Document:

Exhibit 4.2

    

     

      
        

        

        

        
          

          
            

        

      

      

      

      
        

        
          

      

      SCHEDULE TO THE RESTATED ARTICLES OF INCORPORATION OF

      LIGHTSPEED POS INC.

       

      The classes and any maximum number of shares that the Corporation is authorized to issue:

       

      	

            	•	
              Unlimited number of subordinate voting shares (the "Subordinate Voting Shares") and multiple voting shares (the "Multiple Voting Shares");
                and

            

       

      	

            	•	
              Unlimited number of preferred shares, issuable in one or more series (the "Preferred Shares").

            

       

      
        	
                1.

              	
                Subordinate Voting Shares and Multiple Voting Shares

              

      

       

      The rights, privileges, restrictions and conditions attaching to the Subordinate Voting Shares and the Multiple Voting Shares are:

       

      
        	 	
                1.1.

              	
                Dividends; Rights on Liquidation, Dissolution, or Winding-Up. The Subordinate
                  Voting Shares and the Multiple Voting Shares shall be subject to and subordinate to the rights, privileges, restrictions and conditions attaching to the Preferred Shares and shall rank pari passu with
                  each other, share for share, as to the right to receive dividends and to receive the remaining property and assets of the Corporation on the liquidation, dissolution or winding-up of the Corporation, whether voluntarily or involuntarily,
                  or any other distribution of assets of the Corporation among its shareholders for the purposes of winding up its affairs. For the avoidance of doubt, holders of Subordinate Voting Shares and Multiple Voting Shares shall, subject always to
                  the rights of the holders of Preferred Shares, be entitled to receive (i) such dividends at such times and in such amounts and form as the Board of Directors of the Corporation shall determine, and (ii) in the event of the liquidation,
                  dissolution or winding-up of the Corporation, whether voluntarily or involuntarily, or any other distribution of assets of the Corporation among its shareholders for the purposes of winding up its affairs, the remaining property and
                  assets of the Corporation, in the case of (i) and (ii) in an identical amount per share, at the same time and in the same form (whether in cash, in specie or otherwise) as if the Subordinate Voting Shares and the Multiple Voting Shares
                  were of one class only, provided, however, that in the event of a payment of a dividend in the form of shares of the Corporation, holders of Subordinate Voting Shares shall receive Subordinate Voting Shares and holders of Multiple Voting
                  Shares shall receive Multiple Voting Shares, unless otherwise determined by the Board of Directors of the Corporation.

              

      

       

      
        

        
          

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                1.2.

              	
                Meetings and Voting Rights.

              

      

       

      	

            	1.2.1.	
              Each holder of Multiple Voting Shares and each holder of Subordinate Voting Shares shall be entitled to receive notice of and to attend all meetings of shareholders of the Corporation, except meetings at
                which only holders of another particular class or series shall have the right to vote. At each such meeting, each Multiple Voting Share shall entitle the holder thereof to four (4) votes and each Subordinate Voting Share shall entitle the
                holder thereof to one (1) vote, and the holders of Subordinate Voting Shares and Multiple Voting Shares shall vote together as a single class, except as otherwise expressly provided herein or as provided by law.

            

      

      	 	1.2.2.	
              Neither the holders of the Multiple Voting Shares nor the holders of the Subordinate Voting Shares shall be entitled to vote separately as a class upon a proposal to amend the articles of the Corporation in the
                case of an amendment referred to in paragraph (a) or (e) of subsection 176(1) of the Canada Business Corporations Act (the "Act"). Neither the holders of the
                Multiple Voting Shares nor the holders of the Subordinate Voting Shares shall be entitled to vote separately as a class upon a proposal to amend the articles of the Corporation in the case of an amendment referred to in paragraph (b) of
                subsection 176(1) of the Act unless such exchange, reclassification or cancellation: (i) affects only the holders of that class; or (ii) affects the holders of Subordinate Voting Shares and Multiple Voting Shares differently, on a per share
                basis, and such holders are not otherwise entitled to vote separately as a class under any applicable law or subsection 1.2.3 in respect of such exchange, reclassification or cancellation.

            

       

      	 	1.2.3.	
              In connection with any Change of Control Transaction (as defined below) requiring approval of the holders of Subordinate Voting Shares and Multiple Voting Shares under the Act, holders of Subordinate Voting Shares
                and Multiple Voting Shares shall be treated equally and identically, on a per share basis, unless different treatment of the shares of each such class is approved by a majority of the votes cast by the holders of outstanding Subordinate
                Voting Shares who voted in respect of that resolution and by a majority of the votes cast by the holders of outstanding Multiple Voting Shares who voted in respect of that resolution, each voting separately as a class at a meeting of the
                holders of that class called and held for such purpose.

            

       

      
        

        
          

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      	 	1.2.4.	
              For purposes of subsection 1.2.3, "Change of Control Transaction" means an amalgamation, arrangement, recapitalization, business combination or similar transaction of
                the Corporation, other than an amalgamation, arrangement, recapitalization, business combination or similar transaction that would result in the voting securities of the Corporation outstanding immediately prior thereto continuing to
                represent (either by remaining outstanding or by being converted or exchanged into voting securities of the continuing entity or its parent) more than fifty percent (50%) of the total voting power represented by the voting securities of the
                Corporation, the continuing entity or its parent and more than fifty percent (50%) of the total number of outstanding shares of the Corporation, the continuing entity or its parent, in each case as outstanding immediately after such
                transaction, and the shareholders of the Corporation immediately prior to the transaction own voting securities of the Corporation, the continuing entity or its parent immediately following the transaction in substantially the same
                proportions (vis a vis each other) as such shareholders owned the voting securities of the Corporation immediately prior to the transaction.

            

      

      
        	 	
                1.3.

              	
                Subdivision or Consolidation. No subdivision or consolidation of the Subordinate Voting Shares or the Multiple Voting Shares
                  shall be carried out unless, at the same time, the Multiple Voting Shares or the Subordinate Voting Shares, as the case may be, are subdivided or consolidated in the same manner and on the same basis.

              

      

       

      
        	 	
                1.4.

              	
                Voluntary Conversion. The Subordinate Voting Shares cannot be converted into any other class of shares. Each outstanding
                  Multiple Voting Share may at any time, at the option of the holder, be converted into one fully paid and non-assessable Subordinate Voting Share, in the following manner:

              

      

       

      
        	 	
                1.4.1.

              	
                The conversion privilege for which provision is made in this subsection 1.4 shall be exercised by notice in writing given to the transfer agent of the Corporation, if one exists, and if
                  not, to the Corporation at its registered office, accompanied by a certificate or certificates representing the Multiple Voting Shares in respect of which the holder desires to exercise such conversion privilege, or the equivalent in any
                  non-certificated inventory system administered by any applicable depository or transfer agent of the Corporation. Such notice shall be signed by the holder of the Multiple Voting Shares in respect of which such conversion privilege is
                  being exercised, or by the duly authorized representative thereof, and shall specify the number of Multiple Voting Shares which such holder desires to have converted. On any conversion of Multiple Voting Shares, the Subordinate Voting
                  Shares resulting therefrom shall be registered in the name of the registered holder of the Multiple Voting Shares converted or, subject to payment by the registered holder of any stock transfer or other applicable taxes and compliance
                  with any other reasonable requirements of the Corporation in respect of such transfer, in such name or names as such registered holder may direct in writing.

              

         

        

      

      
        

        
          

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                1.4.2.

              	
                Upon receipt by the transfer agent of the Corporation, if one exists, and if not, by the Corporation at its registered office, of such notice
                  and certificate or certificates, if any, and, as applicable, compliance with such other requirements, the Corporation shall, at its expense, effective as of the date of such receipt and, as applicable, compliance, remove or cause the
                  removal of such holder from the register of holders in respect of the Multiple Voting Shares for which the conversion privilege is being exercised, add the holder (or any person or persons in whose name or names such converting holder
                  shall have directed the resulting Subordinate Voting Shares to be registered) to the register of holders in respect of the resulting Subordinate Voting Shares, cancel or cause the cancellation of any certificate or certificates
                  representing such Multiple Voting Shares and issue or cause to be issued a certificate or certificates representing the Subordinate Voting Shares issued upon the conversion of such Multiple Voting Shares, or the equivalent in any
                  non-certificated inventory system administered by any applicable depository or transfer agent of the Corporation. If less than all of the Multiple Voting Shares represented by any certificate are to be converted, the holder shall be
                  entitled to receive a new certificate representing the Multiple Voting Shares represented by the original certificate which are not converted.

              

      

       

      
        	 	
                1.4.3.

              	
                The Corporation may, from time to time, establish such policies and procedures relating to the conversion of the Multiple Voting Shares to
                  Subordinate Voting Shares and the general administration of this dual class share structure as it may deem necessary or advisable, and may from time to time request that holders of Multiple Voting Shares furnish certifications, affidavits
                  or other proof to the Corporation as it deems necessary to verify the ownership of Multiple Voting Shares and to confirm that a conversion to Subordinate Voting Shares has not occurred. A determination by the Corporate Secretary of the
                  Corporation that a conversion of Multiple Voting Shares to Subordinate Voting Shares has occurred shall be conclusive and binding.

              

      

       

      
        

        
          

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                1.5.

              	
                Automatic Conversion.

              

      

       

      
        	 	
                1.5.1.

              	
                Upon the first date that a Multiple Voting Share shall be held by a Person other than a Permitted Holder (as defined below), the Permitted
                  Holder which held such Multiple Voting Share until such date, without any further action, shall automatically be deemed to have exercised his, her or its rights under subsection 1.4 to convert such Multiple Voting Share into one fully
                  paid and non-assessable Subordinate Voting Share, effective immediately, and the Corporation shall, at its expense, effective as of such date, remove or cause the removal of such holder from the register of holders in respect of the
                  Multiple Voting Shares subject to such automatic conversion, add such holder to the register of holders in respect of the resulting Subordinate Voting Shares, cancel or cause the cancellation of any certificate or certificates
                  representing the Multiple Voting Shares so deemed to have been converted for Subordinate Voting Shares, and issue or cause to be issued to such holder a certificate representing the Subordinate Voting Shares issued to the holder upon the
                  foregoing automatic conversion of such Multiple Voting Shares registered in the name of such holder, or the equivalent in any non-certificated inventory system administered by any applicable depository or transfer agent of the
                  Corporation, and, against receipt from such holder of the certificate or certificates representing the Multiple Voting Shares in respect of which such conversion has been deemed to have been exercised, as applicable, deliver to such
                  holder the certificate representing such Subordinate Voting Shares, or the equivalent in any non-certificated inventory system administered by any applicable depository or transfer agent of the Corporation. If less than all of the
                  Multiple Voting Shares represented by any certificate are automatically converted into Subordinate Voting Shares, the holder shall be entitled to receive a new certificate representing the Multiple Voting Shares represented by the
                  original certificate which have not been converted against delivery of such original certificate.

