Document:

Exhibit 10.8

 

 

BUSINESS
CORPORATIONS ACT

 

BRITISH COLUMBIA

 

ARTICLES

 

TELESAT
CORPORATION

 

     

     

    

 

BUSINESS CORPORATIONS ACT

BRITISH COLUMBIA

 

ARTICLES

 

TELESAT CORPORATION

 

I N D E X

 

	Part 1 INTERPRETATION	1
	 	 
	Part 2 ALTERATIONS	13
	 	 
	Part 3 SHARES AND SHARE CERTIFICATES	13
	 	 
	Part 4 SHARE TRANSFERS	14
	 	 
	Part 5 PURCHASE OF SHARES	15
	 	 
	Part 6 BORROWING POWERS	15
	 	 
	Part 7 SHAREHOLDER MEETINGS	16
	 	 
	Part 8 PROCEEDINGS AT SHAREHOLDER MEETINGS	17
	 	 
	Part 9 SHAREHOLDERS VOTES	19
	 	 
	Part 10 ELECTION AND REMOVAL OF DIRECTORS	20
	 	 
	Part 11 PROCEEDINGS of DIRECTORS	24
	 	 
	Part 12 COMMITTEES OF DIRECTORS	27
	 	 
	Part 13 OFFICERS	32
	 	 
	Part 14 DISCLOSURE OF INTEREST OF DIRECTORS	32
	 	 
	Part 15 INDEMNIFICATION	33
	 	 
	Part 16 DIVIDENDS	37
	 	 
	Part 17 AUDITOR	38
	 	 
	Part 18 EXECUTION OF INSTRUMENTS	38
	 	 
	Part 19 NOTICES	39
	 	 
	Part 20 RESTRICTION ON SHARE TRANSFER	41

 

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	Part 21 ADVANCE NOTICE PROVISIONS	41
	 	 
	Part 22 FORUM SELECTION	47
	 	 
	Part 23 APPROVAL OF MATTERS	47
	 	 
	Part 24 OTHER PROVISIONS	49
	 	 
	Part 25 SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO COMMON SHARES	51
	 	 
	Part 26 SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO SPECIAL VOTING SHARES	56
	 	 
	Part 27 SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO SUPER VOTING SHARES	58
	 	 
	Part 28 SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO GOLDEN SHARE	59
	 	 
	Part 29 SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO CLASS A PREFERRED SHARES	62
	 	 
	Part 30 DECLARATIONS	63

 

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ARTICLES

 

	Company Name:	Telesat Corporation
	 	 
	Translations of Company Name	n/a
	 	 
	Incorporation Number:	BC1270976

 

Part 1

INTERPRETATION

 

Definitions

 

		1.1	In these Articles, unless the context otherwise requires:

 

		(a)	“2024 Meeting” means the Company’s annual meeting of shareholders held
in calendar year 2024; provided, however, that, if the date of such 2024 annual meeting is more than thirty (30) days prior
to the one (1) year anniversary of the annual meeting of shareholders held in calendar year 2023, “2024 Meeting”
shall instead mean the Company’s annual meeting of shareholders held in calendar year 2025.

 

		(b)	“5% Holder” means, with respect to a Person, that such Person, together with
its affiliates, beneficially owns Share Equivalents representing five percent (5%) or more of the Fully Diluted Common Shares.

 

		(c)	“5% Voter” has
the meaning ascribed to such term in Article 28.5.

 

		(d)	“Agent” means a person appointed to act on behalf of another.

 

		(e)	“Applicable Securities Laws” means (i) the applicable securities legislation
of each relevant province and territory of Canada, as amended from time to time, the rules, the regulations and forms made or promulgated
under any such statute and the published national instruments, multilateral instruments, policies, bulletins and notices of the
securities commission and similarly regulatory authority of each province and territory of Canada and (ii) the applicable
United States federal and state securities laws, including without limitation, the United States Securities Act of 1933,
the United States Securities Exchange Act of 1934, each as amended from time to time, and the rules and regulations
promulgated thereunder.

 

		(f)	“Audit Committee” means the audit committee of the board.

 

		(g)	“Beneficial Ownership” and “beneficially own” and similar
terms have the meaning set forth in Rule 13d-3 under the United States Securities Exchange Act of 1934.

 

		(h)	“board” and “directors” mean the directors of the Company
for the time being.

 

    

     

    

 

		(i)	“Business Corporations Act” means the Business Corporations Act (British
Columbia) from time to time in force and includes amendments thereto, and all regulations made pursuant thereto.

 

		(j)	“Canada Evidence Act” means the Canada Evidence Act, R.S.C. (1985), c.
C-5 from time to time in force and includes amendments thereto, and all regulations made pursuant thereto.

 

		(k)	“Canadian” has the meaning ascribed to such term in the Investment Canada
Act.

 

		(l)	“CbyC Director” means a director who both (i) is Canadian, and (ii) was
nominated for election by either: (x) the Nominating Committee, if comprised of a majority of Canadian directors, (y) a
Designator who is Canadian, or (z) a shareholder who is Canadian. For the avoidance of doubt, Contractual Designees nominated
by the Polaris Designator shall qualify as CbyC Directors pursuant to either subclauses (y) or (z) of this definition.

 

		(m)	“Change of Control” means (i) any person who, together with its affiliates
and associates, acquires Beneficial Ownership of at least a majority of the Fully Diluted Common Shares, including by way of any
arrangement, amalgamation, merger, consolidation, combination or acquisition of the Company with, by or into another corporation,
entity or person in one or more related transactions, or (ii) the sale of all or substantially all of the assets of the Company
to a third party.

 

		(n)	“Class A Common Shares” means the Class A Voting Shares Without Par
Value in the capital of the Company.1

 

		(o)	“Class A Holder Votes” has the meaning ascribed to such term in the Partnership
Agreement.

 

		(p)	“Class A Preferred Shares” means the Class A Preferred Shares Without
Par Value in the capital of the Company.

 

		(q)	“Class A Special Voting Share” means the Class A Special Voting Share
Without Par Value in the capital of the Company.

 

		(r)	“Class A Units” means the Class A exchangeable limited partnership
units of the Partnership.

 

		(s)	“Class B Common Shares” means the Class B Voting Shares Without Par
Value in the capital of the Company.2

 

 

1      Note
to Draft: It is agreed by all parties that the name of such Class of shares may be changed by agreement of Leo, Polaris
and Transit prior to the closing of the Integration.

 

2      Note
to Draft: It is agreed by all parties that the name of such Class of shares may be changed by agreement of Leo, Polaris and
Transit prior to the closing of the Integration.

 

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		(t)	“Class B Special Voting Share” means the Class B Special Voting Share
Without Par Value in the capital of the Company.

 

		(u)	“Class B Units” means the Class B exchangeable limited partnership
units of the Partnership.

 

		(v)	“Class C Common Shares” means the Class C Fully Voting Shares and
the Class C Limited Voting Shares.

 

		(w)	“Class C Fully Voting Shares” means the Class C Fully Voting Shares
Without Par Value in the capital of the Company.

 

		(x)	“Class C Limited Voting Shares” means the Class C Limited Voting Shares
Without Par Value in the capital of the Company.

 

		(y)	“Class C Special Voting Share” means the Class C Special Voting Share
Without Par Value in the capital of the Company.

 

		(z)	“Class C Units” means the Class C exchangeable limited partnership
units of the Partnership.

 

		(aa)	“Common Shares” means the Class A Common Shares, the Class B Common
Shares and the Class C Common Shares of the Company.

 

		(bb)	“Company” means Telesat Corporation.

 

		(cc)	“Compensation Committee” means the compensation committee of the board.

 

		(dd)	“Contractual Designee”
has the meaning ascribed to such term in Article ‎10.1.

 

		(ee)	“CSA” means the securities commissions and similar regulatory authorities in
all of the provinces and territories in Canada.

 

		(ff)	“Declaration” has the
meaning ascribed to such term in Article ‎30.3.

 

		(gg)	“Depository” means Caisse canadienne de dépôt de valeurs Limitée
/ Canadian Depository for Securities Limited or any other person acting as an intermediary for the payment or delivery of securities
in respect of securities transactions and providing centralized services for the compensation of securities transactions or providing
centralized services as a depositary in respect of the compensation of securities transactions.

 

		(hh)	“Designated Securities Exchange” means any of (i) the New York Stock Exchange,
Nasdaq, the Toronto Stock Exchange, the London Stock Exchange, the Luxembourg Stock Exchange, the Hong Kong Stock Exchange, Japan
Exchange Group, Shanghai Stock Exchange, Euronext, Deutsche Börse, or any of their respective successors, or (ii) any
other internationally recognized securities exchange that (x) provides investors with liquidity and (y) has listing and
governance standards, in each case, comparable to the foregoing exchanges as determined by the Board in good faith.

 

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		(ii)	“Designator” means either (i) Polaris or its affiliates, or (ii) Meteor
or its affiliates, as applicable, in each case as provided under an investor rights agreement between such Designator and the Company.

 

		(jj)	“Designator Assignee”
has the meaning ascribed to such term in Article ‎10.1.

 

		(kk)	“Director Indemnitee”
has the meaning ascribed to such term in Article ‎15.4(b).

 

		(ll)	“Exchangeable Units” means the Class A Units, the Class B Units and
the Class C Units.

 

		(mm)	“Exchangeable Unit Terms” means the rights, privileges, restrictions and conditions
attaching to the Exchangeable Units.

 

		(nn)	“Foreign Action” has
the meaning ascribed to such term in Article ‎22.1.

 

		(oo)	“Fully Diluted Common Shares” means as of any date, without duplication, a number
of Common Shares equal to the sum of (a) the number of Common Shares issued and outstanding as of such date, (b) the
number of Common Shares for or into which the issued and outstanding Exchangeable Units as of such date are exchangeable or convertible,
whether or not then convertible or exchangeable, and (c) the number of Common Shares for or into which any right or security
(other than an unvested right or security) that is as of such date exercisable for, convertible into or exchangeable for Common
Shares is exercisable for, convertible into or exchangeable for upon exercise, conversion or exchange, with the number of such
Common Shares for or into which any such right or security is exercisable for, convertible into or exchangeable for upon such exercise,
conversion or exchange calculated in accordance with the treasury stock method, as reasonably determined by the Company consistent
with its past practice (or, prior to such past practice being established, the past practice of Transit).

 

		(pp)	“Golden Share” means the Golden Share Without Par Value in the capital of the
Company.

 

		(qq)	“Golden Share Additional Votes”
has the meaning ascribed to such term in Article ‎24.3.

 

		(rr)	“Golden Share Canadian Votes”
has the meaning ascribed to such term in Article ‎28.3(b).

 

		(ss)	“Golden Share Redemption Notice”
has the meaning ascribed to such term in Article ‎28.7.

 

		(tt)	“Golden Share Redemption Price” means $1.00.

 

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		(uu)	“Golden Share Voting Rights”
has the meaning ascribed to such term in Article ‎28.3.

 

		(vv)	“Good Cause” means any one or more of the following factors, as applicable,
which the determining group as specified herein reasonably determines, taken alone or in combination, would make it inadvisable
for a person to serve on the board:

 

		(A)	conduct by such person involving a felony (in the United States) or an indictable offense (in Canada);

 

		(B)	non-criminal conduct by such person occurring in the past five (5) years involving material
acts of dishonesty, fraud or similar circumstances;

 

		(C)	material misconduct by such person occurring in the past five (5) years in the performance
of such person’s duties as a past or current director (or similar role) of the Company or any other company on whose board
of directors (or similar body) such person serves or served;

 

		(D)	the ineligibility of such person to serve on the board due to applicable Legal Requirements; or

 

		(E)	a material violation or alleged material
violation by such person of any: (A) securities laws, rules or regulations promulgated thereunder or similar Legal Requirements
(whether federal, state, provincial, local or foreign, including the Applicable Securities Laws); or (B) Legal Requirement
applicable (or that would be applicable) to such person in his or her capacity as a director or associate of the Company, in each
case, for which enforcement proceedings have been brought by any member of the CSA, the United States Securities and Exchange Commission
or any other relevant Governmental Body and such proceedings have not been withdrawn or dismissed without a finding or admission
of culpability against such person.

 

		(ww)	“Governmental Authorization” means any: (i) permit, license, certificate,
franchise, permission, variance, clearance, registration, qualification, or authorization issued, granted, given, or otherwise
made available by or under the authority of any Governmental Body or pursuant to any Legal Requirement; or (ii) right under
any contract with any Governmental Body.

 

		(xx)	“Governmental Body” means any: (i) nation, state, commonwealth, province,
territory, county, municipality, district, or other jurisdiction of any nature; (ii) federal, state, provincial, territorial,
local, municipal, foreign, or other government; or (iii) governmental or quasi-governmental authority of any nature (including
any governmental division, department, agency, commission, instrumentality, official, organization, unit, body, or entity and any
court or other tribunal).

 

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		(yy)	“Independent Audit Committee
Director” means a director who (i) satisfies the independence requirements of the applicable U.S. and/or
Canadian securities exchanges on which the Common Shares are listed, (ii) is “independent” of the Company within
the meaning of National Instrument 52-110 - Audit Committees of the CSA and (iii) is “independent” of the Company
within the meaning of Section 10A(m)(3)(B) of the United States Securities Exchange Act of 1934.

 

		(zz)	“Interpretation Act”
means the Interpretation Act (British Columbia) from time to time in force and includes amendments thereto, and all
regulations made pursuant thereto.

 

		(aaa)	“Legal Requirement” means any federal, state, provincial, territorial, local,
municipal, foreign, or other law, statute, constitution, principle of common law, resolution, ordinance, code, edict, decree, rule,
regulation, ruling, or requirement issued, enacted, adopted, promulgated, implemented, or otherwise put into effect by or under
the authority of any Governmental Body (or under the authority of any stock exchange on which any of the Common Shares are then
listed).

 

		(bbb)	“meeting of shareholders” for the purposes of ‎PART 21 of these
Articles, means an annual meeting of shareholders of the Company or a special meeting of shareholders of the Company.

 

		(ccc)	“Meteor” means Meteor
Fund Management LLC.

 

		(ddd)	“Meteor Designators” has the meaning ascribed to such term in Article ‎10.2(a)(ii).

 

		(eee)	“Nominating Committee” means the nominating committee of the board.

 

		(fff)	“Nominating Shareholder” has the meaning ascribed to such term in Article ‎21.1(c).

 

		(ggg)	“Non-Canadian” means
a person who is not Canadian.

 

		(hhh)	“Non-Canadian Principal Shareholder”
has the meaning ascribed to such term in Article ‎24.2.

 

		(iii)	“Non-Canadian Voting Limitation”
has the meaning ascribed to such term in Article ‎24.2.

 

		(jjj)	“Notice Date” has the
meaning ascribed to such term in Article ‎21.3(a).

 

		(kkk)	“Other Investments”
has the meaning ascribed to such term in Article ‎15.6(a)(i).

 

		(lll)	“Participant” means
a holder of Voting Shares or the Agent of such holder registered with the Depository.

 

		(mmm)	“Partnership” means
Topco Partnership LP.

 

		(nnn)	“Partnership Agreement” means the Amended and Restated Limited Partnership Agreement
of the Partnership, to be dated as of the date hereof, by and among the Company, Polaris Sub, each other limited partner admitted
to the partnership in accordance with the terms thereof and, solely for purposes of Section 3.21 thereof, Polaris.

 

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		(ooo)	“Passive Holder” means any holder of Common Shares that is entitled to report
its ownership interest in the Company for purposes of U.S. federal securities laws on (i) Form 13F or (ii) Schedule
13G pursuant to Rule 13d-1(b) or Rule 13d-1(c) promulgated under the United States Securities Exchange Act
of 1934.

 

		(ppp)	“Polaris” means Public Sector Pension Investment Board, a Canadian Crown corporation
incorporated under the laws of Canada.

 

		(qqq)	“Polaris Designators”
has the meaning ascribed to such term in Article ‎10.2(a)(i).

 

		(rrr)	“Polaris Sub” means Red Isle Private Investments Inc., a subsidiary of Polaris.

 

		(sss)	“Proposed Nominee”
has the meaning ascribed to such term in Article ‎21.4(a).

 

		(ttt)	“Proposing Shareholder”
has the meaning ascribed to such term in Article ‎21.1(b).

 

		(uuu)	“public
                                         announcement” means disclosure (i) in a press release disseminated by
                                         the Company through a national news service in the United States and Canada; or (ii) in
                                         a document filed by the Company for public access under its profile on the System of
                                         Electronic Document Analysis and Retrieval at www.sedar.com or under its profile
                                         on the Electronic Data Gathering and Retrieval system available on the United States
                                         Securities and Exchange Commission’s website at www.sec.gov.

 

		(vvv)	“Registration System” means the services offered by the Depository.

 

		(www)	“Related Parties” has the meaning ascribed to such term in Article ‎15.6(a).

 

		(xxx)	“Renounced Business Opportunities”
has the meaning ascribed to such term in Article ‎15.6(b).

 

		(yyy)	“Requisitioning Shareholder”
has the meaning ascribed to such term in Article ‎21.1(b).

 

		(zzz)	“Second Tabulation Matter”
has the meaning ascribed to such term in Article ‎24.5.

 

		(aaaa)	“Second Tabulation Resolution”
has the meaning ascribed to such term in Article ‎24.4.

 

		(bbbb)	“Secondary Indemnitors”
has the meaning ascribed to such term in Article ‎15.4(b).

 

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		(cccc)	“Share Equivalents” (i) the Common Shares, (ii) the Exchangeable Units
and (iii) any right or security that is exercisable for, convertible into or exchangeable for Common Shares.

 

		(dddd)	“shareholder” means a shareholder of the Company.

 

		(eeee)	“Short Interest” has
the meaning ascribed to such term in Article ‎21.4(b)(viii).

 

		(ffff)	“Special Board Date” means the date that the number of (a) Contractual
Designees permitted to be nominated by the Polaris Designators pursuant to the investor rights agreement between the Polaris Designators
and the Company plus (b) the Contractual Designees permitted to be nominated by the Meteor Designators pursuant to the investor
rights agreement between the Meteor Designators and the Company collectively constitutes, in the aggregate, less than 50% of the
number of directors of the Company (as such number is determined in accordance with Article 10.3, without taking into account
any vacancies on the board).

 

		(gggg)	“Special Nomination Termination Date” means the earlier of: (i) the 2024
Meeting and (ii) the Special Board Date.

 

		(hhhh)	“Special Voting Redemption Price” means $33.33 per Special Voting Share.

 

		(iiii)	“Special Voting Shares” means the Class A Special Voting Share, the Class B
Special Voting Share and the Class C Special Voting Share.

 

		(jjjj)	“Specially Designated Director”
means a person who:

 

		(A)	is designated as a director
pursuant to Article ‎10.2(a)(iii),

 

		(B)	meets the criteria for an Independent Audit Committee Director,

 

		(C)	is not an affiliate or associate of a Designator or a Designator Assignee (or their respective
affiliates),

 

		(D)	together with such person’s immediate family and affiliates, has not received compensation
or payments from a Designator or a Designator Assignee (or any of their respective affiliates) in any of the past three (3) years
in an amount in excess of US$120,000 per annum, excluding for these purposes any directors fees, and

 

		(E)	is Canadian.

 

		(kkkk)	“Successor Entity” has the meaning ascribed to such term in Article 23.2.

 

		(llll)	“Successor Securities” has the meaning ascribed to such term in Article 23.2.

 

		(mmmm)	“Super Voting Redemption Notice”
has the meaning ascribed to such term in Article ‎27.7.

 

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		(nnnn)	“Super Voting Redemption Price” means $1.00 per Super Voting Share.

 

		(oooo)	“Super Voting Shares” means the Super Voting Shares Without Par Value in the
capital of the Company.

 

		(pppp)	“Tabulation Agent” means a person designated by the Company, in writing, as
its agent to perform the administrative tasks of (1) collecting and tabulating instructions from the holders of Exchangeable
Units for the purpose of instructing the Trustee as to the exercise of the voting rights with respect to the Special Voting Shares
pursuant to the terms of these Articles, the Partnership Agreement and the Voting Agreement, and (2) collecting and tabulating
the votes of the Common Shares and/or instructions from the holders of Exchangeable Units pursuant to the terms of the Partnership
Agreement for the purpose of instructing the Trustee as to the exercise of the voting rights attached to the Golden Share pursuant
to the terms of these Articles and the Voting Agreement. For the avoidance of doubt, the Company shall retain liability as principal
for the acts of the Tabulation Agent.

 

		(qqqq)	“these Articles” means the articles of the Company from time to time and all
amendments thereto, and the words “herein”, “hereto”, “hereby”, “hereunder”, “hereof”
and similar words refer to these Articles as so defined and not to any particular Part, article or other subdivision of these Articles.

 

		(rrrr)	“Timely Notice” has
the meaning ascribed to such term in Article ‎21.3.

 

		(ssss)	“Transfer Agent” means Computershare Trust Company of Canada or any other corporation
or other entity designated by the board to act as Transfer Agent of the Company.

 

		(tttt)	“Transit” shall mean Telesat Canada, a corporation incorporated under the laws
of Canada.

 

		(uuuu)	“trustee”, in relation to a shareholder, means the personal or other legal representative
of the shareholder, and includes a trustee in bankruptcy of the shareholder.

 

		(vvvv)	“Trustee” means the trustee of the Trust as determined from time to time in
accordance with the trust agreement made as of the date hereof.

 

		(wwww)	“Unwind Transaction”
means, collectively, (i) the conversion of all of the Class B Common Shares into Class A Common Shares and (ii) the
other transactions, events and occurrences specified in these Articles to occur upon an Unwind Trigger, including the redemption
of the Golden Share and the Special Voting Shares and the expiration of the provisions in ‎PART 24.

 

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		(xxxx)	“Unwind Trigger” means the occurrence of the events set forth in both clauses
(i) and (ii):

 

		(i)	the occurrence of either one of the following:

 

		(A)	the election of the Company (which election, until the Special Board Date, must be made with the
approval of the majority of the Specially Designated Directors then in office) to effect the Unwind Transaction, if: (A) no
person who is not Canadian, or any voting group comprised of any persons who are not Canadians, in each case, beneficially owns
or controls, directly or indirectly, one-third or more of the Fully Diluted Common Shares; (B) the Company becomes widely
held, such that at least 70% of the Fully Diluted Common Shares are held by holders that (1) do not beneficially own or control,
directly or indirectly (and are not members of any group that beneficially owns or controls, directly or indirectly), 10% or more
of the Fully Diluted Common Shares, collectively, or (2) are Passive Holders; and (C) a majority of the members of the
board remain Canadian at the time of the Unwind Transaction; or

 

		(B)	a Change of Control; and

 

		(ii)	both (1) the absence of any determination by the board that the Unwind Transaction would constitute
a breach of, or result in an acceleration of the performance of any obligation under, any material agreement of the Company, in
each case, within 60 days of the chair of the board receiving written notice from the Company of the occurrence of either event
set forth in (i) above; provided, however, that in the event of the occurrence of a Change of Control, the fact that such
occurrence could be deemed as a change of control under the Company’s outstanding indebtedness or other material agreements
shall be excluded for purposes of this subclause (1) if such indebtedness is refinanced or intended to be refinanced in connection
with the occurrence of such Change of Control; and (2) receipt by the Company of all required Governmental Authorizations
for the Unwind Transaction.

 

		(yyyy)	“U.S.” means the United States of America.

 

		(zzzz)	“Voting Agreement” means the Voting Agreement dated the date hereof between
the Partnership, the Company and the Trustee.

 

		(aaaaa)	“Voting Share” means any Common Shares or Exchangeable Units that have the right
to, directly or indirectly, cast a vote at an annual or other meeting of shareholders of the Company in favor of election of directors
of the Company.

 

Interpretation

 

		1.2	For purposes of these Articles, a person is an “affiliate” of another person if:

 

		(a)	one of them is the subsidiary of the other, or

 

		(b)	each of them is controlled by the same person.

 

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		1.3	For purposes of these Articles, a person is a “subsidiary” of another person if

 

		(a)	it is controlled by (i) that other person, (ii) that other person and one or more persons
controlled by that other person or (iii) two or more persons controlled by that other person, or

 

		(b)	it is a subsidiary of a subsidiary of that other person.

