Document:

EX-4.10

 Exhibit 4.10 
 SMART TECHNOLOGIES 
 AMENDED AND RESTATED PARTICIPANT EQUITY LOAN PLAN

 Dated as of December 19, 2012 

 SMART TECHNOLOGIES INC. 

AMENDED AND RESTATED PARTICIPANT EQUITY LOAN PLAN 
  

	1.	PURPOSE OF THE PLAN 

  

	1.1	The purpose of this Amended and Restated Participant Equity Loan Plan is to provide loans to Participants to purchase Equity Plan Shares with a view to incentivizing
Participants and better aligning their interests with those of Smart Technologies Inc. (“Smart Tech”) and the Initial Shareholders. 

  

	1.2	This Plan shall not give any Participant the right to be employed by SMART Technologies ULC (“SMART”) or any Subsidiary of SMART, or to continue to be
employed by SMART or any Subsidiary Entity of SMART. 

  

	2.	DEFINITIONS 

  

	2.1	“Act” means the Securities Act (Alberta), as amended from time to time. 

 

	2.2	“Administrator” means the Board of Directors or any other person or persons designated by the Board of Directors. 

 

	2.3	“Apax” means the Investor, as such term is defined in the Securityholders Agreement. 

 

	2.4	“Board of Directors” means the board of directors of Smart Tech. 

 

	2.5	“Business Day” means a day, other than a Saturday, Sunday or statutory or civil holiday, when banks are generally open for the transaction of business
in Calgary, Alberta. 

  

	2.6	“Call Co.” means a corporation that is designated by the Administrator and has been formed for the purpose of exercising (as designated by Smart Tech)
the right to purchase Equity Plan Shares from Participants pursuant to Section 8. 

  

	2.7	“Cause” means: 

  

	 	(a)	the Participant’s dishonesty, misappropriation, wilful misconduct, theft, fraud or gross negligence in the carrying out of the Participant’s duties, or
involving the property, business or affairs of SMART or its Subsidiaries; 

  

	 	(b)	the (i) Participant performing his or her duties and responsibilities in a manner which is significantly less than the minimum level of performance reasonably
expected of an employee in a similar position or (ii) the failure by the Participant to adhere to the policies of Smart Tech, as applicable, after notice by Smart Tech of the failure to do so and an opportunity for the Participant to correct
the failure within 30 days from the receipt of such notice; 

  

	 	(c)	the Participant’s conviction of a criminal or other statutory offence that has a potential sentence of imprisonment greater than six months or the
Participant’s conviction of a criminal or other statutory offence involving, in the sole discretion of the Board of Directors, moral turpitude; 

	 	(d)	the Participant’s breach of a fiduciary duty owed to SMART or its Subsidiaries; or 

 

	 	(e)	the Participant’s refusal to follow the lawful written direction of the Board of Directors. 

 

	2.8	“Change of Control” means: 

  

	 	(a)	the acceptance of an Offer by one or more of the Initial Shareholders that will constitute the Offeror, upon the completion of such transaction or series of
transactions contemplated by the Offer, together with persons acting jointly or in concert with the Offeror, as a shareholder of Smart Tech being entitled to exercise more than 67% of the voting rights attaching to the outstanding Smart Shares
(provided that prior to the Offer, the Offeror was not entitled to exercise more than 67% or more of the voting rights attaching to the outstanding Smart Shares); 

 

	 	(b)	the completion of a consolidation, merger or amalgamation of Smart Tech with or into any other entity whereby the Initial Shareholders immediately prior to the
consolidation, merger or amalgamation receive less than 33% of the voting rights attaching to the outstanding securities of the consolidated, merged or amalgamated entity; or 

 

	 	(c)	the completion of a sale whereby all or substantially all of Smart Tech’s undertakings and assets become the property of any other entity and the Initial
Shareholders immediately prior to that sale hold less than 33% of the voting rights attaching to the outstanding voting securities of that other entity immediately following that sale. 

 

	2.9	“Change of Control Proceeds” has the meaning ascribed to that term in Section 8.2(b)(i). 

 

	2.10	“Continuing Participant” means a senior-level executive or employee of SMART or any of its Subsidiaries that has been designated by the Administrator
as eligible to participate in this Plan and will continue to be employed by SMART. 

  

	2.11	“Departure Date” means the last day of employment of a Participant with Smart Tech. 

 

	2.12	“Disability” means any incapacity or inability by a person, including any physical or mental incapacity, disease or affliction of such person as
determined by a legally qualified medical practitioner or by a court, which has prevented such person from performing the essential duties of his or her position (taking into account reasonable accommodation by SMART or a Subsidiary of SMART) for a
continuous period of six months or for any cumulative period of 180 days in any 18 consecutive month period. 

  
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	2.13	“Equity Plan Share” means any common share in the capital of Smart Tech, of whatsoever class, purchased by a Participant pursuant to and in accordance
with the terms of this Plan, and “Equity Plan Shares” means, collectively, all of the issued and outstanding Equity Plan Shares. 

  

	2.14	“Escrow Agent” means an arm’s length third-party mutually acceptable to both the Offeror and the Administrator that will be appointed as escrow
agent pursuant to the terms of the Escrow Agreement. 

  

	2.15	“Escrow Agreement” means the escrow agreement, to be dated as of the closing date of the Change of Control transaction, among each Select Participant,
Smart Tech, the Offeror and the Escrow Agent in a form acceptable to Smart Tech and the Offeror, in each case acting reasonably. 

  

	2.16	“Executive First Installment Bonus” means the net bonus (i.e., after reduction for applicable withholding taxes and other source deductions) to be paid
by Smart Tech to an Executive Participant in January 2013 in an amount previously determined by the Board of Directors, which amount will be applied by the Executive Participant to repay a portion of the loan, if any, owed by the Executive
Participant under the External Loan Agreement. 

  

	2.17	“Executive Participant” means a senior-level executive of SMART or any of its Subsidiaries that has entered into an External Loan Agreement.

  

	2.18	“Executive Second Installment Bonus” means the net bonus (i.e., after reduction for applicable withholding taxes and other source deductions) to be
paid by Smart Tech to an Executive Participant no later than December 31, 2013 in an amount previously determined by the Board of Directors, which amount will be applied by the Executive Participant to repay a portion of the loan, if any, owed
by the Executive Participant under the External Loan Agreement. 

  

	2.19	“External Loan Agreement” means an Executive Participant that has entered into a loan agreement with an external bank dated on or about January 1,
2009. 

  

	2.20	“Fair Market Valuation” means the Fair Market Value valuation to be prepared in accordance with Section 12 of this Plan. 

 

	2.21	“Fair Market Value” means “market price” as defined in Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids.

  

	2.22	“First Installment Bonus” means the net bonus (i.e., after reduction for applicable withholding taxes and other source deductions) to be paid by Smart
Tech to a Continuing Participant and a Transitional Participant in January 2013 in an amount previously determined by the Board of Directors, which amount will be applied by the Continuing Participant or the Transitional Participant, as applicable,
to repay a portion of the Participant Loan owed to Smart Tech. 

  
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	2.23	“Initial Public Offering” means an initial public offering resulting in the holding of an equity interest of SMART or Smart Tech by the public or a
transaction giving rise to a stock exchange listing or over-the-counter quotation of interests or equity of SMART or Smart Tech, including an amalgamation, a share exchange take-over, a reverse take-over or other transaction having a similar result.

  

	2.24	“Initial Shareholders” has the meaning ascribed to that term in the Securityholders Agreement. 

 

	2.25	“Invested Capital” means the sum of Cdn$508,951,549.00, being the aggregate of the value of the issued and outstanding common shares and preference
shares of Smart Tech together with all outstanding shareholder loans made to Smart Tech as of August 28, 2007. 

  

	2.26	“Liquidity Date” has the meaning ascribed to that term in Section 8.2(a). 

 

	2.27	“Liquidity Event” means (i) an Initial Public Offering; or (ii) a Change of Control of Smart Tech. 

 

	2.28	“Loan Agreement” means the loan agreement entered into among Smart Tech and a Continuing Participant, a Transitional Participant or a Terminated
Participant dated on or about January 1, 2009, as amended and restated as of the date hereof, substantially in the form set out in Schedule “C” attached hereto in relation to any advance of funds by Smart Tech to such
Continuing Participant, Transitional Participant or Terminated Participant, as applicable, as a Participant Loan. 

  

	2.29	“Offer” means a bona fide arm’s length offer made by an Offeror to any or all holders of Smart Shares to purchase, directly or indirectly,
Smart Shares. 

  

	2.30	“Offeror” means an arm’s length third-party that makes an Offer, the completion of which will result in a Change of Control.

  

	2.31	“Participant Payment” means: (i) in the case of an Executive Participant, an Executive First Installment Bonus and Executive Second Installment
Bonus; (ii) in the case of a Continuing Participant, the First Installment Bonus and the Second Installment Bonus; (iii) in the case of a Transitional Participant, the First Installment Bonus and the Transitional Payment; and (iv) in
the case of a Terminated Participant, a Termination Payment. 

  

	2.32	“Participant Loan” means the loan amount previously advanced by Smart Tech to a Continuing Participant, a Transitional Participant or a Terminated
Participant (together with any accrued but unpaid interest thereon) which amount was used by such Participant to purchase Equity Plan Shares in accordance with the terms of this Plan. 

 

	2.33	“Participant” means an Executive Participant, a Continuing Participant, a Transitional Participant or a Terminated Participant.

  
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	2.34	“person” means an individual, partnership, unincorporated association, unincorporated syndicate, unincorporated organization, trust, trustee, executor,
administrator, or other legal representative. 

  

	2.35	“Plan” means this Amended and Restated Participant Equity Loan Plan, as may be amended, restated and/or supplemented from time to time.

  

	2.36	“Pledge Agreement” means the pledge agreement entered into between Smart Tech and a Participant dated on or about January 1, 2009, as amended and
restated as of the date hereof, substantially in the form set out in Schedule “D”. 

  

	2.37	“Prime Rate” means the annual rate of interest announced from time to time by the Bank of Canada as a reference rate then in effect for determining
interest rates on Canadian commercial loans. 

  

	2.38	“Purchase Price” means the price, as determined by the Board of Directors, at any time and from time to time, for which Equity Plan Shares are made
available for purchase by a Participant pursuant to this Plan. 

  

	2.39	“Repurchase Proceeds” means the per Equity Plan Share proceeds payable by Smart Tech or Call Co. (as the case may be) to a Participant in connection
with the purchase by Call Co. of any Equity Plan Shares owned by such Participant pursuant to Article 8. 

  

	2.40	“Restricted Shares” has the meaning ascribed to that term in Section 8.2(b)(i). 

 

	2.41	“Second Installment Bonus” means the net bonus (i.e., after reduction for applicable withholding taxes and other source deductions) to be paid by Smart
Tech to a Continuing Participant no later than December 31, 2013 in an amount previously determined by the Board of Directors, which amount will be applied by the Continuing Participant to repay a portion of the Participant Loan owed to Smart
Tech. 

