is controlled
by or under common or joint control with) the Company; or (ii) any entity in which the Company has a significant equity interest, in either case as determined by the Committee; provided that, unless otherwise determined by the Committee, the
Shares subject to any Options or SAR that are granted to a service provider of an Affiliate constitutes “service recipient stock” for purposes of Section 409A of the Code or otherwise does not subject the Award to the excise tax under
Section 409A of the Code. 
 “Award” shall mean any Option, Stock Appreciation Right, award of Restricted Stock,
Restricted Stock Unit, Deferred Stock, annual or long-term Performance Award, Other Stock-Based Award or Cash-Based Award granted under the Plan, which may be denominated or settled in Shares, cash, equity interests in any entity with respect to
which the Company holds, directly or indirectly, a controlling interest, whether such entity is a corporation, partnership or other entity, or in such other forms as provided for herein. All Awards shall be granted by an Award Agreement. 

“Award Agreement” shall mean the agreement (whether in written or electronic form) or other instrument or document evidencing
any Award granted under the Plan, which may, but need not, be executed or acknowledged by a Participant. 
 “Beneficiary”
shall mean a person or persons entitled to receive payments or other benefits or exercise rights that are available under the Plan in the event of the Participant’s death. If no such person is named by a Participant, such individual’s
Beneficiary shall be the individual’s estate. 
 “Blackout Period” means a period when the Participant is prohibited
from trading in the Company’s securities pursuant to securities regulatory requirements or the Company’s insider trading policy or other applicable policy or requirement of the Company. 

“Board” shall mean the board of directors of the Company. 

“Cash-Based Award” means an Award granted pursuant to Section 11 of the Plan and payable in cash at such time or times
and subject to such terms and conditions as determined by the Committee in its sole discretion. 

  
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 “Change in Control” shall mean the occurrence of: 

(i) any “person” (as defined in Section 13(d) of the Act) (other than the Company, its Affiliates or an employee benefit plan or
trust maintained by the Company or its affiliates, or any company owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of Shares of the Company) becoming the “beneficial
owner” (as defined in Rule 13d-3 under the Act), directly or indirectly, of more than 50% of the combined voting power of the Company’s then outstanding securities (excluding any “person” who becomes such a beneficial owner
(x) in connection with a transaction described in clause (A) of paragraph (ii) below or (y) in connection with a distribution to them in their capacity as a member or partner (whether general or limited partners) in 3G Special
Situations Fund II, L.P., a limited partnership formed under the laws of the Cayman Islands (“3G”)); 
 (ii) the
consummation of (A) a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company
outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving entity or any parent thereof) more than 20% of the combined voting
power or the total fair market value of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation; provided, however, that a merger or consolidation effected to implement
a recapitalization of the Company (or similar transaction) in which no person (other than those covered by the exceptions in paragraph (i) of this definition) acquires more than 50% of the combined voting power of the Company’s then
outstanding securities shall not constitute a Change in Control of the Company; or 
 (iii) a complete liquidation or dissolution of the
Company or the consummation of any sale, lease, exchange or other transfer (in one transaction or a series of transactions) of all or substantially all of the assets of the Company; other than such liquidation, sale or disposition to a person or
persons who beneficially own, directly or indirectly, more than 20% of the combined voting power of the outstanding voting securities of the Company at the time of the sale. 

Notwithstanding the foregoing, with respect to any Award that is characterized as “nonqualified deferred compensation” within the
meaning of Section 409A of the Code, an event shall not be considered to be a Change in Control under the Plan for purposes of payment of such Award unless such event is also a “change in ownership,” a “change in effective
control” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code. 

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. Any reference to any section of the Code
shall also be a reference to any successor provision and any treasury regulation promulgated thereunder. 
 “Committee”
shall mean the Compensation Committee of the Board or such other committee as may be designated by the Board. If the Board does not designate the Committee, references herein to the “Committee” shall refer to the Board. 

“Company” shall mean Restaurant Brands International Inc. 

“Consultant” means a person or corporation engaged by the Company to provide services for an initial, renewable or extended
period of 12 months or more. 
 “Covered Employee” means an individual who is (i) a “covered employee”
within the meaning of Section 162(m)(3) of the Code, or any successor provision thereto and (ii) any individual who is designated by the Committee, in its discretion, at the time of any Award or at any subsequent time, as reasonably
expected to be a “covered employee” with respect to the taxable year of the Company in which any applicable Award will be paid. 

  
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 “Deferred Stock” shall mean a right to receive Shares or other Awards or a
combination thereof at the end of a specified deferral period, granted under Section 9. 
 “Dividend Equivalent” means
a right, granted to a Participant under the plan, to receive cash, shares, other Awards or other property equal in value to dividends paid with respect to Shares. 

“Effective Date” shall mean the “Closing Date” as defined in the Arrangement Agreement dated August 26, 2014
among the Company, Burger King Worldwide, Inc. and Tim Hortons Inc. 
 “Fair Market Value” means, for purposes of the Plan,
unless otherwise required by any applicable provision of the Code, any regulations issued thereunder or other applicable law, as of any date and except as provided below, the last sales price reported for the Shares on the applicable date:
(i) as reported on the TSX, in the case of a Canadian Participant; or (ii) the NYSE in the case of a U.S. Participant or other Participant who is not a Canadian Participant; or (iii) if the Shares are not traded, listed or otherwise
reported or quoted, the Committee shall determine in good faith the Fair Market Value in whatever manner it considers appropriate taking into account the requirements of Section 409A of the Code and any other applicable law. For purposes of the
grant of any Award, the applicable date shall be the trading day immediately prior to the date on which the Award is granted. For purposes of the exercise of any Award, the applicable date shall be the date a notice of exercise is received by the
Committee or its designee, as applicable, or, if not a day on which the applicable market is open, the next day that it is open. 

“Incentive Stock Option” shall mean an option representing the right to purchase Shares from the Company, granted under and
in accordance with the terms of Section 6, that is intended to be and is designated as an “Incentive Stock Option” within the meaning of Section 422 of the Code. 

“NYSE” means the New York Stock Exchange. 

“Non-Qualified Stock Option” shall mean an option representing the right to purchase Shares from the Company, granted under
and in accordance with the terms of Section 6, that is not an Incentive Stock Option. 
 “Option” shall mean an
Incentive Stock Option or a Non-Qualified Stock Option. 
 “Other Stock-Based Award” means an Award granted pursuant to
Section 11 of the Plan. 
 “Participant” shall mean the recipient of an Award granted under the Plan. 

“Performance Award” means an Award granted pursuant to Section 10 of the Plan. 

“Performance Goals” means goals established by the Committee as contingencies for Awards to vest and/or become exercisable or
distributable based on one or more of the performance goals set forth in Exhibit A hereto. 
 “Performance Period” means
the period established by the Committee at the time any Performance Award is granted or at any time thereafter during which any Performance Goals specified by the Committee with respect to such Award are measured or must be satisfied. 

“Plan” shall mean the Restaurant Brands International Inc. 2014 Omnibus Incentive Plan, as the same may be amended from time
to time. 
 “Prior Plan Award” shall mean a grant of a restricted stock unit, an option or other stock based award granted
under a Prior Plan. 

  
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 “Prior Plans” shall mean the Company’s 2006 Stock Incentive Plan, the
Company’s 2012 Stock Incentive Plan, the Company’s 2011 Omnibus Incentive Plan, and the Company’s Amended and Restated 2012 Omnibus Incentive Plan, each as amended effective as of the Effective Date. 

“Restricted Stock” shall mean any Share granted under Section 8. 

“Restricted Stock Unit” shall mean a contractual right granted under Section 8 that is denominated in Shares. Each
Restricted Stock Unit represents a right to receive one Share or the value of one Share upon the terms and conditions set forth in the Plan and the applicable Award Agreement. 