 

		1.4	For purposes of these Articles, a person (first person) is considered an “associate”
of another person (second person) only if:

 

		(a)	the second person beneficially owns, directly or indirectly, voting securities carrying more than
10 per cent of the voting rights attached to all voting securities of the first person for the time being outstanding,

 

		(b)	the first person beneficially owns, directly or indirectly, voting securities carrying more than
10 per cent of the voting rights attached to all voting securities of the second person for the time being outstanding,

 

		(c)	the first person is a partner (other than a limited partner) of the second person,

 

		(d)	with respect to a second person that is a trust or an estate, the first person either has a substantial
beneficial interest serves as trustee or in a similar capacity,

 

		(e)	the first person is a relative of the second person who resides in the same home as the second
person,

 

		(f)	the first person resides in the same home as the second person and is married to the second person
or is living with the second person in a conjugal relationship outside marriage,

 

		(g)	the first person is a relative of the first person mentioned in clause (f) and has the same
home as the second person, or

 

		(h)	the first person is a director, officer or employee of the second person or any of the second person’s
affiliates or associates.

 

		1.5	For purposes of these Articles, a person (first person) is considered to “control”
another person (second person) only if:

 

		(a)	the first person beneficially owns, or directly or indirectly exercises control or direction over,
securities of the second person carrying votes which, if exercised, would entitle the first person to elect a majority of the directors
(or comparable body) of the second person, unless that first person holds the voting securities only to secure an obligation,

 

		(b)	the second person is a partnership, other than a limited partnership, and the first person holds
more than 50% of the interests of the partnership,

 

		(c)	the second person is a limited partnership and the general partner of the limited partnership is
the first person, or

 

		(d)	the first person is a trustee of the second person.

 

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		1.6	For purposes of these Articles, references to any agreement defined or referred to herein refer
to such agreement as amended, restated, supplemented, renewed, replaced or otherwise modified from time to time, unless otherwise
specified.

 

Application of Business Corporations Act Definitions

 

		1.7	Except as otherwise set out in these Articles, the definitions in the Business Corporations Act
apply to these Articles.

 

Application of Interpretation Act

 

		1.8	The Interpretation Act applies to the interpretation of these Articles as if these Articles were
an enactment.

 

Conflict

 

		1.9	If there is a conflict between a definition or rule in the Business Corporations Act and a
definition or rule in the Interpretation Act relating to a term used in these Articles, the definition or rule in the
Business Corporations Act will prevail.

 

Severability of Invalid Provisions

 

		1.10	The invalidity or unenforceability of any provision of these Articles will not affect the validity
or enforceability of the remaining provisions of these Articles.

 

Effect of Omissions and Errors in Notices

 

		1.11	The accidental omission to send notice of any meeting of shareholders to any person entitled to
notice or the non-receipt of any notice by any of the persons entitled to notice or any error in any notice not affecting its substance
will not invalidate any action or proceeding taken at that meeting or otherwise founded on the notice.

 

Signing

 

		1.12	Expressions referring to signing shall be construed as including facsimile signatures and the receipt
of messages by telecopy or electronic mail or any other method of transmitting writing and indicating thereon that the requisite
instrument is signed, notwithstanding that no actual original or copy of an original signature appears thereon.

 

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Part 2

ALTERATIONS

 

No Interference with Class or Series Rights
without Consent

 

		2.1	In addition to any consent or approval required by any Legal Requirement or by any provision of
these Articles, a right or special right attached to issued shares must not be prejudiced or interfered with under the Business
Corporations Act or under the Notice of Articles or these Articles unless the shareholders holding shares of the class or series
of shares to which the right or special right is attached consent by a special separate resolution of those shareholders.

 

		2.2	Subject to: (i) Article 2.1, (ii) PART 23, (iii) the special rights or
restrictions attached to any class or series of shares, (iv) the Business Corporations Act, and (v) any applicable restrictions
in any investor rights agreement between a Designator and the Company, the Company may:

 

		(a)	by special resolution, make any alteration to the Notice of Articles and these Articles as permitted
by the Business Corporations Act; or

 

		(b)	by directors’ resolution or special resolution, subdivide or consolidate all or any of its
unissued, or fully paid issued, shares and if applicable, alter its Notice of Articles and, if applicable, these Articles accordingly.

 

Alterations

 

		2.3	Subject to: (i) Article 2.1, (ii) PART 23, (iii) the special rights or
restrictions attached to any class or series of shares and (iv)  any applicable restrictions in any investor rights agreement
between a Designator and the Company, the shareholders may from time to time, by special resolution, make any alteration to the
Notice of Articles and these Articles as permitted by the Business Corporations Act.

 

Change of Name

 

		2.4	The Company may by a directors’ resolution or a special resolution authorize an alteration
to its Notice of Articles to change its name.

 

Part 3

SHARES AND SHARE CERTIFICATES

 

Sending of Share Certificate

 

		3.1	Any share certificate which a shareholder is entitled to receive may be sent to the shareholder
by mail and neither the Company nor any agent of the Company is liable for any loss to the shareholder arising as a result of the
accidental omission to send any share certificate or non-receipt of any share certificate so sent.

 

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Joint Ownership

 

		3.2	Where a share is registered in the names of two or more persons, unless the registration on the
share certificate specifies otherwise, the share shall, for the purposes of these Articles, be considered to be jointly held by
such persons and such persons shall, for the purposes of these Articles, be considered joint holders of such share.

 

Limit on Registration of Joint Holders

 

		3.3	Except in the case of the trustees of a shareholder, the directors may refuse to register in the
central securities register more than three persons as the joint holders of a share.

 

Delivery of Jointly Held Certificate

 

		3.4	A share certificate for a share registered in the names of two or more persons shall be delivered
to that one of them whose name appears first on the central securities register in respect of the share.

 

Unregistered Interests

 

		3.5	Except as required by law or these Articles, the Company need not recognize or provide for any
person’s interests in or rights to a share unless that person is registered as the holder.

 

Form of Share Certificate

 

		3.6	The board is authorized to adopt and make, from time to time, any amendment to the Company’s
share certificate forms required to give effect to the provisions concerning the restrictions on the issue, transfer and ownership
of Voting Shares set forth in these Articles.

 

Part 4

SHARE TRANSFERS

 

Form of Instrument of Transfer

 

		4.1	The instrument of transfer in respect of any share of the Company will be either in the form on
the back of the certificate representing such share or in any other customary form satisfactory to the Company or the transfer
agent for the class or series of shares to be transferred.

 

Effect of Signed Instrument of Transfer

 

		4.2	If a shareholder, or the duly authorized attorney of that shareholder, signs an instrument of transfer
in respect of shares registered in the name of the shareholder, the signed instrument of transfer constitutes a complete and sufficient
authority to the Company and its directors, officers and agents to register the number of shares specified in the instrument of
transfer, or, if no number is specified, all the shares represented by share certificates deposited with the instrument of transfer,

 

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		(a)	in the name of the person named as transferee in that instrument of transfer; or

 

		(b)	if no person is named as transferee in that instrument of transfer, in the name of the person on
whose behalf the share certificate is deposited for the purpose of having the transfer registered.

 

Part 5

PURCHASE OF SHARES

 

Authority to Purchase Shares

 

		5.1	Subject to the special rights and restrictions attached to any class or series of shares, the Company
may purchase or otherwise acquire any of its shares if authorized to do so by resolution of the directors.

 

Part 6

BORROWING POWERS

 

Powers of the Board

 

		6.1	The board may from time to time at their discretion on behalf of the Company:

 

		(a)	borrow money for the purposes of the Company in the manner and amount, on the security, from the
sources and on the terms and conditions that they consider appropriate;

 

		(b)	raise or secure the repayment of any borrowed money, including by the issuance of bonds, perpetual
or redeemable, debentures or debenture stock and other debt obligations either outright or as security for any liability or obligation
of the Company or any other person;

 

		(c)	guarantee the repayment of money by any other person or the performance of any obligation of any
other person; or

 

		(d)	mortgage or charge, whether by way of specific or floating charge, grant a security interest or
give other security on the whole or any part of the present and future property and undertaking of the Company, including uncalled
capital.

 

Terms of Debt and Security Instruments

 

		6.2	Any debentures, debenture stock, bonds, mortgages, security interests and other securities may
be issued at a discount, premium or otherwise, and with special or other rights or privileges as to redemption, surrender, drawings,
allotment of or conversion into shares, attending and voting at a general meeting of the Company, appointment of directors and
otherwise as the directors may determine at or prior to the time of issuance.

 

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Part 7

SHAREHOLDER MEETINGS

 

Calling of Shareholder Meetings

 

		7.1	Meetings of shareholders of the Company shall be held at such time or times as the directors from
time to time determine, and at such location or locations as the board, by resolution, may approve.

 

Electronic Meetings

 

		7.2	The board may determine that a meeting of shareholders shall be held entirely by means of telephone,
electronic or other communications facilities that permit all participants to communicate with each other during the meeting. A
meeting of shareholders may also be held at which some, but not necessarily all, persons entitled to attend may participate by
means of such communications facilities, if the board determines to make them available. A person participating in a meeting by
such means is deemed to be present at the meeting.

 

Notice

 

		7.3	Subject to the provisions of the Business Corporations Act regarding requisitions for general meetings
and waiver of notice, the Company will send notice of the date, time and location of a meeting of shareholders to each shareholder
entitled to vote at the meeting and to each director at least 21 days before, but no more than 60 days before, the meeting. Notice
of an adjourned meeting of shareholders need not be given if the adjourned meeting is held within 14 days of the original meeting.
Otherwise, but subject to Article 8.2, notice of adjourned meetings will be given not less than 21 days in advance of the
adjourned meeting and otherwise in accordance with this Article 7.3, except that the notice need not specify the nature of
the business to be transacted if unchanged from the original meeting.

 

Special Business

 

		7.4	If a general meeting is to consider special
business within the meaning of Article ‎8.1, the notice of meeting will:

 

		(a)	state the general nature of the special business; and

 

		(b)	if the special business includes presenting, considering, approving, ratifying, adopting or authorizing
any document (including, without limitation, any amendment to the Notice of Articles or these Articles) or the signing of or giving
of effect to any document or amendment (including, without limitation, any amendment to the Notice of Articles or these Articles),
have attached to it, or be accompanied by, a copy of the document.

 

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Board Approval

 

		7.5	Until the Special Board Date, if any matter to be submitted to (a) a shareholder vote and/or
(b) a vote of the limited partners of the Partnership receives approval of a majority of the board and fails to receive approval
of a majority of the Specially Designated Directors then in office, the proxy circular in respect of the meeting in which such
matter will be voted on (including, for the avoidance of doubt, the information circular to be provided pursuant to Section 10.5
of the Partnership Agreement) will disclose (i) such fact at every instance in which the board’s recommendation to approve
such matter is mentioned and (ii) a written statement of reasonable length setting forth the reasons expressed by the Specially
Designated Directors for failing to approve such matter.

 

Part 8

PROCEEDINGS AT SHAREHOLDER MEETINGS

 

Special Business

 

		8.1	At a meeting of shareholders, the following business is special business:

 

		(a)	at a meeting of shareholders that is not an annual general meeting, all business is special business
except business relating to the conduct of, or voting at, the meeting;

 

		(b)	at an annual general meeting, all business is special business except for the following:

 

		(A)	business relating to the conduct of, or voting at, the meeting;

 

		(B)	consideration of any financial statements of the Company presented to the meeting;

 

		(C)	consideration of any reports of the directors or auditor;

 

		(D)	the setting or changing of the number of directors;

 

		(E)	the election or appointment of directors;

 

		(F)	the appointment of an auditor;

 

		(G)	the setting of the remuneration of an auditor; and

 

		(H)	business arising out of a report of the directors not requiring the passing of a special resolution
or an exceptional resolution.

 

Quorum

 

		8.2	Subject to the special rights and restrictions attached to the shares of any class or series of
shares, the quorum for the transaction of business at a meeting of shareholders is the presence in person or by proxy of shareholder(s) who,
in the aggregate, hold shares representing not less than a majority of the votes entitled to be cast at the meeting.

 

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Lack of Quorum

 

		8.3	If, within 30 minutes from the time set for the holding of a meeting of shareholders, a quorum
is not present,

 

		(a)	in the case of a general meeting convened by requisition of shareholders, the meeting is dissolved;
and

 

		(b)	in the case of any other meeting of shareholders, the meeting stands adjourned to the same day
in the next week at the same time and place, unless those shareholders present determine otherwise.

 

Chair

 

		8.4	The following individual is entitled to preside as chair at a meeting of shareholders:

 

		(a)	the chair of the board, if any; and

 

		(b)	if there is no chair of the board or if the chair of the board is absent or unwilling to act as
chair of the meeting, the president of the Company, if any.

 

Alternate Chair

 

		8.5	If, at any meeting of shareholders:

 

		(a)	neither the chair of the board nor the president of the Company is present within 15 minutes after
the time set for holding the meeting;

 

		(b)	the chair of the board and the president are unwilling to act as chair of the meeting; or

 

		(c)	the chair of the board and the president have advised the secretary, if any, or any director present
at the meeting, that they will not be present at the meeting;

 

the directors present may choose
one of their number to be chair of the meeting or if all of the directors present decline to take the chair or fail to so choose
or if no director is present, the shareholders present in person or by proxy may choose any person present at the meeting to chair
the meeting.

 

Postponement or Cancellation of Meetings

 

		8.6	A meeting of shareholders may be postponed or cancelled by the Company at any time prior to the
holding of the meeting upon such notice or communication to shareholders, if any, as the board may determine, and, if postponed,
the postponed meeting may be held at such time or times, and at such location or locations, as the board, by resolution, may approve.

 

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Procedure at Meetings

 

		8.7	The board may determine the procedures to be followed at any meeting of shareholders including,
without limitation, the rules of order. Subject to the foregoing, the chair of a meeting may determine the procedures of the
meeting in all respects.

 

Electronic Voting

 

		8.8	Any vote at a meeting of shareholders may be held entirely or partially by means of telephonic,
electronic or other communications facilities if the board determines to make them available whether or not persons entitled to
attend participate in the meeting by means of telephonic, electronic or other communications facilities.

 

Casting Vote

 

		8.9	In case of an equality of votes cast at a meeting of shareholders, the chair does not have a casting
or second vote.

 

Part 9

SHAREHOLDERS VOTES

 

Joint Shareholders

 

		9.1	If there are joint shareholders registered in respect of any share:

 

		(a)	any one of the joint shareholders may vote at any meeting, either personally or by proxy, in respect of the share as if that
joint shareholder were solely entitled to it; or

 

		(b)	if more than one of the joint shareholders is present at any meeting, personally or by proxy, the joint shareholder present
whose name stands first on the central securities register in respect of the share is alone entitled to vote in respect of that
share.

 

Trustees

 

		9.2	Two or more trustees of a shareholder
in whose name any share is registered are, for the purposes of Article ‎9.1, deemed to be joint shareholders.

 

Representative of Corporate Shareholder

 

		9.3	If a corporation that is not a subsidiary of the Company is a shareholder, that corporation may
appoint a person to act as its representative at any meeting of shareholders of the Company, and:

 

		(a)	for that purpose, the instrument appointing a representative must:

 

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		(A)	be received at the registered office of the Company or at any other place specified, in the notice
calling the meeting, for the receipt of proxies, at least 1 business day before the day set for the holding of the meeting; or

 

		(B)	be provided, at the meeting, to the chair of the meeting; and

 

		(b)	if a representative is appointed under
this Article ‎9.3:

 

		(A)	the representative is entitled to exercise in respect of and at that meeting the same rights that
the appointing corporation could exercise if it were a shareholder who is an individual, including, without limitation, the right
to appoint a proxy holder; and

 

		(B)	the representative, if present at the meeting, is to be counted for the purpose of forming a quorum
and is deemed to be a shareholder present in person at the meeting.

 

Authority to Vote

 

		9.4	The chair of any meeting of shareholders may, but need not, inquire into the authority of any person
to vote at the meeting and may, but need not, demand from that person production of evidence as to the existence of the authority
to vote.

 

Qualifications of Shareholders

 

		9.5	In connection with any shareholder vote,

 

		(a)	the board may implement special operating procedures for monitoring share ownership;

 

		(b)	a shareholder may be asked to provide a Declaration;

 

		(c)	the Company is entitled to rely on any such Declaration delivered pursuant to Article 9.5(b);
and

 

		(d)	if it is subsequently determined that such Declaration is incorrect in any way, the invalidity
or unenforceability of such Declaration will not affect the validity or enforceability of the applicable shareholder vote.

 

Part 10

ELECTION AND REMOVAL OF DIRECTORS

 

		10.1	Article ‎10.2 shall terminate
and be of no further force or effect at such time as both (a) neither Designator has the contractual right to designate one
or more nominees for election as directors of the Company (each such nominee, a “Contractual Designee”), and
(b) any other person to whom the contractual right to designate a Contractual Designee has been assigned by a Designator (each
such assignee, a “Designator Assignee”), which assignment, for the avoidance of doubt, may only be effected
to the extent permitted by the terms and conditions of the investor rights agreement to which the applicable Designator is party,
in each case, no longer has such contractual right to designate such Contractual Designee. For the avoidance of doubt, for purposes
of these Articles, (x) the nominee designated by a Designator Assignee shall be deemed to be a Contractual Designee and (y) the
Contractual Designee of a Designator Assignee shall not constitute a Contractual Designee of a Designator, unless such Designator
Assignee is an affiliate or associate of the Designator in question, in which case such Contractual Designee will constitute a
Contractual Designee of such Designator Assignee and such Designator.

 

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		10.2	

 

		(a)	The board shall nominate for election as directors of the board the following:

 

		(A)	the Contractual Designees to be designated by (A) Polaris or its affiliates (the “Polaris
Designators”) or (B) if applicable, by the Designator Assignee of Polaris; provided that either the Nominating
Committee or the board may reject any of such Contractual Designees for, and only for, Good Cause, in which case the Polaris Designators
or its Designator Assignee, as applicable, shall have the right to designate a substitute Contractual Designee;

 

		(B)	the Contractual Designees to be designated by (A) Meteor or its affiliates (the “Meteor
Designators”) or (B) if applicable, by the Designator Assignee of Meteor, none of whom shall be required to be Canadian;
provided that either the Nominating Committee or the board may reject any of such Contractual Designees for, and only for,
Good Cause, in which case the Meteor Designators or its Designator Assignee, as applicable, shall have the right to designate a
substitute Contractual Designee;

 

		(C)	so long as either Designator has the right to designate at least one (1) Contractual Designee
and subject to Article 10.2(b), three (3) persons (who, if elected, would meet the criteria specified in clauses (ii) through
(v) of the definition of “Specially Designated Director”) designated by the Nominating Committee; provided
that, for purposes of the 2024 Meeting, the three (3) persons shall be designated either by the Nominating Committee or a
subset of the members of the Nominating Committee, as determined by the board, with any such subset of the members of the Nominating
Committee to be selected by the Board and to include at least the three (3) members required to be appointed to the Nominating
Committee by Article 12.8 as if such Article 12.8 were then in effect; provided, further, that:

 

		(A)	until the Special Nomination Termination Date, the board may reject any of such persons for, and
only for, Good Cause, in which case the Nominating Committee shall have the right to designate a substitute designee; and

 

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		(B)	following the Special Nomination Termination Date, such persons shall be subject to approval of
the board; provided, however, that until the Special Board Date, (x) such approval of the board shall not be
unreasonably withheld and (y) such persons shall also be subject to approval of at least a majority of the Specially Designated
Directors then in office, such approval not to be unreasonably withheld;

 

		(D)	so long as either Designator has the right to designate at least one (1) Contractual Designee
and subject to Article 10.2(b), a number of persons (such number being an amount that when added to the number of persons
to be designated pursuant to Articles 10.2(a)(i), (ii) and (iii), the total number of directors on the board is equal to the
authorized size of the board, which is initially ten (10) persons) designated by the Nominating Committee; provided
that if any such person was previously a Contractual Designee of either Designator or their respective Designator Assignees but
is not currently designated pursuant to clause (i) or (ii) above, then the nomination of such person shall require the
unanimous vote of the Nominating Committee, and such person must be either (1) an executive officer of the Company, or (2) meet
the criteria specified in clauses (ii) through (iv) of the definition of “Specially Designated Director”,
provided, further, that until the Special Nomination Termination Date, the board may reject any of such persons for,
and only for, Good Cause, in which case the Nominating Committee shall have the right to designate a substitute designee.

 

		(b)	With respect to persons to be designated by the Nominating Committee pursuant to Article 10.2(a)(iii) and
(iv), the board may identify for the Nominating Committee certain business, financial, industry, diversity or other general attributes
desirable in any of such persons, and request that the Nominating Committee (i) nominate a candidate for election at the next
meeting of shareholders, or (ii) fill an actual or anticipated vacancy on the board, in each case, with an individual who
has such attributes and who is approved in accordance with this Article 10 and, in each case, the Nominating Committee shall
use its reasonable efforts to comply with any such requests.

 

		(c)	Prior to the occurrence of an Unwind Trigger,
the persons to be designated by the Nominating Committee pursuant to Article ‎10.2‎(a)(iii) and
‎(a)(iv) shall be Canadian, except that the Company’s chief executive officer may be designated pursuant
to Article 10.2(a)(iv) if such chief executive officer is not Canadian, but only so long as such designation would not
result in less than a majority of Canadian directors on the board.

 

Number of Directors; CbyC Directors

 

		10.3	The Company will have a board consisting of initially ten (10) persons, and thereafter, the
number of directors shall be set by resolution of the shareholders or as adjusted by the board from time to time, subject to the
provisions of the Business Corporations Act, provided that:

 

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		(a)	a reduction in the number of directors shall not shorten the term of any then-sitting director;

 

		(b)	no change to the number of directors shall be made in accordance with this Article 10.3 unless,
in addition to the obtaining of any approval of a Designator required under the investor rights agreement to which such Designator
and the Company are party, until such time as neither Designator is a 5% Holder, a majority of the Specially Designated Directors
then in office have approved such change; and

 

		(c)	prior to the occurrence of an Unwind Trigger,
at least a majority of the board must be CbyC Directors; provided, that the Company’s temporary inability to meet
this requirement as a result of death, resignation, disqualification or removal of a director shall not result in the Company being
deemed to be acting ultra vires pursuant to these Articles; provided, further, that the Company shall use
reasonable best efforts to ensure any such deficiency is cured promptly.

 

Election of Directors

 

		10.4	At every annual general meeting:

 

		(a)	the shareholders entitled to vote at the annual general meeting for the election or appointment
of directors will elect a board consisting of the number of directors for the time being required under these Articles; and

 

		(b)	subject to Article ‎10.7,
all the directors cease to hold office immediately before the election or appointment of directors under paragraph (a), but are
eligible for re-election or reappointment.

 

Filling of Vacancies

 

		10.5	Subject to Article 10.6, the board shall have the exclusive right to fill any vacancy from
time to time in the office of a director. For the avoidance of doubt, a vacancy shall be deemed to exist, among other times: (a) if,
at any annual general meeting or special meeting, the number of persons elected to the board is fewer than the number of positions
on the board then up for election (with the number of vacancies being the amount of the deficiency), and (b) upon the removal
of a director pursuant to Article 10.8 or the death, resignation or disqualification of a director.

 

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		10.6	During such time as Article 10.2 is in effect, the candidate to be appointed to fill any vacancy
on the board shall be designated by, (a) in the event of a vacancy with respect to a Contractual Designee designated by the
Polaris Designators (other than as a result of the loss of the contractual right to designate such Contractual Designee), the Polaris
Designators, (b) in the event of a vacancy with respect to a Contractual Designee designated by the Meteor Designators (other
than as a result of the loss of the contractual right to designate such Contractual Designee), the Meteor Designators, (c) in
the event of a vacancy with respect to a Contractual Designee designated by a Designator Assignee (other than as a result of the
loss of the contractual right to designate such Contractual Designee), the Designator Assignee who designated such Contractual
Designee, and (d) in the event of a vacancy (i) with respect to any other director or (ii) as a result of the loss
by a Designator or a Designator Assignee of the contractual right to designate a Contractual Designee in accordance with the terms
hereof and any investor rights agreement between such Designator and the Company, the Nominating Committee. The board shall appoint
the candidate designated pursuant to the preceding sentence to fill the vacancy, except to the extent that the board or the Nominating
Committee, could have rejected such candidate if he or she were a nominee pursuant to Article 10.2(a), in which case such
designating party or parties shall designate a substitute candidate.