              

      

       

      	 	1.5.2.	
              In addition, all Multiple Voting Shares, regardless of the holder thereof, will convert automatically into Subordinate Voting Shares in the manner set forth in subsection 1.5.1 at such time that is the earlier to
                occur of the following:

            

       

      	

            	(a)	
              Permitted Holders that hold Multiple Voting Shares no longer as a group beneficially own, directly or indirectly and in the aggregate, at least 12.5% of the issued and outstanding Subordinate Voting Shares and
                Multiple Voting Shares on a non-diluted basis; and

            

       

      
        

        
          

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            	(b)	
              Dax Dasilva no longer serving as a director or member of senior management of the Corporation; and upon such occurrence, the authorized and unissued Multiple Voting Shares as a class shall be deleted entirely from
                the authorized capital of the Corporation, together with the rights, privileges, restrictions and conditions attaching thereto and all references to the Multiple Voting Shares, without prejudice to the rights of the former holders of
                Multiple Voting Shares to receive, upon surrender of their certificate or certificates (or lost certificate affidavit and agreement) therefor a certificate or certificates for the number of Subordinate Voting Shares issued on conversion
                thereof.

            

       

      
        	 	
                1.5.3.

              	
                For purposes of this subsection 1.5:

              

      

       

      "Members of the Immediate Family" means with respect to any individual, each parent (whether by birth or adoption), spouse, child
        (including any step-child) or other descendants (whether by birth or adoption) of such individual, each spouse of any of the aforementioned Persons, each trust created solely for the benefit of such individual and/or one or more of the
        aforementioned Persons, and each legal representative of such individual or of any aforementioned Persons (including without limitation a tutor, curator, mandatary due to incapacity, custodian, guardian or testamentary executor), acting in such
        capacity under the authority of the law, an order from a competent tribunal, a will or a mandate in case of incapacity or similar instrument. For the purposes of this definition, a Person shall be considered the spouse of an individual if such
        Person is legally married to such individual, lives in a civil union with such individual or is the common law partner (as defined in the Income Tax Act (Canada) as amended from time to time) of such
        individual. A Person who was the spouse of an individual within the meaning of this paragraph immediately before the death of such individual shall continue to be considered a spouse of such individual after the death of such individual;

       

      "Permitted Holders" means, (i) Dax Dasilva and any Members of the Immediate Family of Dax Dasilva, and (ii) any Person controlled,
        directly or indirectly, by one or more Persons referred to in clause (i) above;

       

      "Person" means any individual, partnership, corporation, company, association, trust, joint venture or limited liability company; and

       

      
        

        
          

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        A Person is "controlled" by another Person or other Persons if: (i) in the case of a company or other body corporate wherever or
          however incorporated: (A) securities entitled to vote in the election of directors carrying in the aggregate at least a majority of the votes for the election of directors and representing in the aggregate at least a majority of the participating
          (equity) securities are held, other than by way of security only, directly or indirectly, by or solely for the benefit of the other Person or Persons; and (B) the votes carried in the aggregate by such securities are entitled, if exercised, to
          elect a majority of the board of directors of such company or other body corporate; or (ii) in the case of a Person that is not a company or other body corporate, at least a majority of the participating (equity) and voting interests of such
          Person are held, directly or indirectly, by or solely for the benefit of the other Person or Persons; and "controls", "controlling" and "under common control with" shall be interpreted accordingly.

      

       

      
        	 	
                1.6.

              	
                Single Class. Except as otherwise provided above, Subordinate Voting Shares and Multiple Voting Shares are equal in all
                  respects and shall be treated as shares of a single class for all purposes under the Act.

              

      

       

      
        	
                2.

              	
                Preferred Shares

              

      

       

      The rights, privileges, restrictions and conditions attaching to the Preferred Shares, as a class, are as follows:

       

      
        	 	
                2.1.

              	
                Directors’ Right to Issue One or More Series. The Preferred Shares may at any time and from time to time be issued in one or
                  more series. Prior to the issue of Preferred Shares of any series, the directors of the Corporation shall, subject to the rights, privileges, restrictions and conditions attached to the Preferred Shares as a class, the articles of the
                  Corporation and the provisions of the Act, by resolution amend the articles of the Corporation to fix the number of Preferred Shares in such series and determine the designation of, and the rights, restrictions, privileges and conditions
                  attached to, the Preferred Shares of such series including, without limitation:

              

      

       

      	

            	(a)	
              the rate, amount or method of calculation of any dividends and whether any dividends are subject to adjustment;

            

       

      	

            	(b)	
              whether any dividends are cumulative, partly cumulative or non-cumulative;

            

       

      	

            	(c)	
              the dates, manner and currency of payments of any dividends and the date from which any dividends accrue or become payable;

            

       

      	

            	(d)	
              voting rights, if any;

            

       

      	

            	(e)	
              if redeemable or purchasable (whether at the option of the Corporation or the holder or otherwise), the redemption or purchase prices and currency or currencies thereof and the terms and conditions of redemption
                or purchase, with or without any provision for sinking or similar funds;

            

       

      

      
        

        
          

        - 8 -

        

      

      
        	 	
                (f)

              	
                any conversion, exchange or reclassification rights; and

              

      

       

      
        	 	
                (g)

              	
                any other terms not inconsistent with these provisions;

              

      

       

      the whole subject to receipt by the Director appointed under the Act of articles of amendment designating and fixing the number of Preferred Shares in such series and setting
        forth the rights, privileges, restrictions and conditions attached thereto and the issue by the Director of a certificate of amendment with respect thereto.

       

      
        	 	
                2.2.

              	
                Ranking of Preferred Shares of Each Series. The Preferred Shares of each series
                  shall with respect to the payment of dividends and the distribution of the assets of the Corporation in the event of the liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary, or any other
                  distribution of the assets of the Corporation for the purpose of winding up its affairs, rank (i) on a parity with the Preferred Shares of every other series and (ii) senior to the Multiple Voting Shares, the Subordinate Voting Shares and
                  the shares of any other class ranking junior to the Preferred Shares. The Preferred Shares of any series shall also be entitled to such other preferences, not inconsistent with these provisions, over the Multiple Voting Shares, the
                  Subordinate Voting Shares and the shares of any other class ranking junior to the Preferred Shares as may be fixed in accordance with subsection 2.1 above.

              

      

       

      
        

        
          

        - 9 -

        

      

      	 	2.3.	
              Voting Rights. Except as hereinafter specifically provided, as required by the Act, by law or as may be required by an order of a court of competent
                jurisdiction or in accordance with any voting rights which may be attached to any series of Preferred Shares, the holders of Preferred Shares shall not be entitled as such to receive notice of, or attend, any meeting of shareholders of the
                Corporation and shall not be entitled to vote at any meeting. The holders of Preferred Shares or any series thereof shall not, unless the rights, privileges, restrictions and conditions attached to any particular series thereof provide to
                the contrary, be entitled to vote separately as a class or series on any proposal to amend the articles of the Corporation referred to in paragraph (a), (b) or (e) of subsection 176(1) of the Act. In the event of any meeting of the holders
                of Preferred Shares, or any series thereof, each holder of Preferred Shares shall be entitled to one vote in respect of each Preferred Share held. Any approval required to be given by the holders of Preferred Shares shall be deemed to have
                been sufficiently given if it shall have been given by a resolution signed by all the holders of the then outstanding Preferred Shares or by a resolution passed by the affirmative vote of not less than 66%% of the votes cast by holders of
                Preferred Shares who voted in respect of that resolution at a meeting of the holders of Preferred Shares called and held for such purpose in accordance with the by-laws of the Corporation at which holders of not less than twenty-five
                percent (25%) of the then outstanding Preferred Shares are present in person or represented by proxy; provided that, if at any such meeting a quorum is not present within one-half hour after the time appointed for such meeting, the meeting
                shall be adjourned to the same day in the next week at the same time and to such place as the chairman of the meeting may determine and, subject to the provisions of the Act, it shall not be necessary to give notice of such adjourned
                meeting. At such adjourned meeting the holders of Preferred Shares present in person or represented by proxy shall constitute a quorum and may transact the business for which the meeting was originally called and a resolution passed thereat
                by the affirmative vote of not less than 66%% of the votes cast by the holders of Preferred Shares at such meeting shall constitute the approval of the holders of Preferred Shares. Subject to the foregoing, the formalities to be observed
                with respect to proxies, the giving or waiving of notice of any such meeting and the conduct thereof shall be those from time to time prescribed in the Act and the by-laws of the Corporation with respect to meetings of shareholders.

            

       

      

      
        

        
          

        

      

      SCHEDULE TO THE RESTATED ARTICLES OF INCORPORATION OF

      LIGHTSPEED POS INC.

       

      Other provisions

       

      The directors may appoint one or more additional directors, who shall hold office for a term expiring no later than the close of the next annual meeting of shareholders, but the total number of
        directors so appointed may not exceed one third of the number of directors elected at the previous annual meeting of shareholders.Exhibit 4.3

      

       

      LIGHTSPEED POS INC.