“Rule 16b-3” means Rule 16b-3 under Section 16(b) of the Act as then in effect or any successor provision. 

“SAR” or “Stock Appreciation Right” shall mean any right granted to a Participant pursuant to Section 7
to receive, upon exercise by the Participant, the excess of (i) the Fair Market Value of one Share on the date of exercise over (ii) the grant price of the right on the date of grant, or if granted in connection with an outstanding Option
on the date of grant of the related Option, as specified by the Committee in its sole discretion, which, except in the case of Substitute Awards or in connection with an adjustment provided in Section 5(c), shall not be less than the Fair
Market Value of one Share on such date of grant of the right or the related Option, as the case may be. 
 “Securities Act”
means the Securities Act of 1933, as amended and all rules and regulations promulgated thereunder. Reference to a specific section of the Securities Act or regulation thereunder shall include such section or regulation, any valid regulation or
interpretation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation. 

“Service” shall mean the active performance of services for the Company or an Affiliate by a person who is an employee or
director of the Company or an Affiliate. Notwithstanding the foregoing, with respect to any Award that is characterized as “nonqualified deferred compensation” within the meaning of Section 409A of the Code, an event shall not be
considered to be a termination of “Service” under the Plan for purposes of payment of such Award unless such event is also a “separation from service” within the meaning of Section 409A of the Code. 

“Shares” shall mean shares of the common stock of the Company. 

“Subsidiary” shall mean any corporation of which stock representing at least 50% of the ordinary voting power is owned,
directly or indirectly, by the Company. 
 “Substitute Awards” shall mean Awards granted in assumption of, or in
substitution for, outstanding awards previously granted by a company acquired by the Company or with which the Company combines. 

“Transfer” means: (a) when used as a noun, any direct or indirect transfer, sale, assignment, pledge, hypothecation,
encumbrance or other disposition (including the issuance of equity in any entity), whether for value or no value and whether voluntary or involuntary (including by operation of law), and (b) when used as a verb, to directly or indirectly
transfer, sell, assign, pledge, encumber, charge, hypothecate or otherwise dispose of (including the issuance of equity in any entity) whether for value or for no value and whether voluntarily or involuntarily (including by operation of law).
“Transferred” and “Transferable” shall have a correlative meaning. 
 “TSX” means the Toronto Stock
Exchange. 

  
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 Section 3. Eligibility. 

(a) Any employee, director, Consultant or other advisor of, or any other individual who provides services to, the Company or any Affiliate,
shall be eligible to be selected to receive an Award under the Plan. Notwithstanding the foregoing, only eligible employees of the Company, its subsidiaries and its parent (as determined in accordance with Section 422(b) of the Code) are
eligible to be granted Incentive Stock Options under the Plan. Eligibility for the grant of Awards and actual participation in the Plan shall be determined by the Committee in its sole discretion. 

(b) An individual who has agreed to accept employment by the Company or an Affiliate shall be deemed to be eligible for Awards hereunder as of
the date of such acceptance; provided that vesting and exercise of Awards granted to such individual are conditioned upon such individual actually becoming an employee of the Company or an Affiliate. 

(c) Holders of Options and other types of Awards granted by a company acquired by the Company or with which the Company combines are eligible
for grant of Substitute Awards hereunder. 
 Section 4. Administration. 

(a) The Plan shall be administered by the Committee. The Committee shall be appointed by the Board and shall consist of not less than two
directors. To the extent required by applicable law, rule or regulation, it is intended that each member of the Committee shall qualify both as a “non-employee director” under Rule 16b-3 and an “outside director” under
Section 162(m) of the Code. If it is later determined that one or more members of the Committee do not so qualify, actions taken by the Committee prior to such determination shall be valid despite such failure to qualify. The Board may
designate one or more directors as alternate members of the Committee who may replace any absent or disqualified member at any meeting of the Committee. The Committee may delegate to one or more officers of the Company the authority to grant Awards
except that such delegation shall not be applicable to any Award for a person then covered by Section 16 of the Act or a Covered Employee. The Committee may issue rules and regulations for administration of the Plan. It shall meet at such times
and places as it may determine. 
 (b) Subject to Section 15, the Committee shall have the authority to adopt, alter and repeal such
administrative rules, guidelines and practices governing the Plan and perform all acts, including the delegation of its responsibilities (to the extent permitted by applicable law and applicable stock exchange rules), as it shall, from time to time,
deem advisable; to construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any agreements relating thereto); and to otherwise supervise the administration of the Plan. The Committee may correct any
defect, supply any omission or reconcile any inconsistency in the Plan or in any agreement relating thereto in the manner and to the extent it shall deem necessary to effectuate the purpose and intent of the Plan. The Committee may adopt special
guidelines and provisions for persons who are residing in or employed in, or subject to, the taxes of, any domestic or foreign jurisdictions to comply with applicable tax and securities laws of such domestic or foreign jurisdictions. To the extent
applicable, the Plan is intended to comply with the applicable requirements of Rule 16b-3, and with respect to Awards intended to be “performance-based,” the applicable provisions of Section 162(m) of the Code, and the Plan shall be
limited, construed and interpreted in a manner so as to comply therewith. 
 (c) Subject to the terms of the Plan and applicable law and the
rules of the TSX and in addition to those authorities provided in Section 4(c), the Committee (or its delegate) shall have full power and authority to: (i) designate Participants; (ii) determine the type or types of Awards (including
Substitute Awards) to be granted to each Participant under the Plan; (iii) determine the number of Shares to be covered by (or with respect to which payments, rights, or other matters are to be calculated in connection with) Awards;
(iv) determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder (including, but not limited to, the exercise or purchase price (if any), any restriction or limitation, any vesting schedule or
acceleration thereof, or any forfeiture restrictions or waiver thereof, regarding any Award and the Shares relating thereto, based on such factors, if any, as the Committee shall determine, in its sole discretion); (v) determine whether, to
what extent, and under what circumstances Awards may be settled or exercised in cash, Shares, other securities, or other Awards, or canceled, forfeited or suspended, and the method or methods by which Awards may be settled, exercised, canceled,
forfeited or suspended; (vi) determine whether, to what extent, and under what circumstances cash, Shares, other securities, other Awards, and other amounts payable with respect to an Award under the Plan shall be deferred either automatically
or at the election of the holder thereof or of the Committee, taking into consideration the requirements of Section 409A of the Code; (vii) determine whether to require a Participant, as a condition of the granting of any Award, to not
sell or otherwise dispose of shares acquired pursuant to the exercise of an Award for a period of time as determined by the Committee, in its sole discretion, following the date of the acquisition of such Award; (viii) to determine whether an
Option is an Incentive Stock Option or Non-Qualified Option; (ix) to modify, extend or renew an Award, provided, however, that such action does not subject the Award to Section 409A of the Code without the consent of the Participant and
provided that such extension of the Award does not benefit an Insider (as defined in Section 21 of the Plan); interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; establish, amend,
suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; (xii) solely to the extent permitted by applicable law and the rules of the TSX, to determine whether,
to what extent and under what circumstances to provide loans (which may be on a recourse basis and shall bear interest at the rate the Committee shall provide) to Participants in order to exercise Options or acquire Shares under the Plan;
(ix) to permit accelerated vesting or lapse of restrictions of any Award at any time; and (x) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. 

  
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 (d) All decisions of the Committee shall be final, conclusive and binding upon all parties,
including the Company, the shareholders and the Participants. 
 Section 5. Shares Available for Awards; Per Person Limitations.