 

Failure to Elect or Appoint Directors

 

		10.7	If the Company fails to hold an annual general meeting in accordance with the Business Corporations
Act or fails, at an annual general meeting, to elect or appoint any directors, the directors then in office continue to hold office
until the earlier of:

 

		(a)	the date on which the failure is remedied; and

 

		(b)	the date on which they otherwise cease to hold office under the Business Corporations Act or these
Articles.

 

Removal of Director

 

		10.8	The shareholders may, by resolution that is both (a) approved pursuant to Article 24.4
and (b) approved by at least 75% of the outstanding Common Shares and Special Voting Shares, voting together as a single class,
remove any director from office; provided that if a Designator or Designator Assignee at any time provides written notice to the
Company that it intends for a Contractual Designee designated by such person to resign from the board, then the delivery of such
written notice to the Company shall constitute such Contractual Designee’s resignation, which resignation shall be effective
immediately upon receipt of such written notice by the Company without consent or acceptance of the board or any shareholders (other
than such Designator or Designator Assignee, as the case may be).

 

Part 11

PROCEEDINGS of DIRECTORS

 

Timing of Meetings

 

		11.1	All actions of directors and of committees of directors, must be taken only (a) at a meeting
of such directors duly called at which a quorum is present, or (b) by written resolution in accordance with Article 11.9
below. Meetings of the board will be held on such day and at such time and place as the president or secretary of the Company or
any two directors may determine.

 

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Chair

 

		11.2	Meetings of directors are to be chaired by:

 

		(a)	the chair of the board, if any,

 

		(b)	in the absence of the chair of the board, the president, if any, if the president is a director,
or

 

		(c)	any other director chosen by the directors if:

 

		(i)	neither the chair of the board nor the president, if a director, is present at the meeting within
15 minutes after the time set for holding the meeting,

 

		(ii)	neither the chair of the board nor the president, if a director, is willing to chair the meeting,
or

 

		(iii)	the chair of the board and the president, if a director, have advised the secretary, if any, or
any other director, that they will not be present at the meeting.

 

Meetings by Telephone or Other Communications Medium

 

		11.3	A director may participate in a meeting of the board:

 

		(a)	in person;

 

		(b)	by telephone; or

 

		(c)	with the consent of all directors who wish to participate in the meeting, by other communications
medium;

 

if all directors participating
in the meeting, whether in person, or by telephone or other communications medium, are able to communicate with each other. A director
who participates in a meeting in a manner contemplated by this Article 11.3 is deemed for all purposes of the Business Corporations
Act and these Articles to be present at the meeting and to have agreed to participate in that manner.

 

Voting

 

		11.4	At all meetings of directors every question will be decided by a majority of votes cast on the
question and, in the case of an equality of votes, the chair of the meeting will not be entitled to a second or casting vote.

 

Notice

 

		11.5	A notice to a director shall be effective
only if delivered in writing in accordance with this Article ‎11.5. Subject to Article 11.6, if a meeting
of the board is called under Article ‎11.1, notice of that meeting will be given to each director not less than 48 hours
before the time when the meeting is to be held, specifying the place, date and time of that meeting:

 

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		(a)	by mail addressed to the director’s address as it appears on the books of the Company or
to any other address provided to the Company by the director for this purpose, provided that the meeting is to be held not less
than three business days from the date the notice of meeting is mailed;

 

		(b)	by leaving it at the director’s prescribed address or at any other address provided to the
Company by the director for this purpose;

 

		(c)	orally, including, by telephone, voice mail or on other recorded media; or

 

		(d)	by e-mail, fax or any other method of reliably transmitting messages.

 

Notice Not Required

 

		11.6	It is not necessary to give notice of a meeting of the directors to a director if:

 

		(a)	the meeting is to be held immediately following a meeting of shareholders at which that director
was elected or appointed or is the meeting of the directors at which that director is appointed; or

 

		(b)	the director has filed a waiver under Article 11.7.

 

Waiver of Notice

 

		11.7	Any director may file with the Company a document signed by the director waiving notice of any
past, present or future meeting of the directors and may, at any time, withdraw the waiver by instrument in writing delivered to
the registered office of the Company, and until the waiver is withdrawn, no notice of meetings of the directors shall be given
to that director and any and all meetings of the directors, notice of which has not been given to such director shall, provided
a quorum of the directors is present, be valid and effective.

 

Quorum

 

		11.8	The quorum necessary for the transaction of the business of the directors is a majority of the
directors then in office; provided, that, until the Special Board Date, such quorum will also require a majority of the
Specially Designated Directors then in office; provided, further, that, prior to an Unwind Trigger, a quorum will
also require that a majority of those directors present are CbyC Directors. A director holding a disclosable interest in a contract
or transaction to be considered at a meeting, if present at the meeting, is to be counted in a quorum notwithstanding such director’s
interest.

 

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Resolutions in Writing

 

		11.9	A resolution in writing signed by all of the directors shall be as valid and effectual as if it
had been passed at a meeting of the board duly convened and held.

 

Counterparts

 

		11.10	A resolution in writing may be in one or more counterparts, each of which may be signed by one
or more directors, and which together shall be deemed to constitute a resolution in writing.

 

Remuneration of Directors

 

		11.11	Unless the shareholders by ordinary resolution otherwise resolve, the directors may fix the remuneration
of the directors and officers of the Company.

 

Part 12

COMMITTEES OF DIRECTORS

 

Appointment

 

		12.1	Article 12.2 shall terminate and be of no further force or effect at such time as neither
Designator has the contractual right to designate a Contractual Designee.

 

		12.2	Subject to the other provisions of this PART 12:

 

		(a)	the Company shall have an Audit Committee, a Compensation Committee and a Nominating Committee,
which shall have the powers and duties typical of such committees to be set forth in a charter for each such committee to be approved
by the directors;

 

		(b)	prior to the Special Board Date, the directors may establish one or more other committees upon
the approval of (in addition to the obtaining of any approval of a Designator required under the investor rights agreement to which
such Designator and the Company are party), a majority of the Specially Designated Directors then in office;

 

		(c)	prior to the occurrence of an Unwind Trigger, (i) at least a majority of the members of each
committee shall be CbyC Directors, and (ii) no committee member designated by the Meteor Designator shall be required to be
Canadian;

 

		(d)	subject to (i) any rights of a Designator under the investor rights agreement to which such
Designator and the Company are party with respect to the designation of Contractual Designees to serve on or be observers to committees
and (ii) any rights of the Specially Designated Directors to serve on a committee as provided in these Articles, the board
shall have the power to change the membership of, or fill vacancies in, or appoint members or observers to, any committee of the
board; and

 

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		(e)	the directors may, only by approval of a majority of all of the directors then in office (which
majority shall include at least one (1) Contractual Designee designated by the Polaris Designators (but only for so long as
Polaris is a 5% Holder), one (1) Contractual Designee designated by the Meteor Designators (but only so long as Meteor is
a 5% Holder) and one (1) Specially Designated Director (but only until neither Designator is a 5% Holder)) delegate to a committee
appointed under paragraph (b) any of the directors’ powers, except:

 

		(A)	the power to fill vacancies in the board;

 

		(B)	the power to change the membership of, or fill vacancies in, any committee of the board;

 

		(C)	the power to declare dividends or other distributions to the Company’s shareholders;

 

		(D)	the power to appoint or remove officers appointed by the board; and

 

		(E)	the power to issue securities
of the Company (it being understood, however, that this Article ‎12.2(d)(v) shall
not be interpreted to prevent the delegation of authority in connection with the formation of a committee of the Board in compliance
with the other provisions of this Part 12, including Article 12.2‎(d),
for purposes of approving the pricing of any securities to be issued by the Company or any of its subsidiaries, as well as the
final form of any documentation in connection with any such issuance or any other matters customarily delegated to such a committee
in connection with a financing transaction).

 

Duties

 

		12.3	Any committee formed under Article ‎12.1,
in the exercise of the powers delegated to it, shall:

 

		(a)	conform to any rules that may from time to time be imposed on it by the directors; and

 

		(b)	report every act or thing done in exercise of those powers to the earliest meeting of the directors
to be held after the act or thing has been done.

 

Powers of the Board

 

		12.4	The board may, at any time:

 

		(a)	revoke the authority given to a committee, or override a decision made by a committee, except as
to: (i) acts done before such revocation or overriding; and (ii) the authority expressly granted to the Nominating Committee
in PART 10;

 

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		(b)	terminate the appointment of, or, subject to the other provisions of this PART 12, change
the membership of, a committee; and

 

		(c)	fill vacancies in a committee, subject to the other provisions of this PART 12.

 

		12.5	Prior to the occurrence of an Unwind Trigger, a majority of all members of each directors’
committee must be CbyC Directors.

 

Meetings

 

		12.6	Subject to the other provisions of this PART 12:

 

		(a)	the members of a directors’ committee may meet and adjourn as they think proper;

 

		(b)	a directors’ committee may elect a chair of its meetings but, if no chair of the meeting
is elected, or if at any meeting the chair of the meeting is not present within 15 minutes after the time set for holding the meeting,
the directors present who are members of the committee may choose one of their number to chair the meeting;

 

		(c)	a majority of the members of a directors’
committee constitutes a quorum of the committee; provided, that, until the Special Board Date, such quorum will also
require a majority of the Specially Designated Directors then appointed to the applicable committee; provided, further,
that prior to an Unwind Trigger a majority of those members present are CbyC Directors; and

 

		(d)	questions arising at any meeting of a directors’ committee are determined by a majority of
votes of the members present, and in case of an equality of votes, the chair of the meeting has no second or casting vote.

 

Nominating Committee

 

		12.7	Until the Special Nomination Termination Date, the board shall have a Nominating Committee comprised
of:

 

		(a)	one (1) Contractual Designee
designated by the Polaris Designators for so long as the Polaris Designators have the right to appoint at least one (1) Contractual
Designee;

 

		(b)	one (1) Contractual Designee
designated by the Meteor Designators for so long as the Meteor Designators have the right to appoint at least one (1) Contractual
Designee; and

 

		(c)	three (3) Specially Designated Directors (one of whom shall be the chair of the Nominating
Committee) selected by approval of a majority of the Specially Designated Directors then in office.

 

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		12.8	Following the Special Nomination Termination Date, the Nominating Committee shall be determined
by the board and must have at least three (3) members, and such members determined by the board shall include:

 

		(a)	one (1) Contractual Designee designated by the Polaris Designators for so long as the Polaris
Designators have the right to appoint at least one (1) Contractual Designee;

 

		(b)	one (1) Contractual Designee designated by the Meteor Designators for so long as the Meteor
Designators have the right to appoint at least one (1) Contractual Designee; and

 

		(c)	one (1) Specially Designated Director.

 

		12.9	Notwithstanding anything to the contrary in these Articles, the Nominating Committee charter or
any other rules of the Nominating Committee,

 

		(a)	each member of the Nominating Committee shall have one (1) vote and questions arising at any
meeting of the Nominating Committee shall be determined by a majority of votes of the members present, and in case of an equality
of votes, the chair of the meeting has no second or casting vote, and

 

		(b)	the chair of the Nominating Committee shall be a Specially Designated Director.

 

Compensation Committee

 

		12.10	The Compensation Committee shall be determined by the board and must have at least three (3) members,
and such members determine by the board shall include:

 

		(a)	one (1) Contractual Designee designated by the Polaris Designators for so long as the Polaris
Designators have the right to appoint at least one (1) Contractual Designee;

 

		(b)	one (1) Contractual Designee designated by the Meteor Designators for so long as the Meteor
Designators have the right to appoint at least one (1) Contractual Designee; and

 

		(c)	one (1) Specially Designated Director.

 

		12.11	Notwithstanding anything to the contrary in these Articles, the Compensation Committee charter
or any other rules of the Compensation Committee:

 

		(a)	each member of the Compensation Committee shall have one (1) vote and questions arising at
any meeting of the Compensation Committee shall be determined by a majority of votes of the members present, and in case of an
equality of votes, the chair of the meeting has no second or casting vote; and

 

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		(b)	the chair of the Compensation Committee shall be selected by approval of a majority of the members
of the Compensation Committee.

 

Audit Committee

 

		12.12	The Audit Committee shall be determined by the board and must have at least three members, and
such members determined by the board shall include:

 

		(a)	one (1) Contractual Designee designated by the Polaris Designators (or, at their option, a
committee observer) for so long as the Polaris Designators have the right to appoint at least one (1) Contractual Designee;

 

		(b)	one (1) Contractual Designee of the Meteor Designators designated by the Meteor Designators
(or, at their option, a committee observer) for so long as the Meteor Designators have the right to appoint at least one (1) Contractual
Designee; and

 

		(c)	one (1) Specially Designated Director.

 

		12.13	Notwithstanding anything to the contrary in these Articles, the Audit Committee charter or any
other rules of the Audit Committee:

 

		(a)	each member of the Audit Committee shall have one (1) vote and questions arising at any meeting
of the Audit Committee are determined by a majority of votes of the members present, and in case of an equality of votes, the chair
of the meeting has no second or casting vote; and

 

		(b)	except for the appointment of Michael Boychuk as the first chair of the Audit Committee, the chair
of the Audit Committee shall be a Specially Designated Director.

 

Committees in General

 

		12.14	The provisions of Part 12 are subject to Applicable Securities Laws and other Legal Requirements.

 

		12.15	The Company’s temporary inability to meet the requirements of Articles 12.7, 12.8, 12.10
or 12.12 as a result of death, resignation, disqualification or removal of a director shall not result in the Company being deemed
to be acting ultra vires pursuant to these Articles nor, in the case of Articles 12.7 and 12.8, shall such temporary inability
prohibit the Nominating Committee from taking such action as is necessary or advisable to cure such deficiency; provided, further,
that the Company and each Designator shall use reasonable best efforts to ensure any such deficiency is cured promptly.

 

    - 31 -

     

    

 

Part 13

OFFICERS

 

Functions, Duties and Powers

 

		13.1	The board may appoint any officers it considers necessary and for each officer:

 

		(a)	determine the functions and duties the officer is to perform;

 

		(b)	entrust to and confer on the officer any of the powers exercisable by the directors on such terms
and conditions and with such restrictions as the directors think fit;

 

		(c)	from time to time revoke, withdraw, alter or vary all or any of the functions, duties and powers
of the officer; and

 

		(d)	may terminate such officer’s appointment at any time.

 

Part 14

DISCLOSURE OF INTEREST OF DIRECTORS

 

Other Office

 

		14.1	A director may hold any office or position of profit with the Company (other than the office of
auditor of the Company) in addition to his or her office of director for the period and on the terms (as to remuneration or otherwise)
that the directors may determine.

 

No Disqualification

 

		14.2	No director or intended director is disqualified by his or her office from contracting with the
Company either with regard to the holding of any office or place of profit the director holds with the Company or as vendor, purchaser
or otherwise.

 

Professional Services

 

		14.3	Subject to compliance with the provisions of the Business Corporations Act, a director or
officer of the Company, or any corporation or firm in which that individual has an interest, may act in a professional capacity
for the Company, except as auditor of the Company, and the director or officer or such corporation or firm is entitled to remuneration
for professional services as if that individual were not a director or officer.

 

Accountability

 

		14.4	A director or officer may be or become a director, officer or employee of, or may otherwise be
or become interested in, any corporation, firm or entity in which the Company may be interested as a shareholder or otherwise,
and, subject to compliance with the provisions of the Business Corporations Act, the director or officer is not accountable
to the Company for any remuneration or other benefits received by him or her as director, officer or employee of, or from his or
her interest in, such other corporation, firm or entity.

 

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Part 15

INDEMNIFICATION

 

Mandatory Indemnification

 

		15.1	The Company will indemnify a director or officer of the Company, a former director or officer of
the Company or another individual who acts or acted at the Company’s request as a director or officer, or in a similar capacity,
of another entity, and such person’s heirs and legal representatives to the extent permitted by the Business Corporations
Act.

 

Deemed Contract

 

		15.2	Each director is deemed to have contracted with the Company on the terms of the indemnity referred
to in this Part.

 

Optional Indemnification

 

		15.3	Except as otherwise required by the Business
Corporations Act and subject to Article ‎15.1, the Company may from time to time indemnify and save harmless any
person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative (other than an action by or in the right of the Company) by reason of
the fact that he or she is or was an employee or agent of the Company, or is or was serving at the request of the Company as an
employee, agent of or participant in another entity against expenses (including legal fees), judgments, fines and any amount actually
and reasonably incurred by him or her in connection with such action, suit or proceeding if he or she acted honestly and in good
faith with a view to the best interests of the Company or, as the case may be, to the best interests of the other entity for which
he or she served at the Company’s request and, with respect to any criminal or administrative action or proceeding that is
enforced by a monetary penalty, had reasonable grounds for believing that his or her conduct was lawful. The termination of any
action, suit or proceeding by judgment, order, settlement or conviction will not, of itself, create a presumption that the person
did not act honestly and in good faith with a view to the best interests of the Company or other entity and, with respect to any
criminal or administrative action or proceeding that is enforced by a monetary penalty, had no reasonable grounds for believing
that his or her conduct was lawful.

 

Right of Indemnity Not Exclusive

 

		15.4	

 

		(a)	The provisions for indemnification contained in these Articles will not be deemed exclusive of
any other rights to which any person seeking indemnification may be entitled under any agreement, vote of shareholders or directors
or otherwise, both as to action in his or her official capacity and as to action in another capacity, and will continue as to a
person who has ceased to be a director, officer, employee or agent and will inure to the benefit of that person’s heirs and
legal representatives.

 

    - 33 -

     

    

 

		(b)	The Company hereby acknowledges that,
in addition to the rights to indemnification, advancement of expenses and/or insurance provided by or on behalf of the Company
or its subsidiaries to persons acting or serving, or who have acted or served, as a director of the Company (any such person, a
 “Director Indemnitee”), the Director Indemnitees may have concurrent rights to indemnification, advancement
of expenses and/or insurance provided by or on behalf of the person or its affiliates that employ, retain or are otherwise associated
with, or designate or nominate (including pursuant to these Articles or an investor rights agreement), such director (collectively,
the “Secondary Indemnitors”). Notwithstanding anything to the contrary herein and, to the fullest extent permitted
by law, with respect to its indemnification and advancement obligations to the Director Indemnitees hereunder or otherwise:

 

		(A)	the Company is the indemnitor of first resort, and the Company’s and its insurers’
obligations to indemnify or provide advancement of expenses to the Director Indemnitees, subject to prohibitions on or requirements
in respect of indemnification or advancement set out in the Applicable Legal Requirements, are primary to any obligation of the
applicable Secondary Indemnitors or their respective insurers to provide indemnification or advancement for the same expenses or
liabilities incurred by any of the Director Indemnitees;

 

		(B)	the Company shall, to the fullest extent permitted by applicable Legal Requirements, advance the
full amount of expenses incurred by each Director Indemnitee and shall be liable for the full amount of all losses of each Director
Indemnitee or on his, her or its behalf to the extent legally permitted and as required hereby or otherwise, without regard to
any rights such Director Indemnitees may have against the Secondary Indemnitors or their respective insurers; and

 

		(C)	the Company irrevocably waives and relinquishes, and releases the Secondary Indemnitors and their
respective insurers from, any and all claims by the Company or its subsidiaries and their insurers against the Secondary Indemnitors
or such insurers for contribution, subrogation or any other recovery of any kind in respect to the expenses or liabilities incurred
by any of the Director Indemnitees for which the Company is obligated to provide indemnification or advancement hereunder or otherwise.

 

		(c)	In furtherance and not in limitation of the foregoing, in the event that any Secondary Indemnitor
or its insurer advances any expenses or makes any payment to any Director Indemnitee for matters subject to advancement or indemnification
by the Company pursuant these Articles or otherwise, the Company shall promptly, subject to any prohibitions set out in the Business
Corporations Act, and its obligations to bring any applications or proceedings that may be required in accordance with Article 15.4(b)(ii) above,
upon request by such Secondary Indemnitor, reimburse such Secondary Indemnitor or its insurer, as applicable, for such advance
or payment, and such Secondary Indemnitor or insurer shall be subrogated to all of the claims or rights of such Director Indemnitee
hereunder or otherwise, including to the payment of expenses in an action to collect.

 

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Limit on Liability

 

		15.5	To the extent permitted by law, no director or officer of the Company will be liable for the acts,
receipts, neglects or defaults of any other director or officer or employee or for any loss, damage or expense happening to the
Company through the insufficiency or deficiency of title to any property acquired by the Company or for or on behalf of the Company
or for the insufficiency or deficiency of any security in or upon which any of the moneys of or belonging to the Company will be
placed out or invested or for any loss or damage arising from the bankruptcy, insolvency or tortious act of any person, firm or
body corporate with whom or which any moneys, securities or other assets belonging to the Company will be lodged or deposited or
for any loss, conversion, misapplication or misappropriation of or any damage resulting from any dealings with any moneys, securities
or other assets belonging to the Company or for any other loss, damage or misfortune whatever which may happen in the execution
of the duties of his or her respective office or trust or in relation thereto unless the same will happen by or through his or
her failure to act honestly and in good faith with a view to the best interests of the Company and in connection therewith to exercise
the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. If any director or officer
of the Company is employed by or performs services for the Company otherwise than as a director or officer or is a member of a
firm or a shareholder, director or officer of a body corporate which is employed by or performs services for the Company, the fact
that the person is a director or officer of the Company will not disentitle such director or officer or such firm or body corporate,
as the case may be, from receiving proper remuneration for such services.

 

Corporate Opportunity

 

		15.6	Notwithstanding anything to the contrary in these Articles and subject to applicable Legal Requirements,
the Company, directly and on behalf of its subsidiaries,

 

		(a)	acknowledges that (x) directors, (y) shareholders of the Company that employ, retain
or are otherwise associated with, or designate or nominate, directors, and/or (z) their respective affiliates (collectively,
the “Related Parties”), in each case, may have:

 

		(A)	participate or participated (directly or indirectly) and may continue to participate (directly
or indirectly) in private equity, venture capital and other investments in corporations, joint ventures, limited liability companies
and other entities (“Other Investments”), including Other Investments engaged in various aspects of businesses
similar to those engaged in by the Company and its subsidiaries (and related businesses) that may, are or will be competitive with
the Company or its subsidiaries’ businesses or that could be suitable for the Company’s or its subsidiaries’
interests,

 

    - 35 -

     

    

 

		(B)	interests in, participate with, aid and maintain seats on the board of directors or similar governing
bodies of, Other Investments,

 

		(C)	develop or become aware of business opportunities for Other Investments; and

 

		(D)	as a result of or arising from the matters referenced in this Article 15.6 and the nature
of their businesses or other factors of the Related Parties, have conflicts of interest or potential conflicts of interest,

 

		(b)	subject to Article 15.7, hereby renounces and disclaims any interest or expectancy in any
business opportunity (including any Other Investments) or any other opportunities that may arise in connection with the circumstances
described in the foregoing clauses (i)–(iv) (collectively, the “Renounced Business Opportunities”),
and

 

		(c)	subject to Article 15.7, acknowledges and affirms that none of the Related Parties shall have
any obligation to communicate or offer any Renounced Business Opportunity to the Company or its subsidiaries, and that the Related
Parties may pursue a Renounced Business Opportunity.

 

		15.7	Notwithstanding the foregoing, the Company does not renounce its interest or expectancy in any
Renounced Business Opportunity if such Renounced Business Opportunity was (a) first discovered by or (b) offered to a
director in his or her capacity as a director of the Company; provided that, in the case of a Renounced Business Opportunity of
the type set forth in clause (b) of this Article 15.7, subject to the director communicating any such Renounced Business
Opportunity to the Company or its subsidiary (as applicable), the director and his or her Related Parties shall be permitted to
pursue such Renounced Business Opportunity if it has also been offered to such director other than in his or her capacity as a
director of the Company or to any of his or her Related Parties to the fullest extent it would be permitted to do so by applicable
Legal Requirements in the absence of this Article 15.7.