      BY-LAW NO. 2019-1

       

      

      
        

        
          

        

      

      
      TABLE OF CONTENTS

       

      

      	
              SECTION 1 - INTERPRETATION

            	
              1

            
	 	
              1.1

            	
              Definitions

            	
              1

            
	 	
              1.2

            	
              Other Definitions

            	
              2

            
	 	 	 	 
	
              SECTION 2 - GENERAL BUSINESS

            	
              2

            
	 	
              2.1

            	
              Corporate Seal

            	
              2

            
	 	
              2.2

            	
              Financial Year

            	
              2

            
	 	
              2.3

            	
              Execution of Instruments

            	
              2

            
	 	
              2.4

            	
              Banking Arrangements

            	
              2

            
	 	 	 	 
	
              SECTION 3 - BORROWING AND SECURITY

            	
              3

            
	 	
              3.1

            	
              Borrowing Power

            	
              3

            
	 	
              3.2

            	
              Delegation

            	
              3

            
	 	 	 	 
	
              SECTION 4 - DIRECTORS

            	
              3

            
	 	
              4.1

            	
              Duties of Directors

            	
              3

            
	 	
              4.2

            	
              Number of Directors

            	
              3

            
	 	
              4.3

            	
              Election and Term

            	
              4

            
	 	
              4.4

            	
              Ceasing to Hold Office

            	
              4

            
	 	
              4.5

            	
              Action by the Board

            	
              4

            
	 	
              4.6

            	
              Remuneration and Expenses

            	
              4

            
	 	 	 	 
	
              SECTION 5 - MEETINGS OF DIRECTORS

            	
              4

            
	 	
              5.1

            	
              Meeting by Telephone or Electronic Facilities

            	
              4

            
	 	
              5.2

            	
              Place of Meetings

            	
              5

            
	 	
              5.3

            	
              Calling of Meetings

            	
              5

            
	 	
              5.4

            	
              Notice of Meeting

            	
              5

            
	 	
              5.5

            	
              Waiver of Notice

            	
              5

            
	 	
              5.6

            	
              First Meeting of New Board

            	
              5

            
	 	
              5.7

            	
              Adjourned Meeting

            	
              5

            
	 	
              5.8

            	
              Regular Meetings

            	
              5

            
	 	
              5.9

            	
              Chairperson and Secretary

            	
              6

            
	 	
              5.10

            	
              Quorum

            	
              6

            
	 	
              5.11

            	
              Votes to Govern

            	
              6

            
	 	
              5.12

            	
              Casting Vote

            	
              6

            
	 	
              5.13

            	
              Resolution in Lieu of Meeting

            	
              6

            
	 	 	 	 
	
              SECTION 6 - COMMITTEES

            	
              6

            
	 	
              6.1

            	
              Committees of the Board

            	
              6

            
	 	
              6.2

            	
              Proceedings

            	
              6

            
	 	 	 	 
	
              SECTION 7 - OFFICERS

            	
              7

            
	 	
              7.1

            	
              Appointment

            	
              7

            
	 	
              7.2

            	
              Chair

            	
              7

            
	 	
              7.3

            	
              Powers and Duties of Officers

            	
              7

            
	 	
              7.4

            	
              Term of Office

            	
              7

            
	 	
              7.5

            	
              Agents and Attorneys

            	
              7

            
	 	 	 	 
	
              SECTION 8 - PROTECTION OF DIRECTORS, OFFICERS AND OTHERS

            	8
	 	8.1 	
              
                Limitation of Liability

              

            	8
	 	
              8.2

            	
              Indemnity

            	
              8

            
	 	
              8.3

            	
              Insurance

            	
              8

            
	 	 	 	 
	
              SECTION 9 - SECURITIES

            	
              8

            
	 	
              9.1

            	
              Options or Rights

            	
              8

            
	 	
              9.2

            	
              Commissions

            	
              8

            

       

      
        

        ( i )

        
          

        

      

      	 	
              9.3

            	
              Securities Register

            	
              8

            
	 	
              9.4

            	
              Registration of Transfers

            	
              9

            
	 	
              9.5

            	
              Transfer Agents and Registrars

            	
              9

            
	 	
              9.6

            	
              Non-recognition of Trusts

            	
              9

            
	 	
              9.7

            	
              Security Certificates

            	
              9

            
	 	
              9.8

            	
              Replacement of Security Certificates

            	
              10

            
	 	
              9.9

            	
              Joint Holders

            	
              10

            
	 	
              9.10

            	
              Deceased Holders

            	
              10

            
	 	 	 	 
	
              SECTION 10 – Payments

            	
              10

            
	 	
              10.1

            	
              Payment of Dividends and Other Distributions

            	
              10

            
	 	
              10.2

            	
              Non-Receipt of Payment

            	
              10

            
	 	
              10.3

            	
              Unclaimed Dividends

            	11
	 	 	 	 
	
              SECTION 11 - MEETINGS OF SHAREHOLDERS

            	
              11

            
	 	
              11.1

            	
              Annual Meetings

            	
              11

            
	 	
              11.2

            	
              Special Meetings

            	
              11

            
	 	
              11.3

            	
              Meeting Held by Electronic Means

            	
              11

            
	 	
              11.4

            	
              Place of Meetings

            	
              12

            
	 	
              11.5

            	
              Notice of Meetings

            	
              12

            
	 	
              11.6

            	
              List of Shareholders Entitled to Notice

            	
              12

            
	 	
              11.7

            	
              Record Date for Notice

            	
              12

            
	 	
              11.8

            	
              Waiver of Notice

            	
              13

            
	 	
              11.9

            	
              Meetings Without Notice

            	
              13

            
	 	
              11.10

            	
              Chairperson, Secretary and Scrutineers

            	
              13

            
	 	
              11.11

            	
              Persons Entitled to be Present

            	
              13

            
	 	
              11.12

            	
              Quorum

            	
              13

            
	 	
              11.13

            	
              Right to Vote

            	
              14

            
	 	
              11.14

            	
              Proxyholders and Representatives

            	
              14

            
	 	
              11.15

            	
              Time for Deposit of Proxies

            	
              14

            
	 	
              11.16

            	
              Joint Shareholders

            	
              14

            
	 	
              11.17

            	
              Votes to Govern

            	
              14

            
	 	
              11.18

            	
              Casting Vote

            	
              14

            
	 	
              11.19

            	
              Procedure

            	
              15

            
	 	
              11.20

            	
              Show of Hands

            	
              15

            
	 	
              11.21

            	
              Ballots

            	
              15

            
	 	
              11.22

            	
              Adjournment

            	
              15

            
	 	
              11.23

            	
              Resolution in Lieu of Meeting

            	
              15

            
	 	 	 	 
	
              SECTION 12 - NOTICES

            	
              16

            
	 	
              12.1

            	
              Method of Giving Notices

            	
              16

            
	 	
              12.2

            	
              Notice to Joint Shareholders

            	
              16

            
	 	
              12.3

            	
              Computation of Time

            	
              16

            
	 	
              12.4

            	
              Undelivered Notices

            	
              16

            
	 	
              12.5

            	
              Omissions and Errors

            	
              16

            
	 	
              12.6

            	
              Persons Entitled by Death or Operation of Law

            	17
	 	
              12.7

            	
              Waiver of Notice

            	
              17

            
	 	
              12.8

            	
              Electronic Documents

            	
              17

            

       

      
        

        ( ii )

        
          

        

      

      
      LIGHTSPEED POS INC.

       

      

      BY-LAW NO. 2019-1

       

      SECTION 1 - INTERPRETATION

       

      1.1          Definitions

       

      In the By-laws of the Corporation, unless the context otherwise requires:

       

      (1)          "Act" means the Canada Business Corporations Act,
          R.S.C. 1985, Chapter C-44, c. B.16, or any statute that may be substituted for it, as from time to time amended;

       

      (2)          "appoint" includes "elect" and vice versa;

       

      (3)        "Articles" means the original or restated articles of incorporation, articles of
          amendment, articles of amalgamation, articles of arrangement, articles of continuance, articles of dissolution, articles of reorganization and articles of revival of the Corporation and includes any amendments thereto;

       

      (4)          "Authorized Signatory" has the meaning specified in Section 2.3(1);

       

      (5)          "Board" means the board of directors of the Corporation, and "Director" means a member of the Board;

       

      (6)          "By-laws" means this by-law and all other by-laws of the Corporation from time to
          time in force and effect;

       

      (7)           "Chair" means the chairperson of the Board;

       

      (8)           "cheque" includes a draft;

       

      (9)          "Corporation" means Lightspeed POS Inc.;

       

      (10)        "meeting of shareholders" means an annual meeting of shareholders or a special meeting
          of shareholders;

       

      (11)        "non-business day" means Saturday, Sunday and any other day that is a holiday as
          defined in the Interpretation Act, R.S.C., 1985, Chapter I-21, as from time to time amended;

       

      (12)        "recorded address" means:

       

      	

            	(a)	
              in the case of a shareholder, such person's address as recorded in the securities register;

            

       

      	

            	(b)	
              in the case of joint shareholders, the address appearing in the securities register in respect of the joint holding or the first address so appearing if there is more than one;

            

       

      	

            	(c)	
              in the case of an officer, auditor or member of a committee of the Board, such person's latest address as recorded in the records of the Corporation; and

            

       

      	

            	(d)	
              in the case of a Director, such person's latest address as recorded in the records of the Corporation or, if applicable, the last notice filed under the Act, whichever is the most recent;

            

       

      

      
        

        
          

        - 2 -

        

      

      
      (13)        "show of hands" means, in connection with a meeting, a show of hands by persons
          present and entitled to vote at the meeting, the functional equivalent of a show of hands by telephonic, electronic or other means of communication and any combination of such methods; and

       

      1.2          Other Definitions

       

      Other than as specified above, words and expressions defined in the Act, have the same meanings when used herein. The division of this by-law into Articles, sections and other
        subdivisions and the insertion of headings are for convenient reference only and do not affect its interpretation. Words importing the singular number include the plural and vice versa; words importing gender include the masculine, feminine and
        neuter genders; and words importing a person include an individual, sole proprietorship, partnership, unincorporated association, unincorporated syndicate, unincorporated organization, trust, body corporate, joint venture, governmental or
        regulatory entity, and a natural person in such person's capacity as trustee, executor, administrator or other legal representative. The words "including", "includes" and "include" means "including (or includes or include) without limitation"

       

      SECTION 2 - GENERAL BUSINESS

       

      2.1          Corporate Seal

       

      The Corporation may, but need not, adopt a corporate seal and, if one is adopted, it may be changed from time to time by the Board.

       

      2.2          Financial Year

       

      The Board may, by resolution, fix the financial year-end of the Corporation and may from time to time, by resolution, change the financial year-end of the Corporation.

       

      2.3          Execution of Instruments

       

      (1)          Deeds, transfers, assignments, contracts, obligations, certificates and other instruments may be signed on behalf of the Corporation,
          (i) by any Director or officer of the Corporation (unless otherwise determined by the Board) or (ii) by any other person or persons authorized by the Board from time to time (each person referred to in (i) and (ii) is an "Authorized Signatory"). Voting rights for securities held by the Corporation may be exercised on behalf of the Corporation by any one Authorized Signatory.

       

      (2)          The Secretary, or any other officer or any Director, may sign certificates and similar instruments (other than share certificates) on
          the Corporation's behalf with respect to any factual matters relating to the Corporation's business and affairs, including, without limitation, certificates verifying copies of the Articles, By-laws, resolutions and minutes of meetings of the
          Corporation. Any signing officer may affix the corporate seal to any instrument requiring the same.