 (a) Subject to adjustment as provided below, the maximum number of Shares available for issuance under the Plan is equal to
(i) 15,000,000, plus (ii) any Shares subject to Prior Plan Awards which, on or after the Effective Date, cease for any reason to be subject to such Prior Plan Awards other than by reason of exercise or settlement of the Prior Plan Awards
to the extent they are exercised for or settled in Shares reserved under a Prior Plan or settled pursuant to the exercise of a stock appreciation right issued in tandem with the Prior Plan Award. The maximum possible number of Shares subject to
Prior Plan Awards that could be made available for purposes of the Plan is 18,769,078. Therefore, the maximum number of Shares available for issuance under the Plan is 33,769,078. The maximum number of these reserved Shares with respect to which
Incentive Stock Options may be granted under the Plan shall be 15,000,000 Shares. With respect to Stock Appreciation Rights settled in Shares, upon settlement, only the number of Shares delivered to a Participant (based on the difference between the
Fair Market Value of the Shares subject to such Stock Appreciation Right on the date such Stock Appreciation Right is exercised and the exercise price of each Stock Appreciation Right on the date such Stock Appreciation Right was awarded) shall
count against the aggregate and individual share limitations set forth under this Section 5. If any Option, Stock Appreciation Right or Other Stock-Based Awards granted under the Plan expires, terminates or is canceled for any reason without
having been exercised in full, the number of Shares underlying any unexercised Award shall again be available for the purpose of Awards under the Plan. If any shares of Restricted Stock, Performance Awards or Other Stock-Based Awards denominated in
Shares awarded under the Plan to a Participant are forfeited for any reason, the number of forfeited shares of Restricted Stock, Performance Awards or Other Stock-Based Awards denominated in Shares shall again be available for purposes of Awards
under the Plan. Any Award under the Plan settled in cash shall not be counted against the foregoing maximum share limitations. 
 (b) Any
Shares delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares or Shares acquired by the Company. 

  
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 (c) To the extent required by Section 162(m) of the Code for Awards under the Plan to
qualify as “performance-based compensation,” the following individual Participant limitations shall apply: 
 (i) The maximum
number of Shares subject to any Award of Options, or Stock Appreciation Rights, shares of Restricted Stock, Restricted Stock Units or Other Stock-Based Awards for which the grant of such Award or the lapse of the relevant restriction period is
subject to the attainment of Performance Goals in accordance with Section 10 which may be granted under the Plan during any fiscal year of the Company to any Participant shall be 2,000,000 Shares per type of Award (which shall be subject to any
further increase or decrease pursuant to Section 5(d)) provided that the maximum number of Shares for all types of Awards granted to any Participant does not exceed 2,000,000 Shares (which shall be subject to any further increase or decrease
pursuant to Section 5(d)) during any fiscal year of the Company. If a Stock Appreciation Right is granted in tandem with an Option, it shall apply against the Participant’s individual share limitations for both Stock Appreciation Rights
and Options. 
 (ii) There are no annual individual share limitations applicable to Participants on Restricted Stock, Restricted Stock Units
or Other Stock-Based Awards for which the grant, vesting or payment (as applicable) of any such Award is not subject to the attainment of Performance Goals. 

(iii) The maximum number of Shares subject to any Performance Award which may be granted under the Plan during any fiscal year of the Company
to any Participant shall be 2,000,000 Shares (which shall be subject to any further increase or decrease pursuant to Section 5(d)) with respect to any fiscal year of the Company. 

(iv) The maximum value of a cash payment made under a Performance Award which may be granted under the Plan with respect to any fiscal year of
the Company to any Participant shall be $10,000,000. 
 (v) The individual Participant limitations set forth in this Section 5(c) (other
than Section 5(c)(iii)) shall be cumulative; that is, to the extent that Shares for which Awards are permitted to be granted to a Participant during a fiscal year are not covered by an Award to such Participant in a fiscal year, the number of
Shares available for Awards to such Participant shall automatically increase in the subsequent fiscal years during the term of the Plan until used. 

(d) Changes 
 (i) The existence of
the Plan and the Awards granted hereunder shall not affect in any way the right or power of the Board or the shareholders of the Company to make or authorize (a) any adjustment, recapitalization, reorganization or other change in the
Company’s capital structure or its business, (b) any merger or consolidation of the Company or any Affiliate, (c) any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Shares (d) the
dissolution or liquidation of the Company or any Affiliate, (e) any sale or transfer of all or part of the assets or business of the Company or any Affiliate or (f) any other corporate act or proceeding. 

(ii) Subject to the provisions of Section 5(d)(iv), if there shall occur any such change in the capital structure of the Company by reason
of any stock split, reverse stock split, stock dividend, extraordinary dividend, subdivision, combination or reclassification of shares that may be issued under the Plan, any recapitalization, any merger, any consolidation, any spin off, any
reorganization or any partial or complete liquidation, or any other corporate transaction or event having an effect similar to any of the foregoing (a “Corporate Event”), then (i) the aggregate number and/or kind of shares that
thereafter may be issued under the Plan, (ii) the number and/ or kind of shares or other property (including cash) to be issued upon exercise of an outstanding Award granted under the Plan, and/or (iii) the purchase price thereof, shall be
appropriately adjusted. In addition, subject to Section 5(d)(iv), if there shall occur any change in the capital structure or the business of the Company that is not a Corporate Event (an “Other Extraordinary Event”), including
by reason of any ordinary dividend (whether cash or stock), any conversion, any adjustment, any issuance of any class of securities convertible or exercisable into, or exercisable for, any class of stock, or any sale or transfer

  
 7 

 
of all or substantially all of the Company’s assets or business, then the Committee, in its sole discretion, may adjust any Award and make such other adjustments to the Plan. Any adjustment
pursuant to this Section 5(d) shall be consistent with the applicable Corporate Event or the applicable Other Extraordinary Event, as the case may be, and in such manner as the Committee may, in its sole discretion, deem appropriate and
equitable to prevent substantial dilution or enlargement of the rights granted to, or available for, Participants under the Plan. Any such adjustment determined by the Committee shall be final, binding and conclusive on the Company and all
Participants and their respective heirs, executors, administrators, successors and permitted assigns. Except as expressly provided in this Section 5(d) or in the applicable Award Agreement, a Participant shall have no rights by reason of any
Corporate Event or any Other Extraordinary Event. 
 (iii) Fractional shares of Shares resulting from any adjustment in Awards pursuant to
Section 5(d)(i) or Section 5(d)(ii) shall be aggregated until, and eliminated at, the time of exercise by rounding-down for fractions less than one-half and rounding-up for fractions equal to or greater than one-half. No cash settlements
shall be made with respect to fractional shares eliminated by rounding. Notice of any adjustment shall be given by the Committee to each Participant whose Award has been adjusted and such adjustment (whether or not such notice is given) shall be
effective and binding for all purposes of the Plan. 
 (iv) In the event of a merger or consolidation of the Company or in the event of any
transaction that results in the acquisition of substantially all of the Company’s outstanding Shares by a single person or entity or by a group of persons and/or entities acting in concert, or in the event of the sale or transfer of all or
substantially all of the Company’s assets (all of the foregoing being referred to as an “Acquisition Event”), then the Committee may, in its sole discretion, terminate all outstanding and unexercised Options, Stock Appreciation
Rights, or any Other Stock-Based Award that provides for a Participant elected exercise, effective as of the date of the Acquisition Event, by (i) cashing-out such Awards upon the date of consummation of the Acquisition Event, or
(ii) delivering notice of termination to each Participant at least 5 days prior to the date of consummation of the Acquisition Event, in which case during the period from the date on which such notice of termination is delivered to the
consummation of the Acquisition Event, each such Participant shall have the right to exercise in full all of such Participant’s Awards that are then outstanding (without regard to any limitations on exercisability otherwise contained in the
Award Agreements), but any such exercise shall be contingent on the occurrence of the Acquisition Event, and, provided that, if the Acquisition Event does not take place within a specified period after giving such notice for any reason whatsoever,
the notice and exercise pursuant thereto shall be null and void. If an Acquisition Event occurs but the Committee does not terminate the outstanding Awards pursuant to this Section 5(d)(iv), then the provisions of Section 5(d)(ii) and
Section 13 shall apply. 
 (e) Shares underlying Substitute Awards and Shares underlying awards that can only be settled in cash shall
not reduce the number of Shares remaining available for issuance under the Plan. 
 (f) Notwithstanding any provision of the Plan to the
contrary, if authorized but previously unissued Shares are issued under the Plan, such shares shall not be issued for a consideration that is less than as permitted under applicable law and the rules of the TSX. 