 

Survival

 

		15.8	The provisions of this PART 15 (including this Article 15.8) shall survive any amendment
to any portion or provision of PART 15, with respect to any and all actions, failures to act, activities, forbearance, claims
or matter occurring or arising, prior to the effective date of any such amendment.

 

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Part 16

DIVIDENDS

 

Declaration

 

		16.1	Subject to the Business Corporations Act and any special rights or restrictions as to dividends,
the directors may from time to time by resolution declare and authorize payment of any dividends the directors consider appropriate
out of profits, capital or otherwise, including, without limitation, retained earnings, other income, contributed surplus, capital
surplus, any share premium account or appraisal surplus or any other unrealized appreciation in the value of the assets of the
Company, if any.

 

No Notice

 

		16.2	Subject to applicable Legal Requirements,
the directors need not give notice to any shareholder of any declaration under Article ‎16.1.

 

Timing of Payment

 

		16.3	Any dividend declared by the directors may be made payable on such date as is fixed by the directors.

 

Dividends Proportionate to Number of Shares

 

		16.4	Subject to any special rights or restrictions as to dividends, all dividends on shares of any class
or series of shares will be declared and paid according to the number of such shares held.

 

Manner of Payment

 

		16.5	The Company may pay any dividend wholly or partly by issuing shares or warrants or by the distribution
of property, bonds, debentures or other debt obligations of the Company, or in any one or more of those ways, and, if any difficulty
arises in regard to the distribution, the directors may settle the difficulty as they consider expedient, and, in particular, may
set the value for distribution of specific property.

 

Rounding

 

		16.6	If a dividend to which a shareholder is entitled includes a fraction of the smallest monetary unit
of the currency of the dividend, that fraction may be disregarded in making payment of the dividend and that payment represents
full payment of the dividend.

 

Method of Payment

 

		16.7	Any dividend or other distribution payable in cash in respect of shares may be paid electronically
or by cheque, made payable to the order of the person to whom it is sent, and mailed:

 

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		(a)	subject to paragraphs ‎(b) and
‎(c), to the address of the shareholder;

 

		(b)	subject to paragraph ‎(c),
in the case of joint shareholders, to the address of the joint shareholder whose name stands first on the central securities register
in respect of the shares; or

 

		(c)	to the person and to the address as the shareholder or joint shareholders may direct in writing.

 

Joint Shareholders

 

		16.8	If several persons are joint shareholders of any share, any one of them may give an effective receipt
for any dividend, bonus or other money payable in respect of the share.

 

Part 17

AUDITOR

 

Remuneration

 

		17.1	The directors may set the remuneration of any auditor of the Company.

 

Part 18

EXECUTION OF INSTRUMENTS

 

Authority to Execute Instruments

 

		18.1	The following persons have authority to execute and deliver and certify documents on behalf of
the Company:

 

		(a)	such director, officer or other person(s) as are prescribed by resolution of the board; or

 

		(b)	any one officer.

 

Seal

 

		18.2	The Company’s seal, if any, shall not be impressed on any record except when that impression
is attested by the signature or signatures of:

 

		(a)	any two directors;

 

		(b)	any officer, together with any director;

 

		(c)	if there is only one director, that director; or

 

		(d)	any one or more directors or officers or persons as may be determined by resolution of the directors.

 

    - 38 -

     

    

 

Certified Copies

 

		18.3	For the purpose of certifying under seal
a true copy of any resolution or other document, the seal shall be impressed on that copy and, notwithstanding Article ‎18.2,
may be attested by the signature of any director or officer.

 

Part 19

NOTICES

 

Method of Giving Notice

 

		19.1	Unless the Business Corporations Act or these Articles provide otherwise, a notice, statement,
report or other record required or permitted by the Business Corporations Act or these Articles to be sent by or to a person may
be sent by any one of the following methods:

 

		(a)	mail addressed to the person at the applicable address for that person as follows:

 

		(A)	for a record mailed to a shareholder, the shareholder's registered address;

 

		(B)	in any other case, the mailing address of the intended recipient;

 

		(b)	delivery at the applicable address for that person as follows, addressed to the person:

 

		(A)	for a record delivered to a shareholder, the shareholder's registered address;

 

		(B)	in any other case, the delivery address of the intended recipient;

 

		(c)	unless the intended recipient is the auditor of the Company, sending the record by fax to the fax
number provided by the intended recipient for the sending of that record or records of that class;

 

		(d)	unless the intended recipient is the auditor of the Company, sending the record by e-mail to the
e-mail address provided by the intended recipient for the sending of that record or records of that class;

 

		(e)	physical delivery to the intended recipient;

 

		(f)	creating and providing a record posted on or made available through a general accessible electronic
source and providing written notice by any of the foregoing methods as to the availability of such record; or

 

		(g)	as otherwise permitted by Applicable Securities Laws.

 

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Deemed Receipt

 

		19.2	Any notice given to a director will require delivery in writing in accordance with Article 11.5.
Subject the immediately preceding sentence, a notice, statement, report or other record that is:

 

		(a)	mailed to a person by ordinary mail to the applicable address for that person referred to in Article 19.1
is deemed to be received by the person to whom it was mailed on the day, Saturdays, Sundays and holidays excepted, following the
date of mailing;

 

		(b)	faxed to a person to the fax number provided by that person referred to in Article 19.1 is
deemed to be received by the person to whom it was faxed on the day it was faxed;

 

		(c)	e-mailed to a person to the e-mail address provided by that person referred to in Article 19.1
is deemed to be received by the person to whom it was e-mailed on the day it was e-mailed; and

 

		(d)	delivered in accordance with Article 19.1(f), is deemed to be received by the person on the
day such written notice is sent.

 

Notice to Joint Shareholders

 

		19.3	A notice, statement, report or other record may be provided by the Company to the joint shareholders
of a share by providing the notice to the joint shareholder whose name stands first on the central securities register in respect
of the share.

 

Trustees

 

		19.4	If a person becomes entitled to a share as a result of the death, bankruptcy or incapacity of a
shareholder, the Company may provide a notice, statement, report or other record to that person by:

 

		(a)	mailing the record, addressed to that person:

 

		(A)	by name, by the title of representative of the deceased or incapacitated shareholder, by the title
of trustee of the bankrupt shareholder or by any similar description; and

 

		(B)	at the address, if any, supplied to the Company for that purpose by the person claiming to be so
entitled; or

 

		(b)	if an address referred to in paragraph ‎(a)‎(ii) has
not been supplied to the Company, by giving the notice in a manner in which it might have been given if the death, bankruptcy or
incapacity had not occurred.

 

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Part 20

RESTRICTION ON SHARE TRANSFER

 

Consent Required

 

		20.1	No security of the Company, other than a non-convertible debt security, may be transferred without
the consent of:

 

		(a)	the board, expressed by a resolution duly passed at a meeting of the directors;

 

		(b)	a majority of the directors of the Company, expressed by an instrument or instruments in writing
signed by such directors;

 

		(c)	the holders of the voting shares of the Company, expressed by a resolution duly passed at a meeting
of the holders of voting shares; or

 

		(d)	the holders of the voting shares of the Company representing a majority of the votes attached to
all the voting shares, expressed by an instrument or instruments in writing signed by such holders.

 

		20.2	Article ‎20.1 does not
apply to the Company if and for so long as it is a public company.

 

Part 21

ADVANCE NOTICE PROVISIONS

 

Nomination of Directors

 

		21.1	Subject only to the Business Corporations Act and Applicable Securities Laws and for so long as
the Company is a public company, only persons who are nominated in accordance with the procedures set out in these Articles shall
be eligible for election as directors to the board. Nominations of persons for election to the board may only be made at an annual
meeting of shareholders, or at a special meeting of shareholders called for any purpose which includes the election of directors
to the board, as follows:

 

		(a)	by or at the direction of the board
or an authorized officer of the Company, including pursuant to a notice of meeting;

 

		(b)	by or at the direction or request of one or more shareholders (each a “Proposing Shareholder”
and together the “Proposing Shareholders”) pursuant to a proposal made in accordance with the provisions of
the Business Corporations Act or a requisition of shareholders (each a “Requisitioning Shareholder” and together
the “Requisitioning Shareholders”) made in accordance with the provisions of the Business Corporations Act,
provided that any proposal or requisition of shareholders made in whole or in part for the purpose of replacing one or more directors
of the board must be in written form and prepared in accordance with Article ‎21.4 below; or

 

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		(c)	by any person (a “Nominating Shareholder”), who: (A) is, at the close of
business on the date of giving notice provided for in Article ‎21.3 below and at the close of business on the record
date for notice of such meeting, either entered in the central securities register of the Company 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 (B) has
given timely notice in proper written form as set forth in these Articles.

 

		21.2	For the avoidance of doubt, the foregoing
Article ‎21.1 shall be the exclusive means for any person to bring nominations for election to the board at or
in connection with any meeting of shareholders of the Company. No person shall be eligible for election as a director of the Company
unless such person has been nominated in accordance with the provisions of this ‎PART 21; provided, however, that nothing
in this ‎PART 21 shall be deemed to preclude discussions by a shareholder (as distinct from the nomination of directors)
at a meeting of shareholders of any matter in respect of which such shareholder would have been entitled to submit a proposal pursuant
to the Business Corporations Act.

 

		21.3	For a nomination made by a Nominating
Shareholder to be timely notice (a “Timely Notice”), the Nominating Shareholder’s notice must be in written
form prepared in accordance with Article ‎21.4 below and received by the corporate secretary of the Company at
the principal executive offices of the Company:

 

		(a)	in the case of an annual meeting of shareholders, not later than the close of business on the 30th
day before the date of the meeting; provided, however, if the first public announcement made by the Company of the date of the
annual meeting (the “Notice Date”) is less than 50 days prior to the meeting date, not later than the close
of business on the 10th day following the Notice Date; and

 

		(b)	in the case of a special meeting (which is not also an annual meeting) of shareholders called for
any purpose which includes the election of directors to the board, not later than the close of business on the 15th
day following the day on which the first public announcement of the date of the special meeting is made by the Company

 

provided that, in either Article 21.3(a) or
Article 21.3(b) above, 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 Article 21.3(a) or Article 21.3(b) above, and the Notice Date in respect of the meeting is not less than
50 days prior to the date of the applicable meeting, the notice must be received not later than the close of business on the 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 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 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 15th day following
the Notice Date.

 

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		21.4	To be in proper written form, a proposal made by Proposing Shareholders, a requisition made by
Requisitioning Shareholders or a Nominating Shareholder’s notice to the corporate secretary must comply with these Articles
and:

 

		(a)	disclose or include, as applicable, as
to each person whom the Proposing Shareholders, Requisitioning Shareholders or Nominating Shareholder, as the case may be, proposes
to nominate for election as a director (a “Proposed Nominee”):

 

		(A)	his or her name, age, business and residential address, principal occupation or employment for
the past five years;

 

		(B)	his or her direct or indirect beneficial ownership in, or control or direction over, any class
or series of securities of the Company, including the number or principal amount and the date(s) on which such securities
were acquired;

 

		(C)	any relationships, agreements, arrangements or understandings, including financial, compensation
and indemnity related relationships, agreements, arrangements or understandings, between the Proposed Nominee or any affiliates
or associates of, or any person or entity acting jointly or in concert with, the Proposed Nominee and the Proposing Shareholders,
Requisitioning Shareholders or Nominating Shareholder, as the case may be;

 

		(D)	any other information that would be required to be disclosed in a dissident proxy circular or other
filings required to be made in connection with the solicitation of proxies for election of directors pursuant to the Business Corporations
Act or Applicable Securities Laws; and

 

		(E)	a duly completed personal information form in respect of the Proposed Nominee in the form prescribed
from time to time by the principal stock exchange on which the securities of the Company are then listed for trading; and

 

		(b)	disclose or include, as applicable, as to each Proposing Shareholder, Requisitioning Shareholder
or Nominating Shareholder giving the proposal, requisition or notice, as applicable:

 

		(A)	the name, business and residential address of each Proposing Shareholder, Requisitioning Shareholder
or Nominating Shareholder, as the case may be;

 

		(B)	any direct or indirect beneficial ownership in, or control or direction over, any class or series
of securities of the Company, including the number or principal amount and the date(s) on which such securities were acquired,
and any rights to dividends on the shares of the Company owned beneficially by each such Proposing Shareholder, Requisitioning
Shareholder or Nominating Shareholder, as the case may be, such beneficial owner and their respective affiliates or associates
or others acting in concert therewith that are separated or separable from the underlying shares of the Company;

 

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		(C)	any relationships, agreements, arrangements or understandings, including financial, compensation
and indemnity related relationships, agreements, arrangements or understandings, between the Proposing Shareholder, the Requisitioning
Shareholder or the Nominating Shareholder, as applicable or any affiliates or associates of, or any person or entity acting jointly
or in concert with, on the one hand, the Proposing Shareholder, the Requisitioning Shareholder or the Nominating Shareholder (as
the case may be) and, on the other hand, any Proposed Nominee;

 

		(D)	any relationships, agreements, arrangements or understandings, the purpose or effect of which is
to alter, directly or indirectly, the economic interest of such Proposing Shareholder, Requisitioning Shareholder or Nominating
Shareholder, as applicable, or any of their affiliates or associates, in a security of the Company or the economic exposure of
any such Proposing Shareholder, Requisitioning Shareholder or Nominating Shareholder, as applicable, or any of their affiliates
or associates;

 

		(E)	any proxy, contract, arrangement, agreement or understanding pursuant to which such person, 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 Company or the nomination of directors to the board;

 

		(F)	a representation and proof that the Proposing Shareholder, Requisitioning Shareholder or Nominating
Shareholder, as applicable, is a holder of record of securities of the Company, or a beneficial owner, entitled to vote at such
meeting, and intends to appear in person or by proxy at the meeting to propose such nomination;

 

		(G)	a representation as to whether such person intends to deliver a proxy circular and/or form of proxy
to any shareholder of the Company in connection with such nomination or otherwise solicit proxies or votes from shareholders of
the Company in support of such nomination;

 

		(H)	any agreement, arrangement, understanding, relationship or otherwise, including any repurchase
or similar so-called “stock borrowing” agreement or arrangement, involving such stockholder, such beneficial owner
and their respective affiliates or associates or others acting in concert therewith, directly or indirectly, the purpose or effect
of which is to mitigate loss to, reduce the economic risk (of ownership or otherwise) of any class or series of the shares of the
Company by, manage the risk of share price changes for, or increase or decrease the voting power of, such stockholder, such beneficial
owner and their respective affiliates or associates or others acting in concert therewith with respect to any class or series of
the shares of the Company, or which provides, directly or indirectly, the opportunity to profit or share in any profit derived
from any decrease in the price or value of any class or series of the shares of the Company (any of the foregoing, a “Short
Interest”);

 

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		(I)	any proportionate interest in shares of
the Company or derivative instruments held, directly or indirectly, by a general or limited partnership in which such Proposing
Shareholder, Requisitioning Shareholder or Nominating Shareholder, as applicable, such beneficial owner and their respective affiliates
or associates or others acting in concert therewith is a general partner or, directly or indirectly, beneficially owns an interest
in a general partner of such general or limited partnership;

 

		(J)	any performance-related fees (other than
an asset-based fee) that such Proposing Shareholder, Requisitioning Shareholder or Nominating Shareholder, as applicable,
such beneficial owner and their respective affiliates or associates or others acting in concert therewith are entitled to based
on any increase or decrease in the value of shares of the Company or derivative instruments, if any, including without limitation
any such interests held by members of the immediate family sharing the same household of such Proposing Shareholder, Requisitioning
Shareholder or Nominating Shareholder, as applicable, such beneficial owner and their respective affiliates or associates or others
acting in concert therewith;

 

		(K)	any significant equity interests or any
derivative instruments or Short Interests in any principal competitor of the Company held by such Proposing Shareholder,
Requisitioning Shareholder or Nominating Shareholder, as applicable, such beneficial owner and their respective affiliates or associates
or others acting in concert therewith; and

 

		(L)	any other information relating to such person that would be required to be included in a dissident
proxy circular or other filings required to be made in connection with solicitations of proxies for election of directors pursuant
to the Business Corporations Act or as required by Applicable Securities Laws.

 

The Company may require any Proposed
Nominee to furnish such other information as may reasonably be required by the Company to determine the eligibility of such Proposed
Nominee to serve as a director of the Company or a member of any committee of the board, including with respect to independence
or any other relevant criteria for eligibility (including any stock exchange requirements) or that could be material to a reasonable
shareholder’s understanding of the independence or eligibility, or lack thereof, of such Proposed Nominee. Notwithstanding
the foregoing, the Company shall not request other information that: exceeds what is required in a dissident proxy circular; goes
beyond what is necessary to determine nominee qualifications, relevant experience, shareholding or voting interest in the Company,
or independence in the same manner as would be required for management nominees; or goes beyond what is required under law or regulation.

 

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		21.5	All information to be provided in a Timely
Notice pursuant to Article ‎21.3 shall be provided as of the record date for determining shareholders entitled
to vote at the meeting (if such date shall then have been publicly announced) and as of the date of such notice. The Nominating
Shareholder shall update such information to the extent necessary so that it is true and correct as of the date that is 10 business
days prior to the date of the meeting, or any adjournment or postponement thereof.

 

		21.6	Any notice, or other document or information required to be given to the corporate secretary pursuant
to these Articles may only be given by personal delivery, facsimile transmission or by email (at such email address as may be stipulated
from time to time by the corporate secretary for purposes of this notice), and shall be deemed to have been given and made only
at the time it is served by personal delivery to the corporate secretary at the address of the principal executive offices of the
Company, email (at the address as aforesaid and provided that receipt of confirmation of such email has been received) or sent
by facsimile transmission (provided that receipt of confirmation of such transmission has been received); provided that if such
delivery or electronic communication is made on a day which is a not a business day or later than 5:00 p.m. (Toronto time)
on a day which is a business day, then such delivery or electronic communication shall be deemed to have been made on the next
following day that is a business day.

 

		21.7	The chair of any meeting of shareholders of the Company shall have the power to determine whether
any proposed nomination is made in accordance with the provisions of these Articles, and if any proposed nomination is not in compliance
with such provisions, may declare that such defective nomination shall not be considered at any meeting of shareholders.

 

		21.8	It has been determined that the commercial best interest of the Company is served by having, prior
to the occurrence of an Unwind Trigger, at least a majority of the board be comprised of CbyC Directors. No Proposed Nominee who,
if elected, would not be a CbyC Director shall be qualified to serve on the board if, subsequent to the election of such Proposed
Nominee and after giving effect to the election of all other directors elected concurrently with such Proposed Nominee, CbyC Directors
would not constitute at least a majority of the members of the board. Notwithstanding Article ‎21.3, if both (x) a
Proposing Shareholder, Requisitioning Shareholder or Nominating Shareholder has submitted Timely Notice for a Proposed Nominee
who, if elected, would not be a CbyC Director, and (y) subsequent to delivering such Timely Notice the Company announces its
proposed slate of director nominees, which slate has fewer nominees that if elected would constitute CbyC Directors than the number
of CbyC Directors on the board at such time, then the Proposing Shareholder, Requisitioning Shareholder or Nominating Shareholder,
as applicable, shall have 15 days to substitute a different person (who, if elected, would be a CbyC Director) to be its then current
Proposed Nominee, but subject to all other provisions of this ‎PART 21. This Article ‎21.8 shall terminate upon
an Unwind Transaction. The Company’s temporary inability to meet this requirement as a result of death, resignation, disqualification
or removal of a director shall not result in the Company being deemed to be acting ultra vires pursuant to these Articles;
provided, further, that the Company and each Designator shall use reasonable best efforts to ensure any such deficiency is cured
promptly.

 

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		21.9	The board may, in its sole discretion,
waive any requirement of ‎PART 21 of these Articles. Any such waiver pursuant to this Article ‎21.9 shall
not constitute a waiver of any other provision of these Articles, including any provision referred to in this ‎PART 21,
and will not affect the validity or enforceability of the remaining provisions of these Articles.

 

Part 22

FORUM SELECTION

 

		22.1	Unless the Company consents in writing to the selection of an alternative forum, the Superior Court
of Justice of the Province of British Columbia, Canada and the appellate Courts therefrom (or, failing such court, any other
 “court” as defined in the Business Corporations Act having jurisdiction and the appellate Courts therefrom), shall,
to the fullest extent permitted by law, be the sole and exclusive forum for (i) any derivative action or proceeding brought
on behalf of the Company; (ii) any action or proceeding asserting a claim of breach of a fiduciary duty owed by any director,
officer, or other employee of the Company to the Company; (iii) any action or proceeding asserting a claim arising pursuant
to any provision of the Business Corporations Act or the Articles of the Company (as either may be amended from time to time);
or (iv) any action or proceeding asserting a claim otherwise related to the relationships among the Company, its subsidiaries
and its and their respective shareholders, directors and officers but excluding claims related to the business of the Company or
its subsidiaries. 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 British Columbia (a “Foreign Action”) in the name
of any securityholder, such securityholder shall be deemed to have consented to (i) the personal jurisdiction of the provincial
and federal Courts located within the Province of British Columbia 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.

 

Part 23

APPROVAL OF MATTERS

 

		23.1	Each provision of this PART 23 shall terminate and be of no further force or effect at such
time as neither Designator is a 5% Holder.

 

		23.2	In addition to any other approvals required under these Articles, the Partnership Agreement or
applicable Legal Requirements, the Company shall not propose or consent to and shall cause the Partnership and the Company’s
other subsidiaries (as applicable) not to propose or consent to any of the following actions without obtaining either (x) the
approval of a majority of the Specially Designated Directors then in office or (y) approval by at least a simple majority
of the votes cast by the holders of Common Shares and Special Voting Shares, voting together as a single class (excluding Common
Shares beneficially owned by a Designator or any of its affiliates or associates and Special Voting Shares to the extent that the
vote thereof is directed by a Designator or any of its affiliates or associates):

 

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		(a)	any waivers, amendments or modifications
to Article 7.5, PART 10, PART 11, PART 12, PART 15, PART 21, this PART 23, ‎PART 24,
PART 25, PART 26, PART 27, PART 28 or PART 29 of these Articles (or the definition of any defined term
used herein with respect to such section) or Article 3, Article 4, Article 5, Article 7, Article 10, Article 11,
Article 13, Article 14 or Schedule A of the Partnership Agreement (or any defined term used therein with respect to such
section);

 

		(b)	any declaration or payment of dividends
or other distributions other than (i) pro rata dividends or other distributions on any class or series of any equity
capital stock of the Company, (ii) dividends or other distributions paid or made by any Subsidiary of the Company to any other
wholly-owned Subsidiary of the Company and (iii) dividends or other distributions pursuant to Section 5.3 of the
Partnership Agreement;

 

		(c)	any purchase or redemption of any Common
Shares or Exchangeable Units other than: (i) pro rata purchases or redemptions of Common Shares or Exchangeable Units, (ii) purchases
or redemptions of Common Shares or Exchangeable Units held by directors, officers, employees and independent contractors (in their
capacity as such) of the Company or any of its Subsidiaries: (A) to the extent the Company or the Partnership is obligated
to purchase or redeem such Common Shares or Exchangeable Units pursuant to the terms applicable to such Common Shares or Exchangeable
Units, (B) in connection with the resignation, termination or other separation of such director, officer, employee or independent
contractor (C) as otherwise required or permitted pursuant to any employment, grant, consulting or compensatory agreement
or other arrangement between the Company or any of its Subsidiaries and any director, officer, employee or independent contractor
of the Company or any of its Subsidiaries, (iii) automatic purchases or redemptions as specified in these Articles, (iv) purchases
of Exchangeable Units deemed to occur upon exchange of the Exchangeable Units for Common Shares, (v) purchases pursuant to
a tender offer or issuer bid made available to all holders of Common Shares and Exchangeable Units and to which all participants
will have any securities tendered or deposited ratably prorated in the event any maximum purchase condition is exceeded or (vi) purchases
on a stock exchange or similar trading platform at the market price that were not pre-arranged with the purchaser;

 

		(d)	any change to the Company’s or the Partnership’s tax status in the U.S. or Canada that
is reasonably likely to adversely affect, in the aggregate and not individually, the shareholders of the Company and limited partners
of the Partnership who are taxpayers in the U.S. or Canada, other than Polaris and Meteor and their respective affiliates and associates,
with respect to U.S. or Canadian tax matters;

 

		(e)	any conversion of the Company or any of its Subsidiaries to a corporation or other entity taxed
as a corporation or any other change in the corporate form of the Company or any of its Subsidiaries or any recapitalization thereof
that is, in each case, reasonably likely to adversely affect, in the aggregate and not individually, the shareholders of the Company
and limited partners of the Partnership who are taxpayers in the U.S. or Canada, other than Polaris and Meteor and their respective
affiliates and associates, with respect to U.S. or Canadian tax matters; or

 

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		(f)	any transaction (whether by way of reconstruction,
reorganization, consolidation, amalgamation, arrangement, merger, transfer, sale, lease or otherwise) whereby (i) all or substantially
all of the Company’s undertaking, property and assets would become the property of any other Person or, in the case of an
amalgamation, arrangement or merger, of the continuing corporation or other legal entity resulting therefrom (the “Successor
Entity”) and (ii) the holders of the Common Shares are entitled to receive shares or other ownership interests in
the capital of the Successor Entity (“Successor Securities”); provided, that the approval that would
otherwise be required by this Article 23.2(f) shall not be required if such Successor Securities are listed for trading
on one or more Designated Security Exchanges.