       

      (3)         The signature of any person authorized to sign on behalf of the Corporation may, if specifically authorized by resolution of the Board,
          be written, printed, stamped, engraved, lithographed or otherwise mechanically reproduced or may be an electronic signature. Anything so signed shall be as valid as if it had been signed manually, even if that person has ceased to hold office
          when anything so signed is issued or delivered, until revoked by resolution of the Board.

       

      2.4          Banking Arrangements

       

      The banking business of the Corporation including, without limitation, the borrowing of money and the giving of security therefor, shall be transacted with such banks, trust
        companies, credit unions or other bodies corporate or organizations as may from time to time be designated by or under the authority of the Board. Such banking business or any part thereof shall be transacted under such agreements, instructions and
        delegations of powers as the Board may from time to time prescribe.

       

      

      
        

        
          

        - 3 -

        

      

      SECTION 3 - BORROWING AND SECURITY

       

      3.1          Borrowing Power

       

      (1)          Without limiting the borrowing powers of the Corporation as set forth in the Act, but subject to the Articles, the Board may from time
          to time on behalf of the Corporation, without authorization of the shareholders:

       

      	

            	(a)	
              borrow money upon the credit of the Corporation;

            

       

      	

            	(b)	
              issue, reissue, sell or pledge bonds, debentures, notes or other debt obligations or guarantees of the Corporation, whether secured or unsecured;

            

       

      	

            	(c)	
              give, directly or indirectly, financial assistance to any person by means of a loan, a guarantee on behalf of the Corporation to secure performance of any present or future indebtedness, liability or obligation of
                any person, or otherwise; and

            

       

      	

            	(d)	
              mortgage, hypothecate, pledge or otherwise create a security interest in all or any currently owned or subsequently acquired real or personal, movable or immovable, property of the Corporation, including, without
                limitation, accounts, rights, powers, franchises and undertakings to secure any such bonds, debentures, notes or other debt obligations or guarantees or any other present or future indebtedness, liability or obligation of the Corporation.

            

       

      (2)          Nothing in Section 3.1(1) limits or restricts the borrowing of money by the Corporation on bills of exchange or promissory notes made,
          drawn, accepted or endorsed by or on behalf of the Corporation.

       

      3.2          Delegation

       

      Subject to the Act and the Articles, the Board may from time to time delegate to a committee of the Board, a Director or an officer of the Corporation or any other person as
        may be designated by the Board all or any of the powers conferred on the Board by Section 3.1 or by the Act to such extent and in such manner as the Board may determine at the time of such delegation.

       

      SECTION 4 - DIRECTORS

       

      4.1          Duties of Directors

       

      The Board shall manage or supervise the management of the business and affairs of the Corporation.

       

      4.2          Number of Directors

       

      Until changed in accordance with the Act, the Board shall consist of not fewer than the minimum number and not more than the maximum number of Directors as set out in the
        Articles. No decrease in the number of Directors will shorten the term of an incumbent Director. Where the number of Directors has not been determined as provided in this section, the number of Directors is the number of Directors holding office
        immediately following the most recent election or appointment of Directors, whether at an annual or special meeting of shareholders, or by the Directors pursuant to the Act.

       

      

      
        

        
          

        - 4 -

        

      

      4.3          Election and Term

       

      (1)          Directors shall be elected by the shareholders at the first meeting of shareholders after the effective date of this by-law and at each
          succeeding annual meeting at which an election of Directors is required, and shall hold office until the next annual meeting of shareholders or, if elected for an expressly stated term, for a term expiring not later than the close of the third
          annual meeting of shareholders following the election.

       

      (2)          If an election of Directors is not held at the proper time, the incumbent Directors shall continue in office until their successors are
          elected.

       

      4.4          Ceasing to Hold Office

       

      A Director ceases to hold office when:

       

      	

            	(a)	
              such person dies;

            

       

      	

            	(b)	
              such person is removed from office by the shareholders in accordance with the Act;

            

       

      	

            	(c)	
              such person ceases to be qualified for election as a Director; or

            

       

      	

            	(d)	
              such person's written resignation is received by the Corporation, or, if a time is specified in such resignation, at the time so specified, whichever is later.

            

       

      4.5          Action by the Board

       

      (1)          The Board shall exercise its powers by or pursuant to a By-law or resolution either by the signatures of all the Directors then in
          office, if constituting a quorum or passed at a meeting of the Directors at which a quorum is present.

       

      (2)          Where there is a vacancy in the Board, the remaining Directors may exercise all the powers of the Board so long as a quorum remains in
          office.

       

      4.6          Remuneration and Expenses

       

      The Directors shall be paid such remuneration for their services as the Board may from time to time determine. The Directors shall also be entitled to be reimbursed for travelling
        and other expenses properly incurred by them in attending Directors meetings, committee meetings and shareholders meetings and in the performance of other duties of Directors of the Corporation. Nothing herein contained shall preclude any Director
        from serving the Corporation in any other capacity and receiving remuneration therefor.

       

      SECTION 5 - MEETINGS OF DIRECTORS

       

      5.1          Meeting by Telephone or Electronic Facilities

       

      If all the Directors consent thereto generally or in respect of a particular meeting, a Director may participate in a meeting of the Board or of a committee of the Board by means of
        such telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other during the meeting, and a Director participating in such a meeting by such means shall be deemed to be present at
        such meeting. Any such consent shall be effective whether given before or after the meeting to which it relates and may be given with respect to all meetings of the Board and of committees of the Board.

       

      

      
        

        
          

        - 5 -

        

      

      5.2          Place of Meetings

       

      Meetings of Directors may be held at any place in or outside Canada and may also be held entirely by means of a telephonic, electronic or other communication facility in accordance
        with Section 5.1.

       

      5.3         Calling of Meetings

       

      Meetings of the Board shall be held from time to time at such time and at such place as the Board, the Chair, the Chief Executive Officer or any two Directors may determine.

       

      5.4         Notice of Meeting

       

      (1)          Notice of the time and place of each meeting of the Board shall be given in the manner provided in Section 12 to each Director:

       

      	

            	(a)	
              not less than 48 hours before the time when the meeting is to be held if the notice is mailed; or

            

       

      	

            	(b)	
              not less than 24 hours before the time the meeting is to be held if the notice is given personally, is delivered or sent by any means of transmitted or recorded communication.

            

       

      (2)          A notice of a meeting of Directors need not specify the purpose of or the business to be transacted at the meeting except where the Act
          requires such purpose or business or the general nature thereof to be specified.

       

      (3)          The accidental omission to give notice of any meeting of Directors to, or the non-receipt of any notice by, any person, or any error in
          any notice not affecting the substance of the notice, does not invalidate any resolution passed or any action taken at the meeting.

       

      5.5          Waiver of Notice

       

      A Director may in any manner or at any time waive notice of or otherwise consent to a meeting of the Board. Attendance of a Director at a meeting of the Board shall constitute a
        waiver of notice of that meeting except where a Director attends for the express purpose of objecting to the transaction of any business on the grounds that the meeting has not been properly called. Waiver of any notice of a meeting of Directors
        cures any irregularity in the notice, any default in the giving of the notice and any default in the timeliness of the notice.

       

      5.6         First Meeting of New Board

       

      As long as a quorum of Directors is present, each newly elected Board may without notice hold its first meeting immediately following the meeting of shareholders at which such Board
        is elected.

       

      5.7          Adjourned Meeting

       

      Notice of an adjourned meeting of the Board is not required if the time and place of the adjourned meeting is announced at the original meeting.

       

      5.8          Regular Meetings

       

      The Board may appoint a day or days in any month or months for regular meetings of the Board at a place and hour to be named. A copy of any resolution of the Board fixing the place
        and time of such regular meetings shall be sent to each Director forthwith after being passed, but no other notice shall be required for any such regular meeting except where the Act requires the purpose thereof or the business to be transacted
        thereat to be specified.

       

      

      
        

        
          

        - 6 -

        

      

      5.9         Chairperson and Secretary

       

      The chairperson of any meeting of the Board shall be the first mentioned of such of the following officers as have been appointed and who is a Director and is present at the
        meeting: Chair; Chief Executive Officer; or President. If no such officer is present, the Directors present shall choose one of their number to be chairperson. The Secretary shall act as secretary of any meeting of the Board, and, if the Secretary
        is absent, the chairperson of the meeting shall appoint a person who need not be a Director to act as secretary of the meeting.

       

      5.10       Quorum

       

      A majority of the Directors or such greater or lesser number as the Directors may determine from time to time constitutes a quorum at a meeting of the Board. Notwithstanding any
        vacancy among the Directors, a quorum of Directors may exercise all the powers of the Directors.

       

      5.11       Votes to Govern

       

      (1)          At all meetings of the Board, every question shall be decided by a majority of the votes cast on the question.

       

      (2)          Unless a ballot is demanded, an entry in the minutes of a meeting to the effect that the chairperson of the meeting declared a
          resolution to be carried or defended is, in the absence of evidence to the contrary, proof of the fact without proof of the number or proportion of the votes recorded in favour of or against the resolution.

       

      5.12        Casting Vote

       

      In case of an equality of votes at a meeting of the Board, the chairperson of the meeting shall not be entitled to a second or casting vote.

       

      5.13       Resolution in Lieu of Meeting

       

      A resolution in writing, signed by all the Directors entitled to vote on that resolution at a meeting of Directors, is as valid as if it had been passed at a meeting of Directors.

       

      SECTION 6 - COMMITTEES

       

      6.1         Committees of the Board

       

      The Directors may appoint from their number one or more committees and delegate to such committees any of the powers of the Directors except those powers that, under the Act, a
        committee of the Board has no authority to exercise.

       

      6.2          Proceedings

       

      Meetings of committees of the Board may be held at any place in or outside Canada. At all meetings of committees, every question shall be decided by a majority of the votes cast on
        the question. Unless otherwise determined by the Directors, each committee of the Board may make, amend or repeal rules and procedures to regulate its meetings including: (i) fixing its quorum, provided that quorum may not be less than a majority
        of its members; (ii) procedures for calling meetings; (iii) requirements for providing notice of meetings; (iv) selecting a chairperson for a meeting; and (v) determining whether the chairperson will have a deciding vote in the event there is an
        equality of votes cast on a question.

       

      

      
        

        
          

        - 7 -

        

      

      Subject to a committee of the Board establishing rules and procedures to regulate its meetings, Section 5.1 to Section 5.13 inclusive apply to committees of the Board, with such
        changes as are necessary.