(g) The maximum number of Shares subject to any Award which may be granted under the Plan during any fiscal year of the Company to any director
shall be 1,000,000 Shares (which shall be subject to any further increase or decrease pursuant to Section 5(d)). 
 Section 6.
Options. 
 The Committee is hereby authorized to grant Options to Participants with the following terms and conditions and with such
additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine: 
 (a)
The purchase price per Share under an Option shall be determined by the Committee; provided, however, that, except in the case of Substitute Awards, such purchase price shall not be less than the 100% (or 110% in the case of an Incentive Stock
Option granted to a person owning stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company, its subsidiaries or its parent, determined in accordance with Section 422(b)(6) of
the Code) of the Fair Market Value of a Share on the date of grant of such Option. 

  
 8 

 (b) The term of each Option shall be fixed by the Committee but shall not exceed 10 years from
the date of grant thereof. Notwithstanding the foregoing, if the term of an Option (other than an Incentive Stock Option) held by any Participant not subject to Section 409A of the Code would otherwise expire during, or within ten business days
of the expiration of a Blackout Period applicable to such Participant, then the term of such Option shall be extended to the close of business on the tenth business day following the expiration of the Blackout Period. 

(c) The Committee shall determine the time or times at which an Option may be exercised in whole or in part. 

(d) To the extent vested and exercisable, Options may be exercised in whole or in part at any time during the Option term, by giving written
notice of exercise to the Company specifying the number of Shares to be purchased. Such notice shall be accompanied by payment in full of the purchase price as follows: (i) in cash or by check, bank draft or money order payable to the order of
the Company; (ii) solely to the extent permitted by applicable law, if the Shares are traded on a national securities exchange, and the Committee authorizes, through a procedure whereby the Participant delivers irrevocable instructions to a
broker reasonably acceptable to the Committee to deliver promptly to the Company an amount equal to the purchase price; or (iii) on such other terms and conditions as may be acceptable to the Committee (including, without limitation, having the
Company withhold Shares issuable upon exercise of the Option, or by payment in full or in part in the form of Shares owned by the Participant, based on the Fair Market Value of the Shares on the payment date as determined by the Committee). No
Shares shall be issued until payment therefor, as provided herein, has been made or provided for. 
 (e) The terms of any Incentive Stock
Option granted under the Plan shall comply in all respects with the provisions of Section 422 of the Code, or any successor provision thereto, and any regulations promulgated thereunder. To the extent that the aggregate Fair Market Value
(determined as of the time of grant) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by a Participant Employee during any calendar year under the Plan and/or any other stock option plan of the Company,
any subsidiary or any parent exceeds $100,000, such Options shall be treated as Non-Qualified Options. Should any provision of the Plan not be necessary in order for the Options to qualify as Incentive Stock Options, or should any additional
provisions be required, the Committee may amend the Plan accordingly, without the necessity of obtaining the approval of the stockholders of the Company, subject to the rules of the TSX. Should any provision of the Plan not be necessary in order for
the Options to qualify as Incentive Stock Options, or should any additional provisions be required, the Committee may amend the Plan accordingly, without the necessity of obtaining the approval of the stockholders of the Company, subject to the
rules of the TSX. To the extent that any such Option does not qualify as an Incentive Stock Option (whether because of its provisions or the time or manner of its exercise or otherwise), such Option or the portion thereof which does not so qualify
shall constitute a separate Non-Qualified Stock Option. 
 Section 7. Stock Appreciation Rights. 

(a) The Committee is hereby authorized to grant Stock Appreciation Rights (“SARs”) to Participants with terms and conditions
as the Committee shall determine not inconsistent with the provisions of the Plan. 
 (b) SARs may be granted hereunder to Participants
either alone (“freestanding”) or in addition to other Awards granted under the Plan (“tandem”) and may, but need not, relate to a specific Options granted under Section 6. 

(c) Any tandem SAR related to an Option may be granted at the same time such Option is granted to the Participant. In the case of any tandem
SAR related to any Option, the SAR or applicable portion thereof shall not be exercisable until the related Option or applicable portion thereof is exercisable and shall terminate and no longer be exercisable upon the termination or exercise of the
related Option, except that a SAR granted with respect to less than the full number of Shares covered by a related Option shall not be reduced until the exercise or termination of the related Option exceeds the number of Shares not covered by the
SAR. Any Option related to any tandem SAR shall no longer be exercisable to the extent the related SAR has been exercised. 

  
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 (d) A freestanding SAR shall not have a term of greater than 10 years or, unless it is a
Substitute Award, an exercise price less than 100% of Fair Market Value of the Share on the date of grant. Notwithstanding the foregoing, if the term of a SAR held by any Participant not subject to Section 409A of the Code would otherwise
expire during, or within ten business days of the expiration of a Blackout Period applicable to such Participant, then the term of such SAR shall be extended to the close of business on the tenth business day following the expiration of the Blackout
Period. 
 Section 8. Restricted Stock and Restricted Stock Units. 

(a) The Committee is hereby authorized to grant Awards of Restricted Stock and Restricted Stock Units to Participants. 

(b) Shares of Restricted Stock and Restricted Stock Units shall be subject to such restrictions as the Committee may impose (including, without
limitation, any limitation on the right to vote a Share of Restricted Stock or the right to receive any dividend or dividend equivalent or other right), which restrictions may lapse separately or in combination at such time or times, in such
installments or otherwise, as the Committee may deem appropriate. 
 (c) Any share of Restricted Stock granted under the Plan may be
evidenced in such manner as the Committee may deem appropriate including, without limitation, book-entry registration or issuance of a stock certificate or certificates. In the event any stock certificate is issued in respect of shares of Restricted
Stock granted under the Plan, such certificate shall be registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock. If stock certificates
are issued in respect of shares of Restricted Stock, the Committee may require that any stock certificates evidencing such Shares be held in custody by the Company until the restrictions thereon shall have lapsed, and that, as a condition of any
grant of Restricted Stock, the Participant shall have delivered a duly signed stock power or other instruments of assignment (including a power of attorney), each endorsed in blank with a guarantee of signature if deemed necessary or appropriate by
the Company, which would permit transfer to the Company of all or a portion of the shares subject to the Restricted Stock Award in the event that such Award is forfeited in whole or part. 

(d) The Committee may in its discretion, when it finds that a waiver would be in the best interests of the Company, waive in whole or in part
any or all restrictions with respect to Shares of Restricted Stock or Restricted Stock Units. 
 (e) The Committee, in its discretion, may
award Dividend Equivalents with respect to Awards of Restricted Stock Units. The entitlements on such Dividend Equivalents will not be available until the vesting of the Award of Restricted Stock Units. 

(f) If the Committee intends that an Award under this Section 8 shall constitute or give rise to “qualified performance based
compensation” under Section 162(m) of the Code, such Award may be structured in accordance with the requirements of Section 10, including without limitation, the Performance Goals and the Award limitation set forth therein, and any
such Award shall be considered a Performance Award for purposes of the Plan. 
 Section 9. Deferred Stock. The Committee is
authorized to grant Deferred Stock to Participants, subject to the following terms and conditions: 
 (a) Deferred Stock shall be
settled upon expiration of the deferral period specified for an Award of Deferred Stock by the Committee (or, if permitted by the Committee, as elected by the Participant). In addition, Deferred Stock shall be subject to such restrictions on
transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose, which restrictions may lapse at the expiration of the deferral period or at earlier specified times (including based on achievement of performance goals
and/or future service requirements), separately or in combination, in installments or otherwise, and under such other circumstances as the Committee may determine at the date of grant or thereafter. Deferred Stock may be satisfied by delivery of
Shares, other Awards, or a combination thereof, as determined by the Committee at the date of grant or thereafter. 