 

Part 24

OTHER PROVISIONS

 

		24.1	This ‎PART 24 shall terminate
and be of no further force or effect upon the consummation of an Unwind Transaction.

 

		24.2	In connection with any vote of the holders of the Common Shares and Special Voting Shares, the
Company shall first calculate the number of Golden Share Canadian Votes assuming there are no Golden Share Additional Votes. In
the event a person who is not Canadian beneficially owns or controls, directly or indirectly, such number of shares of the Company
or Exchangeable Units, of one or more classes of one or more types, which results in such person, directly or indirectly, having
the ability to exercise control or direction over one-third or more of the sum of (i) the votes attached to the Common Shares
and the Special Voting Shares then outstanding, and (ii) the Golden Share Canadian Votes applicable to such vote (such person
being a “Non-Canadian Principal Shareholder”), then the number of votes cast and counted toward such vote by
such Non-Canadian Principal Shareholder in respect of such shares shall be limited to one-third of the total of (i) and (ii) above,
less one vote (the “Non-Canadian Voting Limitation”). The Non-Canadian Voting Limitation shall not apply to
a vote on a Second Tabulation Resolution.

 

		24.3	Any votes cast by a Non-Canadian Principal Shareholder but not counted towards a vote pursuant
to the Non-Canadian Voting Limitation will be attached to the Golden Share (the “Golden Share Additional Votes”).

 

		24.4	In the event that a resolution to be passed by the shareholders of the Company entitled to vote
on such matter is with respect to any Second Tabulation Matter (a “Second Tabulation Resolution”), in order
for such Second Tabulation Resolution to be duly passed, such Second Tabulation Resolution must:

 

		(a)	be passed in accordance with the Business Corporations Act; and

 

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		(b)	be passed by a simple majority
of the votes cast by the holders of Common Shares and Special Voting Shares present in person or represented by proxy at a meeting
of the holders of Common Shares and Special Voting Shares, voting together as a single class.

 

		24.5	For the purposes of this ‎PART 24,
a “Second Tabulation Matter” means a resolution to effect any of the following matters:

 

		(a)	increase or decrease the maximum number of authorized shares of one or more classes or types of
Common Shares, or increase any maximum number of authorized shares of a class or type having special rights and restrictions equal
or superior to the shares of such classes or types;

 

		(b)	effect an exchange, reclassification or cancellation of all or part of the Common Shares;

 

		(c)	add, change or remove the special rights and restrictions attached to the Common Shares and, without
limiting the generality of the foregoing;

 

		(A)	remove or change prejudicially rights to accrued dividends or rights to cumulative dividends;

 

		(B)	add, remove or change prejudicially redemption rights;

 

		(C)	reduce or remove a dividend preference or a liquidation preference;

 

		(D)	add, remove or change prejudicially conversion privileges, options, voting, transfer or pre-emptive
rights, or rights to acquire securities of a corporation, or sinking fund provisions;

 

		(d)	increase the rights or privileges of any class of shares having rights or privileges equal or superior
to the Common Shares;

 

		(e)	create a new class of shares equal or superior to the Common Shares;

 

		(f)	make any class of shares having rights or privileges inferior to the Common Shares equal or superior
to the shares of such class;

 

		(g)	effect an exchange or create a right of exchange of all or part of the shares of another class
into the Common Shares;

 

		(h)	constrain the issue, transfer or ownership of the Common Shares or change or remove such constraint;

 

		(i)	make any change in the Articles of the Company;

 

		(j)	take any steps to wind up, dissolve, reorganize or terminate the Company;

 

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		(k)	sell, lease, exchange, encumber, transfer or otherwise dispose of all or substantially all of the
assets of the Company;

 

		(l)	remove a director of the Company from office; or

 

		(m)	take action to effect an amalgamation, merger or other combination of the Company with another
person or to consolidate, recapitalize or reorganize the Company or to continue the Company under the laws of another jurisdiction.

 

Part 25

SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO COMMON SHARES

 

		25.1	The Common Shares have attached to them
the special rights and restrictions set out in this ‎PART 25. There shall be an unlimited number of Common Shares.

 

Voting
Rights

 

		25.2	The holders of the Class A Common Shares, the Class B Common Shares and the Class C
Fully Voting Shares will be entitled to receive notice of and to attend all meetings of the shareholders of the Company and to
one vote in respect of each such Common Share held at all such meetings, except meetings at which only holders of another class
or of a particular series shall have the right to vote.

 

		25.3	The holders of the Class C Limited Voting Shares will be entitled to receive notice of and
to attend all meetings of the shareholders of the Company, except meetings at which only holders of another class or of a particular
series shall have the right to vote, and to one vote in respect of each Class C Limited Voting Share held at all such meetings,
except that the holders of the Class C Limited Voting Shares will not be entitled to vote on the election of directors of
the Company.

 

		25.4	Except as otherwise provided (i) in the Business Corporations Act or (ii) these Articles,
the holders of the Common Shares, the Special Voting Shares, the Super Voting Shares and the Golden Share will vote together as
a single class, and a simple majority of the votes cast by such holders voting together as a single class, shall be required to
pass any matter (other than the election of directors which shall be decided by a plurality of votes cast).

 

		25.5	Prior to the consummation of an Unwind
Transaction, the Other Provisions set out in ‎PART 24 shall apply.

 

Payment of Dividends

 

		25.6	The holders of the Common Shares will be entitled to receive dividends if, as and when declared
by the board out of the assets of the Company properly applicable to the payment of dividends in such amounts and payable in such
manner as the board may from time to time determine. However, all dividends which the board may determine to declare and pay
in any financial year of the Company must be declared and paid in equal amounts per share on each of the Common Shares. Subject
to the rights of the holders of any other class of shares of the Company entitled to receive dividends in priority to or concurrently
with the holders of the Common Shares, the board may in its sole discretion declare dividends on each class of the Common Shares
to the exclusion of any other class of shares of the Company.

 

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Participation upon Liquidation, Dissolution or Winding
Up

 

		25.7	In the event of the liquidation, dissolution or winding up of the Company or other distribution
of assets of the Company among its shareholders for the purpose of winding up its affairs, no amount will be paid and no property
or assets of the Company will be distributed to the holders of the Common Shares unless the holders of any other class of shares
entitled to receive assets of the Company upon such a distribution in priority to the holders of the Common Shares have received
from the property and assets of the Company the amount to which they are entitled pursuant to these Articles and thereafter the
holders of the Common Shares will be entitled to all remaining property and assets of the Company on a share for share basis.

 

Conversion Rights in Respect of a Transaction

 

		25.8	In the event that an offer is made to
purchase Class A Common Shares and the offer is one which is required, pursuant to applicable securities legislation or the
rules of a stock exchange on which the Class A Common Shares are then listed, to be made to all or substantially all
the holders of Class A Common Shares, each Class B Common Share shall become convertible at the option of the holder
into one (1) Class A Common Share at any time while the offer is in effect until one (1) day after the time prescribed
by applicable securities legislation for the offeror to take up and pay for such shares as are to be acquired pursuant to the offer.
The conversion right may only be exercised in respect of Class B Common Shares for the purpose of depositing the resulting
Class A Common Shares in response to the offer and the Transfer Agent shall deposit the resulting Class A Common
Shares on behalf of the holder.

 

To
exercise such conversion right, the holder or his attorney duly authorized in writing shall: (1) give written notice to the
Transfer Agent of the exercise of such right and of the number of Class B Common Shares in respect of which the right
is being exercised; and (2) deliver to the Transfer Agent the share certificate or certificates representing the Class B
Common Shares in respect of which the right is being exercised.

 

No share certificates representing
the Class A Common Shares resulting from the conversion of the Class B Common Shares will be delivered to the holders
on whose behalf such deposit is being made.

 

If
(i) Class A Common Shares resulting from the conversion and deposited pursuant to the offer are withdrawn by the holder
or are not taken up by the offeror; or (ii) the offer is abandoned or withdrawn by the offeror or the offer otherwise expires
without such Class A Common Shares being taken up and paid for, the Class A Common Shares resulting from the conversion
will be re-converted into Class B Common Shares and a share certificate representing the Class B Common Shares will be
sent to the holder by the Transfer Agent. Class A Common Shares resulting from the conversion and taken up and paid
for by the offeror shall be re-converted into Class B Common Shares at the time the offeror is required under the relevant
securities legislation to take up and pay for such shares if the offeror does not comply with the requirements of Article 25.12.

 

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In
the event that the offeror takes up and pays for the Class A Common Shares resulting from conversion, the Transfer
Agent shall deliver to the holders thereof the consideration paid for such shares by the offeror.

 

There will be no right to convert
the Class B Common Shares into Class A Common Shares in the following cases: (i) the offer to purchase Class A
Common Shares is not required under applicable securities legislation or the rules of a stock exchange on which the Class A
Common Shares are then listed to be made to all or substantially all of the holders of Class A Common Shares, including an
 “exempt take-over bid” within the meaning of the foregoing securities legislation; or (ii) an offer to purchase
Class B Common Shares is made concurrently with the offer to purchase Class A Common Shares and the two offers are identical
in respect of price per share, percentage of outstanding shares for which the offer is made, including proration terms and in all
other material respects, including in respect of the conditions attaching thereto. The offer to purchase the Class B Common
Shares must be unconditional, subject to the exception that the offer for the Class B Common Shares may contain a condition
to the effect that the offeror is not required to take up and pay for Class B Common Shares deposited to the offer if no shares
are purchased pursuant to the contemporaneous offer for the Class A Common Shares.

 

		25.9	In the event that an offer is made to purchase Class B Common Shares and the offer is one
which is required, pursuant to applicable securities legislation or the rules of a stock exchange on which the Class B
Common Shares are then listed, to be made to all or substantially all the holders of Class B Common Shares, each Class A
Common Share shall become convertible at the option of the holder into one (1) Class B Common Share at any time while
the offer is in effect until one (1) day after the time prescribed by applicable securities legislation for the offeror to
take up and pay for such shares as are to be acquired pursuant to the offer.

 

To
exercise such conversion right, the holder or his attorney duly authorized in writing shall: (1) give written notice to the
Transfer Agent of the exercise of such right and of the number of Class A Common Shares in respect of which the right
is being exercised; and (2) deliver to the Transfer Agent the share certificate or certificates representing the Class A
Common Shares in respect of which the right is being exercised.

 

No share certificates representing
the Class B Common Shares resulting from the conversion of the Class A Common Shares will be delivered to the holders
on whose behalf such deposit is being made.

 

If
(i) Class B Common Shares resulting from the conversion and deposited pursuant to the offer are withdrawn by the holder
or are not taken up by the offeror; or (ii) the offer is abandoned or withdrawn by the offeror or the offer otherwise expires
without such Class B Common Shares being taken up and paid for, the Class B Common Shares resulting from the conversion
will be re-converted into Class A Common Shares and a share certificate representing the Class A Common Shares will be
sent to the holder by the Transfer Agent. Class B Common Shares resulting from the conversion and taken up and paid
for by the offeror shall be re-converted into Class A Common Shares at the time the offeror is required under the relevant
securities legislation to take up and pay for such shares if the offeror complies with the requirements of Article 25.12.

 

    - 53 -

     

    

 

In
the event that the offeror takes up and pays for the Class B Common Shares resulting from conversion, the Transfer
Agent shall deliver to the holders thereof the consideration paid for such shares by the offeror.

 

Conversion Rights Generally

 

		25.10	Prior to the consummation of an Unwind Transaction, an issued and outstanding Class A Common
Share shall immediately be converted into one Class B Common Share, automatically and without any further act of the Company
or the holder thereof, if such Class A Common Share is or becomes beneficially owned or controlled, directly or indirectly,
by a person who is not Canadian.

 

		25.11	Upon the consummation of an Unwind Transaction, each issued and outstanding Class B Common
Share shall immediately be converted into one Class A Common Share, automatically and without any further act of the Company
or the holder thereof.

 

		25.12	If, prior to the consummation of an Unwind
Transaction, an issued and outstanding Class B Common Share is beneficially owned and controlled, directly or indirectly,
by a person who is Canadian, then (i) such holder of Class B Common Shares may notify the Company of such status as Canadian,
and (ii) upon the provision of evidence in form and substance satisfactory to the Company of such holder’s status as
Canadian, the Class B Common Shares shall be converted into an equal number of Class A Common Shares.

 

		25.13	An issued and outstanding Class C
Common Share shall, subject to ‎PART 30:

 

		(a)	immediately be converted into (i) one Class A Common Share, if such Class C Common
Share is or becomes beneficially owned or controlled, directly or indirectly, by a person who is not Polaris or Polaris Sub who
is Canadian and complies with the requirements of Article 25.12, or (ii) one Class B Common Share, automatically
and without any further act of the Company if such Class C Common Share is or becomes beneficially owned or controlled, directly
or indirectly, by a person who does not comply with the requirements of Article 25.12.

 

		(b)	at any time at the option of the holder thereof by notice in writing given to the Company, (i) be
converted into one Class A Common Share or one Class B Common Share, (ii) in the case of a Class C Limited
Voting Share be converted into a Class C Fully Voting Share, or (iii) in the case of a Class C Fully Voting Share
be converted into a Class C Limited Voting Share.

 

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Conversion Mechanics

 

		25.14	Any notice required pursuant to Article ‎25.13(b) shall
be delivered to the Company in writing signed by the holder of Common Shares converted or requested to be converted, and specifying
the number and class of Common Shares converted or requested to be converted. If the Common Shares converted or requested to be
converted are represented by a share certificate, such notice shall be accompanied by such share certificate.

 

		25.15	The Company will pay any U.S. or Canadian
governmental stamp tax imposed in respect of any conversion of shares contemplated by Articles ‎25.8 to ‎25.11 (excluding,
for the avoidance of doubt, any income taxes imposed on the holder of such Common Shares).

 

		25.16	Upon the conversion of Common Shares represented by certificates pursuant to this ‎PART 25,
the Company will issue new certificate(s) representing fully paid Common Shares of the applicable type and class, upon the
basis above prescribed and in accordance with the provisions hereof to the holder of the Common Shares.

 

		25.17	If less than all of the Common Shares represented by any certificate are to be converted, the holder
will be entitled to receive a new certificate representing the Common Shares comprised in the original certificate which are not
to be converted.

 

		25.18	Upon conversion of a fully paid and non-assessable
Common Share pursuant to Articles 25.8 to ‎25.11, the new Common Share issued upon such conversion shall be fully paid
and non-assessable.

 

Exchangeable Units

 

		25.19	Upon the exchange of any Exchangeable Units into Common Shares, the Company shall issue the applicable
number of Common Shares to the holder of such Exchangeable Units in accordance with the applicable Exchangeable Unit Terms.

 

		25.20	To the extent requested in writing, the Company shall issue certificates representing fully paid
Common Shares of the applicable type and class, upon the basis received and in accordance with the applicable Exchangeable Unit
Terms to the holder of such Exchangeable Units.

 

		25.21	Upon exchange of an Exchangeable Unit for a Common Share pursuant to the Exchangeable Unit Terms,
the new Common Share issued upon such exchange shall be fully paid and non-assessable.

 

		25.22	The Company shall pay any U.S. or Canadian governmental stamp tax imposed in respect of any exchange
of Exchangeable Units into Common Shares (excluding, for the avoidance of doubt, any income taxes imposed on the holder of such
Exchangeable Units).

 

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Subdivision or Consolidation

 

		25.23	No subdivision or consolidation of the Class A Common Shares, Class B Common Shares or
Class C Common Shares shall occur unless, simultaneously, the other classes of Common Shares are subdivided or consolidated
in the same manner, so as to maintain and preserve the respective rights of the holders of the shares of each of the said classes.

 

Part 26

SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO SPECIAL VOTING SHARES

 

		26.1	The Special Voting Shares have attached to them the special rights and restrictions set out in
this ‎PART 26.

 

Voting Rights

 

		26.2	The holder of the Class A Special Voting Share will be entitled to receive notice of and to
attend all meetings of the shareholders of the Company, except meetings at which only holders of another class or of a particular
series shall have the right to vote. The Class A Special Voting Share entitles the holder thereof to cast and exercise that
number of votes equal to the aggregate number of all Class A Holder Votes (as defined in the Partnership Agreement). Only
one Class A Special Voting Share may be issued.

 

		26.3	The holder of the Class B Special Voting Share will be entitled to receive notice of and to
attend all meetings of the shareholders of the Company, except meetings at which only holders of another class or of a particular
series shall have the right to vote. The Class B Special Voting Share entitles the holder thereof to cast and exercise that
number of votes equal to the aggregate number of all Class B Holder Votes (as defined in the Partnership Agreement). Only
one Class B Special Voting Share may be issued.

 

		26.4	The holder of the Class C Special Voting Share will be entitled to receive notice of and to
attend all meetings of the shareholders of the Company, except meetings at which only holders of another class or of a particular
series shall have the right to vote. The Class C Special Voting Share entitles the holder thereof to cast and exercise that
number of votes equal to the aggregate number of all votes described in Schedule A, Section 3.4(a)(iii) of the
Partnership Agreement. Only one Class C Special Voting Share may be issued.

 

		26.5	The determination of the number of votes
attached to the Special Voting Shares calculated in accordance with Articles ‎26.2, ‎26.3 or ‎26.4 shall be
made as of the record date established by the Company or by applicable law for the determination of shareholders entitled to vote
on such matter or, if no record date is established, the date such vote is taken.

 

		26.6	Fractional votes shall not be permitted
and any fractional voting rights otherwise resulting from the calculations contemplated in Articles ‎26.2, ‎26.3
or ‎26.4 shall be rounded down to the nearest whole number.

 

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		26.7	The Special Voting Shares shall be subject to Article 25.4.

 

Payment of Dividends

 

		26.8	The holders of the Special Voting Shares will not be entitled to receive any dividend payable by
the Company.

 

Redemption at the Option of the Company

 

		26.9	The Class A Special Voting Share shall not be subject to redemption, except that, at such
time as no Class A Units (other than Class A Units beneficially owned or controlled, directly or indirectly, by the Company
or its subsidiaries) remain outstanding, the Class A Special Voting Share shall automatically be, subject to the provisions
of the Business Corporations Act, redeemed and cancelled, with an amount equal to the Special Voting Redemption Price due and payable
to the holder of the Class A Special Voting Share upon such redemption.

 

		26.10	The Class B Special Voting Share shall not be subject to redemption, except that, at such
time as no Class B Units (other than Class B Units beneficially owned or controlled, directly or indirectly, by the Company
or its subsidiaries) remain outstanding, the Class B Special Voting Share shall automatically be, subject to the provisions
of the Business Corporations Act, redeemed and cancelled, with an amount equal to the Special Voting Redemption Price due and payable
to the holder of the Class B Special Voting Share upon such redemption.

 

		26.11	The Class C Special Voting Share shall not be subject to redemption, except that, at such
time as no Class C Units (other than Class C Units beneficially owned or controlled, directly or indirectly, by the Company
or its subsidiaries) remain outstanding, the Class C Special Voting Share shall automatically be, subject to the provisions
of the Business Corporations Act, redeemed and cancelled, with an amount equal to the Special Voting Redemption Price due and payable
to the holder of the Class C Special Voting Share upon such redemption.

 

Participation upon Liquidation, Dissolution or Winding
Up

 

		26.12	The holder of a Special Voting Share will not be entitled, in the event of the liquidation, dissolution
or winding-up of the Company or other distribution of assets or property of the Company among its shareholders for the purpose
of winding-up its affairs, to receive any payment or property in respect thereof other than the Special Voting Redemption Price
for such Special Voting Share in priority to the holders of Common Shares.

 

Restrictions on Transfer

 

		26.13	The holder of a Special Voting Share may not sell, assign or otherwise transfer a Special Voting
Share to any other person without the consent of the Company.

 

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Part 27

SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO SUPER VOTING SHARES

 

		27.1	The Super Voting Shares have attached
to them the special rights and restrictions set out in this ‎PART 27. For the avoidance of doubt, once the Super
Voting Shares are redeemed in accordance with Articles ‎27.7 to ‎27.9, they will be retired and will not be re-issued.

 

Voting Rights

 

		27.2	At any time where there are only Super Voting Shares outstanding, the holders of the Super Voting
Shares will be entitled to receive notice of and to attend all meetings of the shareholders of the Company and to one vote in respect
of each Super Voting Share held at all such meetings.

 

		27.3	At any time where Super Voting Shares and shares of another class are outstanding, the holders
of the Super Voting Shares are entitled to receive notice of and to attend all meetings of the shareholders of the Company and,
to a number of votes in respect of each Super Voting Share held at all such meetings such that the aggregate number of votes cast
by holders of Super Voting Shares equals a simple majority of all votes cast at the meeting by holders of all classes of shares
entitled to vote at the meeting (including the holders of Super Voting Shares), except meetings at which only holders of another
class or of a particular series shall have the right to vote.

 

		27.4	Except as otherwise provided in the Business Corporations Act or these Articles, the holders of
the Common Shares, the Special Voting Shares, the Super Voting Shares and the Golden Share will vote together as a single class.

 

Payment of Dividends

 

		27.5	At any time where there are only Super Voting Shares issued and outstanding, the holders of the
Super Voting Shares will be entitled to receive dividends if, as and when declared by the board out of the assets of the Company
properly applicable to the payment of dividends in such amounts and payable in such manner as the board may from time to time determine.

 

		27.6	At any time where Super Voting Shares and shares of another class on which dividends may be paid
are issued and outstanding, the holders of the Super Voting Shares will not be entitled to receive any dividend payable by the
Company.

 

Redemption by the Company

 

		27.7	The Company will be entitled at any time and from time to time to redeem the whole or any part
of the Super Voting Shares from any one or more of the holders thereof as the board may in its sole discretion determine for the
Super Voting Redemption Price, by delivering to the applicable holders of the Super Voting Shares at the particular holder’s
address as it appears on the records of the Company or in the event of the address of any such holder not so appearing then to
the last known address of such holder, a written notice (the “Super Voting Redemption Notice”) specifying:

 

    - 58 -

     

    

 

		(a)	that the Company desires to redeem the Super Voting Share(s) held by the holder; and

 

		(b)	the certificate number, if any, representing the Super Voting Share(s) to be redeemed, and
if only part of the Super Voting Share(s) held by the person to whom it is addressed is to be redeemed, the number thereof
so to be redeemed.

 

		27.8	On receipt of the Super Voting Redemption Notice by the holder, and subject to the provisions of
the laws governing the Company, as now existing or hereafter amended, and to the provisions hereof, the Company will immediately
redeem such Super Voting Share(s) by paying to the holder the Super Voting Redemption Price therefor.

 

		27.9	The Super Voting Share(s) so redeemed will be, and will be deemed to be, immediately redeemed
from and after the time of receipt of the Super Voting Redemption Notice, and the holder of the Super Voting Share(s) will
not be entitled to exercise any of the rights of a shareholder in respect thereof, except to receive the Super Voting Redemption
Price.