       

      SECTION 7 - OFFICERS

       

      7.1          Appointment

       

      The Board may from time to time designate the offices of the Corporation and from time to time appoint a Chair, Chief Executive Officer, President, one or more vice-presidents (to
        which title may be added words indicating seniority or function), a Chief Financial Officer, a Secretary, a Treasurer and such other officers as the Board may determine, including, without limitation, one or more assistants to any of the officers
        so appointed. One person may hold more than one office. The Board may specify the duties of and, in accordance with these By-laws and subject to the Act, delegate to such officers powers to manage the business and affairs of the Corporation.

       

      7.2          Chair

       

      The Board may from time to time appoint a Chair who shall be a Director. The Chair shall have such powers and duties as the Board may specify.

       

      7.3          Powers and Duties of Officers

       

      The powers and duties of all officers shall be such as the terms of their engagement call for or as the Board or (except for those whose powers and duties are to be specified only
        by the Board) the Chief Executive Officer may specify. The Board and (except as aforesaid) the Chief Executive Officer may, from time to time and subject to the provisions of the Act, vary, add to or limit the powers and duties of any officer. Any
        of the powers and duties of an officer to whom an assistant has been appointed may be exercised and performed by such assistant, unless the Board or the Chief Executive Officer otherwise directs.

       

      7.4          Term of Office

       

      The Board, in its discretion, may remove any officer of the Corporation. Otherwise, each officer appointed by the Board shall hold office until such person's successor is appointed
        or until such person's earlier resignation. Such removal is without prejudice to the officer's rights under any employment contract with the Corporation.

       

      7.5          Agents and Attorneys

       

      The Board shall have power from time to time to appoint agents or attorneys for the Corporation in or outside Canada with such powers (including, without limitation, the power to
        sub-delegate) of management, administration or otherwise as may be thought fit.

       

      
        

        
          

        - 8 -

        

      

      SECTION 8 - PROTECTION OF DIRECTORS, OFFICERS AND OTHERS

       

      8.1          Limitation of Liability

       

      Every Director and officer of the Corporation in exercising such person's powers and discharging such person's duties shall act honestly and in good faith with a view to the best
        interests of the Corporation and exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. Subject to the foregoing, no Director or officer shall be liable for the acts, omissions, receipts,
        failures, neglects or defaults of any other Director, officer or employee, or for joining in any receipt or other act for conformity, or for any loss, damage or expense suffered or incurred by the Corporation through the insufficiency or deficiency
        of title to any property acquired by the Corporation or for or on behalf of the Corporation, or for the insufficiency or deficiency of any security in or upon which any of the moneys of the Corporation shall be invested, or for any loss or damage
        arising from the bankruptcy, insolvency or tortious act of any person with whom any of the moneys, securities or effects of the Corporation shall be deposited, or for any loss occasioned by any error of judgment or oversight on such person's part,
        or for any other loss, damage or misfortune which shall happen in the execution of the duties of such person's office or in relation thereto. Nothing herein shall relieve any Director or officer from the duty to act in accordance with the Act and
        the regulations thereunder or from liability for any breach thereof.

       

      8.2          Indemnity

       

      The Corporation will indemnify to the fullest extent permitted by the Act (i) any Director or officer of the Corporation, (ii) any former director or officer of the Corporation, and
        (iii) any individual who acts or acted at the Corporation's request as a director or officer, or in a similar capacity, of another entity. The Corporation is authorized to execute agreements in favour of any of the foregoing persons evidencing the
        terms of the indemnity. Nothing in this by-law limits the right of any person entitled to indemnity to claim indemnity apart from the provisions of this by-law.

       

      8.3          Insurance

       

      Subject to the Act, the Corporation may purchase and maintain such insurance for the benefit of any individual referred to in Section 8.2 against such liabilities and in such
        amounts as the Board may from time to time determine.

       

      SECTION 9 - SECURITIES

       

      9.1          Options or Rights

       

      Subject to the Act and the Articles, the Board may from time to time issue or grant options to purchase the whole or any part of the authorized and unissued shares of the
        Corporation at such times and to such persons and for such consideration as the Board shall determine, except that no share shall be issued until it is fully paid as provided by the Act.

       

      9.2          Commissions

       

      The Board may from time to time authorize the Corporation to pay a reasonable commission to any person in consideration of such person's purchasing or agreeing to purchase shares of
        the Corporation, whether from the Corporation or from any other person, or procuring or agreeing to procure purchasers for any such shares.

       

      9.3          Securities Register

       

      The Corporation shall prepare and maintain, at its registered office or, subject to the Act, at any other place designated by the Board, a securities register in which it records
        the securities issued by it in registered form, showing with respect to each class or series of securities:

       

      (a)          the names, alphabetically arranged, of each person who:

       

      	

            	(i)	
              is or has been registered as a shareholder of the Corporation, the latest known address including, without limitation, the street and number, if any, of every such person while a holder, and the number and class
                of shares registered in the name of such holder; or

            

       

      

      
        

        
          

        - 9 -

        

      

      	

            	(ii)	
              is or has been registered as a holder of debt obligations of the Corporation, the latest known address including, without limitation, the street and number, if any, of every such person while a holder, and the
                class or series and principal amount of the debt obligations registered in the name of such holder; and

            

       

      (b)          the date and particulars of the issue and transfer of each security.

       

      9.4         Registration of Transfers

       

      Subject to the Act, no transfer of a share shall be registered in a securities register except on (i) presentation of the certificate representing the share with an endorsement
        which complies with the Act made on or delivered with it duly executed by an appropriate person as provided by the Act, together with such reasonable assurance that the endorsement is genuine and effective as the Board may from time to time
        prescribe, (ii) payment of all applicable taxes and any reasonable fees prescribed by the Board, and (iii) compliance with the restrictions on issue, transfer or ownership authorized by the Articles. If no security certificate has been issued by
        the Corporation in respect of a security issued by the Corporation, clause (i) above may be satisfied by presentation of a duly executed security transfer power, together with such reasonable assurance that the security transfer power is genuine
        and effective as the directors may require.

       

      9.5          Transfer Agents and Registrars

       

      The Board may from time to time, in respect of each class of securities issued by it, appoint one or more trustees, transfer or other agents to keep the securities register and a
        registrar, trustee or agent to maintain a central securities register of issued security certificates and may appoint one or more persons or agents to keep branch registers, and, subject to the Act, one person may be appointed to keep the
        securities register and the records of issued security certificates. Such a person may be designated as transfer agent or registrar according to its functions, and one person may be designated both registrar and transfer agent. The Board may at any
        time terminate such appointment.

       

      9.6         Non-recognition of Trusts

       

      Subject to the Act, the Corporation may treat the registered holder of any security as the person exclusively entitled to vote, to receive notices, to receive any dividend or other
        payments in respect of the security, and otherwise to exercise all the rights and powers of an owner of the security.

       

      9.7          Security Certificates

       

      (1)          Every holder of one or more securities of the Corporation shall be entitled, at such person's option, to a security certificate, or to a
          non-transferable written certificate of acknowledgement of such person's right to obtain a security certificate, stating the number and class or series of shares held by such person as shown on the securities register. The certificates shall be
          in such form as the Board may from time to time approve and need not be under the corporate seal. Unless otherwise ordered by the Board, any such certificate shall be signed by at least one of the following persons, or the signature shall be
          printed or otherwise mechanically reproduced on the certificate:

       

      	

            	(a)	
              a Director or officer of the Corporation;

            

       

      	

            	(b)	
              a registrar, transfer agent or branch transfer agent of the Corporation, or an individual on their behalf; and

            

       

      	

            	(c)	
              a trustee who certifies it in accordance with a trust indenture.

            

       

      

      
        

        
          

        - 10 -

        

      

      (2)          Unless the Board otherwise determines, certificates in respect of which a transfer agent or registrar has been appointed shall not be
          valid unless countersigned by or on behalf of such transfer agent or registrar.

       

      (3)          Signatures of signing officers may be printed or mechanically reproduced in facsimile upon security certificates and every such
          facsimile shall for all purposes be deemed to be the signature of the officer whose signature it reproduces and shall be binding upon the Corporation. A security certificate executed as aforesaid shall be valid notwithstanding that the person has
          ceased to be a Director or an officer of the Corporation.

       

      9.8          Replacement of Security Certificates

       

      The Board may in its discretion (or any officer or agent designated by the Board may in such person's discretion) direct the issue of a new share or other such certificate in lieu
        of and on cancellation of a certificate that has been mutilated or in substitution for a certificate claimed to have been lost, apparently destroyed or wrongfully taken, on payment of such reasonable fee and on such terms as to indemnity,
        reimbursement of expenses and evidence of loss and of title as the Board may from time to time prescribe, whether generally or in any particular case.

       

      9.9          Joint Holders

       

      If two or more persons are registered as joint holders of any security, the Corporation shall not be bound to issue more than one certificate in respect of that security, and
        delivery of such certificate to one of those persons shall be sufficient delivery to all of them. Any one of those persons may give effectual receipts for the certificate issued in respect of it or for any dividend, interest, bonus, return of
        capital or other money payable or warrant issuable in respect of that security.

       

      9.10       Deceased Holders

       

      In the event of the death of a holder, or of one of the joint holders of any security, the Corporation shall not be required to make any entry in the securities register in respect
        of the death or to make any dividend, interest or other payments in respect of the security except on production of all such documents as may be required by law.

       

      SECTION 10 – PAYMENTS

       

      10.1        Payment of Dividends and Other Distributions

       

      Any dividend or other distribution payable in cash to shareholders will be paid by cheque or by electronic means or by such other method as the Directors may determine. The payment
        will be made to or to the order of each registered holder of shares in respect of which the payment is to be made. Cheques will be sent to the registered holder's recorded address, unless the holder otherwise directs. In the case of joint holders,
        the payment will be made to the order of all such joint holders and, if applicable, sent to them at their recorded address, unless such joint holders otherwise direct. The sending of the cheque or the sending of the payment by electronic means or
        the sending of the payment by a method determined by the Directors in an amount equal to the dividend or other distribution to be paid less any tax that the Corporation is required to withhold will satisfy and discharge the liability for the
        payment, unless payment is not made upon presentation, if applicable.

       

      10.2       Non-Receipt of Payment

       

      In the event of non-receipt of any payment made as contemplated by Section 10.1 by the person to whom it is sent, the Corporation may issue re-payment to such person for a like
        amount.