  
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 (b) The Committee, in its discretion, may award Dividend Equivalents with respect to Awards of
Deferred Stock. The entitlements on such Dividend Equivalents will not be available until the expiration of the deferral period for the Award of Deferred Stock. 

Section 10. Performance Awards. 

(a) The Committee may grant a Performance Award to a Participant payable upon the attainment of specific Performance Goals. The Committee may
grant Performance Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code, as well as Performance Awards that are not intended to qualify as “performance-based compensation”
under Section 162(m) of the Code. If the Performance Award is payable in shares of Restricted Stock, such shares shall be transferable to the Participant only upon attainment of the relevant Performance Goal in accordance with Section 8.
If the Performance Award is payable in cash, it may be paid upon the attainment of the relevant Performance Goals either in cash or in shares of Restricted Stock (based on the then current Fair Market Value of such shares), as determined by the
Committee, in its sole and absolute discretion. Each Performance Award shall be evidenced by an Award Agreement in such form that is not inconsistent with the Plan and that the Committee may from time to time approve. With respect to Performance
Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Committee shall condition the right to payment of any Performance Award upon the attainment of objective Performance Goals
established pursuant to Section 10(b)(iii). 
 (b) Terms and Conditions. Performance Awards awarded pursuant to this
Section 10 shall be subject to the following terms and conditions: 
 (i) Earning of Performance Award. At the expiration
of the applicable Performance Period, the Committee shall determine the extent to which the Performance Goals established pursuant to Section 10(b) are achieved and the percentage of each Performance Award that has been earned. 

(ii) Non-Transferability. Subject to the applicable provisions of the Award Agreement and the Plan, Performance Awards may not be
Transferred during the Performance Period. 
 (iii) Objective Performance Goals, Formulae or Standards. With respect to
Performance Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Committee shall establish the objective Performance Goals for the earning of Performance Awards based on a
Performance Period applicable to each Participant or class of Participants in writing prior to the beginning of the applicable Performance Period or at such later date as permitted under Section 162(m) of the Code and while the outcome of the
Performance Goals are substantially uncertain. Such Performance Goals may incorporate, if and only to the extent permitted under Section 162(m) of the Code, provisions for disregarding (or adjusting for) the impact of any of the following that
the Committee determines to be appropriate: (i) corporate transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances, (ii) restructurings, discontinued operations, extraordinary
items or events, and other unusual or non-recurring charges as described in Accounting Principles Board Opinion No. 30 and/or management’s discussion and analysis of financial condition and results of operations appearing or incorporated
by reference in the Company’s Form 10-K for the applicable year; (iii) an event either not directly related to the operations of the Company or any of its Affiliates or not within the reasonable control of the Company’s management,
(iv) a change in tax law or accounting standards required by generally accepted accounting principles, or (v) such other exclusions or adjustments as the Committee specifies at the time the Award is granted. To the extent that any such
provision would create impermissible discretion under Section 162(m) of the Code or otherwise violate Section 162(m) of the Code, such provision shall be of no force or effect, with respect to Performance Awards that are intended to
qualify as “performance-based compensation” under Section 162(m) of the Code. 

  
 11 

 (c) Dividends. The Committee may, in its discretion, award Dividend Equivalents with
respect to Performance Awards. Except as otherwise specified in a Performance Award Agreement, the entitlements on such Dividend Equivalents shall be subject to the same vesting conditions and shall be settled at the same times that apply with
respect to the underlying Performance Award. 
 (d) Payment. Following the Committee’s determination in accordance with
Section 10(b)(i) the Company shall settle Performance Awards, in such form (including, without limitation, in Shares or in cash) as determined by the Committee, in an amount equal to such Participant’s earned Performance Awards.
Notwithstanding the foregoing, the Committee may, in its sole discretion, award an amount less than the earned Performance Awards and/or subject the payment of all or part of any Performance Award to additional vesting, forfeiture and deferral
conditions as it deems appropriate. 
 (e) Termination. Subject to the applicable provisions of the Award Agreement and the Plan, upon
a Participant’s termination of Service for any reason during the Performance Period for a given Performance Award, the Performance Award in question will vest or be forfeited in accordance with the terms and conditions established by the
Committee at grant. 
 (f) Accelerated Vesting. Based on service, performance and/or such other factors or criteria, if any, as the
Committee may determine, the Committee may, at or after grant, accelerate the vesting of all or any part of any Performance Award. 

Section 11. Other Stock-Based and Cash Based Awards. 

(a) The Committee is authorized, subject to limitations under applicable law and the rules of the TSX, to grant to Participants such other
Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares or factors that may influence the value of Shares, including, without limitation, convertible or exchangeable debt
securities, other rights convertible or exchangeable into Shares, purchase rights for Shares, Awards with value and payment contingent upon performance of the Company or business units thereof, Shares awarded purely as a bonus and not subject to
restrictions or conditions, equity interests in any entity with respect to which the Company holds, directly or indirectly, a controlling interest, whether such entity is a corporation, partnership or other entity, or any other factors designated by
the Committee. The Committee shall determine the terms and conditions of such Awards. Shares delivered pursuant to an Award in the nature of a purchase right granted under this Section 11 shall be purchased for such consideration, paid for at
such times, by such methods, and in such forms, including, without limitation, cash, Shares, other Awards, notes, or other property, as the Committee shall determine. Unless otherwise determined by the Committee in an Award Agreement, the recipient
of an Award under this Section 11 shall not be entitled to receive, currently or on a deferred basis, dividends or Dividend Equivalents in respect of the number of Shares covered by the Award. In all cases, such dividends or Dividend
Equivalents would not become payable until the expiration of any applicable performance period. An Other Stock-Based Award that is in the form of a grant of an equity interest in any entity with respect to which the Company holds, directly or
indirectly, a controlling interest, may be granted in exchange for, replacement of, or substitution for an Award previously granted under the Plan (or any predecessor plan) or Substitute Award; provided, that, if such Award or Substitute Award is a
stock option or a stock appreciation right, then the Other Stock-Based Award granted in exchange, replacement, or substitution thereof, may not have the economic effect of reducing the exercise price or term of such Award or Substitute Award. 

(b) The Committee may from time to time grant Cash-Based Awards to Participants in such amounts, on such terms and conditions, and for such
consideration, including no consideration or such minimum consideration as may be required by applicable law, as it shall determine in its sole discretion. Cash-Based Awards may be granted subject to the satisfaction of vesting conditions or may be
awarded purely as a bonus and not subject to restrictions or conditions, and if subject to vesting conditions, the Committee may accelerate the vesting of such Awards at any time in its sole discretion. The grant of a Cash-Based Award shall not
require a segregation of any of the Company’s assets for satisfaction of the Company’s payment obligation thereunder. 

  
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 (c) Notwithstanding any other provision of the Plan, when an Award with an exercise price is
granted under the Plan and the exercise of the Award by the Participant may result in the issuance of Shares to the Participant, the exercise price (taking into account any conversion, exchange or other substitutions) of the Award may not be less
than the Fair Market Value of a Share on the date of grant of the Award. 
 Section 12. Effect of Termination of Service on Awards.
The Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, the circumstances in which Awards shall be exercised, vested, paid or forfeited in the event a Participant ceases to provide
Service to the Company or any Affiliate prior to the end of a performance period or exercise or settlement of such Award. 