  

	2.42	“Securityholders Agreement” means the amended and restated securityholders agreement made as of August 28, 2007 among Smart Tech, SMART, each
Investor named in Schedule “A” to the Securityholders Agreement, the Founder (as defined in the Securityholders Agreement), Intel (as defined in the Securityholders Agreement), School 3 ULC and School S.á.r.l.

  

	2.43	“Select Participants” has the meaning ascribed to that term in Section 8.2(f). 

 

	2.44	“Severance Pay” means the amount paid to a Transitional Participant or Terminated Participant by Smart Tech upon termination of the employment of such
Transitional Participant or Terminated Participant. 

  

	2.45	“SMART” means SMART Technologies ULC, an unlimited liability company formed under the laws of the Province of Alberta. 

  
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	2.46	“Smart Shares” means, collectively, all of the issued and outstanding common shares, of whatsoever class, in the capital of Smart Tech.

  

	2.47	“Smart Tech” means Smart Technologies Inc., a corporation incorporated under the laws of the Province of Alberta. 

 

	2.48	“Subsidiary” has the meaning ascribed to that term in National Instrument 45-106 Prospectus and Registration Exempt Distributions.

  

	2.49	“Term” means the period during which this Plan is in effect, which period commenced on January 1, 2009 and shall end on December 31, 2016, or
such earlier date as may be determined by the Board of Directors pursuant to Section 10.2. 

  

	2.50	“Termination Event” means the termination or cessation of a Participant’s employment with SMART or any Subsidiary of SMART.

  

	2.51	“Terminated Participant” means a senior-level executive or employee of SMART or any of its Subsidiaries that has been designated by the Administrator
as eligible to participate in this Plan and whose employment has been or will be shortly terminated. 

  

	2.52	“Termination Payment” means a net payment (i.e., after reduction for applicable withholding taxes and other source deductions) to be paid by Smart Tech
to a Terminated Participant in an amount previously determined by the Board of Directors, which amount will be applied by the Terminated Participant to repay a portion of the Participant Loan owed to Smart Tech. 

 

	2.53	“Transitional Payment” means a net payment (i.e., after reduction for applicable withholding taxes and other source deductions) to be paid by Smart
Tech to a Transitional Participant upon termination of the employment of the Transitional Participant in an amount previously determined by the Board of Directors, which amount will be applied by the Transitional Participant to repay a portion of
the Participant Loan owed to Smart Tech. 

  

	2.54	“Transitional Participant” means a senior-level executive or employee of SMART or any of its Subsidiaries that has been designated by the Administrator
as eligible to participate in this Plan and will continue to be employed by SMART for a transitional period, subsequent to which the employment of such individual will be terminated. 

 

	2.55	“Undertaking” means an undertaking of a Continuing Participant, Transitional Participant or Terminated Participant substantially in the form set out in
Schedule “G”. 

  

	2.56	“Unrestricted Proportionate Amount” has the meaning ascribed to that term in Section 8.2(a)(i)(A). 

 

	2.57	“Unrestricted Shares” has the meaning ascribed to that term in Section 8.2(a). 

 

	2.58	“Voting Trust Agreement” means the voting trust agreement entered into between Smart Tech and a Participant dated on or about January 1, 2009
substantially in the form set out in Schedule “E”. 

  
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	3.	CONSTRUCTION AND INTERPRETATION 

  

	3.1	In this Plan, references to the male gender will include the female gender and vice versa and references to the singular shall include the plural and vice
versa, as the context shall require. 

  

	3.2	Headings wherever used herein are for reference purposes only and do not limit or extend the meaning of the provisions herein contained. 

 

	3.3	All references in this Plan to currency refer to lawful Canadian dollars, unless otherwise noted. 

 

	3.4	Whenever any action to be taken or payment to be made pursuant to this Plan would otherwise be required to be made on a day that is not a Business Day, such action
shall be taken or such payment shall be made on the first Business Day following such day. 

  

	4.	ADMINISTRATION OF THE PLAN 

  

	4.1	The Administrator shall administer this Plan. Subject to the limitations hereof, the Administrator shall have the power and authority to: 

 

	 	(a)	adopt rules and regulations for implementing this Plan and generally for the proper administration and operation of this Plan; 

 

	 	(b)	interpret and construe the provisions of this Plan; 

  

	 	(c)	subject to any regulatory requirements, make exceptions to this Plan in circumstances which they determine to be exceptional; 

 

	 	(d)	delegate any or all of their power and authority under (a), (b) or (c) above to such persons or groups of person on such terms and on such conditions as the
Administrator may in their absolute discretion determine; and 

  

	 	(e)	take such other steps as they determine to be necessary or desirable to give effect to this Plan. 

Any decision, approval or determination made by a person or group of persons delegated with the ability to make such decision, approval or determination
pursuant to (d) above shall be deemed to be a decision, approval or determination, as the case may be, of the Administrator. 
  

	5.	ELIGIBILITY AND ACQUISITION OF EQUITY PLAN SHARES 

  

	5.1	Subject to Section 5.3, the Administrator shall: 

  

	 	(a)	designate those Participants eligible to participate in this Plan; 

  
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	 	(b)	determine the level of each such Participant’s permitted participation in this Plan (expressed as a maximum number of Equity Plan Shares in relation to which Smart
Tech is prepared to advance a Participant Loan to such Participant); 

  

	 	(c)	establish the Purchase Price for Equity Plan Shares that can be purchased under this Plan at any time and from time-to-time; 

 

	 	(d)	notify each Participant designated as eligible to participate in this Plan of such determinations; and 

 

	 	(e)	determine the amount of the Participant Payment. 

  

	5.2	Of those Equity Plan Shares purchased by a Participant under this Plan, 40% shall be deemed to be “Time Based Shares” and the remaining 60% deemed to be
“Performance Based Shares”; which Equity Plan Shares shall be eligible to become Unrestricted Shares in accordance with the provisions of Schedule “B”. 

 

	5.3	Notwithstanding Section 5.1, participation in this Plan shall be subject to the following limitations: 

 

	 	(a)	the maximum amount of any Participant Loan advanced to a Participant shall not exceed 100% of the Purchase Price of the Equity Plan Shares to be purchased with the
assistance of the Participant Loan; and 

  

	 	(b)	the maximum number of Equity Plan Shares which Participants shall be afforded the opportunity to purchase under this Plan shall not, in the aggregate, exceed 6% of all
of the issued and outstanding Smart Shares as of the date hereof. 

  

	5.4	Participation in this Plan shall be entirely voluntary and any decision not to participate shall not affect a Participant’s position or employment with SMART or
any of its Subsidiaries. 

  

	5.5	A Participant that has been designated as eligible to participate in this Plan by the Administrator may elect to participate in this Plan by signing and delivering to
Smart Tech: 

  

	 	(a)	a participation election substantially in the form attached hereto as Schedule “A” (a “Participation Election”);

  

	 	(b)	a Loan Agreement, if applicable; 

  

	 	(c)	if applicable, a certified cheque payable to Smart Tech in the amount of (i) the aggregate Purchase Price of the Equity Plan Shares to be purchased by such
Participant, less (ii) the amount of the Participant Loan; and 

  

	 	(d)	a Pledge Agreement pursuant to which the Participant shall pledge the Equity Plan Shares purchased by or on behalf of the Participant under this Plan as security for
the due satisfaction and performance of the Participant’s liabilities and obligations arising under the Loan Agreement. 

  
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	5.6	A Continuing Participant and a Transitional Participant that has been designated as eligible to receive a Participant Payment shall, prior to Smart Tech paying the
Participant Payment to the Participant, sign and deliver to Smart Tech: 

  

	 	(a)	an Undertaking; 

  

	 	(b)	an amended and restated loan agreement; and 

  

	 	(c)	an amended and restated pledge agreement. 

  

	5.7	A Terminated Participant that has been designated as eligible to receive a Participant Payment shall, prior to Smart Tech paying the Participant Payment to the
Participant, sign and deliver to Smart Tech: 

  

	 	(a)	an Undertaking; and 

  

	 	(b)	an amended and restated loan agreement. 

  

	5.8	If the employment of an Executive Participant is involuntarily terminated by Smart Tech prior to payment by Smart Tech of the Executive Second Installment Bonus, Smart
Tech will pay the Executive Second Installment Bonus to the Executive Participant no later than five days from the Departure Date. If the Executive Participant voluntarily resigns prior to payment by Smart Tech of the Executive Second Installment
Bonus, such Executive Participant shall not receive the Executive Second Installment Bonus. 

  

	5.9	If the employment of a Continuing Participant is involuntarily terminated by Smart Tech prior to payment by Smart Tech of the Second Installment Bonus, Smart Tech will
pay the Second Installment Bonus to the Continuing Participant no later than five days from the Departure Date. If the Continuing Participant voluntarily resigns prior to payment by Smart Tech of the Second Installment Bonus, such Continuing
Participant shall not receive the Second Installment Bonus. 

  

	5.10	If the employment of a Transitional Participant is involuntarily terminated by Smart Tech prior to payment by Smart Tech of the Transitional Payment, Smart Tech will
pay the Transitional Payment to the Transitional Participant no later than five days from the Departure Date. If the Transitional Participant resigns prior to the date the Transitional Participant agreed to remain employed by Smart Tech, such
Transitional Participant shall not receive the Transitional Payment. 

  

	5.11	If a Participant does not elect to participate in this Plan or elects to participate in this Plan to the extent of less than his or her full entitlement, then all
rights of the Participant with respect to the Equity Plan Shares or balance of the Equity Plan Shares that might have been acquired by such Participant shall terminate. 

  
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	5.12	Each Participant shall, on request, be provided with a copy of this Plan, including all schedules attached hereto. 

 

	5.13	Equity Plan Shares will be purchased by or on behalf of any Participant participating in this Plan as follows: 

 

	 	(a)	Equity Plan Shares shall be issued and purchased from treasury of Smart Tech on such date and time as the Administrator may determine in its absolute discretion; and

  

	 	(b)	Equity Plan Shares shall be purchased at the Purchase Price determined by the Administrator as at the date of purchase. 

 

	6.	PARTICIPANT LOANS 

  

	6.1	Upon receipt by Smart Tech of duly executed copies of the requisite Participation Election, Loan Agreement and Pledge Agreement, together with any certified cheque
described in subsection (c) of Section 5.5, as applicable, Smart Tech shall advance the Participant Loan to the Participant, and such Participant shall use such loan amount to purchase the number of Equity Plan Shares indicated by the
Participant’s Participation Election, which Equity Plan Shares shall be subject to the pledge contemplated by the Pledge Agreement and the voting trust contemplated by the Voting Trust Agreement. The Participant agrees that the entire amount of
the Participant Loan shall be used for the sole purpose of purchasing Equity Plan Shares pursuant to this Plan. In the event that any portion of the Participant Loan is not utilized to purchase Equity Plan Shares pursuant to this Plan, the
Participant shall forthwith cause such funds to be immediately repaid to Smart Tech. 