       

      

      
        

        
          

        - 11 -

        

      

      The Directors may determine, whether generally or in any particular case, the terms on which any re-payment may be made, including terms as to indemnity, reimbursement of expenses, and evidence of
        non-receipt and of title.

       

      10.3       Unclaimed Dividends

       

      To the extent permitted by law, any dividend or other distribution that remains unclaimed after a period of two years from the date on which the dividend has been declared to be
        payable is forfeited and will revert to the Corporation.

       

      SECTION 11 - MEETINGS OF SHAREHOLDERS

       

      11.1        Annual Meetings

       

      The annual meeting of shareholders shall be held at such time in each year and, subject to Section 11.4, at such place as the Board may from time to time determine, for the
        purpose of considering the minutes of an earlier meeting, considering the financial statements and reports required by the Act to be placed before the annual meeting, electing Directors, appointing or waiving the appointment of an auditor, fixing
        or authorizing the Directors to fix the remuneration payable to any such auditor and for the transaction of such other business as may properly be brought before the meeting.

       

      11.2       Special Meetings

       

      The Board shall have power to call a special meeting of shareholders at any time.

       

      11.3       Meeting Held by Electronic Means

       

      (1)         Any person entitled to attend a meeting of shareholders may vote and otherwise participate in the meeting by means of a telephonic,
          electronic or other communication facility made available by the Corporation that permits all participants to communicate adequately with each other during the meeting. A person participating in a meeting of shareholders by such means is deemed
          to be present at the meeting.

       

      (2)          Directors who call (but not shareholders who requisition) a meeting of shareholders may determine that:

       

      	

            	(a)	
              the meeting shall be held, in accordance with the regulations, entirely by means of a telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other
                during the meeting; and

            

       

      	

            	(b)	
              any vote shall be held, in accordance with the regulations, entirely by means of a telephone, electronic or other communication facility that the corporation has made available for that purpose.

            

       

      (3)          Any vote at a meeting of shareholders may be carried out by means of a telephonic, electronic or other communication facility, if the
          facility:

       

      	

            	(a)	
              enables the votes to be gathered in a manner that permits their subsequent verification; and

            

       

      	

            	(b)	
              permits the tallied votes to be presented to the Corporation without it being possible for the Corporation to identify how each shareholder or group of shareholders voted.

            

       

      

      
        

        
          

        - 12 -

        

      

      11.4       Place of Meetings

       

      Meetings of shareholders shall be held at any place in Canada as the Directors determine and may also be held entirely by means of a telephonic, electronic or other communication
        facility in accordance with Section 11.3(2).

       

      11.5       Notice of Meetings

       

      Notice of the time and place of each meeting of shareholders shall be given in the manner provided in Section 12, if the Corporation is at such time a distributing corporation (as
        defined in the Act), not less than 21 days and, if the Corporation is not at such time a distributing corporation (as defined in the Act), not less than 10 days, but in either case, not more than 60 days before the date of the meeting to each
        Director, to any auditor and to each shareholder who at the close of business on the record date for notice is entered in the securities register as the holder of one or more shares carrying the right to receive notice of or vote at the meeting.
        Notice of a meeting of shareholders called for any purpose other than consideration of the minutes of an earlier meeting, financial statements and auditor's report, election of Directors and reappointment of the incumbent auditor or fixing or
        authorizing the Directors to fix the remuneration payable to such auditor shall state or be accompanied by a statement of:

       

      	

            	(a)	
              the nature of the business in sufficient detail to permit the shareholders to form a reasoned judgment on it; and

            

       

      	

            	(b)	
              the text of any special resolution to be submitted to the meeting.

            

       

      11.6        List of Shareholders Entitled to Notice

       

      For every meeting of shareholders, the Corporation shall prepare a list of shareholders entitled to receive notice of the meeting, arranged in alphabetical order and showing the
        number of shares held by each shareholder entitled to vote at the meeting. If a record date for the meeting is fixed pursuant to Section 11.7, the shareholders listed shall be those registered at the close of business on that record date. If no
        record date is fixed, the shareholders listed shall be those registered at the close of business on the day during usual business hours at the registered office of the Corporation or at the place where the central securities register is maintained
        and at the meeting for which the list was prepared. Where a separate list of shareholders has not been prepared, the names of persons appearing in the securities register at the requisite time as the holder of one or more shares carrying the right
        to vote at such a meeting shall be deemed to be a list of shareholders.

       

      11.7        Record Date for Notice

       

      The Board may fix in advance a date, preceding the date of any meeting of shareholders by not more than 60 days and not less than 21 days, as a record date for the determination of the shareholders
        entitled to notice of the meeting, and notice of any such record date shall be given not less than seven days before the record date, by advertisement in a newspaper published or distributed in the place where the Corporation has its registered
        office and in each place in Canada and the United States of America where it has a transfer agent or where a transfer of the Corporation's shares may be recorded, and, where applicable, by written notice to each stock exchange in Canada and the
        United States of America on which the Corporation's shares are listed for trading unless notice of the record date is waived in writing by every holder of a share of the class or series affected whose name is set out in the securities register of
        the Corporation at the close of business on the day the Directors fix the record date. If no such record date is so fixed, the record date for the determination of the shareholders entitled to receive notice of the meeting shall be at the close of
        business on the day preceding the day on which the notice is given or, if no notice is given, shall be the day on which the meeting is held.

       

      

      
        

        
          

        - 13 -

        

      

      11.8        Waiver of Notice

       

      A shareholder, a proxyholder, a Director or the auditor and any other person entitled to attend a meeting of shareholders may waive notice of a meeting of shareholders, any
        irregularity in a notice of meeting of shareholders or any irregularity in a meeting of shareholders. Such waiver may be waived in any manner and may be given at any time either before or after the meeting to which the waiver relates. Waiver of any
        notice of a meeting of shareholders cures any irregularity in the notice, any default in the giving of the notice and any default in the timeliness of the notice.

       

      11.9        Meetings Without Notice

       

      (1)          A meeting of shareholders may be held without notice at any time and place permitted by the Act if:

       

      	

            	(a)	
              all the shareholders entitled to vote at the meeting are present in person or duly represented or if those not present or represented waive notice of or otherwise consent to the meeting being held; and

            

       

      	

            	(b)	
              the auditor and the Directors are present or waive notice of or otherwise consent to the meeting being held,

            

       

      so long as the shareholders, auditor or Directors present are not attending for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully
        called.

       

      (2)          At a meeting held under Section 11.9(1), any business may be transacted which the Corporation may transact at a meeting of shareholders.

       

      11.10      Chairperson, Secretary and Scrutineers

       

      The chairperson of any meeting of shareholders shall be the first mentioned of such of the following officers as have been appointed and who is present at the meeting: Chair; Chief
        Executive Officer; President; or a Vice-President who is a shareholder. If no such officer is present within 15 minutes from the time fixed for holding the meeting, the persons present and entitled to vote shall choose a Director who is present, or
        a shareholder who is present, to be chairperson. The Secretary, if any, will act as Secretary at meetings of shareholders. If a Secretary has not been appointed or if the Secretary is absent, the chairperson shall appoint some person, who need not
        be a shareholder, to act as Secretary of the meeting. If desired, one or more scrutineers, who need not be shareholders, may be appointed by a resolution or by the chairperson with the consent of the meeting.

       

      11.11      Persons Entitled to be Present

       

      The only persons entitled to be present at a meeting of the shareholders shall be those entitled to attend or vote at the meeting, the Directors, officers, auditor, legal counsel of
        the Corporation and others who, although not entitled to attend or vote, are entitled or required under any provision of the Act, the Articles and the By-laws to be present at the meeting. Any other person may be admitted only on the invitation of
        the chairperson of the meeting or with the consent of the meeting.

       

      11.12     Quorum

       

      A quorum of shareholders is present at a meeting of shareholders irrespective of the number of persons actually present at the meeting, if the holders of at least 25% of the shares
        entitled to vote at the meeting are present in person or represented by proxy, and at least two persons entitled to vote at the meeting are actually present at the meeting or represented by proxy. A quorum need not be present throughout the meeting
        provided that a quorum is present at the opening of the meeting. If a quorum is not present at the time appointed for the meeting or within a reasonable time after that the shareholders may determine, the shareholders present or represented may
        adjourn the meeting to a fixed time and place but may not transact any other business.

       

      

      
        

        
          

        - 14 -

        

      

      11.13      Right to Vote

       

      Every person named in the list referred to in Section 11.6 shall be entitled to vote the shares shown on the list opposite such person's name at the meeting to which the list
        relates.

       

      11.14     Proxyholders and Representatives

       

      Every shareholder entitled to vote at a meeting of shareholders may appoint a proxyholder, or one or more alternate proxyholders, as such person's nominee to attend and act at the
        meeting in the manner and to the extent authorized and with the authority conferred by the proxy. A proxy shall be in writing or electronic signature executed by the shareholder or such person's attorney and shall conform with the requirements of
        the Act and other applicable law and will be in such form as the Directors may approve from time to time or such other form as may be acceptable to the chairperson of the meeting at which the instrument of proxy is to be used. Alternatively, every
        shareholder which is a body corporate or other legal entity may authorize by resolution of its directors or governing body an individual to represent it at a meeting of shareholders and that individual may exercise on the shareholder's behalf all
        the powers it could exercise if it were an individual shareholder. The authority of such an individual shall be established by depositing with the Corporation a certified copy of the resolution, or a certified copy of an extract from the By-laws of
        the body corporate or association, authorizing the representative to represent the body corporate or other legal entity, or in such other manner as may be satisfactory to the Secretary or the chairperson of the meeting. Any such proxyholder or
        representative need not be a shareholder. The proxy is valid only at the meeting in respect of which it is given or any adjournment thereof.

       

      11.15      Time for Deposit of Proxies

       

      The Board may fix a time not exceeding 48 hours, excluding non-business days, preceding any meeting or adjourned meeting of shareholders before which time proxies to be used at the
        meeting must be deposited with the Corporation or its agent, and any time so fixed shall be specified in the notice calling the meeting. A proxy shall be acted on only if, before the time so specified, it has been deposited with the Corporation or
        its agent specified in the notice or if, no such time having been specified in the notice, it has been received by the Secretary or by the chairperson of the meeting before the time of voting.

       

      11.16      Joint Shareholders

       

      If two or more persons hold shares jointly, any one of them present in person or duly represented at a meeting of shareholders may, in the absence of the other or others, vote the
        shares, but, if two or more of those persons are present in person or represented and vote, they shall vote as one the shares jointly held by them.