Section 13. Change in Control Provisions. In the event of a Change in Control, and except as otherwise provided by the Committee
in an Award Agreement, a Participant’s unvested Award shall be treated in accordance with one of the following methods as determined by the Committee: 

(a) Awards, whether or not then vested, shall be continued, assumed, have new rights substituted therefor or be treated in accordance with
Section 5(d) hereof, as determined by the Committee, and restrictions to which shares of Restricted Stock or any other Award granted prior to the Change in Control are subject shall not lapse upon a Change in Control and the Restricted Stock or
other Award shall, where appropriate in the sole discretion of the Committee, receive the same distribution as other Shares on such terms as determined by the Committee; provided that the Committee may decide to award additional Restricted Stock or
other Awards in lieu of any cash distribution. Notwithstanding anything to the contrary herein, for purposes of Incentive Stock Options, any assumed or substituted Option shall comply with the requirements of Treasury Regulation Section 1.424-1
(and any amendment thereto). 
 (b) The Committee, in its sole discretion, may provide for the purchase of any Awards by the Company or an
Affiliate for an amount of cash (either on a current basis or, to the extent such right does not subject the Award to the excise tax under Section 409A of the Code, a deferred basis) equal to the excess of the Change in Control Price (as
defined below) of the Shares covered by such Awards, over the aggregate exercise price of such Awards. For purposes of this Section 13(b), “Change in Control Price” shall mean the highest price per Share paid in any transaction
related to a Change in Control of the Company. 
 (c) If and to the extent that the approach chosen by the Committee results in an
acceleration or potential acceleration of the exercisability, vesting or settlement of any Award, the Committee may impose such conditions upon the exercise, vesting and/or settlement of the Award (including without limitation a requirement that
some or all of the proceeds from the accelerated portion of the Award be held in escrow and/or remain subject to risks of forfeiture or other conditions) as it shall determine; provided that those risks of forfeiture or other conditions are not in
the good faith judgment of the Committee more restrictive than those under the original terms of the Award Agreement and do not result in any violation of Section 409A of the Code. The Committee shall give written notice of any proposed
transaction referred to in this Section 13(c) at a reasonable period of time prior to the closing date for such transaction (which notice may be given either before or after the approval of such transaction), in order that Participants may have
a reasonable period of time prior to the closing date of such transaction within which to exercise any Awards that are then exercisable (including any Awards that may become exercisable upon the closing date of such transaction). A Participant may
condition his or her exercise of any Awards upon the consummation of the transaction. 
 Section 14. General Provisions Applicable
to Awards. 
 (a) Awards may be granted for no cash consideration or for such minimal cash consideration as may be required by applicable
law. 
 (b) Awards may, in the discretion of the Committee, be granted either alone or in addition to or in tandem with any other Award or
any award granted under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with awards granted under any other plan of the Company, may be granted either at the same time as or
at a different time from the grant of such other Awards or awards. 

  
 13 

 (c) Subject to the terms of the Plan, payments or transfers to be made by the Company upon the
grant, exercise or payment of an Award may be made in the form of cash, Shares, other securities or other Awards, or any combination thereof, as determined by the Committee in its discretion at the time of grant, and may be made in a single payment
or transfer, in installments, or on a deferred basis, in each case in accordance with rules and procedures established by the Committee and in compliance with Section 409A of the Code. Such rules and procedures may include, without limitation,
provisions for the payment or crediting of reasonable interest (or no interest) on installment or deferred payments or the grant or crediting of dividend equivalents in respect of installment or deferred payments. 

(d) Except as may be permitted by the Committee or as specifically provided in an Award Agreement, (i) no Award or other benefit payable
under the Plan shall, except as otherwise specifically provided by law or permitted by the Committee, be Transferable in any manner other than by will or the law of descent, and any attempt to Transfer any such benefit shall be void, and any such
benefit shall not in any manner be liable for or subject to the debts, contracts, liabilities, engagements or torts of any person who shall be entitled to such benefit, nor shall it be subject to attachment or legal process for or against such
person, and (ii) each Award, and each right under any Award, shall be exercisable during the Participant’s lifetime only by the Participant or, if permissible under applicable law, by the Participant’s guardian or legal
representative. The provisions of this paragraph shall not apply to any Award which has been fully exercised, earned or paid, as the case may be, and shall not preclude forfeiture of an Award in accordance with the terms thereof. 

(e) A Participant may designate a Beneficiary or change a previous beneficiary designation at such times prescribed by the Committee by using
forms and following procedures approved or accepted by the Committee for that purpose. If no Beneficiary designated by the Participant is eligible to receive payments or other benefits or exercise rights that are available under the Plan at the
Participant’s death, the Beneficiary shall be the Participant’s estate. 
 (f) All certificates for Shares and/or Shares or other
securities delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other
requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares or other securities are then listed, and any applicable Federal or state securities laws, and the Committee may cause a legend or legends to be put on
any such certificates to make appropriate reference to such restrictions. 
 (g) The Committee may impose restrictions on any Award with
respect to non-competition, confidentiality and other restrictive covenants, as it deems necessary in its sole discretion and/or for the clawing back of any rights or benefits under any Awards as a result of any breaches of any of the foregoing
covenants and/or for any reasons specified in the Award Agreement or in any employment or other agreement between the Company or any Affiliate and the Participant, and/or for clawing back any rights or benefits under any Awards to the extent
provided under any Company policies (including without limitation any policies adopted or amended to comply with applicable securities or other laws or stock exchange requirements, whether those policies were adopted or amended before or after the
date on which the Award was granted). 
 Section 15. Amendments and Termination. 

(a) The Board may amend, alter, suspend, discontinue or terminate the Plan and any outstanding Awards granted hereunder, in whole or in part,
at any time without notice to or approval by the shareholders of the Company, for any purpose whatsoever, provided that all material amendments to the Plan shall require the prior approval of the shareholders of the Company and must comply with the
rules of the TSX. Examples of the types of amendments that are not material that the Board is entitled to make without shareholder approval include, without limitation, the following: 

  
 14 

 (i) ensuring continuing compliance with applicable law, the rules of the TSX or
other applicable stock exchange rules and regulations or accounting or tax rules and regulations; 
 (ii) amendments of a
“housekeeping” nature, which include amendments to correct any defect, supply any omission, or reconcile any inconsistency in the Plan or any Award Agreement in the manner and to the extent it shall deem desirable to carry the Plan into
effect; 
 (iii) changing the vesting provision of the Plan or any Award (subject to the limitations for Awards subject to
Section 10(b)); 
 (iv) waiving any conditions or rights under any Award (subject to the limitations for Awards subject
to Section 10(b)); 
 (v) changing the termination provisions of any Award that does not entail an extension beyond the
original expiration date thereof; 
 (vi) adding a cashless exercise feature payable in securities, where such feature
provides for a full deduction of the number of underlying securities from the Plan reserve, and any amendment to a cashless exercise provision; 

(vii) adding a form of financial assistance and any amendment to a financial assistance provision which is adopted; 

(viii) changing the process by which a Participant who wishes to exercise his or her Award can do so, including the required
form of payment for the Shares being purchased, the form of written notice of exercise provided to the Company and the place where such payments and notices must be delivered; and 

(ix) delegating any or all of the powers of the Committee to administer the Plan to officers of the Company. 

(b) Notwithstanding anything contained herein to the contrary, no amendment to the Plan requiring the approval of the shareholders of the
Company under any applicable securities laws or requirements shall become effective until such approval is obtained. In addition to the foregoing, the approval of the holders of a majority of the Shares present and voting in person or by proxy at a
meeting of shareholders shall be required for: 
 (i) an increase in the maximum number of Shares that may be made the
subject of Awards under the Plan; 
 (ii) any adjustment (other than in connection with a stock dividend, recapitalization or
other transaction where an adjustment is permitted or required under Section 5(d)(i) or Section 5(d)(ii)) or amendment that reduces or would have the effect of reducing the exercise price of an Option or Stock Appreciation Right previously
granted under the Plan, whether through amendment, cancellation or replacement grants, or other means (provided that, in such a case, insiders of the Company who benefit from such amendment are not eligible to vote their Shares in respect of the
approval); 
 (iii) an increase in the limits on Awards that may be granted to any Participant under Section 5(c) and
Section 5(g); 
 (iv) an extension of the term of an outstanding Option or Stock Appreciation Right beyond the expiry
date thereof; 
 (v) permitting Options granted under the Plan to be Transferrable other than for normal estate settlement
purposes; and 
 (vi) any amendment to the plan amendment provisions set forth in this Section 15 which is not an
amendment within the nature of Section 15(a)(i) or Section 15(a)(ii), unless the change results from application of Section 5(d)(i) or Section 5(d)(ii). 