 

Participation upon Liquidation, Dissolution or Winding
Up

 

		27.10	At any time where there are only Super Voting Shares issued and outstanding, in the event of the
liquidation, dissolution or winding-up of the Company or other distribution of assets or property of the Company among its shareholders
for the purpose of winding-up its affairs, the holders of Super Voting Shares will be entitled to all remaining property and assets
of the Company on a share for share basis.

 

		27.11	At any time where Super Voting Shares and shares of another class are issued and outstanding, the
holders of the Super Voting Shares will not be entitled, in the event of the liquidation, dissolution or winding-up of the Company
or other distribution of assets or property of the Company among its shareholders for the purpose of winding-up its affairs, to
receive any payment or property in respect thereof other than the Super Voting Redemption Price in priority to the holders of Common
Shares.

 

Restrictions on Transfer

 

		27.12	The holder of a Super Voting Share may not sell, assign or otherwise transfer a Super Voting Share
to any other person without the consent of the Company.

 

Part 28

SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO GOLDEN SHARE

 

		28.1	The Golden Share has attached to it the
special rights and restrictions set out in this ‎PART 28. Only one Golden Share may be issued.

 

Voting Rights

 

		28.2	The holder of the Golden Share is entitled to receive notice of and to attend all meetings of the
shareholders of the Company and to cast the number of votes set forth in Article 28.3, but only when, as of the record date
for shareholders entitled to vote at the applicable meeting:

 

    - 59 -

     

    

 

		(a)	in the event of a vote with respect to the election of directors of the Company, the number of
outstanding Class B Common Shares (after giving effect to the exchange of all of the outstanding Class B Units into Class B
Common Shares, whether or not then exchangeable in accordance with the Exchangeable Unit Terms) exceeds the aggregate number of
outstanding: (i) Class A Common Shares (after giving effect to the exchange of all of the outstanding Class A Units
into Class A Common Shares, whether or not then exchangeable in accordance with the Exchangeable Unit Terms), and (ii) Class C
Fully Voting Shares (after giving effect to the exchange of all of the outstanding Class C Units into Class C Fully Voting
Shares, whether or not then exchangeable in accordance with the Exchangeable Unit Terms);

 

		(b)	in the event of a vote on any matter other than with respect to the election of directors of the
Company, the number of outstanding Class B Common Shares (after giving effect to the exchange of all of the outstanding Class B
Units into Class B Common Shares, whether or not then exchangeable in accordance with the Exchangeable Unit Terms) exceeds
the aggregate number of outstanding: (i) Class A Common Shares (after giving effect to the exchange of all of the outstanding
Class A Units into Class A Common Shares, whether or not then exchangeable in accordance with the Exchangeable Unit Terms),
and (ii) Class C Common Shares (after giving effect to the exchange of all of the outstanding Class C Units into
Class C Common Shares, whether or not then exchangeable in accordance with the Exchangeable Unit Terms); or

 

		(c)	a Non-Canadian Principal Shareholder exists.

 

		28.3	The holder of the Golden Share will be entitled to a number of votes (the “Golden Share
Voting Rights”) equal to:

 

		(a)	the Golden Share Additional Votes, if applicable, plus

 

		(b)	such number of votes (the “Golden Share Canadian Votes”) such that the aggregate
number of votes cast by the holder of the Golden Share, together with the aggregate number of votes cast by the holders of Class A
Common Shares, the Class A Special Voting Share, Class C Common Shares and the Class C Special Voting Share, equals
a simple majority of all votes cast by holders of all classes of shares entitled to vote at such meeting.

 

		28.4	The Golden Share shall be subject to Article ‎25.4.

 

Voting Mechanics

 

		28.5	The Company shall direct the holder of the Golden Share to cast and exercise, in the manner instructed,
the Golden Share Voting Rights as follows:

 

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		(a)	If either (x) no holder (other than
Polaris or its controlled Affiliates) beneficially owns or controls, directly or indirectly (and no holder (other than Polaris
or its controlled Affiliates) is a member of any group that beneficially owns or controls, directly or indirectly) an aggregate
number of Class A Units and/or Class A Common Shares accounting for more than five percent of the aggregate number of
outstanding Common Shares and Exchangeable Units taken as a whole as of the record date for shareholders entitled to vote at the
applicable meeting (any such holder, a “5% Voter”), or (y) the 5% Voters in the aggregate do not account
for more than 50% of the aggregate number of outstanding Class A Common Shares (excluding any Class A Common Shares held
by or on behalf of Polaris or its controlled Affiliates (if any)) and Class A Units (excluding any Class A Units held
by or on behalf of Polaris or its controlled Affiliates (if any)) taken as a whole as of the record date for shareholders entitled
to vote at the applicable meeting, then the Golden Share Voting Rights shall be voted pro rata with the sum of the following votes:

 

		(A)	the aggregate votes attached to Class A Special Voting Shares cast and exercised on the applicable
matter by the holders thereof (other than Class A Holder Votes cast by or on behalf of Polaris and its controlled Affiliates
(if any)); and

 

		(B)	the aggregate votes attached to Class A Common Shares cast and exercised on the applicable
matter by the holders thereof (other than Polaris and its controlled Affiliates (if any));

 

in each
case giving effect to withholds.

 

		(b)	If clause (a) is not applicable,
then: (x) one-half of the Golden Share Voting Rights shall be voted pro rata with the aggregate votes cast and exercised on
the applicable matter by the 5% Voters, and (y) one-half of the Golden Share Voting Rights shall be voted pro rata with the
sum of the following votes:

 

		(A)	the aggregate votes attached to Class A Special Voting Shares cast and exercised on the applicable
matter by the holders thereof (other than Class A Holder Votes cast by or on behalf of 5% Voters or Polaris and their respective
controlled Affiliates (if any)); and

 

		(B)	the aggregate votes attached to Class A Common Shares cast and exercised on the applicable
matter by the holders thereof (other than Class A Holder Votes cast by or on behalf of 5% Voters or Polaris and their respective
controlled Affiliates (if any));

 

in each
case giving effect to withholds.

 

Payment of Dividends

 

		28.6	The holder of the Golden Share will not be entitled to receive any dividend payable by the Company.

 

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Redemption by the Company

 

		28.7	Upon the consummation of an Unwind Transaction, the Company shall immediately redeem the Golden
Share for the Golden Share Redemption Price, by delivering to the holder of the Golden Share at the holder’s address as it
appears on the records of the Company or in the event of the address of any such holder not so appearing then to the last known
address of such holder, a written notice (the “Golden Share Redemption Notice”) specifying:

 

		(a)	that the Company desires to redeem the Golden Share held by the holder; and

 

		(b)	the certificate number, if any, representing the Golden Share to be redeemed.

 

		28.8	On receipt of the Golden Share Redemption Notice by the holder, and subject to the provisions of
the laws governing the Company, as now existing or hereafter amended, and to the provisions hereof, the Company will immediately
redeem the Golden Share by paying to the holder the Golden Share Redemption Price therefor.

 

		28.9	The Golden Share will be, and will be deemed to be, immediately redeemed from and after the time
of receipt of the Golden Share Redemption Notice, and the holder of the Golden Share will not be entitled to exercise any of the
rights of a shareholder in respect thereof, except to receive the Golden Share Redemption Price.

 

Participation upon Liquidation, Dissolution or Winding
Up

 

		28.10	The holder of the Golden Share will not be entitled, in the event of the liquidation, dissolution
or winding-up of the Company or other distribution of assets or property of the Company among its shareholders for the purpose
of winding-up its affairs, to receive any payment or property in respect thereof other than the Golden Share Redemption Price in
priority to the holders of Common Shares.

 

Part 29

SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO CLASS A PREFERRED SHARES

 

		29.1	The Class A Preferred Shares have
attached to them the special rights and restrictions set out in this ‎PART 29. An unlimited number of Class A
Preferred Shares may be issued.

 

		29.2	The Class A Preferred Shares may include one or more series of shares and subject to the provisions
of the Business Corporations Act, the directors (subject to the approval of each Designator for so long as such person is a 5%
Holder) may, by resolution, if none of the shares of any particular series are issued, alter the Articles of the Company and authorize
the alteration to the Notice of Articles of the Company, as the case may be, to:

 

		(a)	determine the maximum number of shares of that series that the Company is authorized to issue,
determine that there is no such maximum number, or alter any such determination;

 

    - 62 -

     

    

 

		(b)	create an identifying name by which the share of that series may be identified, or alter any such
identifying name; and

 

		(c)	attach special rights and restrictions to the shares of that series, or alter any such special
rights and restrictions so long as such special rights do not conflict with the rights expressly set forth herein or in any investor
rights agreement between the Company and a Designator.

 

Part 30

DECLARATIONS

 

Holder

 

		30.1	The Company may request, at any time, any beneficial owner, Participant or the Depository to provide
any relevant information available to such beneficial owner, Participant or the Depository and required by the Company to apply
the restrictions on the issue, transfer, ownership, control or voting of the Voting Shares set out in these Articles.

 

Transfer or issue of shares

 

		30.2	The Company may request, prior to accepting
any transfer of or subscription for Voting Shares, the prospective holder, the Agent of such holder, any Participant in
respect of such Voting Shares or the Depository to provide any relevant information available to such prospective holder, Agent,
Participant or the Depository and requested by the Company to apply the restrictions on the issue, transfer, ownership, control
or voting of the Voting Shares set out in these Articles.

 

Declaration and other information

 

		30.3	In order to apply the restrictions on the issue, transfer, ownership, control or voting of the
Voting Shares set out in these Articles, the Company may, in its entire discretion:

 

		(a)	request any beneficial owner, Participant or the Depository to provide a statutory declaration
under the Canada Evidence Act or otherwise, in form and substance satisfactory to the Company, concerning whether the shareholder,
or any beneficial owner of the shareholder, is Canadian (a “Declaration”);

 

		(b)	request any person seeking to have a Voting
Share registered in his, her or its name, or to have a Voting Share issued to him, her or it, to provide a Declaration similar
to the Declaration a person may be requested to provide under Article ‎30.3; and

 

		(c)	determine the circumstances in which any Declarations are required, their form and the times when
they are to be provided.

 

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Failure to provide a Declaration or any other information

 

		30.4	Prior to the consummation of an Unwind
Transaction, if any beneficial owner, Participant or the Depository is requested to provide a Declaration or other information
pursuant to this ‎PART 30 and fails to comply with such obligation, the Company may, until such beneficial owner,
Participant or the Depository has provided such Declaration or other information, order the conversion into Class B Common
Shares of any issued and outstanding Class A Common Shares held by or on behalf of such beneficial owner or Participant, without
any further act of such beneficial owner or Participant.

 

		30.5	The Company may, when it deems it appropriate, in order to apply the restrictions on or provisions
applicable to the issue, transfer, ownership, control or voting of the Voting Shares set out in these Articles:

 

		(a)	enter into any contract with third persons, and particularly with the Transfer Agent, Depository
and Tabulation Agent; and

 

		(b)	implement all control mechanisms and adopt all the procedures it may require from time to time,
and particularly to implement and adopt forms of Declaration of the Canadian status of a holder of Voting Shares.

 

DATED: ●.

 

__________________________________________

Signature of Incorporator

Name of Incorporator: Henry Intven

 

    - 64 -Exhibit 10.9

 

Telesat
Corporation

 

REGISTRATION RIGHTS AGREEMENT

 

 

Dated as of    November 23,
2020

 

     

     

    

 

REGISTRATION RIGHTS AGREEMENT

 

This
REGISTRATION RIGHTS AGREEMENT is made as of November 23, 2020 (to become effective only upon the Closing in accordance with
‎Section 6.1),
by and between Telesat Corporation, a British Columbia company (together with its successors and assigns, the “Company”),
Public Sector Pension Investment Board, a Canadian Crown corporation incorporated under the laws of Canada (“Polaris”),
Red Isle Private Investments Inc., a corporation incorporated under the Laws of Canada (“Rover”), MHR Fund Management
LLC, a Delaware limited liability company (“Meteor”), the other Meteor Holders signatory hereto and the other
Meteor Investors signatory hereto. Reference is made to that certain Transaction Agreement and Plan of Merger, dated as of the
date hereof, by and among the Company, Polaris, Rover, Telesat Partnership LP, a limited partnership formed under the laws of Ontario,
Canada (“Canadian LP”), and certain other parties thereto (as it may be amended, supplemented, restated or modified
in accordance with its terms and the terms of the Voting Support Agreement, dated the date hereof, by and among Telesat Canada,
a corporation incorporated under the laws of Canada, Polaris, and the Meteor-affiliated parties signatory thereto, from time to
time after the date of this Agreement, the “Integration Agreement”).

 

WHEREAS, on the terms
and subject to the conditions set forth in the Integration Agreement, the parties thereto have agreed to an “integration”
transaction that will result in (a) certain classes of Common Shares of the Company becoming publicly traded, and (b) the
issuance of certain limited partnership units of Canadian LP (the “Exchangeable Units”) exchangeable into certain
classes of shares in accordance with their terms; and

 

WHEREAS, in connection
with the consummation of the transactions contemplated by the Integration Agreement, the Investors will receive Common Shares and
Exchangeable Units and the parties hereto desire to enter into this Agreement, to become effective only upon the Closing in accordance
with Section 6.1, to set forth agreements regarding registration rights and certain other rights as investors in the
Company after consummation of such transactions (the “Closing”).

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

 

DEFINITIONS

 

Definitions.
As used in this Agreement, the following terms shall have the meanings set forth below:

 

“Adverse Disclosure”
means public disclosure of material non-public information that, in the good faith judgment of the Company: (a) would be required
to be made in any Registration Statement filed with the SEC or any Canadian Preliminary Prospectus or Canadian Prospectus filed
with any Canadian Securities Authority so that, in the case of a Registration Statement, such Registration Statement, from and
after its effective date, does not contain an untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein not misleading, or, in the case of a Canadian Preliminary Prospectus
or Canadian Prospectus, so that such Canadian Preliminary Prospectus or Canadian Prospectus contains full, true and plain disclosure
of all material facts relating to the securities distributed thereunder and does not contain a misrepresentation; (b) would
not be required to be made at such time but for the filing, effectiveness or continued use of such Registration Statement or the
filing of such Canadian Preliminary Prospectus or Canadian Prospectus; and (c) the Company has a bona fide business purpose
for not disclosing publicly.

 

    	 	- 1 -	 

     

    

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly, controls, is controlled by or is under common
control with such Person; provided, however, that, the Company and its Subsidiaries shall not be deemed to
be an Affiliate of the Investors. The term “control” (including the terms “controlled by”
and “under common control with”) as used with respect to any Person, means the power to direct or cause the
direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
as trustee or executor, by contract or otherwise to control such Person within the meaning of such term as used in Rule 405
under the Securities Act. “Controlled” and “controlling” have meanings correlative to the
foregoing.

 

“Aggregate
Offering Price” means the aggregate offering price of Registrable Securities in any offering, calculated based upon the
Fair Market Value of the Registrable Securities as of the date that the applicable Demand Registration Request or Shelf Takedown
Notice is delivered without any deduction for anticipated expenses or underwriter’s discounts and commissions.

 

“Agreement”
means this Registration Rights Agreement, as the same may be amended, supplemented, restated or modified.

 

“Automatic
Demand Registration” shall have the meaning set forth in Section 2.1(a)(ii).

 

“Board”
means the board of directors of the Company as constituted from time to time.

 

“Bought Deal”
means an underwritten Public Offering made on a “bought deal” basis in one or more Canadian provinces or territories
pursuant to which an underwriter has committed to purchase securities of the Company in a “bought deal” letter prior
to the filing of a prospectus under Canadian Securities Laws.

 

“Business
Day” means any day other than a Saturday, Sunday, a day on which banking institutions in New York City or the City of
Montréal are authorized or required by law to be closed or a day on which the New York Stock Exchange, the NASDAQ Stock
Market or the Toronto Stock Exchange is closed for trading.

 

“Canadian Base
Shelf Prospectus” shall have the meaning set forth in Section 2.2(h)(i).

 

“Canadian
LP” shall have the meaning set forth in the preamble.

 

    	 	- 2 -	 

     

    

 

“Canadian Preliminary
Prospectus” means a preliminary prospectus in respect of Common Shares or other securities which (unless the context
requires otherwise) has been filed with and a receipt issued therefor by the applicable Canadian Securities Authorities, including,
without limitation all amendments and all supplements thereto and all documents incorporated or deemed to be incorporated by reference
therein and includes, as applicable, a Preliminary Canadian Base Shelf Prospectus.

 

“Canadian Prospectus”
means a final prospectus in respect of Common Shares or other securities which (unless the context requires otherwise) has been
filed with and a receipt issued therefor by the applicable Canadian Securities Authorities, including, without limitation all amendments
and all supplements thereto and all documents incorporated or deemed to be incorporated by reference therein, and includes, as
applicable, a Canadian Base Shelf Prospectus and a Canadian Shelf Supplement.

 

“Canadian Securities
Authorities” means the securities commissions or securities regulatory authorities in each of the provinces and territories
of Canada.

 

“Canadian Securities
Laws” means the securities Laws of each of the provinces and territories of Canada, the forms and disclosure requirements
made or promulgated under those Laws and companion policies of or administered by the Canadian Securities Authorities, and applicable
discretionary rulings, blanket orders or orders issued by the Canadian Securities Authorities pursuant to such Laws and policy
statements, all as amended and in effect from time to time.

 

“Canadian Shelf
Registration Request” shall have the meaning set forth in Section 2.2(h)(i).

 

“Canadian Shelf
Supplement” shall have the meaning set forth in Section 2.2(h)(iii).

 

“Canadian Shelf
Takedown Notice” shall have the meaning set forth in Section 2.2(h)(i).

 

“Catch-Up
Sale” means a Transfer, as designated by Polaris, by the Polaris Investors to any Person (other than any Affiliate of
such Polaris Investors or to the Meteor Investors) of up to a number of Common Shares equal to the number of Common Shares distributed
by the Meteor Investors pursuant to the Permitted Exceptions, in each case, from time to time and in the aggregate.

 

“Chosen Courts”
shall have the meaning set forth in Section 6.4(b).

 

“Closing”
shall have the meaning set forth in the preamble.

 

“Closing Date”
shall have the meaning set forth in the Integration Agreement.

 

    	 	- 3 -	 

     

    

 

“Common Shares”
means Class A common shares of the Company, Class B common shares of the Company or Class C limited voting shares
and Class C fully voting shares of the Company as the context requires in accordance with the Governing Documents.

 

“Company Indemnitee”
shall have the meaning set forth in Section 2.9(e).

 

“CUSIP”
means the Committee on Uniform Securities Identification Procedures.

 

“Demand Canadian
Preliminary Prospectus” shall have the meaning set forth in Section 2.1(a).

 

“Demand Canadian
Prospectus” shall have the meaning set forth in Section 2.1(c).

 

“Demand Notice”
shall have the meaning set forth in Section 2.1(a)(i).

 

“Demand Registration”
shall have the meaning set forth in Section 2.1(a)(i).

 

“Demand Registration
Request” shall have the meaning set forth in Section 2.1(a)(i).

 

“Demand Registration
Statement” shall have the meaning set forth in Section 2.1(a)(i).

 

“Demand Suspension”
shall have the meaning set forth in Section 2.1(f).

 

“Exchange”
or “exchange” shall have the meaning set forth in Section 4.1.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and regulations promulgated
thereunder, all as the same shall be in effect from time to time.

 

“Exchange Amount”
shall have the meaning set forth in Section 4.1.

 

“Exchange Notice”
shall have the meaning set forth in Section 4.1.

 

“Exchangeable
Units” shall have the meaning set forth in the recitals.

 

“Fair Market
Value” means, with respect to any Registrable Securities as of any applicable date of determination, the volume weighted
average trading price calculated for the five (5) trading days immediately preceding the date of determination as reported
on the stock exchange or securities market on which the highest aggregate number of Registrable Securities have been traded for
the twelve month period immediately preceding the date of determination.

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

“Governmental
Authority” means any United States, Canada or foreign government, any state, provincial, territorial or other political
subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining
to government, including any member of the Canadian Securities Authorities, the SEC, any securities exchange on which any Common
Shares or other securities are listed or posted for trading, or any other authority, agency, department, board, commission, foreign
governmental or non-governmental self-regulatory organization, or instrumentality of Canada or the United States, any province
or territory of Canada, State of the United States or any political subdivision thereof or any foreign jurisdiction, and any court,
tribunal or arbitrator(s) of competent jurisdiction.

 

    	 	- 4 -	 

     

    

 

“Governing Documents”
means the articles and notice of articles or other equivalent organizational or governing documents of the Company.

 

“Holders”
means the Meteor Holders and the Polaris Holders.

 

“IIROC”
means the Investment Industry Regulatory Organization of Canada.

 

“Integration
Agreement” shall have the meaning set forth in the preamble.

 

“Investor Rights
Agreement” means, as the context requires, (i) that certain Investor Rights Agreement, dated as of the date hereof,
by and between the Company and Polaris or (ii) that certain Investor Rights Agreement, dated as of the date hereof, by and
between the Company and Meteor, in each case, as from time to time amended.

 

“Investors”
means the Meteor Investors and the Polaris Investors.

 

“Issuer Free
Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act, relating
to an offer of the Registrable Securities.

 

“Law”
with respect to any Person, means (a) all provisions of all laws, statutes, ordinances, rules, regulations, permits, certificates
or orders of any Governmental Authority applicable to such Person or any of its assets or property or to which such Person or any
of its assets or property is subject, and (b) all judgments, injunctions, orders and decrees of any Governmental Authority
in proceedings or actions in which such Person is a party or by which it or any of its assets or properties is or may be bound
or subject.

 

“Lock-Up Period”
means the period commencing on the Closing Date and ending on the date that is six (6) months following the Closing Date.

 

“Loss”
shall have the meaning set forth in Section 2.9(a).

 

“marketing materials”
shall have the meaning set forth in NI 41-101.

 

“Maximum Tag
Amount” means, with respect to the Tagging Investor, at the time of determination, the product of (a) a number,
expressed as a percentage, the numerator of which is the number of Common Shares proposed to be Transferred by the Selling Investor
(as if there were to be no participation by a Tagging Investor), and the denominator of which is the total number of Common Shares
owned by the Selling Investor, multiplied by (b) the total number of Common Shares owned by the Tagging Investor.

 

    	 	- 5 -	 

     

    

 

“Meteor Holders”
means Meteor and their respective Affiliates that hold Registrable Securities (such persons being deemed for purposes of this definition
to hold Registerable Securities issuable upon exercise, conversion or exchange of any security that is (or with the passage of
time will be) exercisable for, convertible into or exchangeable for, as of any such date of determination, Registrable Securities
without payment to the Company of any additional consideration, including the Exchangeable Units).

 

“Meteor Investors”
means Meteor and its respective Affiliates that hold Share Equivalents.

 

“MHR 1996 Vintage
Fund” means, collectively, MHR Institutional Partners LP, MHRA LP and MHRM LP.

 

“NI 41-101”
means National Instrument 41-101 General Prospectus Requirements.

 

“NI 44-101”
means National Instrument 44-101 Short Form Prospectus Distributions.

 

“NI 44-102”
means National Instrument 44-102 Shelf Distributions.

 

“Partnership
Agreement” means the Amended and Restated Limited Partnership Agreement of Canadian LP, dated as of the date hereof,
by and among the Company, Rover, each other limited partner admitted to Canadian LP in accordance with the terms thereof and, solely
for purposes of Section 3.22 thereof, Polaris.

 

“Participation
Conditions” shall have the meaning set forth in Section 2.2(e)(ii).

 

“Permitted Exceptions”
means a distribution by the person in MHR 1996 Vintage Fund to their respective direct or indirect interest holders of up to 2,634,891
Common Shares in the aggregate as appropriately adjusted for any stock dividend, stock split, reverse stock split, combination,
reclassification, exchange or other similar recapitalization; provided such distribution is in compliance with the terms
and conditions of the Governing Documents.

 

“Person”
means an individual, partnership, corporation, business trust, joint stock company, trust, unincorporated association, joint venture,
limited liability company, Governmental Authority or any other entity or organization of whatever nature and shall include any
successor (by merger or otherwise) of such entity or organization.