  

	6.2	Each Participant Loan shall, pursuant to and in accordance with the terms of the Loan Agreement: 

 

	 	(a)	be for a term equal to the Term of this Agreement; 

  

	 	(b)	be interest-free; 

  

	 	(c)	provide for a minimum annual payment to be made by a Continuing Participant in the aggregate amount of not less than 5% of the principal amount of the Participant Loan
plus the amount of interest accrued thereon during the preceding year, and shall otherwise be payable pursuant to and in accordance with the terms of the Loan Agreement representing such Participant Loan; 

 

	 	(d)	Notwithstanding Section 6.2(c), for so long as the Participant Payment or the proceeds of any sale of Equity Plan Shares paid to Smart Tech by a Continuing
Participant exceeds 5% of the principal amount of the Participant Loan plus the amount of interest accrued thereon during the preceding year, there shall be no minimum annual payment as would otherwise be required under Section 6.2(c);

  
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	 	(e)	pursuant to and in accordance with the terms of the Pledge Agreement, be secured by a security interest granted by the Participant to Smart Tech in the Equity Plan
Shares to secure the due satisfaction and performance of all liabilities and obligations of the Participant arising under the Loan Agreement until such time as the Participant Loan and all amounts related thereto, if any, are fully repaid; and

  

	 	(f)	provide that, to the extent that any amount of a Participant Loan that has become due and payable remains outstanding, in enforcing the terms of the Loan Agreement
Smart Tech shall: (i) have recourse first, in accordance with the terms of the Pledge Agreement, to the Equity Plan Shares then subject to the Pledge Agreement; and second, in the event any deficiency remains after the realization
of such pledged Equity Plan Shares, personally to the Participant for the full amount of any deficiency remaining thereafter, and (ii) in enforcing the Loan Agreement against the Participant, be permitted to sue or otherwise make any claim
against the Participant for any such deficiency. 

  

	6.3	Pursuant to and in accordance with the terms of the Pledge Agreement, at such time as the Participant Loan has been repaid in full such Participant’s related
Pledge Agreement, as may be amended or restated from time to time, shall be terminated. 

  

	6.4	Each Participant acknowledges and agrees that, if, in connection with the completion of an Initial Public Offering Participant Loans made to certain Participants are
required by applicable laws to be repaid, such Participant Loans shall become due and payable in accordance with the terms of the Loan Agreement on such date and at such time as is required by applicable laws. 

 

	7.	POSSESSION OF EQUITY PLAN SHARES AND EXERCISE OF VOTING RIGHTS 

 

	7.1	Subject to the terms hereof and of any Pledge Agreement, each Executive Participant: 

 

	 	(a)	shall be the sole owner of all Equity Plan Shares purchased on his or her behalf under this Plan with all of the rights and obligations associated therewith (including,
without limitation all voting rights); 

  

	 	(b)	following the payment of the Executive First Installment Bonus by Smart Tech to an Executive Participant, which amount will be used by the Executive Participant to
repay a portion of the amount outstanding under the External Loan Agreement, if any, shall be entitled to the transfer and delivery of any Equity Plan Shares, including Equity Plan Shares that would otherwise be Restricted Shares pursuant to
Schedule “B”; and 

  

	 	(c)	following receipt of the Equity Plan Shares by an Executive Participant pursuant to Section 7.1(b), there shall be no restriction on the transfer or sale of the
Equity Plan Shares. 

  
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	7.2	Subject to the terms hereof and of any Pledge Agreement, each Continuing Participant: 

 

	 	(a)	shall be the sole owner of all Equity Plan Shares purchased on his or her behalf under this Plan with all of the rights and obligations associated therewith (including,
without limitation all voting rights); 

  

	 	(b)	following the payment of the First Installment Bonus by Smart Tech to a Continuing Participant, which amount will be used by the Continuing Participant to repay a
portion of the amount outstanding under the Loan Agreement between Smart Tech and the Continuing Participant, shall be entitled to the transfer and delivery of any Equity Plan Shares, including Equity Plan Shares that would otherwise be Restricted
Shares pursuant to Schedule “B”, provided that such Equity Plan Shares shall remain subject to the Pledge Agreement; and 

  

	 	(c)	following receipt of the Equity Plan Shares by a Continuing Participant pursuant to Section 7.2(b), there shall be no restriction on the transfer or sale of the
Equity Plan Shares, provided that in the event a Continuing Participant sells the Equity Plan Shares, the Continuing Participant will pay off the outstanding balance of the Participant Loan using the gross proceeds from the sale of the Equity Plan
Shares prior to 5:00 p.m. (Calgary time) on the fifth day following the sale of such Equity Plan Shares. 

  

	7.3	Subject to the terms hereof and of any Pledge Agreement, each Transitional Participant: 

 

	 	(a)	shall be the sole owner of all Equity Plan Shares purchased on his or her behalf under this Plan with all of the rights and obligations associated therewith (including,
without limitation all voting rights); 

  

	 	(b)	following the payment of the First Installment Bonus by Smart Tech to a Transitional Participant, which amount will be used by the Transitional Participant to repay a
portion of the amount outstanding under the Loan Agreement between Smart Tech and the Transitional Participant, shall be entitled to the transfer and delivery of any Equity Plan Shares, including Equity Plan Shares that would otherwise be Restricted
Shares pursuant to Schedule “B”, provided that such Equity Plan Shares shall remain subject to the Pledge Agreement; and 

  

	 	(c)	following receipt of the Equity Plan Shares by a Transitional Participant pursuant to Section 7.3(b), there shall be no restriction on the transfer or sale of the
Equity Plan Shares, and each Transitional Participant agrees to pay off the outstanding balance of the Participant Loan on or before the Departure Date. 

  
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	7.4	Subject to the terms hereof and of any Pledge Agreement, each Terminated Participant: 

 

	 	(a)	shall be the sole owner of all Equity Plan Shares purchased on his or her behalf under this Plan with all of the rights and obligations associated therewith (including,
without limitation all voting rights); 

  

	 	(b)	agrees to pay off the outstanding balance of the Participant Loan on or before the Departure Date; and 

 

	 	(c)	following repayment of the amount outstanding under the Loan Agreement between Smart Tech and the Terminated Participant, shall be entitled to the transfer and delivery
of all Equity Plan Shares in accordance with the Pledge Agreement. 

  

	7.5	Notwithstanding anything else in this Plan, a Participant shall: 

  

	 	(a)	not assign, charge, pledge or otherwise create a security interest in any of the Equity Plan Shares owned by the Participant except pursuant to the Pledge Agreement;

  

	 	(b)	not, while the Equity Plan Shares are subject to the provisions of the Voting Trust Agreement, be entitled to exercise the voting rights otherwise associated with the
Equity Plan Shares; 

  

	 	(c)	not sell, transfer or otherwise dispose of the Equity Plan Shares except in accordance with the provisions of Smart Tech’s constating documents; and

  

	 	(d)	in the event that Apax elects pursuant to the terms of the Securityholders Agreement to drag or otherwise require Intel and the Founders (as such terms are defined in
the Securityholders Agreement) to sell or transfer their Equity Plan Shares to another person, shall be required to sell or transfer all or such number of their Equity Plan Shares on the same terms and conditions as Intel and the Founders are so
required to sell their Equity Plan Shares. 

  

	7.6	Each Participant acknowledges and agrees that there may be restrictions on the ability to transfer publicly traded shares acquired by such Participant on exchange of
any of his or her Equity Plan Shares required by underwriters, regulators or others in connection with an Initial Public Offering. Upon request of the Administrator, each Participant shall execute such escrow agreements or other documentation
providing for the restriction on transferability of such shares as the Administrator may direct. 

  

	8.	SHARE PURCHASE AND/OR RELEASE EVENTS 

  

	8.1	Termination Events – If the employment of a Participant with SMART or a Subsidiary of SMART is terminated or ceases at any time during the Term of this
Plan, the following provisions of this Section 8.1 shall apply. 

  

	 	(a)	 Smart Tech shall on a date which is not later than 120 days from the date of such termination or cessation of employment (the “Repurchase
Date”) have the right, 

  
 - 13 -

	 	
but not the obligation, to cause Call Co. to purchase up to all Unrestricted Shares then owned by the Participant, all in accordance with terms and for the Repurchase Proceeds specified in
Schedule “B”. 

  

	 	(b)	Smart Tech shall within 30 days of the date that a Participant’s employment with SMART or a subsidiary of SMART is terminated or ceases, provide such Participant
with written notice of the number of Unrestricted Shares, if any, and the number of Restricted Shares to be so purchased (the “Repurchase Notice”) with such purchase or redemption to be completed on the date specified in the
Repurchase Notice, provided however, that such completion date shall be on a date that is not later than 120 days from the date of such termination or cessation of the former Participant’s employment. 

 

	 	(c)	On the Repurchase Date: (i) the amount of the Participant’s then outstanding Participant Loan that relates to those Equity Plan Shares so purchased pursuant
to this Section 8.1 shall become due and payable pursuant to and in accordance with the provisions of the Participant’s Loan Agreement; and (ii) the Repurchase Proceeds shall, in accordance with the terms of the Loan Agreement, be applied
first towards the repayment of the then outstanding Participant Loan. 

  

	 	(d)	If the Repurchase Proceeds are sufficient to repay the amount of the former Participant’s then outstanding Participant Loan, the former Participant’s
Participant Loan shall be terminated, and the excess Repurchase Proceeds, if any, shall be paid to the former Participant. 

  

	 	(e)	If the Repurchase Proceeds are insufficient to repay the amount of the former Participant’s then outstanding Participant Loan the former Participant shall remain
liable for any amount that remains outstanding in accordance with and subject to the provisions of the Participant’s Loan Agreement. 

  

	 	(f)	In respect of the Unrestricted Shares then owned by the former Participant, if Smart Tech: 

 

	 	(i)	elects to purchase such Unrestricted Shares, on the date of completion of such purchase or redemption the Unrestricted Shares shall be released from and no longer
subject to the voting trust contemplated by the Voting Trust Agreement, which agreement shall be terminated; and 

  

	 	(ii)	does not elect to purchase such Unrestricted Shares, such Unrestricted Shares shall not be released from and will continue to be subject to the voting trust
contemplated by the Voting Trust Agreement. 

  

	8.2	Liquidity Event – If during the Term of this Plan a Liquidity Event is completed, the following provisions of this Section 8.2 shall apply.