Furthermore, except as otherwise permitted under the Plan, no change to an outstanding Award that will adversely impair the rights of a
Participant may be made without the consent of the Participant except to the extent that such change is required to comply with applicable law, stock exchange rules and regulations or accounting or tax rules and regulations. 

  
 15 

 Section 16. Miscellaneous. 

(a) The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payment as to
which a Participant has a fixed and vested interest but which are not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any right that is greater than those of a general unsecured creditor of the
Company. 
 (b) No employee, Participant or other person shall have any claim to be granted any Award under the Plan, and there is no
obligation for uniformity of treatment of employees, Participants, or holders or beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient. Any Award granted under the Plan shall
be a one-time Award which does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants hereunder. 

(c) The Company shall have the right to deduct from any payment to be made pursuant to the Plan, or to otherwise require, prior to the issuance
or delivery of Shares or the payment of any cash hereunder, payment by the Participant of, any federal, state or local taxes required by law to be withheld. Upon the vesting of Restricted Stock (or other Award that is taxable upon vesting), or upon
making an election under Section 83(b) of the Code, a Participant shall pay all required withholding to the Company. Any statutorily required withholding obligation with regard to any Participant may be satisfied, subject to the consent of the
Committee, by reducing the number of Shares otherwise deliverable or by delivering Shares already owned. Any fraction of a Share required to satisfy such tax obligations shall be disregarded and the amount due shall be paid instead in cash by the
Participant. 
 (d) Nothing contained in the Plan shall prevent the Company from adopting or continuing in effect other or additional
compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases. 
 (e) The grant of
an Award shall not be construed as giving a Participant the right to be retained in the employ of, or to continue to provide services to, the Company or any Affiliate. Further, the Company or the applicable Affiliate may at any time dismiss a
Participant, free from any liability, or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award Agreement or in any other agreement binding the parties. The receipt of any Award under the Plan is not intended to
confer any rights on the receiving Participant except as set forth in such Award. 
 (f) If any provision of the Plan or any Award is or
becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction, or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed
amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such
jurisdiction, person or Award, and the remainder of the Plan and any such Award shall remain in full force and effect. 
 (g) Neither the
Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant or any other person. To the extent that any person acquires a right to receive payments
from the Company pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company. 
 (h)
No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash or other securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares
or any rights thereto shall be canceled, terminated or otherwise eliminated. 

  
 16 

 (i) No Award or other benefit payable under the Plan shall, except as otherwise specifically
provided by law or permitted by the Committee, be Transferable in any manner, and any attempt to Transfer any such benefit shall be void, and any such benefit shall not in any manner be liable for or subject to the debts, contracts, liabilities,
engagements or torts of any person who shall be entitled to such benefit, nor shall it be subject to attachment or legal process for or against such person. 

(j) Unless otherwise determined by the Committee, as long as the Shares are listed on a national securities exchange including the TSX or
system sponsored by a national securities association, the issuance of Shares pursuant to an Award shall be conditioned upon such shares being listed on such exchange or system. The Company shall have no obligation to issue such Shares unless and
until such Shares are so listed, and the right to exercise any Option or other Award with respect to such Shares shall be suspended until such listing has been effected. If at any time counsel to the Company shall be of the opinion that any sale or
delivery of Shares pursuant to an Option or other Award is or may in the circumstances be unlawful or result in the imposition of excise taxes on the Company under the statutes, rules or regulations of any applicable jurisdiction, the Company shall
have no obligation to make such sale or delivery, or to make any application or to effect or to maintain any qualification or registration under the Securities Act or otherwise, with respect to Shares or Awards, and the right to exercise any Option
or other Award shall be suspended until, in the opinion of said counsel, such sale or delivery shall be lawful or will not result in the imposition of excise taxes on the Company. A Participant shall be required to supply the Company with
certificates, representations and information that the Company requests and otherwise cooperate with the Company in obtaining any listing, registration, qualification, exemption, consent or approval the Company deems necessary or appropriate. 

(k) No Award granted or paid out under the Plan shall be deemed compensation for purposes of computing benefits under any retirement plan of
the Company or its Affiliates nor affect any benefit under any other benefit plan now or subsequently in effect under which the availability or amount of benefits is related to the level of compensation. The provisions of Awards need not be the same
with respect to each Participant, and such Awards to individual Participants need not be the same in subsequent years. 
 (l) All elections
and transactions under the Plan by persons subject to Section 16 of the Act involving Shares are intended to comply with any applicable exemptive condition under Rule 16b-3. The Committee may establish and adopt written administrative
guidelines, designed to facilitate compliance with Section 16(b) of the Act, as it may deem necessary or proper for the administration and operation of the Plan and the transaction of business thereunder. 

(m) The Plan shall be binding on all successors and permitted assigns of a Participant, including, without limitation, the estate of such
Participant and the executor, administrator or trustee of such estate. Any benefit payable to or for the benefit of a minor, an incompetent person or other person incapable of receipt thereof shall be deemed paid when paid to such person’s
guardian or to the party providing or reasonably appearing to provide for the care of such person, and such payment shall fully discharge the Committee, the Board, the Company, its Affiliates and their employees, agents and representatives with
respect thereto. 
 Section 17. Effective Date of the Plan. The Plan shall be effective as of the Effective Date, which is the
date of adoption by the Board, subject to the approval of the Plan by the shareholders of the Company in accordance with the requirements of the laws of the Province of Ontario. 

Section 18. Term of the Plan. No Award shall be granted under the Plan after ten years from the Effective Date. However, unless
otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award,
or to waive any conditions or rights under any such Award, and the authority of the Board to amend the Plan, shall extend beyond such date. 

  
 17 

 Section 19. Section 409A of the Code. 

(a) The Plan is intended to comply with the applicable requirements of Section 409A of the Code and shall be limited, construed and
interpreted in accordance with such intent. To the extent that any Award is subject to Section 409A of the Code, it shall be paid in a manner that will comply with Section 409A of the Code, including proposed, temporary or final
regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto. Notwithstanding anything herein to the contrary, any provision in the Plan that is inconsistent with Section 409A
of the Code shall be deemed to be amended to comply with Section 409A of the Code and to the extent such provision cannot be amended to comply therewith, such provision shall be null and void. The Company shall have no liability to a
Participant, or any other party, if an Award that is intended to be exempt from, or compliant with, Section 409A of the Code is not so exempt or compliant or for any action taken by the Committee or the Company and, in the event that any amount
or benefit under the Plan becomes subject to penalties under Section 409A of the Code, responsibility for payment of such penalties shall rest solely with the affected Participants and not with the Company. Notwithstanding any contrary
provision in the Plan or Award Agreement, any payment(s) of “nonqualified deferred compensation” (within the meaning of Section 409A of the Code) that are otherwise required to be made under the Plan to a “specified
employee” (as defined under Section 409A of the Code) as a result of such employee’s separation from service (other than a payment that is not subject to Section 409A of the Code) shall be delayed for the first six
(6) months following such separation from service (or, if earlier, the date of death of the specified employee) and shall instead be paid (in a manner set forth in the Award Agreement) upon expiration of such delay period. 