 

“Piggyback Notice”
shall have the meaning set forth in Section 2.3(a).

 

“Piggyback Registration”
shall have the meaning set forth in Section 2.3(a).

 

“Polaris Holders”
means Polaris and Rover and their respective Affiliates that hold Registrable Securities (such persons being deemed for purposes
of this definition to hold Registerable Securities issuable upon exercise, conversion or exchange of any security that is (or with
the passage of time will be) exercisable for, convertible into or exchangeable for, as of any applicable date of determination,
Registrable Securities without payment to the Company of any additional consideration, including the Exchangeable Units).

 

    	 	- 6 -	 

     

    

 

“Polaris Investors”
means Polaris and Rover and their respective Affiliates that hold Share Equivalents.

 

“Potential Takedown
Participant” shall have the meaning set forth in Section 2.2(e)(ii).

 

“Public Offering”
means the offer and sale of Registrable Securities for cash pursuant to (a) an effective Registration Statement under the
Securities Act (other than a Registration Statement on Form S-4, Form F-4 or Form S-8 or any successor form), (b) a
Canadian Prospectus or (c) a combination of (a) and (b) above.

 

“Registrable
Securities” means all Common Shares held by each Holder, as well as any Common Share or other securities issued as (or
issuable upon the conversion, exchange or exercise of any warrant, right or other security which is issued as) a dividend or other
distribution with respect to, or in exchange for, or in replacement generally of, such Common Share, including, without limitation,
Common Shares issued in exchange for Exchangeable Units; provided, that any particular Registrable Securities shall cease
to be Registrable Securities when (a) (i) a Registration Statement with respect to the sale of such securities shall
have become effective under the Securities Act and such securities shall have been disposed of in accordance with such Registration
Statement or (ii) such securities shall have been qualified for distribution under applicable Canadian Securities Laws in
any province or territory of Canada pursuant to the filing with the applicable Canadian Securities Authorities of a Canadian Prospectus
and the issuance of a receipt therefor, and such securities shall have been disposed of thereunder, (b) such securities shall
have been Transferred pursuant to Rule 144, (c) both (i) such Holder is able to immediately sell such securities
under Rule 144 without any restrictions on transfer (including without application of paragraphs (c), (d), (e), (f) and
(h) of Rule 144), as reasonably determined by the Holder, and (ii) the trade of such securities by such Holder in
Canada would not constitute a “distribution” as such term is defined under applicable Canadian Securities Laws that
is a “control distribution” as such term is defined in National Instrument 45-102 Resale of Securities,
(d) each of (i) such securities have been otherwise transferred in a transaction that constitutes a sale thereof under
the Securities Act, (ii) the Company has delivered to the Holder’s transferee a new certificate or other evidence of
ownership for such shares not bearing the Securities Act restricted stock legend, and (iii) such shares may be resold or otherwise
transferred by such transferee without subsequent registration under the Securities Act including pursuant to Rule 144 without
any restriction on transfer including without application of paragraphs (b), (d), (e), (f) and (h) of Rule 144,
or (e) such securities shall have ceased to be outstanding.

 

“Registration”
means (a) a registration under the Securities Act of the offer and sale to the public of any Registrable Securities under
a Registration Statement, (b) the qualification of any Registrable Securities for distribution under applicable Canadian Securities
Laws in any provinces or territories of Canada by way of a Canadian Prospectus, or (c) a combination of (a) and (b) above.
The terms “register”, “registered” and “registering” shall have correlative
meanings.

 

    	 	- 7 -	 

     

    

 

“Registration
Expenses” shall have the meaning set forth in Section 2.8(a)(xi).

 

“Registration
Statement” means any registration statement of the Company filed with, or to be filed with, the SEC under the Securities
Act, including the related U.S. Prospectus, amendments and supplements to such registration statement, including pre- and post-effective
amendments, and all exhibits and all material incorporated by reference in such registration statement other than a registration
statement (and related U.S. Prospectus) filed on Form S-4, Form F-4 or Form S-8 or any successor form thereto.

 

“Representatives”
means, with respect to any Person, any of such Person’s officers, directors, employees, agents, attorneys, accountants, actuaries,
consultants, equity financing partners or financial advisors or other Person associated with, or acting on behalf of, such Person.

 

“Rule 144”
means Rule 144 under the Securities Act (or any successor rule).

 

“SEC”
means the Securities and Exchange Commission or any successor agency having jurisdiction under the Securities Act.

 

“Secondary Indemnitors”
shall have the meaning set forth in Section 2.9(e).

 

“Securities
Act” means the Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations promulgated
thereunder, all as the same shall be in effect from time to time.

 

“Securities
Authorities” means the SEC and the Canadian Securities Authorities or applicable securities authorities of any other
jurisdiction.

 

“Selling Holder
Information” shall have the meaning set forth in Section 2.9(a).

 

“Selling Investor” shall
have the meaning set forth in Section 3.1.

 

“Share Equivalents”
means (a) Common Shares, and (b) the Common Shares issuable upon exercise, conversion or exchange of any security that
is (or with the passage of time will be) exercisable for, convertible into or exchangeable for, as of any applicable date of determination,
Common Shares without payment to the Company of any additional cash consideration, and including all Common Shares issuable (or
that with the passage of time will be issuable) in exchange for the Exchangeable Units.

 

“Shelf Takedown Notice”
means a Canadian Shelf Takedown Notice or a U.S. Shelf Takedown Notice.

 

“Specially
Designated Director” shall have the meaning ascribed to such term in the Company’s Articles.

 

“Subsidiary”
means, with respect to any Person, any corporation, partnership, trust, limited liability company or other non-corporate business
enterprise in which such Person (or another Subsidiary of such Person) holds shares, stock or other ownership interests representing
(a) more than 50% of the voting power of all outstanding shares, stock or ownership interests of such entity, (b) the
right to receive more than 50% of the net assets of such entity available for distribution to the holders of outstanding shares,
stock or ownership interests upon a liquidation or dissolution of such entity or (c) a general or managing partnership interest
in such entity.

 

    	 	- 8 -	 

     

    

 

“Tag-Along Acceptance”
shall have the meaning set forth in Section 3.2.

 

“Tag-Along Maximum Amount”
shall have the meaning set forth in Section 3.1.

 

“Tag-Along Notice” shall
have the meaning set forth in Section 3.1.

 

“Tag-Along Sale”
shall have the meaning set forth in Section 3.1.

 

“Tag-Along Sale Closing Date”
shall have the meaning set forth in Section 3.1.

 

“Tag-Along Transfer Amount”
shall have the meaning set forth in Section 3.1.

 

“Tagging Investor” shall
have the meaning set forth in Section 3.1.

 

“Transfer”
means, with respect to any Common Shares, and the beneficial interest therein, a direct or indirect transfer, sale, or exchange
thereof, including the grant of an option or right to acquire Common Shares (but for the avoidance of doubt, excluding any bona
fide pledge, encumbrance or hypothecation or similar transaction and any foreclosure or sale pursuant thereto upon a default on
the underlying obligation), whether directly or indirectly, whether voluntarily, involuntarily, by operation of law, pursuant to
judicial process or otherwise. “Transferred” shall have a correlative meaning.

 

“Underwritten
Pro Rata Portion” means, with respect to each Holder requesting that its shares be registered or sold in an Underwritten
Public Offering, a number of such shares equal to the aggregate number of Registrable Securities to be registered or sold (excluding
any shares to be registered or sold for the account of the Company) multiplied by a fraction, the numerator of which is the aggregate
number of Registrable Securities held by such Holder, and the denominator of which is the aggregate number of Registrable Securities
held by all Holders requesting that their Registrable Securities be registered or sold (such Holders being deemed for purposes
of this definition to hold Registerable Securities issuable upon exercise, conversion or exchange of any security that is exercisable
for, convertible into or exchangeable for, as of any applicable date of determination, Registrable Securities without payment to
the Company of any additional cash consideration, including all Common Shares issuable (or that prior to the effective date of
the applicable registration statement with the passage of time will be so issuable) in exchange for the Exchangeable Units).

 

“Underwritten
Public Offering” means an underwritten Public Offering, including any bought deal or block sale to a financial institution
conducted as an underwritten Public Offering.

 

“Underwritten
U.S. Shelf Takedown” means an Underwritten Public Offering pursuant to an effective U.S. Shelf Registration Statement.

 

    	 	- 9 -	 

     

    

 

“U.S. Prospectus”
means (i) the prospectus included in any Registration Statement, all amendments and supplements to such prospectus, including
post-effective amendments and supplements, and all other material incorporated by reference in such prospectus, and (ii) any
Issuer Free Writing Prospectus.

 

“U.S. Shelf
Period” shall have the meaning set forth in Section 2.2(c).

 

“U.S. Shelf
Registration” shall have the meaning set forth in Section 2.2(a).

 

“U.S. Shelf
Registration Notice” shall have the meaning set forth in Section 2.2(b).

 

“U.S. Shelf
Registration Request” shall have the meaning set forth in Section 2.2(a).

 

“U.S. Shelf
Registration Statement” shall have the meaning set forth in Section 2.1(b)(i).

 

“U.S. Shelf
Suspension” shall have the meaning set forth in Section 2.2(d).

 

“U.S. Shelf
Takedown Notice” shall have the meaning set forth in Section 2.2(e)(ii).

 

“U.S. Shelf
Takedown Request” shall have the meaning set forth in Section 2.2(e)(i).

 

“Wholly-Owned
Affiliate” means, with respect to any Person, any Affiliate of such Person all of the equity interests of which are directly
or indirectly beneficially owned by that same Person.

 

“WKSI”
means any Securities Act registrant that is a well-known seasoned issuer as defined in Rule 405 under the Securities Act at
the most recent eligibility determination date specified in paragraph (2) of that definition.

 

    	 	- 10 -	 

     

    

 

REGISTRATION RIGHTS

 

Demand Registration.

 

Request for Demand Registration.

 

At any time
following the Closing Date (A) Polaris on behalf of the Polaris Holders (in such capacity, the “Polaris Requesting
Holder”), and (B) Meteor on behalf of the Meteor Holders (in such capacity the “Meteor Requesting Holder”,
and together with the Polaris Requesting Holder, the “Requesting Holders”) shall have the right to make a written
request from time to time (a “Demand Registration Request”) to the Company for Registration of all or part of
the Registrable Securities held by such Holders (such Holders being deemed for purposes of this Article II to hold
Registerable Securities issuable (or with the passage of time will be so issuable) upon exercise, conversion or exchange of any
security that is exercisable for, convertible into or exchangeable for, as of any applicable date of determination, Registrable
Securities without payment to the Company of any additional cash consideration, and including all Common Shares issuable (or that
with the passage of time will be issuable) in exchange for the Exchangeable Units); provided, the Company shall not be required
to effect more than two Demand Registration Requests initially delivered by the Polaris Requesting Holder or two Demand Registration
Requests initially delivered by the Meteor Requesting Holder pursuant to this Section 2.1. Any such Registration pursuant
to a Demand Registration Request or the Automatic Demand Registration (as defined below) shall hereinafter be referred to as a
 “Demand Registration.” Each Demand Registration Request shall specify (A) the aggregate amount of Registrable
Securities held by applicable Holders to be registered, (B) the intended method or methods of disposition thereof, including
whether it is intended to be an Underwritten Public Offering and (C) the jurisdiction(s) in which the Registration is
to take place. Upon receipt of a Demand Registration Request and, subject to Section 2.1(a)(ii), in connection with the Automatic
Demand Registration, the Company shall as promptly as practicable: (y) file a Registration Statement or Canadian Prospectus
(a “Demand Registration Statement”) relating to such Demand Registration, and use its reasonable best efforts
to cause such Demand Registration Statement to be promptly filed, declared effective under, and obtain issuance receipts with respect
to, as may be reasonably requested by any Holder whose securities are to be included in such sale under: (A) the Securities
Act and (B) the applicable Canadian Securities Authorities; and/or (z) file a Canadian Preliminary Prospectus (a “Demand
Canadian Preliminary Prospectus”) and a Canadian Prospectus (a “Demand Canadian Prospectus”) relating
to such Demand Registration, with the applicable Canadian Securities Authorities and use its reasonable best efforts to secure
the issuance of a receipt therefor, including, if necessary or useful, in reliance upon the post-receipt pricing procedures under
National Instrument 44-103 Post-Receipt Pricing.

 

(ii)           Automatic
Demand Registration. As promptly as practicable following the Closing Date, (a) the Company shall use its reasonable best
efforts to file a Demand Registration Statement for the Registration of all or part of the Registrable Securities held by the Holders
to enable the offering, sale and distribution of the related Registrable Securities in accordance with the intended method of distribution
thereof as expeditiously as reasonably practicable (the “Automatic Demand Registration”); provided, however,
that such Demand Registration Statement related to the Automatic Demand Registration (x) shall not be made effective prior
to the expiration of the Lock-Up Period, and (y) shall not, for purposes of Section 2.1(a)(i), be deemed to be
effected pursuant to a Demand Registration Request delivered by either Polaris or Meteor. Unless a Holder provides written notice
to the Company within 30 Business Days following the Closing Date, the Demand Registration Statement related to the Automatic Demand
Registration shall cover the Registration of all of the Registrable Securities held by such Holder and enable offers and sales
utilizing the methods of distributions and in the jurisdictions substantially in the form of Annex A hereto, with such changes
as may be agreed by the Holders and the Company.

 

    	 	- 11 -	 

     

    

 

Limitation on Demand
Registrations.

 

(i)             Limitation
on U.S. Demand Registrations.  The Company shall not be obligated to take any action to effect any Demand Registration
under the Securities Act in the United States by a Requesting Holder (i) if the Company qualifies for the use of Form S-3
or Form F-3, or Form F-10 under the Multijurisdictional Disclosure System, promulgated under the Securities Act or any
successor form thereto to file a “shelf’ Registration Statement with the SEC pursuant to Rule 415 under the Securities
Act or, in the case of Form F-10, under applicable Canadian shelf prospectus rules (a “U.S. Shelf Registration
Statement”), has filed such a U.S. Shelf Registration Statement that has become effective, and such U.S. Shelf Registration
Statement is then available for use by the Requesting Holder pursuant to Section 2.2, (ii) if within the preceding 90
days an Underwritten U.S. Shelf Takedown was consummated, or (iii) unless the Aggregate Offering Price of the Registrable
Securities subject to the Demand Registration Request is reasonably expected to be at least $35,000,000 (unless the Requesting
Holder is proposing to sell all of its remaining Registrable Securities); provided, however, the limitations specified in this
Section 2.1(b)(i) shall not apply to the Automatic Demand Registration.

 

(ii)            Limitations
of Canadian Demand Registrations. The Company shall not be obligated to take any action to effect a Demand Registration under
the applicable Canadian Securities Laws by a Requesting Holder (i) if the Company is then eligible to use the Canadian “short
form” prospectus and shelf prospectus rules qualifying for distributions of the Registrable Securities to the public,
has filed a Canadian shelf prospectus under such rules and obtained a final receipt therefor in each of the provinces and
territories of Canada in conformity with the Canadian Securities Laws, and such Canadian shelf prospectus is then available for
use by the Requesting Holder to sell pursuant to Section 2.2, (ii) if within the preceding 90 days a receipt was issued
for a Demand Canadian Prospectus (or a Canadian Shelf Supplement was filed with the applicable Canadian Securities Authorities
pursuant to Section 2.2(h)(iii)) which qualifies for distribution to the public all of the Registrable Securities which
the Requesting Holder has requested to be Registered in its Demand Registration Request and such Demand Canadian Prospectus (including
such a Canadian Shelf Supplement, if applicable) is then available for use by the Requesting Holder to sell such Registrable Securities
in each of the province and territories specified therein, or (iii) unless the Aggregate Offering Price of the Registrable
Securities subject to the Demand Registration Request is reasonably expected to be at least $35,000,000 (unless the Requesting
Holder is proposing to sell all of its remaining Registrable Securities); provided, however, the limitations specified in this
Section 2.1(b)(ii) shall not apply to the Automatic Demand Registration.

 

(iii)            Maximum
Number of Underwritten Public Offerings. The Company shall not be obligated to take any action to effect more than six Underwritten
Public Offerings (in the aggregate), three of which may be initially requested by Meteor and three of which may be initially requested
by Polaris. Underwritten Public Offerings effected pursuant to the Automatic Demand Registration shall count as an Underwritten
Public Offering with respect to each Holder that includes Registrable Securities in such Underwritten Public Offering (i.e.,
if each of Meteor and Polaris includes Registrable Securities in any such Underwritten Public Offering, each of Meteor and Polaris
will be deemed to have initially requested such Underwritten Public Offering). If Meteor or Polaris request an Underwritten Public
Offering that requires both a Registration Statement and a Canadian Prospectus in order to enable an Underwritten Public Offering
to be made in the U.S. and Canada, in compliance with the applicable securities laws in the U.S. and Canada, such Underwritten
Public Offering will be deemed to be one Underwritten Public Offering.

 

    	 	- 12 -	 

     

    

 

Demand Notice.
Promptly upon receipt of a Demand Registration Request pursuant to Section 2.1 (but in no event more than two Business
Days thereafter), the Company shall deliver a written notice (a “Demand Notice”) of any such Demand Registration
Request to all other Holders and the Demand Notice shall offer each such Holder the opportunity to include in the Demand Registration
that number of Registrable Securities as each such Holder may request in writing. Subject to Section 2.1(g), the Company
shall include in the Demand Registration all such Registrable Securities with respect to which the Company has received written
requests for inclusion therein within 10 Business Days after the date that the Demand Notice was delivered.

 

Demand Withdrawal.
The Requesting Holder may withdraw all or any portion of their Registrable Securities included in a Demand Registration from such
Demand Registration at any time prior to the effectiveness of the Demand Registration Statement or the filing of the Demand Canadian
Prospectus, as applicable. Upon receipt of a notice to such effect with respect to all of the Registrable Securities included by
the applicable Requesting Holder in such Demand Registration, the Company shall cease all efforts to pursue or consummate such
Demand Registration.

 

Effective Registration.
The Company shall

 

use reasonable
best efforts to cause any Demand Registration Statement to become effective and remain effective for not less than 180 days (or
such shorter period as will terminate when all Registrable Securities covered by such Demand Registration Statement have been sold
or withdrawn), or, if such Demand Registration Statement relates to an Underwritten Public Offering, such longer period as in the
opinion of counsel for the underwriter or underwriters a U.S. Prospectus is required by Law to be delivered in connection with
sales of Registrable Securities by an underwriter or dealer; provided, however, if such Demand Registration Statement is a shelf
resale registration statement, the Company shall use its reasonable best efforts to keep such registration statement continually
effective under the Securities Act in order to permit the U.S. Prospectus forming part of the registration statement to be usable
by Holders until the date as of which all Registrable Securities have been sold (but in no event prior to the applicable period
referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder) or, in the case of the Automatic Demand
Registration, until such time as the Company has filed a U.S. Shelf Registration Statement that has become effective registering
all of the Registrable Securities that remained registered on the Automatic Demand Registration Statement at such time (unless
a Holder provides written notice to the Company within 11 months following the Closing Date that such U.S. Shelf Registration Statement
shall cover a different number of the Holder’s Registrable Securities), and such U.S. Shelf Registration Statement is then
available for use by the Holders pursuant to Section 2.2; and

 

from the period
beginning on the filing of any Demand Canadian Preliminary Prospectus or Demand Canadian Prospectus until the completion of the
distribution of the Registrable Securities covered by such Demand Canadian Preliminary Prospectus or Demand Canadian Prospectus
(or the closing date of the offering of such Registrable Securities thereunder, if later), comply with section 57 of the Securities
Act (Ontario) and the comparable provisions of other applicable Canadian Securities Laws, and prepare and file promptly any
prospectus or marketing material amendment which, in the opinion of the Company, acting reasonably, may be necessary or advisable,
and will otherwise comply with all legal requirements and take all actions necessary to continue to qualify such Registrable Securities
for distribution in the applicable provinces and territories of Canada for as long as may be necessary to complete the distribution
of such Registrable Securities.

 

    	 	- 13 -	 

     

    

 

Delay in Filing;
Suspension of Registration. If the Company determines in good faith that the filing, initial effectiveness or continued use
of a Demand Registration Statement (including in connection with the Automatic Demand Registration) or the filing or continued
use of a Demand Canadian Preliminary Prospectus or Demand Canadian Prospectus (including pursuant to Section 2.2(h))
at any time (i) would materially and adversely impede, delay or interfere with any proposed material financing (other than,
with respect to the Automatic Demand Registration, any proposed Underwritten Public Offering of securities to be sold for the account
of the Company or any of its Subsidiaries), material acquisition, material corporate reorganization or other material transaction
involving the Company or (ii) would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt
written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, as applicable, the
Demand Registration Statement, Demand Canadian Preliminary Prospectus or Demand Canadian Prospectus (a “Demand Suspension”);
provided, however, that the Company shall not be permitted to exercise a Demand Suspension more than twice during any 12-month
period and each such Demand Suspension may not exceed 60 days. In the case of a Demand Suspension, the Holders agree to suspend
use of any applicable U.S. Prospectus, Demand Canadian Preliminary Prospectus or Demand Canadian Prospectus in connection with
any sale or purchase, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company
shall, as promptly as practicable, notify the Holders in writing upon the termination of any Demand Suspension, amend or supplement
any U.S. Prospectus, if necessary, so it does not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading, amend or supplement any Demand Canadian
Preliminary Prospectus or Demand Canadian Prospectus, if necessary, so that it contains full, true and plain disclosure of all
material facts relating to the securities distributed thereunder and does not contain a misrepresentation or if required by applicable
Canadian Securities Laws or as may reasonably be requested by the Holders whose Registrable Securities are covered by such Demand
Canadian Preliminary Prospectus or Demand Canadian Prospectus, and furnish to the Holders such numbers of copies of any U.S. Prospectus,
Demand Canadian Preliminary Prospectus or Demand Canadian Prospectus as so amended or supplemented as the Holders may reasonably
request. The Company shall, if necessary, supplement or amend: (i) any Demand Registration Statement, if required by the registration
form used by the Company for the Demand Registration or by the instructions applicable to such registration form or by the Securities
Act or the rules or regulations promulgated thereunder or (ii) any Demand Canadian Preliminary Prospectus or Demand Canadian
Prospectus, if required by Canadian Securities Laws or if requested by any Canadian Securities Authorities, or, in each case, as
may reasonably be requested by the Holders whose Registrable Securities are included in such Demand Registration Statement, Demand
Canadian Preliminary Prospectus or Demand Canadian Prospectus as applicable.

 

    	 	- 14 -	 

     

    

 

Priority of Securities
Registered Pursuant to Demand Registrations. If the managing or lead underwriter or underwriters of a proposed Underwritten
Public Offering of the Registrable Securities included in a Demand Registration advise the Company in writing that, in its or their
opinion, the number of securities requested to be included in such Demand Registration exceeds the number that can be sold in such
offering without being likely to have an adverse effect on the price, timing or distribution of the securities offered or the market
for the securities offered, then the securities to be included in such Registration shall be, in the case of any Demand Registration,

 

first,
allocated to each Holder that has requested to participate in such Demand Registration an amount equal to the lesser of (A) the
number of such Registrable Securities requested to be registered or sold by such Holder, and (B) a number of such shares equal
to such Holder’s Underwritten Pro Rata Portion, and

 

second,
and only if all the securities referred to in clause (i) have been included, the number of other securities proposed to be
included therein by any other Persons (including securities to be sold for the account of the Company and/or other holders of Common
Shares) that, in the opinion of such managing or lead underwriter or underwriters can be sold without having such adverse effect.

 

Resale Rights.
In the event that a Holder requests to participate in a Demand Registration pursuant to this Section 2.1 in connection
with a distribution of Registrable Securities to its partners or members, the Registration shall provide for resale by such partners
or members, if requested by such Holder.

 

Lock-Up Period.
Notwithstanding anything to the contrary in this Section 2.1, during the Lock-Up Period the Requesting Holder shall
coordinate with the Company with respect to the timing of the effectiveness of the Demand Registration Statement; provided,
however, that (a) the Company shall use its reasonable best efforts to effect such Demand Registration Statement and
enable the offering, sale and distribution of the related Registrable Securities in accordance with the intended method of distribution
thereof as expeditiously as reasonably practicable and (b) such Demand Registration Statement shall not be made effective
prior to the expiration of the Lock-Up Period.