       

      11.17      Votes to Govern

       

      At any meeting of shareholders, every question shall, unless otherwise required by the Articles or By-laws, be determined by a majority of the votes cast on the question.

       

      11.18      Casting Vote

       

      In case of an equality of votes at any meeting of shareholders either on a show of hands or on a poll, the chairperson of the meeting shall not be entitled to a second or casting
        vote.

       

      

      
        

        
          

        - 15 -

        

      

      11.19      Procedure

       

      The chairperson of a meeting of shareholders will conduct the meeting and determine the procedure to be followed at the meeting. The chairperson's decision on all matters or things,
        including any questions regarding the validity or invalidity of a form of proxy or other instrument appointing a proxy, shall be conclusive and binding upon the meeting of shareholders.

       

      11.20      Show of Hands

       

      Subject to the Act, any question at a meeting of shareholders shall be decided by a show of hands, unless a ballot is required or demanded as provided. On a show of hands, every
        person who is present and entitled to vote shall have one vote. Whenever a vote by show of hands has been taken on a question, unless a ballot is demanded, an entry in the minutes of a meeting of shareholders to the effect that the chairperson
        declared a resolution to be carried or defeated is, in the absence of proof to the contrary, proof of the fact without proof of the number or proportion of the votes recorded in favour of or against the resolution.

       

      11.21     Ballots

       

      On any question proposed for consideration at a meeting of shareholders, and whether or not a show of hands has been taken on it, the chairperson may require a ballot or any person
        who is present and entitled to vote on the question at the meeting may demand a ballot. The requirement or demand for a ballot may be made either before or after any vote on the question by a show of hands. A ballot so required or demanded shall be
        taken in such manner as the chairperson shall direct. A requirement or demand for a ballot may be withdrawn at any time before the taking of the ballot. If a ballot is taken, each person present shall be entitled, in respect of the shares which
        such person is entitled to vote at the meeting on the question, to that number of votes provided by the Act or the Articles, and the result of the ballot so taken shall be the decision of the shareholders on the question.

       

      11.22      Adjournment

       

      The chairperson at a meeting of shareholders may, with the consent of the meeting and subject to such conditions as the meeting may decide, adjourn the meeting from time to time and
        from place to place. If a meeting of shareholders is adjourned for less than 30 days, it will not be necessary to give notice of the adjourned meeting, other than by announcement at the original meeting that is adjourned. Subject to the Act, if a
        meeting of shareholders is adjourned by one or more adjournments for an aggregate of 30 days or more, notice of the adjourned meeting shall be given as for an original meeting. Any adjourned meeting is duly constituted if held in accordance with
        the terms of the adjournment and a quorum is present at the adjourned meeting. Any business may be considered and transacted at any adjourned meeting which might have been considered and transacted at the original meeting of shareholders.

       

      11.23     Resolution in Lieu of Meeting

       

      A resolution in writing signed by all the shareholders entitled to vote on that resolution at a meeting of shareholders is as valid as if it had been passed at a meeting of the
        shareholders unless, in accordance with the Act:

      

      

      
        	

              	(a)	
                
                  in the case of the resignation or removal of a Director, or the appointment or election of another person to fill the place of that Director, a written statement is submitted to the Corporation by the
                    Director giving the reasons for such person's resignation or the reasons why such person opposes any proposed action or resolution for the purpose of removing such person from office or the election of another person to fill the office
                    of that Director; or

                

              

         

        

      

      
        

        
          

        - 16 -

        

      

      	

            	(b)	
              in the case of the removal or resignation of an auditor, or the appointment or election of another person to fill the office of auditor, representations in writing are made to the Corporation by that auditor
                concerning its proposed removal, the appointment or election of another person to fill the office of auditor or its resignation.

            

       

      SECTION 12- NOTICES

       

      12.1       Method of Giving Notices

       

      Any notice (which term includes, without limitation, any communication or document) to be given (which term includes, without limitation, sent, delivered or served) pursuant to the
        Act, the regulations, the Articles, the By-laws or otherwise to a shareholder, Director, officer, auditor or member of a committee of the Board shall be sufficiently given if delivered personally to the person to whom it is to be given or if mailed
        to such person at such person's recorded address by prepaid, ordinary or air mail, or if sent to such person at such person's recorded address by means of any telephonic, electronic or other communication facility. A notice so delivered shall be
        deemed to have been given when it is delivered personally and a notice so mailed shall be deemed to have been given when deposited in a post office or public mailbox. A notice sent by any means of electronic or recorded telephonic communication
        shall be deemed to have been given when dispatched or delivered to the appropriate communication company or agency. The Secretary may change or cause to be changed the recorded address of any shareholder, Director, officer, auditor or member of a
        committee of the Board in accordance with any information believed by such person to be reliable.

       

      12.2       Notice to Joint Shareholders

       

      If two or more persons are registered as joint holders of any share, any notice may be addressed to all such joint holders, but notice addressed to one of those persons shall be
        sufficient notice to all of them.

       

      12.3       Computation of Time

       

      Where notice is required to be given under any provisions of the Articles or By-laws of the Corporation, or any time period or time limit for the doing of any other act is
        prescribed by the Articles or By-laws, the notice period or such other time period or time limit shall be determined in accordance with Sections 26 to 30, inclusive, of the Interpretation Act (Canada),
        R.S.C. 1985, c. I-21, unless otherwise expressly provided in the Articles or By-laws.

       

      12.4       Undelivered Notices

       

      If any notice given to a shareholder pursuant to Section 12.1 is returned on two consecutive occasions because such shareholder cannot be found, the Corporation shall not be required to give any
        further notices to that shareholder until such person informs the Corporation in writing of such person's new address.

       

      12.5       Omissions and Errors

       

      The accidental omission to give any notice to any shareholder, Director, officer, auditor or member of a committee of the Board or the non-receipt of any notice by any such person
        or any error in any notice not affecting the substance of the notice shall not invalidate any action taken at any meeting held pursuant to the notice or otherwise founded on it.

       

      
        

        
          

        - 17 -

        

      

      12.6       Persons Entitled by Death or Operation of Law

       

      Every person who, by operation of law, transfer, death of a shareholder or any other means whatsoever, shall become entitled to any share, shall be bound by every notice in respect
        of the share which has been duly given to the shareholder from whom such person derives such person's title to the share before such person's name and address is entered on the securities register (whether the notice was given before or after the
        happening of the event on which such person became so entitled) and before such person furnished the Corporation with the proof of authority or evidence of such person's entitlement prescribed by the Act.

       

      12.7        Waiver of Notice

       

      Any shareholder, proxyholder or other person entitled to notice of or attend a meeting of shareholders, Director, officer, auditor or member of a committee of the Board may at any
        time waive any notice, or waive or abridge the time for any notice, required to be given to such person under the Act, the regulations, the Articles, the By-laws or otherwise, and that waiver or abridgement, whether given before or after the
        meeting or other event of which notice is required to be given, shall cure any default in the giving or in the time of the notice, as the case may be. Any such waiver or abridgement shall be in writing, except a waiver of notice of a meeting of
        shareholders or of the Board or a committee of the Board, which may be given in any manner.

       

      12.8       Electronic Documents

       

      A requirement under these by-laws that a notice, document or other information be provided in writing may be satisfied by providing an electronic document and a requirement under
        these by-laws for a signature or that a document be executed, in relation to an electronic document, may be satisfied, in each case, if the requirements in the Act in respect thereof are met.

       

      This by-law was made by resolution of the directors and confirmed by ordinary resolution of the shareholders on March 5, 2019.

       

      

      
        

        
          

        

      

      LIGHTSPEED POS INC.

       

      BY-LAW NO. 2019-2

       

      Relating to the Advance Nominations of Directors of the Corporation

       

      Section 1.1         Introduction.

       

      The purpose of this by-law of Lightspeed POS Inc. (the "Corporation") is to provide shareholders, directors and
        management of the Corporation with guidance on the nomination of directors. This by-law is the framework by which the Corporation seeks to fix a deadline by which shareholders of the Corporation must submit director nominations to the Corporation
        prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to the Corporation for the notice to be in proper written form.

       

      It is the belief of the Corporation and the board of directors of the Corporation that this by-law is in the best interests of the Corporation. This by-law will
        be subject to periodic review and, subject to the Act (as defined herein), will reflect changes as required by securities regulatory or stock exchange requirements and, at the discretion of the board of directors of the Corporation, amendments
        necessary to meet evolving industry standards.

       

      Section 1.2         Definitions.

       

      As used in this by-law, the following terms have the following meanings:

       

      "Act" means the Canada Business Corporations Act and the regulations under the Act, all as
        amended, re-enacted or replaced from time to time.

       

      "Applicable Securities Laws" means the applicable securities legislation of each relevant province of Canada, as amended from time to
        time, the written rules, regulations and forms made or promulgated under any such statute and the published national instruments, multilateral instruments, policies, bulletins and notices of the securities commissions and similar regulatory
        authorities of each province of Canada.

       

      "Board" means the board of directors of the Corporation. 

       

      

      "Corporation" means Lightspeed POS Inc.

       

      "person" means a natural person, partnership, limited partnership, limited liability partnership, corporation, limited liability
        company, unlimited liability company, joint stock company, trust, unincorporated association, joint venture or other entity or governmental or regulatory entity, and pronouns have a similarly extended meaning.

       

      "public announcement" means disclosure in a press release
          reported by a national news service in Canada, or in a document publicly filed by the Corporation under its profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com, or any
          system that is a replacement or successor thereto.

       

      Terms used in this by-law that are defined in the Act have the meanings given to such terms in the Act.

       

      

      
        

        
          

        - 2 -

        

      

      
      Section 1.3           Nomination Procedures.

       

      Subject only to the Act, Applicable Securities Laws and the articles of the Corporation, only persons who are nominated in accordance with the procedures set
        out in this by-law shall be eligible for election as directors of the Corporation. Nominations of persons for election to the Board may be made at any annual meeting of shareholders, or at a special meeting of shareholders if the election of
        directors is a matter specified in the notice of meeting:

       

      	

            	(a)	
              by or at the direction of the Board, including pursuant to a notice of meeting;

            

       

      	

            	(b)	
              by or at the direction or request of one or more shareholders pursuant to a proposal made in accordance with the provisions of the Act, or a requisition of a shareholders meeting by one or more shareholders made
                in accordance with the provisions of the Act; or

            

       

      	

            	(c)	
              by any person (a "Nominating Shareholder") who:

            

       

      	

            	(i)	
              at the close of business on the date of the giving of the notice provided for below in this by-law and on the record date for notice of such meeting, is entered in the securities register of the Corporation as a
                holder of one or more shares carrying the right to vote at such meeting or who beneficially owns shares that are entitled to be voted at such meeting and provides evidence of such beneficial ownership to the Corporation; and

            

       

      	

            	(ii)	
              complies with the notice procedures set forth below in this by-law.