(b) Notwithstanding the foregoing, the Company does not make any representation to any Participant or Beneficiary as to the tax consequences of
any Awards made pursuant to this Plan, and the Company shall have no liability or other obligation to indemnify or hold harmless the Participant or any Beneficiary for any tax, additional tax, interest or penalties that the Participant or any
Beneficiary may incur as a result of the grant, vesting, exercise or settlement of an Award under this Plan. 
 Section 20.
Governing Law; Waiver of Jury Trial. This Plan shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable in the Province of Ontario. Any suit, action or proceeding with respect to
the Plan or any Award Agreement, or any judgment entered by any court of competent jurisdiction in respect of any thereof, shall be resolved only in the courts of the Province of Ontario. In that context, and without limiting the generality of the
foregoing, the Company and each Participant shall irrevocably and unconditionally (a) submit in any proceeding relating to the Plan or any Award Agreement, or for the recognition and enforcement of any judgment in respect thereof (a
“Proceeding”), to the exclusive jurisdiction of the courts of the Province of Ontario, and agree that all claims in respect of any such Proceeding shall be heard and determined in such Ontario court or, to the extent permitted by
law, in such federal court, (b) consent that any such Proceeding may and shall be brought in such courts and waives any objection that the Company and each Participant may now or thereafter have to the venue or jurisdiction of any such
Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agree not to plead or claim the same, (c) waive all right to trial by jury in any Proceeding (whether based on contract, tort or otherwise) arising
out of or relating to the Plan or any Award Agreement, (d) agree that service of process in any such Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail),
postage prepaid, to such party, in the case of a Participant, at the Participant’s address shown in the books and records of the Company or, in the case of the Company, at the Company’s principal offices, attention General Counsel, and
(e) agree that nothing in the Plan shall affect the right to effect service of process in any other manner permitted by the laws of the Province of Ontario. 

Section 21. TSX Requirements. 

The number of Shares issuable to Insiders, at any time, under all Security Based Compensation Arrangements of the Company, may not exceed 10%
of the Company’s issued and outstanding Shares; and the number of Shares issued to Insiders within any one-year period, under all Security Based Compensation Arrangements of the Company, may not exceed 10% of the Company’s issued and
outstanding Shares. For the purpose of this Section 21, “Insider” shall mean, (i) every director or senior officer of the Company; (ii) every director or senior officer of a company that is itself an insider or
subsidiary of the Company; (iii) any person or company who beneficially owns, directly or indirectly, voting securities of the Company or who exercises control or direction over voting securities of the Company or a combination of both carrying
more than 10% of the voting rights attached to all voting securities of the Company for the time being outstanding other than voting securities held by the person or company as underwriter in the course of a distribution; (iv) any associate or
affiliate of the Insider; and (v) the Company where it has purchased, redeemed or otherwise acquired any of its securities, for so long as it holds any of its securities, and “Security Based Compensation Arrangement” shall mean
any (i) any stock option plans for the benefit of employees, insiders, service providers or any one of such groups; (ii) individual stock options granted to employees, service providers or insiders if not granted pursuant to a plan
previously approved by the Company’s securityholders; (iii) share purchase plans where the Company provides financial assistance or where the Company matches the whole or a portion of the securities being purchased; (iv) stock
appreciation rights involving issuances of securities from treasury; (v) any other compensation or incentive mechanism involving the issuance or potential issuances of securities of the Company; and (vi) security purchases from treasury by
an employee, insider or service provider which is financially assisted by the Company by any means whatsoever. 

  
 18 

 EXHIBIT A 

PERFORMANCE GOALS 

To the extent permitted under Section 162(m) of the Code, performance goals established for purposes of Awards intended to be
“performance-based compensation” under Section 162(m) of the Code, shall be based on the attainment of certain target levels of, or a specified increase or decrease (as applicable) in one or more of the following performance goals,
which may include performance relative to the Company’s peers or those of the Company’s Affiliates or to the industry or industries in which the Company and/or its affiliates operates: 

 

	 	•	 	earnings per share; 

  

	 	•	 	net earnings; 

  

	 	•	 	operating income; 

  

	 	•	 	gross income; 

  

	 	•	 	net income (before or after taxes); 

  

	 	•	 	cash flow (including free cash flow, operating cash flow and cash flow return on investment); 

  

	 	•	 	gross profit; 

  

	 	•	 	profit before taxes; 

  

	 	•	 	operating profit; 

  

	 	•	 	gross profit return on investment; 

  

	 	•	 	gross margin return on investment; 

  

	 	•	 	gross margin; 

  

	 	•	 	operating margin; 

  

	 	•	 	working capital; 

  

	 	•	 	earnings before interest and taxes; 

  

	 	•	 	earnings before interest, tax, depreciation and amortization; 

  

	 	•	 	net income before depreciation and amortization, interest expense, net, loss on early extinguishment of debt, and income tax expense, and excluding the impact of share-based compensation, other operating income
(expense), net, and any other identified costs associated with non-recurring projects; 

  

	 	•	 	earnings ratios; 

  

	 	•	 	return on equity; 

  

	 	•	 	return on assets; 

  

	 	•	 	return on capital; 

  

	 	•	 	return on invested capital; 

  

	 	•	 	net revenues; 

  

	 	•	 	gross revenues; 

  

	 	•	 	revenue growth; 

  

	 	•	 	annual recurring revenues; 

  

	 	•	 	recurring revenues; 

  

	 	•	 	license revenues; 

  
 19 

	 	•	 	sales or market share; 

  

	 	•	 	total shareholder return; 

  

	 	•	 	economic value added; 

  

	 	•	 	customers or customer growth; 

  

	 	•	 	number of restaurants or restaurant growth; 

  

	 	•	 	restaurant traffic; 

  

	 	•	 	inventory turnover; 

  

	 	•	 	receivable turnover; 

  

	 	•	 	financial return ratios; 

  

	 	•	 	customer satisfaction surveys; 

  

	 	•	 	productivity; 

  

	 	•	 	specified objectives with regard to limiting the level of increase in all or a portion of the Company’s bank debt or that of any of its Affiliates or other long-term or short-term public or private debt or other
similar financial obligations of the Company or any of its Affiliates, which may be calculated net of cash balances and/or other offsets and adjustments as may be established by the Committee in its sole discretion; 

 

	 	•	 	the fair market value of a Share; 

  

	 	•	 	Share price (including, but not limited to, growth in Share price); 

  

	 	•	 	the growth in the value of an investment in the Share assuming the reinvestment of dividends; 

  

	 	•	 	reduction in operating and/or other expenses; 

  

	 	•	 	Restaurant cleanliness and/or other operational, safety and/or quality metrics measured by the Company or any of its Affiliates; 

  

	 	•	 	Restaurant image or remodeling; or 

  

	 	•	 	Product innovation or menu. 

 With respect to Awards that are intended to qualify as
“performance-based compensation” under Section 162(m) of the Code, to the extent permitted under Section 162(m) of the Code, the Committee may, in its sole discretion, also exclude, or adjust to reflect, the impact of an event or
occurrence, or of any item, reflected in Section 10(b)(iii) of the Plan that the Committee determines should be appropriately excluded or adjusted. 

Performance goals may also be based upon individual participant performance goals, as determined by the Committee, in its sole discretion. In
addition, Awards that are not intended to qualify as “performance-based compensation” under Section 162(m) of the Code may be based on the performance goals set forth herein or on such other performance goals as determined by the
Committee in its sole discretion. 
 In addition, such performance goals may be based upon the attainment of specified levels of Company (or
subsidiary, other Affiliate, division, other operational unit, administrative department or product category of the Company or any of its Affiliates) performance under one or more of the measures described above relative to the performance of other
corporations. With respect to Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code, to the extent permitted under Section 162(m) of the Code, but only to the extent permitted
under Section 162(m) of the Code (including, without limitation, compliance with any requirements for stockholder approval), the Committee may also: 

(a) designate additional business criteria on which the performance goals may be based; or 

(b) adjust, modify or amend the aforementioned business criteria. 

  
 20

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