  

	 	(a)	Initial Public Offering. In connection with the occurrence of a Liquidity Event that is an Initial Public Offering: 

 

	 	(i)	Unrestricted Shares – with respect to those Equity Plan Shares then owned by a Participant that have become unrestricted prior to or in connection with the
completion of the Liquidity Event in accordance with Schedule “B” (the “Unrestricted Shares”): 

  

	 	(A)	Participant Loan - such amount of the Participant’s then outstanding Participant Loan as is proportionate to the percentage that the Unrestricted Shares
owned by the Participant represents of all Equity Plan Shares then owned by the Participant (the “Unrestricted Proportionate Amount”) shall, on the date of completion of such event (a “Liquidity Date”), become due
and payable pursuant to and in accordance with the terms of the Participant’s Loan Agreement and the Participant shall remain liable for any and all amounts that remain outstanding in accordance with and subject to the terms of the Loan
Agreement; 

  
 - 14 -

	 	(B)	Release of Unrestricted Shares - if such Unrestricted Proportionate Amount of the Participant Loan has been repaid in full on or before the Liquidity Date the
Unrestricted Shares shall be released from and no longer subject to the terms of the voting trust contemplated by the Voting Trust Agreement, and the Unrestricted Shares shall be released and delivered to such Participant; 

 

	 	(C)	Non-Release of Unrestricted Shares - if such Unrestricted Proportionate Amount of the Participant Loan has not been repaid in full on or before the Liquidity
Date, the Unrestricted Shares shall continue to be subject to the voting trust contemplated by the Voting Trust Agreement, and such Unrestricted Shares shall not be released and delivered to such Participant; 

 

	 	(ii)	Restricted Shares – with respect to the Equity Plan Shares then owned by the Participant that have been deemed to be restricted prior to or in connection
with the completion of the Liquidity Event in accordance with Schedule “B” (the “Restricted Shares”), as of and following the Liquidity Date; 

 

	 	(A)	the amount of the Participant Loan then outstanding as is proportionate to the percentage that the Restricted Shares then owned by the Participant represents of all
Equity Plan Shares then owned by the Participant shall continue to remain outstanding pursuant to and in accordance with the provisions of the Participant’s Loan Agreement; and 

 

	 	(B)	the voting trust contemplated by the Voting Trust Agreement shall continue to apply to such Restricted Shares. 

  
 - 15 -

	 	(b)	Change of Control. In connection with a Liquidity Event that is a Change of Control, on the date of completion of the Change of Control:

  

	 	(i)	Unrestricted Shares - with respect to the Unrestricted Shares then owned by the Participant, the Participant shall be required to sell or otherwise transfer any
and all such Unrestricted Shares, notwithstanding any allocation of proceeds in connection with the Change of Control, for not less than the per Smart Share consideration to be paid to or received by the Initial Shareholders pursuant to and in
accordance with the terms and conditions of the Change of Control transaction (the “Change of Control Proceeds”); 

  

	 	(ii)	Participant Loan - the full amount of the Participant’s then outstanding Participant Loan shall become due and payable pursuant to and in accordance with
the terms of the Participant’s Loan Agreement; 

  

	 	(iii)	Application of Proceeds - the Change of Control Proceeds and Restricted Share Proceeds received in respect of the Participant’s Equity Plan Shares shall, in
accordance with the terms of the Loan Agreement, be applied towards the repayment of the then outstanding Participant Loan; 

  

	 	(iv)	Sufficient Proceeds - if such Change of Control Proceeds and Repurchase Proceeds are sufficient to repay the Participant’s then outstanding Participant
Loan, the Participant’s Loan Agreement shall be terminated and the excess proceeds, if any, shall be paid to the Participant; 

  

	 	(v)	Insufficient Proceeds - if such Change of Control Proceeds and Repurchase Proceeds are insufficient to repay the Participant’s then outstanding Participant
Loan, the Participant shall remain liable for any and all amounts that remain outstanding in accordance with and subject to the provisions of the Loan Agreement; and 

 

	 	(vi)	on the date of completion of such purchase or redemption, the Equity Plan Shares shall be released from and no longer subject to the voting trust contemplated by the
Voting Trust Agreement, which agreement shall be terminated. 

  

	 	(c)	 Amendment of Plan in Connection with Initial Public Offering - Each Participant hereby acknowledges and agrees that in connection with or
following the completion of an Initial Public Offering, the Administrator shall be entitled to amend the terms of the Plan in such manner as it determine is appropriate in the circumstances and without the consent of any shareholder or Participant,
including, without limitation: (i) amending Smart Tech’s purchase or redemption rights and obligations (including changing Smart Tech’s obligation to cause Call Co. to purchase Restricted Shares in connection with a termination of a
Participant’s employment to a right to purchase); (ii) the restriction criteria relating to the Equity Plan Shares (as described in Schedule “B”); (iii) the ability

  
 - 16 -

	 	
to deem Equity Plan Shares that do not otherwise become Unrestricted Shares (in accordance with Schedule “B”) in connection with the completion of an Initial Public Offering to
be Restricted Shares for the purposes of Section 8.2(a)(ii); and (iv) amending the terms of any related Loan Agreement and Pledge Agreement; provided that such amendments are not, in the aggregate, materially adverse in interest to the rights
of the Participant as holder of Equity Plan Shares as constituted as of the date hereof and provided further, however, that notwithstanding any other provision of the Plan or any Loan Agreement or Pledge Agreement, without the approval of the
shareholders of the Corporation no amendment will be made that would: 

  

	 	(i)	increase the total number of Equity Plan Shares available for issuance under the Plan; 

 

	 	(ii)	extend the term of any Participant Loan benefiting an insider of the Corporation; or 

 

	 	(iii)	otherwise cause the Plan to cease to comply with any tax or regulatory requirement, including for these purposes any approval or other requirement.

  

	 	(d)	Pro Rata Participation on Change of Control – Notwithstanding the provisions of Schedule “B” or any other provision of this Plan, in the
event that a Change of Control transaction involves the sale or transfer of less than 100% of the outstanding Smart Shares, only that number of the Equity Plan Shares then owned by each Participant as is proportionate to the aggregate number of the
Smart Shares to be acquired or transferred in connection with the Change of Control, calculated on a pro rata basis based on the total number of Smart Shares then issued and outstanding, shall be eligible to become Unrestricted Shares in accordance
with Schedule “B” and all other Equity Plan Shares owned by the Participant shall be deemed to be Restricted Shares for the purposes of Section 8.2(b)(i). 

 

	 	(e)	Non-Cash Consideration – In the event that a Change of Control transaction involves the payment or delivery of non-cash consideration as full or partial
consideration for the Smart Shares (including any Equity Plan Shares) being acquired in connection with the completion of such Change of Control transaction, to the extent that a prescribed value is not attributed to such non-cash consideration in
connection with the transaction, the Administrator shall determine, or at the Administrator’s option shall cause a financial advisor to determine, the value to be attributed to such non-cash consideration for the purposes of determining the
number of Equity Plan Shares that are to become Unrestricted Shares pursuant to Schedule “B” in connection with such Change of Control. 

  

	 	(f)	 Select Participants – Each Participant hereby acknowledges and agrees (i) that in connection with the completion of a Change of
Control transaction the Offeror 

  
 - 17 -

	 	
shall, subject to the approval of the Administrator, be entitled to select up to 15 Participants (the “Select Participants”) and, (ii) that the provisions set forth in
Schedule “F” shall apply to the Unrestricted Shares then owned by, and the Change of Control Proceeds otherwise payable to, those Select Participants pursuant Section 8.2(b)(i). 

 

	8.3	Early Vesting of Restricted Shares for Continuing Participants and Transitional Participants – Following payment of the First Installment Bonus by Smart
Tech to a Continuing Participant or a Transitional Participant to repay a portion of the Participant Loan, all Restricted Shares then owned by the Continuing Participant or the Transitional Participant, as applicable, shall become Unrestricted
Shares and shall be released and delivered to such Continuing Participant or Transitional Participant, irrespective of whether such Equity Plan Shares would otherwise be restricted pursuant to Schedule “B”. 

  

	8.4	Early Vesting of Restricted Shares for Executive Participants – Following payment of the Executive First Installment Bonus by Smart Tech to an Executive
Participant to repay a portion of the loan, if any, owed by the Executive Participant under the External Loan Agreement, all Restricted Shares then owned by the Executive Participant shall become Unrestricted Shares and shall be released and
delivered to such Executive Participant, irrespective of whether such Equity Plan Shares would otherwise be restricted pursuant to Schedule “B”.  

 

	8.5	Severance Pay – In the event that a Transitional Participant or a Terminated Participant has an outstanding Participant Loan after application of the
Transitional Payment and the Termination Payment, as applicable, to repay the Participant Loan, such Transitional Participant and Terminated Participant may direct Smart Tech to apply a portion of the Severance Pay to pay off the remaining balance
of the Participant Loan. 

  

	8.6	Expiry of Term of the Plan – On the last day of the Term of this Plan, the following provisions of this Section 8.6 shall apply.

  

	 	(a)	Optional Right to Purchase Equity Plan Shares - Smart Tech shall have the right, but not the obligation, exercisable in its sole discretion, to cause Call
Co. to purchase the Equity Plan Shares then owned by a Participant for Repurchase Proceeds in an amount equal to the Fair Market Value per Equity Plan Share. 

 

	 	(b)	Exercise of Right to Purchase - In the event that Smart Tech, by the delivery of a Repurchase Notice to a Participant, so elects to exercise its right to
purchase pursuant to Section 8.6(a): 

  

	 	(i)	on the closing date specified in the Repurchase Notice, which closing date shall be not later than 10 Business Days following the last day of the Term of the Plan:

  

	 	(A)	the amount of the Participant’s then outstanding Participant Loan shall become due and payable pursuant to and in accordance with the provisions of the
Participant’s Loan Agreement; and 

  

	 	(B)	the Repurchase Proceeds shall, in accordance with the terms of the Loan Agreement, be applied towards the repayment of the Participant’s then outstanding
Participant Loan; 

  
 - 18 -

	 	(ii)	if the Repurchase Proceeds are sufficient to repay the Participant’s then outstanding Participant Loan, the Loan Agreement shall be terminated, and the excess
Repurchase Proceeds, if any, shall be paid to the Participant; 

  

	 	(iii)	if the Repurchase Proceeds are insufficient to repay the Participant’s then outstanding Participant Loan, the Participant shall remain liable for any amount that
remains outstanding in accordance with and subject to the provisions the Loan Agreement; and 

  

	 	(iv)	on the date of completion of such purchase, the Equity Plan Shares so purchased shall be released from and no longer subject to the voting trust contemplated by the
Voting Trust Agreement, which agreement shall be terminated. 

  

	 	(c)	Non-Exercise of Right to Purchase - In the event that Smart Tech does not elect to exercise its right to purchase a Participant’s Equity Plan Shares
pursuant to Section 8.6(a): 

  

	 	(i)	the amount of the Participant’s then outstanding Participant Loan shall become due and payable and the Participant shall be liable for any amount outstanding in
accordance with and subject to the terms of the Loan Agreement; and 

  

	 	(ii)	the Participant’s Equity Plan Shares shall not be released from and will continue to be subject to the voting trust contemplated by the Voting Trust Agreement and
the Voting Trust Agreement shall not be terminated. 