            

       

      Section 1.4           Nominations for Election.

       

      For the avoidance of doubt, the procedures set forth in this by-law shall be the exclusive means for any person to bring nominations for election to the Board
        before any annual or special meeting of shareholders of the Corporation.

       

      Section 1.5           Timely Notice.

       

      In addition to any other applicable requirements, for a nomination to be validly made by a Nominating Shareholder, the Nominating Shareholder must have given
        timely notice thereof in proper written form to the corporate secretary of the Corporation in accordance with this by-law.

       

      Section 1.6           Manner of Timely Notice.

       

      To be timely, a Nominating Shareholder's notice to the corporate secretary of the Corporation must be made:

       

      	

            	(a)	
              in the case of an annual meeting of shareholders (including an annual and special meeting), not less than thirty (30) days prior to the date of the meeting, provided, however, that in the event that the meeting is
                to be held on a date that is less than fifty (50) days after the date (the "Notice Date") on which the first public announcement of the date of the meeting was made, notice by the Nominating
                Shareholder shall be made not later than the close of business on the tenth (10th) day following the Notice Date;

            

       

      	

            	(b)	
              in the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose of electing directors (whether or not also called for other purposes), not later than the close of
                business on the fifteenth (15th) day following the day on which the first public announcement of the date of the meeting was made;

            

       

      

      
        

        
          

        - 3 -

        

      

      provided that, in either instance, if notice-and-access (as defined in National Instrument 54-101 – Communication with
          Beneficial Owners of Securities of a Reporting Issuer) is used for delivery of proxy related materials in respect of a meeting described in Section 1.6(a) or (b) above, and the Notice Date in respect of the meeting is not less than fifty
        (50) days prior to the date of the applicable meeting, the notice must be received not later than the close of business on the fortieth (40th) day before the applicable meeting (but in any event, not prior to the Notice Date); provided,
        however, that in the event that the meeting is to be held on a date that is less than fifty (50) days after the Notice Date, notice by the Nominating Shareholder shall be made, in the case of an annual meeting of shareholders, not later than the
        close of business on the tenth (10th) day following the Notice Date and, in the case of a special meeting of shareholders, not later than the close of business on the fifteenth (15th) day following the Notice Date.

       

      In the event of an adjournment or postponement of an annual meeting or special meeting of shareholders or any announcement thereof, a new
        time period shall commence for the giving of a timely notice under this Section 1.6.

       

      Section 1.7           Proper Form of Notice.

       

      To be in proper written form, a Nominating Shareholder's notice to the corporate secretary of the Corporation must be in writing and must set forth or be
        accompanied by, as applicable:

       

      	

            	(a)	
              as to each person whom the Nominating Shareholder proposes to nominate for election as a director (each a "Proposed Nominee"):

            

       

      	

            	(i)	
              the name, age, business address and residential address of the Proposed Nominee;

            

       

      	

            	(ii)	
              the principal occupation, business or employment of the Proposed Nominee, both present and for the five years preceding the notice;

            

       

      	

            	(iii)	
              whether the Proposed Nominee is a resident Canadian within the meaning of the Act;

            

       

      	

            	(iv)	
              the number of securities of each class of voting securities of the Corporation or any of its subsidiaries beneficially owned, or controlled or directed, directly or indirectly, by the Proposed Nominee, as of the
                record date for the meeting of shareholders (if such date shall then have been made publicly available and shall have occurred) and as of the date of such notice;

            

       

      	

            	(v)	
              a description of any relationship, agreement, arrangement or understanding (including financial, compensatory or indemnity related or otherwise) between the Nominating Shareholder and the Proposed Nominee, or any
                Affiliates or Associates of, or any person or entity acting jointly or in concert with the Nominating Shareholder or the Proposed Nominee, in connection with the Proposed Nominee's nomination and election as director;

            

       

      	

            	(vi)	
              whether the Proposed Nominee is party to any existing or proposed relationship, agreement, arrangement or understanding with any competitor of the Corporation or its Affiliates or any other third party which may
                give rise to a real or perceived conflict of interest between the interests of the Corporation and the interests of the Proposed Nominee;

            

       

      	

            	(vii)	
              whether the Proposed Nominee is eligible for consideration as an independent director under the relevant standards contemplated by Applicable Securities Laws or any stock exchange rules that may be applicable to
                the Corporation; and

            

       

      

      
        

        
          

        - 4 -

        

      

      	

            	(viii)	
              any other information relating to the Proposed Nominee that would be required to be disclosed in a dissident's proxy circular or other filings required to be made in connection with the solicitation of
                proxies for election of directors pursuant to the Act or any Applicable Securities Laws ;

            

       

      (b)          as to each Nominating Shareholder:

       

      	

            	(i)	
              the name, business and, if applicable, residential address of such Nominating Shareholder;

            

       

      	

            	(ii)	
              the number of securities of each class of voting securities of the Corporation or any of its subsidiaries beneficially owned, or controlled or directed, directly or indirectly, by such Nominating Shareholder
                or any other person with whom such Nominating Shareholder is acting jointly or in concert (and for each such person any options or other rights to acquire shares in the capital of the Corporation, any derivatives or other securities,
                instruments or arrangements for which the price or value or delivery, payment or settlement obligations are derived from, referenced to, or based on any such shares, and any hedging transactions, short positions and borrowing or lending
                arrangements relating to such shares) with respect to the Corporation or any of its securities, as of the record date for the meeting (if such date shall then have been made publicly available and shall have occurred) and as of the date of
                such notice;

            

       

      	

            	(iii)	
              the interests in, or rights or obligations associated with, any agreement, arrangement or understanding, the purpose or effect of which may be to alter, directly or indirectly, such Nominating Shareholder's
                economic interest in a security of the Corporation or such Nominating Shareholder's economic exposure to the Corporation;

            

       

      	

            	(iv)	
              full particulars regarding any proxy, contract, arrangement, agreement, understanding or relationship pursuant to which such Nominating Shareholder, or any of its Affiliates or Associates, or any person
                acting jointly or in concert with such person, has any interests, rights or obligations relating to the voting of any securities of the Corporation or the nomination of directors to the Board; and

            

       

      	

            	(v)	
              any other information relating to such Nominating Shareholder that would be required to be disclosed in a dissident's proxy circular or other filings required to be made in connection with the solicitation of
                proxies for election of directors pursuant to the Act or any Applicable Securities Laws; and

            

       

      	

            	(c)	
              a written consent duly signed by each Proposed Nominee to being named as a nominee for election to the Board and to serve as a director of the Corporation, if elected.

            

       

      Reference to "Nominating Shareholder" in this Section 1.7 shall be deemed to refer to each shareholder that nominates or seeks to
        nominate a person for election as director in the case of a nomination proposal where more than one shareholder is involved in making the nomination proposal.

       

       The Corporation may also require any Proposed Nominee to furnish such other information, including completion of the Corporation's directors questionnaire, as
          it may reasonably require to determine whether the nominee would be considered "independent" as a director or as a member of the audit committee of the Board of Directors under the various rules and standards applicable to the Corporation in the
          same manner as such rules and standards are applicable to the Corporation's other directors.

       

      

      
        

        
          

        - 5 -

        

      

      In addition to the provisions of this by-law, a Nominating Shareholder and any Proposed Nominee shall also comply with all of the applicable requirements of the
        Act, Applicable Securities Laws and applicable stock exchange rules regarding the matters set forth herein.

       

      Section 1.8           Currency of Notice.

       

      All information to be provided in a Nominating Shareholder's notice pursuant to this by-law shall be provided as of the date of such notice. To be considered
        timely and in proper form, a Nominating Shareholder's notice shall be promptly updated and supplemented if necessary, so that the information provided or required to be provided in such notice shall be true and correct as of the record date for the
        meeting.

        

      

      Section 1.9           Power of the Chair.

       

      The chair of the meeting shall have the power and duty to determine whether a nomination was made in accordance with the procedures set forth in this by-law
        and, if any proposed nomination is not in compliance with this by-law, to declare that such defective nomination shall be disregarded.

       

      Section 1.10         Delivery of Notice.

       

      Notwithstanding any other provision of this by-law, notice given to the corporate secretary of the Corporation pursuant to this by-law may only be given by
        personal delivery or facsimile transmission, and shall be deemed to have been given and made only at the time it is served by personal delivery or sent by facsimile transmission (provided that receipt of the confirmation of such transmission has
        been received) to the corporate secretary of the Corporation, at the address of the principal executive offices of the Corporation, provided that if such delivery or electronic communication is made on a day which is not a business day or later
        than 5:00 p.m. (Montreal time) on a day which is a business day, then such delivery or electronic communication shall be deemed to have been made on the subsequent day that is a business day.

       

      Section 1.11         Board of Directors Discretion.

       

      Notwithstanding the foregoing, the Board may, in its sole discretion, waive any requirement in this by-law.

       

      Section 1.12         Effective Date.

       

      This by-law shall come into force on March 15, 2019.

       

      

      
        

        
          

        

      

      LIGHTSPEED POS INC.

       

      BY-LAW NO. 2019-3

       

      Relating to Forum Selection

       

      Unless the Corporation approves or consents in writing to the selection of an alternative forum, the courts of the Province of Québec and appellate courts
        therefrom shall be the sole and exclusive forum for: (i) any derivative action or proceeding brought on behalf of the Corporation; (ii) any action or proceeding asserting a claim for breach of a fiduciary duty owed by any director, officer or
        employee of the Corporation to the Corporation; (iii) any action or proceeding asserting a claim arising pursuant to any provision of the Act or the Articles or By-laws (as either may be amended from time to time); or (iv) any action or proceeding
        asserting a claim otherwise related to the Corporation's "affairs" (as defined in the Act). If any action or proceeding the subject matter of which is within the scope of the preceding sentence is filed in a Court other than a court located within
        the Province of Québec (a "Foreign Action") in the name of any securityholder, such securityholder shall be deemed to have consented to (i) the personal jurisdiction of the courts located within the Province
        of Québec in connection with any action or proceeding brought in any such Court to enforce the preceding sentence and (ii) having service of process made upon such securityholder in any such action or proceeding by service upon such
        securityholder's counsel in the Foreign Action as agent for such securityholder.

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