  

	8.7	Payment of Repurchase Proceeds – Any payment of Repurchase Proceeds to be made to a Participant by Smart Tech or Call Co. (as the case may be) for Equity
Plan Shares purchased pursuant to this Article 8 may be satisfied by the delivery to the Participant, at the sole option and discretion of Smart Tech, of either: 

 

	 	(a)	a cash payment in the amount of the Repurchase Proceeds; or 

  

	 	(b)	a cash payment of an amount up to or equal to the Participant’s then outstanding Participant Loan, if any, with the balance to be satisfied by the delivery of a
subordinated, term promissory note of Smart Tech or Call Co. (as the case may be) bearing interest at a rate equal to the then current Prime Rate; which promissory note shall be for a term of not more than five years, be repayable in equal
instalments on the anniversary of the Repurchase Date, and, at the sole discretion of the Administrator, may be required to be subordinate in interest to any indebtedness of Smart Tech then outstanding. 

  
 - 19 -

 In the event that Smart Tech elects to satisfy the Repurchase Proceeds by delivery of a
promissory note pursuant to subsection 8.7(b) above, the terms of such promissory note shall include a guarantee of the obligation represented by such promissory note by Smart Tech. 

 

	9.	DISTRIBUTIONS  

  

	9.1	Subject to the terms of the Pledge Agreement, all cash dividends, distributions or other amounts paid in respect of Equity Plan Shares owned by a Participant shall be
applied by Smart Tech, on behalf of the Participant, first to the repayment of any accrued and unpaid interest outstanding and thereafter to the payment of the principal amount then outstanding of the Participant Loan; and the Participant hereby:

  

	 	(a)	irrevocably directs Smart Tech or Call Co. (as the case may be) to apply such amounts; and 

 

	 	(b)	covenants that it will deliver any such further directions to third-parties as may be required in connection with a Liquidity Event so that such amounts will be paid
to, or may be applied by, Smart Tech accordingly. 

  

	9.2	Subject to the terms of the Pledge Agreement, any non-cash dividends or other distributions paid in respect of Equity Plan Shares shall be paid to the Participant.

  

	10.	AMENDMENT AND TERMINATION OF THE PLAN 

  

	10.1	Subject to Section 8.2(c), from time to time the Administrator may without the consent of any shareholder or Participant, subject to any requisite regulatory approvals,
amend or waive any provisions of this Plan provided, however, that no such amendment of, or waiver in respect of, this Plan and no termination of this Plan pursuant to Section 10.2 hereof shall: (i) divest any Participant of his or her
rights in respect of and entitlement to the Equity Plan Shares owned or to the proceeds from the sale or redemption of such Equity Plan Shares provided for in Section 7 and/or Section 8 hereof; or (ii) have the effect of altering the terms
of interest payment or principal repayment under the Loan Agreement without the prior written consent of the Participant; or (iii) otherwise be materially adverse in interest to the rights of the Participants as holders of Equity Plan Shares
and provided further, however, that notwithstanding any other provision of the Plan or any Loan Agreement or Pledge Agreement, without the approval of the shareholders of the Corporation no amendment will be made that would:

  

	 	(a)	increase the total number of Equity Plan Shares available for issuance under the Plan; 

 

	 	(b)	extend the term of any Participant Loan benefiting an insider of the Corporation; or 

 

	 	(c)	otherwise cause the Plan to cease to comply with any tax or regulatory requirement, including for these purposes any approval or other requirement.

  

	10.2	The Board of Directors may terminate this Plan at any time. 

  
 - 20 -

	11.	RESTRICTIONS ON TRANSFER 

  

	11.1	Notwithstanding any other provision of this Plan, without the prior written consent of the Administrator, a Participant shall not transfer or otherwise change the
registered ownership of any Equity Plan Shares. 

  

	12.	DETERMINATION OF FAIR MARKET VALUE 

  

	12.1	For the purposes of this Plan, the Fair Market Value per Equity Plan Share at any time means “market price” as defined in Multilateral Instrument 62-104
– Take-Over Bids and Issuer Bids. 

  

	12.2	Any determinations of Fair Market Value made in accordance with this Section 12 shall be final and binding for the purposes of this Plan. 

 

	13.	GENERAL 

  

	13.1	The directors and/or the appointed corporate officers of Smart Tech are hereby authorized to sign and execute all instruments and documents and do all things necessary
or desirable for carrying out the provisions of this Plan. 

  

	13.2	This Plan is established under the laws of the Province of Alberta and the federal laws of Canada applicable therein and the rights of all parties and the construction
and effect of each and every provision of this Plan shall be according to the laws of the Province of Alberta and the federal laws of Canada applicable therein. 

 

	13.3	This Plan shall enure to the benefit of and be binding upon Smart Tech, its successors and assigns. Prior to repayment in full of the Participant Loan, the rights and
interest of each Participant hereunder shall not, except with the prior written consent of the Administrator (which may be withheld in the Administrator’s absolute and sole discretion) be transferable or alienable by assignment or in any other
manner whatsoever except to Smart Tech and, during the Participant’s lifetime, shall (except with the prior written consent of the Administrator which may be withheld in its absolute discretion) be vested only in him, but shall enure to the
benefit of and be binding upon the Participant’s legal personal representatives. 

  

	13.4	This Plan is adopted subject to any required regulatory approvals. 

  

	13.5	Subject to the provisions herein set forth, none of the benefits, payments, proceeds, allocations, claims or rights of the Participant hereunder shall be subject to any
claim of any creditor of the Participant, nor shall the same be subject to attachment or garnishment or other legal process by any creditor of the Participant, nor shall the Participant have the right to alienate, anticipate, commute, pledge,
transfer, encumber or assign any of the benefits, payments, proceeds, allocations, claims or rights to which the Participant is entitled, contingently or otherwise, under this Plan. 

  
 - 21 -

	13.6	The establishment and implementation of this Plan shall not constitute an enlargement of any rights which the Participant has apart from this Plan. The adoption and
maintenance of this Plan shall not be deemed to constitute a contract of employment or otherwise between SMART and its Subsidiaries and the Participant, or to be consideration for or an inducement or condition of, any employment. Nothing contained
herein shall be deemed to give the Participant the right to be employed by or retained in the service of SMART or its Subsidiaries or to interfere with the right of SMART or its Subsidiaries to terminate or discharge, with or without Cause, the
Participant at any time. 

  

	13.7	It is expressly understood and agreed by the Participant that, except for its wilful misconduct, gross negligence or fraud, none of SMART or its Subsidiaries, the
Administrator or any member of the Board of Directors shall be in any way subject to any legal liability to the Participant, for any cause or reason or thing whatsoever, in connection with this Plan, and the Participant hereby releases SMART and its
Subsidiaries, the Administrator, the members of the Board of Directors and their directors, officers, employees, agents and affiliates, successors and assigns, heirs and personal representatives, as applicable, from any and all liability or
obligation in any action or proceeding involving this Plan. 

  

	14.	NOTICE 

  

	14.1	Any payment, notice, statement, certificate or other instrument required or permitted to be given to a Participant or any person claiming or deriving any rights through
him or her shall be given by: 

  

	 	(a)	delivering it personally to the Participant or the person claiming or deriving rights through him or her, as the case may be; or 

 

	 	(b)	mailing it, postage prepaid (provided that the postal service is then in operation) or delivering it to the address, which is maintained for the Participant in the
records of Smart Tech. 

  

	14.2	Any payment, notice, statement, certificate or instrument required or permitted to be given to Smart Tech or the Administrator shall be given by mailing it, postage
prepaid (provided that the postal service is then in operation) or delivering it to Smart Tech at the following address: 

 Smart Technologies Inc. 
 3636 Research Road NW 

Calgary, Alberta T2L 1Y1 
 Attention:     Jeff Losch, Vice President, Legal and General Counsel 
 Facsimile:    (403) 407-4898 
 or to such other person or in
such other manner as is notified to a Participant. 
  

	14.3	Any payment, notice, statement, certificate or instrument referred to in Sections 14.1 and 14.2, if delivered, shall be deemed to have been given or delivered, on the
date on which it was delivered or, if mailed (provided that the postal service is then in operation), shall be deemed to have been given or delivered on the fourth Business Day following the date on which it was mailed. 

  
 - 22 -

	15.	LIABILITY AND INDEMNIFICATION OF ADMINISTRATOR 

  

	15.1	The Administrator shall not be liable for any action or determination made in good faith in connection with this Plan and the Administrator shall be entitled to
indemnification and reimbursement from Smart Tech, as the case may be, in respect of any claim relating thereto. 

  

	16.	RIGHT TO FUNDS 

  

	16.1	Amounts payable to any Participant under this Plan shall be a general, unsecured obligation of Smart Tech or Call Co. (as the case may be). The right of the Participant
to receive payment pursuant to this Plan shall be no greater than the right of other unsecured creditors of Smart Tech or Call Co. (as the case may be). 

  

	17.	DATE OF PLAN 

  

	17.1	 This Plan is amended and restated effective as of the 19th day of December, 2012. 

AMENDED AND RESTATED as of the 19th day of December, 2012. 

 

			
	SMART TECHNOLOGIES INC.
		
	Per:	 	  

  
 - 23 -

 SCHEDULE “A” 

SMART TECHNOLOGIES INC. 
 AMENDED AND RESTATED PARTICIPANT EQUITY LOAN PLAN 
 PARTICIPATION
ELECTION 
 In accordance with the terms and conditions of the Amended and Restated Participant Equity Loan Plan (the
“Plan”) of Smart Technologies Inc. (“Smart Tech”) dated as of December 19, 2012, the undersigned has been advised that the undersigned is eligible to participate in the Plan commencing
            , 20     and is eligible to purchase up to
                     common shares of Smart Tech (the “Equity Plan Shares”). Defined terms used herein have the same meaning
attributed to them in the Plan. 
 The undersigned hereby requests: 

 

	 	(i)	to borrow, in the form of a Participant Loan, the amount of $         for the purpose of purchasing Equity Plan Shares under and
subject to the terms and conditions of the Plan and the Loan Agreement; and 

  

	 	(ii)	to purchase                      Equity Plan Shares under the Plan,
with such Equity Plan Shares to be held pursuant to and in accordance with the terms and conditions of the Plan, the Pledge Agreement and the Voting Trust Agreement. 

 The undersigned hereby acknowledges that the undersigned has received a copy of the Plan and agrees to comply with the terms and conditions thereof. 

DATED this      day of             , 20    .

  

	
	  

	(Insert Name of Participant)

 SCHEDULE “B” 

SMART TECHNOLOGIES INC. 
 AMENDED AND RESTATED PARTICIPANT EQUITY LOAN PLAN 
 SHARE REPURCHASE AND
RESTRICTION CRITERIA 
 EMPLOYMENT TERMINATION EVENT 
 In connection with the repurchase by Call Co., at the direction of Smart Tech, of Equity Plan Shares then owned by a Participant pursuant to Section 8.1, if the employment of a Participant ceases, at any
time during the Term of the Plan such former Participant shall be entitled to receive proceeds in connection with the purchase and sale or redemption of such Equity Plan Shares to the extent that the right to purchase is exercised by Call Co., at
the direction of Smart Tech, pursuant to Section 8.1(a) in respect of the number of Unrestricted Shares specified by Smart Tech in the Repurchase Notice at Fair Market Value per Equity Plan Share. 

RESTRICTION CRITERIA 
 For the purpose of
the Plan, the number of Unrestricted Shares and Restricted Shares owned by a Participant as of specific date shall be determined as follows: 
  

			
	 Type
	  	 Number or Percentage of

Equity Plan Shares that become Unrestricted

		
	Time Based	  	 Of the aggregate number of Equity Plan Shares purchased by or on behalf of a Participant under the Plan, 8% shall become unrestricted
on each of the first, second, third, fourth and fifth anniversary of the date which is the later of:
  

(i)     August 27, 2007; and

 
 (ii)    the start date
of the Participant’s employment with SMART or a Subsidiary thereof,
  

provided that such Participant:
  

(a)     is an employee of, or in the service of, SMART or a Subsidiary of SMART as of
such anniversary date; and
  

(b)     shall have performed the duties of his or her position for, on a cumulative
basis, not less than 250 days in the 12-month period preceding the respective anniversary date.

		
	Performance Based	  	Of the aggregate number of Equity Plan Shares purchased by or on behalf of a Participant under the Plan, the percentage of those Equity Plan Shares specified below shall become
unrestricted on the occurrence or completion of a Liquidity Event based on the prescribed return on Invested Capital multiple realized by the Initial Shareholders in

					
	 Type
	 	 Number or Percentage of

Equity Plan Shares that become Unrestricted

		 	connection with the completion of such Liquidity Event; provided that, in each case, a pro rata portion of Equity Plan Shares shall become unrestricted for mid-multiple
achievements in connection with the Liquidity Event:
			
	  	 	 Return on Invested Capital

Multiple
	  	 % of Equity Plan Shares

		 	Less than 3x	  	0%
		 	3x	  	20%
		 	4x	  	40%
		 	5x or greater	  	60%

 * “Return on Invested Capital Multiple” shall be calculated at the time of a Liquidity Event as a
quotient; the numerator of which shall be the sum of: (i) the value of all common shares of Smart Tech owned directly or indirectly by the Initial Shareholders: (ii) the value of outstanding shareholder loans (including accrued interest
thereon); (iii) the value of cumulative preferred shares owned by the Initial Shareholders (including unpaid dividends, if any); and (iv) any principal payments or interest payments on shareholder loans or redemption of preferred shares or
dividend payments made prior to a Liquidity Event; and the denominator of which shall be the Invested Capital. 

  
 - 2 -

 SCHEDULE “C” 

LOAN AGREEMENT 
 Filed as
Exhibit 4.11 to SMART Technologies Inc.’s Form 20-F, filed with the SEC on June 27, 2013, and incorporated herein by reference. 

 SCHEDULE “D” 

PLEDGE AGREEMENT 
 Filed
as Exhibit 4.12 to SMART Technologies Inc.’s Form 20-F, filed with the SEC on June 27, 2013, and incorporated herein by reference. 

 SCHEDULE “E” 

VOTING TRUST AGREEMENT 

Not Applicable. 

 SCHEDULE “F” 

SMART TECHNOLOGIES INC. 
 AMENDED AND RESTATED PARTICIPANT EQUITY LOAN PLAN 
 SELECT PARTICIPANT
PROVISIONS 
  

	1.	Payment of Change of Change of Control Proceeds. The Select Participant shall be required to sell or otherwise transfer any and all Unrestricted Shares
then owned by the Select Participant for the Change of Control Proceeds, provided however, that such Change of Control Proceeds shall be paid or delivered to the Select Participants as follows: 

 

	 	(a)	 the Select Participant shall, in connection with or on the date of completion of the Change of Control transaction (the “Closing
Date”), receive one-third
( 1/3) of the Change of Control Proceeds; 

  

	 	(b)	 the remaining two-thirds
( 2/3) of the Change of Control Proceeds relating to the Participant’s Unrestricted Shares (the “Deferred Change of Control Proceeds”) shall be placed into escrow and held by an Escrow
Agent subject to the terms of an Escrow Agreement, which Escrow Agreement shall provide for, among other things, the release of the Deferred Change of Control Proceeds to the Select Participant in the following manner:

  

	 	(i)	 one-third
( 1/3) of the Change of Control Proceeds, together interest earned thereon (if any), shall be released by the Escrow Agent and paid or delivered to Select Participant on the date which is 180 days from the
Closing Date; and 

  

	 	(ii)	 the remaining one-third
( 1/3) of the Change of Control Proceeds shall be paid or delivered on the date which is one year from the Closing Date (the “Anniversary Date”), 

provided that the Select Participant is an employee of or in the service of SMART (or a Subsidiary of SMART, as the case may be) as of the
relevant date. 
  

	2.	Termination of a Select Participant’s Employment. 

  

	 	(a)	Involuntary Termination – In the event that a Select Participant’s employment or service with SMART (or any Subsidiary of SMART, as the case may be)
ceases or is terminated at any time after the Closing Date but prior to the Anniversary Date, for any reason (including death, disability or retirement) other than: 

 

	 	(i)	termination for Cause; or 

  

	 	(ii)	such Select Participant voluntarily quits or resigns from their position with SMART (or a Subsidiary of SMART, as applicable), 

 the amount of any Deferred Change of Control Proceeds not yet paid to such Select
Participant, together with interest earned thereon (if any), shall be released from Escrow and paid or delivered to the Select Participant (or in the event of death or disability, as applicable, to such Participant’s legal representative).

  

	 	(b)	Voluntary Termination or Termination for Cause – In the event that a Select Participant’s employment or service with SMART (or any Subsidiary of SMART,
as the case may be) ceases or is terminated at any time after the Closing Date but prior to the Anniversary Date as a result of (i) the termination of such Select Participant by SMART (or a Subsidiary of SMART, as applicable) for Cause, or
(ii) such Select Participant voluntarily quits or resigns from their position with SMART (or a Subsidiary of SMART, as applicable), such Select Participant shall forfeit his or her right to receive the amount of any Deferred Change of Control
Proceeds not yet paid to such Select Participant, together with interest earned thereon (if any). 

  

	3.	Acceleration of Time Based Shares for Select Participants. Notwithstanding the provisions of Schedule “B” attached hereto, in the event
that the Change of Control Closing Date occurs on or prior to the fifth anniversary of the Plan, for the purposes of determining the number of Equity Plan Shares owned by the Select Participant that will be Unrestricted Shares, an additional 8% of
the Equity Plan Shares then owned by the Select Participant shall become Unrestricted Shares for the purposes of Section 1 above. 

  

	4.	Amendment of Select Participant’s Participant Loans. To the extent that, as of the Change of Control Closing Date, any amount of the Select
Participant’s Participant Loan remains outstanding, the Select Participant and Smart Tech hereby acknowledge and agree that the terms of such Select Participant’s Participant Loan shall be amended to appropriately reflect and provide for
the repayment of the Participant Loan in a manner that reflects the terms relating to the payment of the Change of Control Proceeds to the Select Participant in accordance with the provisions of Section 8.2(f) and this Schedule “F”.

  

	5.	Cash Deferred Change of Control Proceeds. To the extent any portion of the Deferred Change of Control Proceeds includes cash, such cash amount shall be
placed into an interest bearing account in the name of the Escrow Agent. 

  
 - 2 -

 SCHEDULE “G1” 

SMART TECHNOLOGIES INC. 
 AMENDED AND RESTATED PARTICIPANT EQUITY LOAN PLAN 
 UNDERTAKING FOR
CONTINUING PARTICIPANT 
 Reference is made to the Amended and Restated Participant Equity Loan Plan (the “Plan”) of Smart
Technologies Inc. (“Smart Tech”) dated as of December 19, 2012. Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in the Plan. 

In accordance with the terms and conditions of the Plan, the Continuing Participant hereby undertakes and acknowledges that: 

 

	 	(iii)	the First Installment Bonus will be used by Smart Tech to repay a portion of the Participant Loan; 

 

	 	(ii)	the Second Installment Bonus will be used by Smart Tech to repay a portion of the Participant Loan; and 

 

	 	(iii)	in the event the Continuing Participant sells any of the Equity Plan Shares, the Continuing Participant will pay an amount equal to the gross proceeds from the sale of
such Equity Plan Shares to Smart Tech prior to 5:00 p.m. (Calgary time) on the fifth day following the sale of such Equity Plan Shares, such amount to be used by Smart Tech to pay down the Participant Loan. 

The undersigned hereby acknowledges that the undersigned has received a copy of the Plan, as amended and restated December 19, 2012 and agrees to
comply with the terms and conditions thereof. 
 DATED this      day of
            , 20    . 
  

					
		 	
}
	 	
	  
  
	 	 	  

	Witness	 	 	(Insert Name of Participant)

 SCHEDULE “G1” 

SMART TECHNOLOGIES INC. 
 AMENDED AND RESTATED PARTICIPANT EQUITY LOAN PLAN 
 UNDERTAKING FOR
TRANSITIONAL PARTICIPANT 
 Reference is made to the Amended and Restated Participant Equity Loan Plan (the “Plan”) of
Smart Technologies Inc. (“Smart Tech”) dated as of December 19, 2012. Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in the Plan. 

In accordance with the terms and conditions of the Plan, the Transitional Participant hereby undertakes and acknowledges that: 

 

	 	(iv)	the First Installment Bonus will be used by Smart Tech to repay a portion of the Participant Loan; 

 

	 	(ii)	the Transitional Payment will be used by Smart Tech to repay a portion of the Participant Loan; 

 

	 	(iii)	the Transitional Participant agrees to pay off the outstanding balance of the Participant Loan on or before the Departure Date and in the event the Transitional
Participant has an outstanding Participant Loan after application of the First Installment Bonus and the Transitional Payment to repay the Participant Loan, the undersigned may direct Smart Tech to apply a portion of the Severance Pay to pay off the
remaining balance of the Participant Loan; and 

  

	 	(iv)	the Transitional Participant agrees and acknowledges that in the event that Smart Tech exercises its option to purchase Unrestricted Shares pursuant to Section 8.1
of the Plan, the Repurchase Proceeds shall be applied first towards the repayment of the then outstanding Participant Loan pursuant to Section 8.1(c) and the excess Repurchase Proceeds, if any, shall be paid to the Transitional Participant.

 The undersigned hereby acknowledges that the undersigned has received a copy of the Plan, as amended and restated
December 19, 2012 and agrees to comply with the terms and conditions thereof. 
 DATED this      day of
            , 20    . 
  

					
		 	
}
	 	
	  
  
	 	 	  

	Witness	 	 	(Insert Name of Participant)

 SCHEDULE “G1” 

SMART TECHNOLOGIES INC. 
 AMENDED AND RESTATED PARTICIPANT EQUITY LOAN PLAN 
 UNDERTAKING FOR
TERMINATED PARTICIPANT 
 Reference is made to the Amended and Restated Participant Equity Loan Plan (the “Plan”) of Smart
Technologies Inc. (“Smart Tech”) dated as of December 19, 2012. Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in the Plan. 

In accordance with the terms and conditions of the Plan, the Participant hereby undertakes and acknowledges that: 

 

	 	(v)	the Termination Payment will be used by Smart Tech to repay a portion of the Participant Loan; 

 

	 	(iii)	the Terminated Participant agrees to pay off the outstanding balance of the Participant Loan on or before the Departure Date and in the event the Terminated Participant
has an outstanding Participant Loan after application of the Termination Payment to repay the Participant Loan, the undersigned may direct Smart Tech to apply a portion of the Severance Pay to pay off the remaining balance of the Participant Loan;
and 

  

	 	(iii)	the Terminated Participant agrees and acknowledges that in the event that Smart Tech exercises its option to purchase Unrestricted Shares pursuant to Section 8.1
of the Plan, the Repurchase Proceeds shall be applied first towards the repayment of the then outstanding Participant Loan pursuant to Section 8.1(c) and the excess Repurchase Proceeds, if any, shall be paid to the Terminated Participant.

 The undersigned hereby acknowledges that the undersigned has received a copy of the Plan, as amended and restated
December 19, 2012 and agrees to comply with the terms and conditions thereof. 
 DATED this      day of
            , 20    . 
  

					
		 	
}
	 	
	  
  
	 	 	  

	Witness	 	 	(Insert Name of Participant)EX-4.11

 Exhibit 4.11 
 SMART TECHNOLOGIES 
 AMENDED AND RESTATED PARTICIPANT EQUITY LOAN PLAN

 AMENDED AND RESTATED LOAN AGREEMENT 

THIS AMENDED AND RESTATED AGREEMENT made as of the
19th day of December, 2012. 

A M O N G: 
  

	
	 SMART TECHNOLOGIES INC., a corporation incorporated under the laws of the Province of Alberta

 
 (“Smart Tech”)

	
	- and -
	
	[Insert name of Borrower], an individual resident in the Province of [Alberta]
	
	(the “Borrower”)

 WHEREAS pursuant to a participation election dated
                     (the “Participation Election”), the Borrower elected to purchase
                     common shares in the capital of Smart Tech (the “Equity Plan Shares”) in accordance with the terms and
conditions of Smart Tech 2009 Participant Equity Loan Plan dated as of January 1, 2009, as amended and restated December 19, 2012 (the “Plan”); 
 AND WHEREAS in accordance with the terms and conditions of the Plan, Smart Tech has previously lent to the Borrower an amount equal to the purchase price for the Equity Plan Shares;

 AND WHEREAS in accordance with the terms and conditions of the Plan and this Agreement and of a pledge agreement
entered into between the Participant and Smart Tech on January 1, 2009 (such pledge agreement, including any amendment, replacement, restatement or other modified version thereof, the “Pledge Agreement”), the Participant has
agreed to pledge the Equity Plan Shares and other collateral to Smart Tech as a general and continuing collateral security for the due satisfaction and performance of all liabilities and obligations of the Participant to Smart Tech under this
Agreement; 
 AND WHEREAS Smart Tech wishes to amend this Agreement to provide for: (i) the payment of a net bonus
(i.e., after reduction for applicable withholding taxes and other source deductions) to be paid by Smart Tech to the Participant payable in January 2013 (the “First Installment Bonus”) and the payment of a subsequent net bonus
(i.e., after reduction for applicable withholding taxes and other source deductions) by Smart Tech to the Participant payable no later than December 31, 2013 (the “Second Installment Bonus” and, together with the First
Installment Bonus, the “Participant Bonus”), which Participant Bonus will be applied 

  
 Amended and Restated Loan
Agreement 

 
by the Participant to repay a portion of the Participant Loan (as defined herein); and (ii) to further provide the Participant with access to the Equity Plan Shares which would otherwise
remain restricted upon payment of the First Installment Bonus; 
 NOW THEREFORE THIS AGREEMENT WITNESSES that in
consideration of the premises and the mutual obligations and agreements herein set forth, Smart Tech and the Borrower covenant and agree as follows: 
 ARTICLE 1 
 INTERPRETATION 

 

	1.1	Defined Terms 

Capitalized terms used herein that are not otherwise defined shall have the same meanings as in the Plan, and: 

 

	 	(a)	“Equity Plan Shares” has the meaning ascribed thereto in the recitals to this Agreement. 

 

	 	(b)	“First Installment Bonus” has the meaning ascribed thereto in the recitals to this Agreement. 

 

	 	(c)	“IPO Repayment Amount” has the meaning ascribed thereto in Section 5.2(a). 

 

	 	(d)	“Loan Obligations” has the meaning ascribed thereto in Section 3.1(a). 

 

	 	(e)	“Participant Bonus” has the meaning ascribed thereto in the recitals to this Agreement. 

 

	 	(f)	“Participation Election” has the meaning ascribed thereto in the recitals to this Agreement. 

 

	 	(g)	“Participant Loan” has the meaning ascribed thereto in Section 2.1. 

 

	 	(h)	“Plan” has the meaning ascribed thereto in the recitals to this Agreement. 

 

	 	(i)	“Pledgee” means Smart Tech, in its capacity as the Pledgee pursuant to the terms of the Pledge Agreement; 

 

	 	(j)	“Repurchase Date” has the meaning ascribed thereto in Section 5.1(a). 

 

	 	(k)	“Second Installment Bonus” has the meaning ascribed thereto in the recitals to this Agreement. 

 

	 	(l)	“Term” means the period during which this Plan is in effect, which period shall commence on the date hereof and end on December 31, 2016, or such
earlier date as may be determined by the Board of Directors pursuant to Section 10.2 of the Plan. 

  

	 	(m)	“Termination Date” has the meaning ascribed thereto in Section 3.1(b). 

  
 Amended and Restated Loan
Agreement 

  
 - 2 -

 ARTICLE 2 
 ADVANCE OF PARTICIPANT LOAN 
  

	2.1	Amount of Participant Loan 

Pursuant to a loan agreement between the Borrower and Smart Tech dated [January 1, 2009], the Borrower has previously borrowed from
Smart Tech, and is indebted to Smart Tech for the amount of $         (the “Participant Loan”). Notwithstanding any provision to the contrary in any pledge agreement or other document entered
into or executed in connection herewith, amounts owing hereunder shall be limited to such amount together with accrued interest, if any, as prescribed by Section 2.3. 

 

	2.2	Use of Participant Bonus 

Smart Tech will use the Participant Bonus to repay a portion of the Participant Loan in accordance with the terms and conditions of the
Plan. 
  

	2.3	Use of Proceeds from Sale of Equity Plan Shares 

 In the event the Borrower sells any of the Equity Plan Shares, the Borrower will pay an amount equal to the gross proceeds from the sale of such Equity Plan Shares to Smart Tech prior to 5:00 p.m.
(Calgary time) on the fifth day following the sale of such Equity Plan Shares and such amount will be used by Smart Tech to pay down a portion of the Participant Loan. 
  

	2.4	Interest 

 The Participant
Loan shall be interest-free. 
  

	2.5	Security 

  

	 	(a)	Smart Tech may register financing statements or other registrations or filings deemed necessary by Smart Tech in order to perfect Smart Tech’s security interest in
the Equity Plan Shares as contemplated by subsection (a) of Section 4.1. 

  

	 	(b)	The Borrower hereby directs Smart Tech to deliver the Equity Plan Shares purchased on the Borrower’s behalf and previously held by the Pledgee to the Borrower
pursuant to the amended and restated Pledge Agreement. 

 ARTICLE 3 

REPAYMENT OF PARTICIPANT LOAN 
  

	3.1	Repayment 

  

	 	(a)	The Borrower hereby agrees to repay such amounts of the Participant Loan together with any and all accrued and unpaid interest thereon (the “Loan
Obligations”), in whole or in part, at such times and in the manner specified in Article 5 of this Agreement. 

  
 Amended and Restated Loan
Agreement 

  
 - 3 -

	 	(b)	 The Borrower agrees that in the event the Participant Loan is still outstanding on the anniversary of payment of the Second Installment Bonus, the
Borrower shall be required to make a minimum annual payment in the aggregate amount of not less than 5% of the Participant Loan, together with all accrued and unpaid interest to March 31st of such year, with the first such minimum annual payment to be made by the Borrower to Smart Tech on or before
July 31, 2014. 

  

	 	(c)	Any and all amounts received from, or as directed by, the Borrower as a repayment of the Loan Obligations hereunder shall be applied first to the repayment of any
accrued and unpaid interest then outstanding and thereafter to the payment of the principal amount then outstanding. 

  

	 	(d)	The date on which the full amount of the Loan Obligations is repaid by the Participant in accordance with the provisions of this Agreement shall be referred to as the
“Termination Date”. 

 ARTICLE 4 

CONDITIONS OF ADVANCE 
  

	4.1	Conditions Precedent 

 The
Borrower hereby agrees, as a condition precedent to the advance of the First Installment Bonus, to execute: 
  

	 	(a)	an amended and restated Pledge Agreement in form and substance satisfactory to Smart Tech pursuant to which the Borrower shall pledge the Equity Plan Shares to Smart
Tech as security for the due satisfaction and performance of all his or her liabilities and obligations to Smart Tech arising under this Agreement, the Participation Election and the Plan until such time as the Loan Obligations and all payments
related thereto, if any, are fully repaid; and 

  

	 	(b)	an undertaking in form and substance satisfactory to Smart Tech. 

 ARTICLE 5 
 REPAYMENT EVENTS 

 

	5.1	Termination or Cessation of Borrower’s Employment 

 If the employment of a Borrower with SMART or a Subsidiary of SMART is terminated or ceases at any time during the Term of the Plan: 

 

	 	(a)	On the date which is 120 days from the date of such termination of cessation of employment (the “Repurchase Date”) the amount of the then outstanding
Loan Obligations that relates to the Equity Plan Shares so purchased by Smart Tech (or Call Co., as the case may be) pursuant to Section 8.1 of the Plan shall become due and payable; 

  
 Amended and Restated Loan
Agreement 

  
 - 4 -

	 	(b)	the Repurchase Proceeds relating to the Equity Plan Shares so purchased by Smart Tech (or Call Co., as the case may be) shall be applied towards the repayment of the
then outstanding Loan Obligations; and 

  

	 	(c)	if the Repurchase Proceeds are not sufficient to repay the Loan Obligations in full, the Borrower (or the legal personal representatives of the Borrower, as the case
may be) shall be required to pay to Smart Tech the amount of any such deficiency within 10 days from the date of such purchase or redemption by Smart Tech (or Call Co., as the case may be). 

 

	5.2	Liquidity Event 

 If
during the Term of the Plan a Liquidity Event is completed the following provisions of this Section 5.2 shall apply. 
  

	 	(a)	Initial Public Offering - On the date of completion of the Liquidity Event that is an Initial Public Offering, in accordance with and pursuant to the terms of
the Plan, that amount of the then outstanding Loan Obligations as is proportionate to the percentage that the Unrestricted Shares then owned by the Borrower represents of all Equity Plan Shares owned by the Borrower on the Liquidity Date, shall
become due and payable (the “IPO Repayment Amount”); 

  

	 	(b)	Change of Control - On the date of completion of a Liquidity Event that is a Change of Control: 

 

	 	(i)	the full amount of then outstanding Loan Obligations shall become due and payable; 

 

	 	(ii)	the Change of Control Proceeds and the Repurchase Proceeds relating to the Equity Plan Shares then owned by the Borrower shall be applied towards the repayment of the
then outstanding Loan Obligations; and 

  

	 	(iii)	if the Change of Control Proceeds and the Repurchase Proceeds are insufficient to repay the Loan Obligations, the Borrower shall pay to Smart Tech the amount of the
deficiency within 10 days from Liquidity Date. 

  

	 	(c)	Notwithstanding Section 5.2(b)(i), in the event that the Borrower becomes a Select Participant (as such term is defined in the Plan) in connection with the
completion of the Change of Control transaction (a “Select Participant Borrower”), and as of the date of completion of the Change of Control transaction there remains any Loan Obligations outstanding hereunder, the Borrower and
Smart Tech hereby acknowledge and agree that the terms of this Agreement shall be amended to appropriately reflect and provide for the repayment of the then outstanding Loan Obligations in a manner that reflects the terms relating to the payment of
the Change of Control Proceeds to the Borrower as a Select Participant pursuant to Section 8.2(f) of the Plan. 

  
 Amended and Restated Loan
Agreement 

  
 - 5 -

	5.3	Expiry of Term or Termination of the Plan 

 On the last day of the Term of the Plan, the following provisions of this Section 5.3 shall apply. 
  

	 	(a)	If, pursuant to and in accordance with Section 8.1 of the Plan, Smart Tech elects to exercise its right to purchase (or, at Smart Tech’s option, cause
Call Co. to purchase) the Equity Plan Shares then owned by the Borrower, then upon completion of the purchase: 

  

	 	(i)	the full amount of the then outstanding Loan Obligations shall become due and payable; 

 

	 	(ii)	the Repurchase Proceeds shall be applied towards the repayment of the then outstanding Loan Obligations; and 

 

	 	(iii)	if the Repurchase Proceeds are not sufficient to repay the Loan Obligations in full, the Borrower (or the legal personal representatives of the Borrower, as the case
may be) shall be required to pay to Smart Tech the amount of any such deficiency within 10 days from the date of purchase by Smart Tech (or Call Co., as the case may be) of the subject Equity Plan Shares. 

 

	 	(b)	If, pursuant to and in accordance with Section 8.1 of the Plan, Smart Tech does not elect to exercise its right to purchase (or, at Smart Tech’s
option, cause Call Co. to purchase or redeem) the Equity Plan Shares then owned by the Borrower, the full amount of the then outstanding Loan Obligations shall become due and payable and the Borrower shall be liable for any amount outstanding in
accordance with and subject to the terms hereof. 

  

	5.4	Deficient Amounts 

 If the
Borrower defaults in the payment of any amount of the Loan Obligations when due pursuant to Section 5.2(a) or any deficient amount of the Loan Obligations when due pursuant to Section 5.1(c), Section 5.2(b)(iii),
Section 5.3(a)(iii) or Section 5.3(b), the amount of any such outstanding amount or deficiency shall continue to constitute a debt of the Borrower to Smart Tech which shall immediately become due and payable and the Escrow Agent shall take
such action to collect such amount as the Administrators may from time to time request, including the enforcement of the rights of Smart Tech as pledge pursuant to, and in accordance with, the terms of the Pledge Agreement. 

 

	5.5	Application of Dividends on Equity Plan Shares 

 The Borrower hereby irrevocably authorizes and directs Smart Tech to apply all cash dividends and other cash distributions paid in respect of the Equity Plan Shares held pursuant to any Pledge Agreement
and received from the Pledgee towards the repayment of the then outstanding Loan Obligations. 

  
 Amended and Restated Loan
Agreement 

  
 - 6 -

	5.6	Recourse Against the Borrower 

 Smart Tech and the Borrower hereby acknowledge and agree that in enforcing this Agreement Smart Tech shall have recourse: 
  

	 	(a)	first, pursuant to and in accordance with the terms of the Pledge Agreement, to the Equity Plan Shares; and 

 

	 	(b)	second, in the event of any deficiency remaining after realization of such Equity Plan Shares pursuant to Section 5.6(a), personally to the Borrower for the full
amount of any such deficiency thereafter, 

 and Smart Tech shall be permitted to sue or otherwise make any claim against the
Borrower for any such deficiency. 
  

	5.7	Repayment in Connection with Initial Public Offering 

 The Borrower hereby acknowledges and agrees that, if, in connection with the completion of an Initial Public Offering loans made to certain Participants of the Plan are required by applicable laws to be
repaid including the Obligations of the Borrower hereunder, the amount of the Loan Obligations then outstanding hereunder shall become due and payable on such date and at such time as is required by applicable laws. 

 

	5.8	Amendment of Plan in Connection with Initial Public Offering 

 Each Participant hereby acknowledges and agrees that in connection with or following the completion of an Initial Public Offering, the Administrator shall be entitled to amend the terms of the Plan in
such manner as they determine is appropriate in the circumstances, including, without limitation: (i) amending Smart Tech’s purchase or redemption rights and obligations (including changing Smart Tech’s obligation to purchase or
redeem (or cause Call Co. to purchase or redeem) Restricted Shares in connection with a termination of a Participant’s employment to a right to purchase or redeem)); (ii) the restriction criteria relating to the Equity Plan Shares (as
described in Schedule “B”) of the Plan; (iii) the ability to deem Equity Plan Shares that do not otherwise become Unrestricted Shares (in accordance with Schedule “B”) of the Plan in connection with the completion of an
Initial Public Offering to be Restricted Shares for the purposes of Section 8.2(a)(ii); and (iv) amending the terms of any related Loan Agreement and Pledge Agreement; provided that such amendments made to pursuant to and in accordance
with the provisions of the Plan are not, in the aggregate, materially adverse in interest to the rights of the Participant as holder of Equity Plan Shares as constituted as of the date hereof. 

ARTICLE 6 

GENERAL PROVISIONS 
  

	6.1	Waiver 

 Except as
otherwise expressly set out herein, no waiver of any provision of this Agreement shall be binding unless in writing. No indulgence or forbearance by a party shall constitute a waiver of such party’s right to insist on performance in full and in
a timely manner of all covenants contained in this Agreement. Waiver of any provision shall not be deemed to waive the same provision thereafter, or any other provision of this Agreement at any other time. 

  
 Amended and Restated Loan
Agreement 

  
 - 7 -

	6.2	Amendment 

 Subject to
Section 5.7 hereof and Section 8.2(c) of the Plan, this Agreement may only be amended, supplemented or terminated by a written agreement signed by the Borrower and Smart Tech. 

 

	6.3	Further Assurances 

 The
parties will execute and deliver any further documents and perform any further acts reasonably requested by any of the parties to this Agreement which are necessary to carry out the intent of this Agreement. 

 

	6.4	Notices 

 All notices,
requests, demands or other communications required or permitted to be given by one party to another under this Agreement shall be given in writing and delivered by personal delivery or delivery by recognized commercial courier, sent by facsimile or
delivered by registered mail, postage prepaid, addressed as follows: 
  

							
	In the case of the Smart Tech:	  	Smart Technologies Inc.	  	
		  	3636 Research Road N.W.	  	
		  	Calgary, Alberta T2L 1Y1	  	
				
		  	Attention:	  	Jeff Losch, Vice President, Legal and General Counsel	  	
		  	Facsimile:	  	(403) 407-4898	  	
			
	In the case of the Borrower:	  	  
	  	
		  	  
	  	
		  	  
	  	
				
		  	Facsimile:	  	  
	  	

 or at such other address or fax number of which the addressee may from time to time notify the addressor. Any notice
delivered by personal delivery or by courier to the party to whom it is addressed as provided above shall be deemed to have been given and received on the day it is so delivered at such address. If such day is not a business day, or if the notice is
received after 4:00 p.m. (addressee’s local time), then the notice shall be deemed to have been given and received on the next business day. Any notice sent by prepaid registered mail shall be deemed to have been given and received on the
fourth business day following the date of its mailing. Any notice transmitted by facsimile shall be deemed to have been given and received on the day in which transmission is confirmed. If such day is not a business day or if the facsimile
transmission is received after 4:00 p.m. (addressee’s local time), then the notice shall be deemed to have been given and received on the first business day after its transmission. 

  
 Amended and Restated Loan
Agreement 

  
 - 8 -

	6.5	Equitable Remedies 

 The
parties acknowledge that the covenants, provisions or restrictions contained in this Agreement are reasonable. In the event any party breaches any of the covenants, provisions or restrictions contained in this Agreement, the remaining parties’
remedy in the form of monetary damages may, therefore, be inadequate and, the remaining parties shall be and are hereby authorized and entitled, in addition to all other rights and remedies available to them, to apply for and obtain from any court
of competent jurisdiction, interim and permanent injunctive relief and an accounting of all profits and benefits arising out of such breach. 
  

	6.6	Time of Essence 

 Time
shall be of the essence of each provision of this Agreement. Any extension, waiver or variation of any provision of this Agreement shall not be deemed to affect this provision and there shall be no implied waiver of this provision. 

 

	6.7	Governing Law 

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

	6.8	Successors and Assigns 

This Agreement and all its terms, conditions and provisions shall enure to the benefit of and be binding upon Smart Tech and its
successors and assigns and the Borrower, his or her heirs, executors, administrators and legal personal representatives, respectively. 
  

	6.9	Enforcement and Severability 

 If any provisions of this Agreement as applied to any party or to any circumstance shall be adjudged by a court of competent jurisdiction to be void, voidable, invalid or unenforceable, in whole or in
part, the same shall not affect any other provision of this Agreement, the application of such provision in any other circumstances, or the validity or enforceability of this Agreement. The parties hereto agree that the provisions hereof are
reasonable and intend this Agreement to be enforced as written. 
  

	6.10	Copy Received 

 The
Borrower hereby acknowledges receipt of a copy of this Loan Agreement. 
  

	6.11	Counterparts 

 This
Agreement may be signed in one or more counterparts each of which so signed shall be deemed to be an original, and such counterparts together shall constitute one and the same instrument. Notwithstanding the date of execution or transmission of any
counterpart, each counterpart shall be deemed to have the effective date first written above. 

  
 Amended and Restated Loan
Agreement 

  
 - 9 -

	6.12	English Language 

 The
parties hereto confirm that they have expressly requested that this Agreement and all related documents be drafted in English. Les parties aux présentes confirment avoir expressément demandé que la présente convention
et tous les documents s’y rapportant soient rédigés en anglais. 
 [This page is intentionally left
blank.] 

  
 Amended and Restated Loan
Agreement 

  
 - 10 -

 IN WITNESS WHEREOF this Agreement has been executed as of the day and year first
above mentioned. 
  

							
		 		 	SMART TECHNOLOGIES INC.
				
		 		 	Per:	 	  

		 		 		 	Name:
		 		 		 	Title:
		 		 		 	
		 	}	 		 	
	  
	 	 	  

	Witness	 	 	[Name], as Borrower

  
 Amended and Restated Loan
Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]