 

Shelf
Registration.

 

Request for U.S. Shelf
Registration.

 

At any time
following the Lock-Up Period that the Company qualifies for the use of a U.S. Shelf Registration Statement, upon the written request
by a Requesting Holder from time to time (a “U.S. Shelf Registration Request”), the Company shall promptly file
a U.S. Shelf Registration Statement relating to the offer and sale of Registrable Securities as requested by such Requesting Holder
from time to time in accordance with the methods of distribution elected by such Requesting Holder, and the Company shall use its
reasonable best efforts to cause such U.S. Shelf Registration Statement to promptly become effective under the Securities Act.
Any such Registration pursuant to a U.S. Shelf Registration Request shall hereinafter be referred to as a “U.S. Shelf
Registration.”

 

    	 	- 15 -	 

     

    

 

If on the date
of the U.S. Shelf Registration Request contemplating the filing of a U.S. Shelf Registration Statement, the Company is a WKSI,
then the U.S. Shelf Registration Request may request Registration with the SEC of an unspecified amount of Registrable Securities
to be sold by unspecified Holders. If on the date of the U.S. Shelf Registration Request, the Company is not a WKSI, then the U.S.
Shelf Registration Request shall specify the aggregate amount of Registrable Securities to be registered. The Company shall provide
to the Requesting Holders the information necessary to determine the Company’s status as a WKSI upon request.

 

U.S. Shelf Registration
Notice. Promptly upon receipt of a U.S. Shelf Registration Request (but in no event more than three Business Days thereafter),
the Company shall deliver a written notice (a “U.S. Shelf Registration Notice”) of any such request to all other
Holders, which notice shall specify, if applicable, the amount of Registrable Securities to be registered, and the U.S. Shelf Registration
Notice shall offer each such Holder the opportunity to include in the U.S. Shelf Registration that number of Registrable Securities
as each such Holder may request in writing. The Company shall include in such U.S. Shelf Registration all such Registrable Securities
with respect to which the Company has received written requests for inclusion therein within 10 Business Days (or such shorter
period as may be reasonably requested in connection with an underwritten “block trade” provided such period is at least
one Business Day) after the date that the U.S. Shelf Registration Notice has been delivered.

 

Continued Effectiveness
of U.S. Shelf Registration Statement. The Company shall use its reasonable best efforts to keep any U.S. Shelf Registration
Statement continuously effective under the Securities Act in order to permit the U.S. Prospectus forming part of the U.S. Shelf
Registration Statement to be usable by Holders until the earlier of: (i) the date as of which all Registrable Securities have
been sold pursuant to the U.S. Shelf Registration Statement as part of another Registration (but in no event prior to the applicable
period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder); (ii) the date as
of which no Holder holds Registrable Securities; and (iii) the Company no longer qualifies for the use of a U.S. Shelf Registration
Statement (such period of effectiveness, the “U.S. Shelf Period”).

 

Suspension of U.S.
Shelf Registration. If the Company determines in good faith that the continued use of such U.S. Shelf Registration Statement
at any time (i) would materially and adversely impede, delay or interfere with any proposed material financing, material acquisition,
material corporate reorganization or other material transaction involving the Company or (ii) would require the Company to
make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the Holders, suspend use of the
U.S. Shelf Registration Statement (a “U.S. Shelf Suspension”); provided, however, that the
Company shall not be permitted to exercise a U.S. Shelf Suspension more than twice during any 12-month period and each such U.S.
Shelf Suspension may not exceed 60 days. In the case of a U.S. Shelf Suspension, the Holders agree to suspend use of the applicable
U.S. Prospectus in connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities, upon receipt
of the notice referred to above. The Company shall, as promptly as practicable, notify the Holders in writing upon the termination
of any U.S. Shelf Suspension, amend or supplement the U.S. Prospectus, if necessary, so it does not contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading and furnish to the Holders such numbers of copies of the U.S. Prospectus as so amended or supplemented as the Holders
may reasonably request. The Company shall, if necessary, supplement or amend the U.S. Shelf Registration Statement, if required
by the registration form used by the Company for the U.S. Shelf Registration Statement or by the instructions applicable to such
registration form or by the Securities Act or the rules or regulations promulgated thereunder.

 

    	 	- 16 -	 

     

    

 

U.S. Shelf Takedown.

 

At any time
the Company has an effective U.S. Shelf Registration Statement with respect to a Holder’s Registrable Securities, by notice
to the Company specifying the intended method or methods of disposition thereof, including whether it is intended to be an Underwritten
U.S. Shelf Takedown, a Requesting Holder may make a written request (a “U.S. Shelf Takedown Request”) to the
Company to effect a Public Offering, including an Underwritten U.S. Shelf Takedown, of all or a portion of such Registrable Securities
that may be registered under such U.S. Shelf Registration Statement, and as soon as practicable the Company shall amend or supplement
the U.S. Shelf Registration Statement as necessary for such purpose.

 

Promptly upon
receipt of a U.S. Shelf Takedown Request (but in no event more than two Business Days thereafter) for any Underwritten U.S. Shelf
Takedown, the Company shall deliver a notice (a “U.S. Shelf Takedown Notice”) to each other Holder with Registrable
Securities covered by the applicable Registration Statement, or to all other Holders if such Registration Statement is undesignated
(each a “Potential Takedown Participant”). The U.S. Shelf Takedown Notice shall offer each such Potential Takedown
Participant the opportunity to include in any Underwritten U.S. Shelf Takedown such number of Registrable Securities as each such
Potential Takedown Participant may request in writing. The Company shall include in the Underwritten U.S. Shelf Takedown all such
Registrable Securities with respect to which the Company has received written requests for inclusion therein within 10 Business
Days (or such shorter period as may be reasonably requested by such Requesting Holder in connection with an underwritten “block
trade” provided such period is at least one Business Day) after the date that the U.S. Shelf Takedown Notice has been delivered.
Any Potential Takedown Participant’s request to participate in an Underwritten U.S. Shelf Takedown shall be binding on the
Potential Takedown Participant; provided that each such Potential Takedown Participant that elects to participate may
condition its participation on the Underwritten U.S. Shelf Takedown being completed within 10 Business Days of its acceptance at
a price per share (after giving effect to any underwriters’ discounts or commissions) to such Potential Takedown Participant
of not less than ninety 90% (or such lesser percentage specified by such Potential Takedown Participant) of the closing price for
the shares on their principal trading market on the Business Day immediately prior to such Potential Takedown Participant’s
election to participate (the “Participation Conditions”). Notwithstanding the delivery of any U.S. Shelf Takedown
Notice, but subject to the Participation Conditions (to the extent applicable), all determinations as to whether to complete any
Underwritten U.S. Shelf Takedown and as to the timing, manner, price and other terms of any Underwritten U.S. Shelf Takedown contemplated
by this Section 2.2(e) shall be determined by such Requesting Holder. Notwithstanding the foregoing, the Company
shall not be obligated to take any action to effect an Underwritten U.S. Shelf Takedown (i) unless the Aggregate Offering
Price from such offering is reasonably expected to be at least $35,000,000 or (ii) more than (y) two times (in the aggregate)
initially requested by Meteor and (z) two times (in the aggregate) initially requested by Polaris, in any 12-month period,
respectively.

 

    	 	- 17 -	 

     

    

 

Priority of Securities
Sold Pursuant to U.S. Shelf Takedowns. If the managing or lead underwriter or underwriters of a proposed Underwritten U.S.
Shelf Takedown pursuant to Section 2.2(e) advise the Company in writing that, in its or their opinion, the number
of securities requested to be included in the proposed Underwritten U.S. Shelf Takedown exceeds the number that can be sold in
such Underwritten U.S. Shelf Takedown without being likely to have an adverse effect on the price, timing or distribution of the
securities offered or the market for the securities offered, the number of Registrable Securities to be included in such offering
shall be

 

first,
allocated to each Holder that has requested to participate in such Underwritten U.S. Shelf Takedown an amount equal to the lesser
of (A) the number of such Registrable Securities requested to be registered or sold by such Holder, and (B) a number
of such shares equal to such Holder’s Underwritten Pro Rata Portion, and

 

second,
and only if all the securities referred to in clause (i) have been included, the number of other securities proposed to be
included therein by any other Persons (including securities to be sold for the account of the Company and/or other holders of Common
Shares) that, in the opinion of such managing or lead underwriter or underwriters can be sold without having such adverse effect.

 

Resale Rights.
In the event that a Holder elects to request a Registration pursuant to this Section 2.2 (including Section 2.2(h)),
in connection with a distribution of Registrable Securities to its partners or members, the Registration shall provide for resale
by such partners or members, if requested by such Holder.

 

Request for Canadian
Shelf Registration.

 

Upon the written
request of a Requesting Holder from time to time (a “Canadian Shelf Registration Request”), the Company shall
promptly file with the applicable Canadian Securities Authorities, and use its reasonable best efforts to secure the issuance of
a receipt for, a base shelf preliminary prospectus and base shelf (final) prospectus (the “Canadian Base Shelf Prospectus”),
and maintain the availability thereof at all times, pursuant to the provisions of NI 44-102 and other applicable Canadian Securities
Laws, to qualify the distribution of all of the Registrable Securities in each of the provinces and territories of Canada (or as
otherwise determined by the requesting Holder in the Canadian Shelf Registration Request). In such event, the Company shall promptly
(but in no event more than two Business Days after receipt of the Canadian Shelf Registration Request) send to each other Holder
a notice (a “Canadian Shelf Takedown Notice”) advising of the receipt of the Canadian Shelf Registration Request.

 

    	 	- 18 -	 

     

    

 

In advance
of the expiration of any Canadian Base Shelf Prospectus, except as otherwise jointly directed by Polaris and Meteor, the Company
shall renew such Canadian Base Shelf Prospectus in accordance with this Section 2.2(h), such that the Company shall
at all times have an effective Canadian Base Shelf Prospectus with enough capacity to allow the sale thereunder of all remaining
Registrable Securities.

 

The Company
shall satisfy any Demand Registration Request that is submitted pursuant to Section 2.1 at a time that a Canadian Base
Shelf Prospectus is effective by filing a supplement to the Canadian Base Shelf Prospectus (a “Canadian Shelf Supplement”)
with the applicable Canadian Securities Authorities in accordance with NI 44-102 as soon as practicable and in any event not later
than three Business Days after the Demand Registration Request is received. Section 2.1 shall apply mutatis mutandis
to any Demand Registration Request effected pursuant to this Section 2.2(h).

 

Piggyback
Registration.

 

Participation.
If the Company at any time (a) prior to the expiration of the Lock-Up Period proposes to file a Registration Statement that
would become effective and/or a Canadian Preliminary Prospectus or a Canadian Prospectus in relation to which the receipt would
be issued following the expiration of the Lock-Up Period or (b) following the expiration of the Lock-Up Period proposes to
file a Registration Statement, Canadian Preliminary Prospectus or Canadian Prospectus, in either case, with respect to any offering
of its equity securities for its own account or for the account of any Holder under the Securities Act, to qualify any of its equity
securities for distribution for its own account or for the account of any Holder under applicable Canadian Securities Laws in any
province or territory of Canada by way of a Canadian Prospectus or to otherwise conduct a Public Offering with respect to any offering
of its equity securities for its own account or for the account of any other Person (other than (i) a Registration under Section 2.1
or 2.2, (ii) a Registration on Form S-4, Form F-4 or Form S-8 or any successor form to such forms, (iii) a
Registration of securities solely relating to an offering and sale to employees or directors of the Company or its Subsidiaries
pursuant to any employee stock plan or other employee benefit plan arrangement, (iv) a Registration of securities in connection
with an exchange offer or offering of securities solely to the Company’s existing securityholders in connection with an exchange
of Exchangeable Units or (v) a Registration of securities other than Common Shares incidental to an issuance of debt securities),
then, as soon as practicable (but in no event less than 10 Business Days prior to the proposed date of filing of such Registration
Statement, Canadian Preliminary Prospectus, Canadian Prospectus or Canadian Shelf Supplement in respect of such offering or, in
the case of a Public Offering under a U.S. Shelf Registration Statement, the anticipated pricing or trade date), the Company shall
give written notice (a “Piggyback Notice”) of such proposed filing or Public Offering to all Holders, and such
Piggyback Notice shall offer the Holders the opportunity to register under any such Registration Statement or under any applicable
Canadian Prospectus, or to include in such Public Offering, such number of Registrable Securities as each such Holder may request
in writing (a “Piggyback Registration”). Subject to Section 2.3(c), the Company shall include in
such Registration Statement, Canadian Preliminary Prospectus or other Canadian Prospectus or in such Public Offering, as applicable,
all such Registrable Securities that are requested to be included therein within (other than as contemplated by Section 2.3(b))
five Business Days after the receipt by such Holder of any such notice; provided, however, that if at any time
after giving written notice of its intention to register or sell any securities and prior to the effective date of the Registration
Statement filed in connection with such Registration, the filing of a Canadian Prospectus in connection with such Registration,
or the pricing or trade date of a Public Offering under a U.S. Shelf Registration Statement, the Company determines for any reason
not to register or sell or to delay the Registration or sale of such securities, the Company shall give written notice of such
determination to each Holder and, thereupon, (i) in the case of a determination not to register or sell, shall be relieved
of its obligation to register or sell any Registrable Securities in connection with such Registration or Public Offering (but not
from its obligation to pay the Registration Expenses in connection therewith), without prejudice, however, to the rights of any
Holders entitled to request that such Registration or sale be effected as a Demand Registration under Section 2.1 (including
pursuant to Section 2.2(h)(iii)) or an Underwritten U.S. Shelf Takedown under Section 2.2, as the case
may be, and (ii) in the case of a determination to delay Registration or sale, in the absence of a request for a Demand Registration
or an Underwritten U.S. Shelf Takedown, as the case may be, shall be permitted to delay registering or selling any Registrable
Securities, for the same period as the delay in registering or selling such other securities. Any Holder shall have the right to
withdraw all or part of its request for inclusion of its Registrable Securities in a Piggyback Registration by giving written notice
to the Company of its request to withdraw prior to the effective date of the Registration Statement filed in connection with such
Registration or the filing of a Canadian Prospectus in connection with such Registration.

 

    	 	- 19 -	 

     

    

 

Notice. If the
Company receives a Bought Deal letter relating to an offering of the Company’s equity securities as contemplated by Section 2.3(a),
the Company shall give the Holders such notice as is practicable under the circumstances given the speed and urgency with which
Bought Deals are carried out in common market practice of their rights to participate thereunder and the Holders shall have, notwithstanding
the timing otherwise contemplated by Section 2.3(a), at least 24 hours from the time the Company notifies them (in
accordance with Section 2.3(a)) of such Bought Deal to provide the Piggyback Notice referred to in Section 2.3(a).

 

Priority of Piggyback
Registration. If the managing or lead underwriter or underwriters of any proposed offering of Registrable Securities included
in a Piggyback Registration advises the Company in writing that, in its or their opinion, the number of securities that such Holders
and any other Persons intend to include in such offering exceeds the number that can be sold in such offering without being likely
to have an adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered,
then the securities to be included in such Registration shall be

 

first,
100% of the securities that the Company proposes to sell,

 

second,
and only if all the securities referred to in clause (i) have been included, the number of Registrable Securities that, in
the opinion of such managing or lead underwriter or underwriters, can be sold without having such adverse effect, with such number
to be allocated among the Holders that have requested to participate in such Registration based on an amount equal to the lesser
of (x) the number of such Registrable Securities requested to be sold by such Holder, and (y) a number of such shares
equal to such Holder’s Underwritten Pro Rata Portion, and

 

    	 	- 20 -	 

     

    

 

third,
and only if all of the Registrable Securities referred to in clause (ii) have been included in such Registration, any other
securities eligible for inclusion in such Registration.

 

No Effect on Other
Registrations. No Registration of Registrable Securities effected pursuant to a request under this Section 2.3
shall be deemed to have been effected pursuant to Section 2.1 and 2.2 or shall relieve the Company of its obligations
under Section 2.1 and 2.2.

 

Lock-Up Agreements.
In connection with each Registration or sale of Registrable Securities pursuant to Section 2.1, 2.2 or conducted
in connection with an offering of the Company’s equity securities for its own account as contemplated in Section 2.3,
in each case conducted as an Underwritten Public Offering, each Holder agrees, if requested, to become bound by and to execute
and deliver such customary agreements, including a lock-up agreement with the underwriter(s) of such Underwritten Public Offering
restricting such Holder’s right to (a) Transfer, directly or indirectly, any equity securities of the Company held by
such Holder or (b) enter into any swap or other arrangement that transfers to another any of the economic consequences of
ownership of such securities during the period commencing on the date of the final U.S. Prospectus and/or of the Canadian Prospectus
relating to the Underwritten Public Offering and ending on the date specified by the underwriters (such period not to exceed 90
days plus such additional period as may be required by the Company or an underwriter to accommodate regulatory restrictions on
the publication or other distribution of research reports and analyst recommendations and opinions, if applicable, and take all
such other customary actions as the managing or lead underwriter(s) of such Underwritten Public Offering reasonably requests
in order to expedite or facilitate the disposition of the securities in the Registration. The terms of such lock-up agreements
shall be negotiated among the Holders, the Company and the underwriters and shall include customary carve-outs from the restrictions
on Transfer set forth therein and be on the same terms and conditions for, and apply to, all Holders and all officers and directors
of the Company holding Registrable Securities.

 

Registration
Procedures.

 

Requirements.
In connection with the Company’s obligations under Section 2.1 to 2.4, the Company shall use its reasonable
best efforts to effect such Registration and to permit the offering, sale and distribution of such Registrable Securities in accordance
with the intended method or methods of distribution thereof as expeditiously as reasonably practicable, and in connection therewith
the Company shall:

 

as promptly
as practicable prepare the required Registration Statement and U.S. Prospectus and/or Canadian Preliminary Prospectus and Canadian
Prospectus including all exhibits, financial statements and ancillary materials (including all required French translations, including
of documents incorporated by reference into the Canadian Preliminary Prospectus and Canadian Prospectus) required under the Securities
Act or Canadian Securities Laws to be filed therewith, and, before filing a Registration Statement, U.S. Prospectus, Canadian Preliminary
Prospectus, Canadian Prospectus or any amendments or supplements thereto,

 

    	 	- 21 -	 

     

    

 

furnish to the
underwriters, if any, and to the Holders of the Registrable Securities covered by such Registration Statement or U.S. Prospectus,
if any, or a Canadian Preliminary Prospectus or Canadian Prospectus, copies of all documents prepared to be filed, and any amendments
or supplements thereto, which documents shall be subject to the review of such underwriters and such Holders and their respective
counsel, and

 

consider in good faith any changes
in such documents concerning the Holders prior to the filing thereof as such Holders, or their counsel, may reasonably request
and, in the case of a Demand Registration, insert therein such material furnished to the Company in writing, which in the reasonable
judgment of the Holder(s) should be included;

 

prepare and
file with the applicable Securities Authorities such amendments and post-effective amendments to the Registration Statement, such
supplements to the U.S. Prospectus and such amendments and supplements to the Canadian Preliminary Prospectus and Canadian Prospectus
as may be necessary to keep such Registration Statement or Canadian Prospectus effective for the period of time required by this
Agreement or to continue to qualify such Registrable Securities for distribution as required by this Agreement, and comply with
provisions of the applicable securities Laws with respect to the sale or other disposition of all securities covered by such Registration
during such period in accordance with the intended method or methods of disposition by the sellers thereof and consider in good
faith any request for such amendments or supplements as may be reasonably requested by any Holder with Registrable Securities covered
by such Registration (to the extent such request relates to information relating to such Holder);

 

notify the
participating Holders and the managing or lead underwriter or underwriters, if any, and (if requested) confirm such notice in writing
and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company,

 

when the applicable
Registration Statement or any amendment thereto has been filed or becomes effective, and when the applicable U.S. Prospectus, Canadian
Preliminary Prospectus, Canadian Prospectus, or any amendment or supplement thereto, has been filed (and, in the case of a Canadian
Preliminary Prospectus and Canadian Prospectus, when a receipt has been issued therefor),

 

of any written
comments by the Securities Authorities, or any request by the Securities Authorities or other governmental authority in any jurisdiction
for amendments or supplements to any such Registration Statement, U.S. Prospectus, Canadian Preliminary Prospectus or Canadian
Prospectus or to any marketing materials, or for additional information (whether before or after the effective date of the Registration
Statement or date of receipt for the Canadian Preliminary Prospectus or Canadian Prospectus) or any other correspondence with the
Securities Authorities relating to, or which may affect, the Registration,

 

    	 	- 22 -	 

     

    

 

of the issuance
by the Securities Authorities of any stop order suspending the effectiveness of such Registration Statement or any order by the
Securities Authorities or any other regulatory authority preventing or suspending the use of any preliminary or final U.S. Prospectus,
Canadian Preliminary Prospectus, Canadian Prospectus or marketing materials, or the initiation or threatening of any proceedings
for such purposes, and

 

of the receipt
by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for offering,
sale or distribution in any jurisdiction or the initiation or threatening of any proceeding for such purpose;

 

promptly notify
each selling Holder and the managing or lead underwriter or underwriters, if any, when the Company becomes aware of the happening
of any event as a result of which any applicable Registration Statement or the U.S. Prospectus included in such Registration Statement
(as then in effect) contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements
therein (in the case of such U.S. Prospectus or any preliminary U.S. Prospectus, in light of the circumstances under which they
were made) not misleading or as a result of which any Canadian Preliminary Prospectus or Canadian Prospectus or marketing materials
would contain a misrepresentation or any Canadian Preliminary Prospectus or Canadian Prospectus would not contain full, true and
plain disclosure of all material facts relating to the securities distributed, when any Issuer Free Writing Prospectus includes
any material information that conflicts with the information contained in the Registration Statement, or, if for any other reason
it shall be necessary during such time period to amend or supplement any such Registration Statement, U.S. Prospectus, Canadian
Preliminary Prospectus, Canadian Prospectus or marketing materials in order to comply with the Securities Act or Canadian Securities
Laws, and, as promptly as reasonably practicable thereafter, prepare and file with the SEC and/or the applicable Canadian Securities
Authority, and furnish without charge to the selling Holders and the managing or lead underwriter or underwriters, if any, an amendment
or supplement to such Registration Statement, U.S. Prospectus, Canadian Preliminary Prospectus, Canadian Prospectus or marketing
materials which shall correct such misstatement or omission or effect such compliance;

 

to the extent
the Company is eligible under the relevant provisions of Rule 430B under the Securities Act, if the Company files any U.S.
Shelf Registration Statement, the Company shall include in such U.S. Shelf Registration Statement such disclosures as may be required
by Rule 430B under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying
the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such U.S. Shelf Registration
Statement at a later time through the filing of a U.S. Prospectus supplement rather than a post-effective amendment;

 

    	 	- 23 -	 

     

    

 

use its reasonable
best efforts to prevent, or obtain the withdrawal of, any stop order or other order or notice preventing or suspending the use
of any preliminary or final U.S. Prospectus or of any Canadian Preliminary Prospectus, Canadian Prospectus or marketing materials;

 

consider in
good faith such information as the managing or lead underwriter or underwriters and the selling Holders agree should be included
in a U.S. Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment relating to the plan of distribution
with respect to such Registrable Securities;

 

furnish to each selling Holder and
each underwriter, if any, without charge, as many conformed copies as such Holder or underwriter may reasonably request of any
applicable Registration Statement, U.S. Prospectus (including each preliminary U.S. Prospectus), Canadian Preliminary Prospectus
or Canadian Prospectus and any amendment or post-effective amendment or supplement thereto, including financial statements and
schedules, all documents incorporated therein by reference and all exhibits (including those incorporated by reference) in order
to facilitate the disposition of the Registrable Securities by each such Holder or underwriter (it being understood that the Company
shall consent to the use of such U.S. Prospectus, Canadian Preliminary Prospectus or Canadian Prospectus or any amendment or supplement
thereto by each of the selling Holders and the underwriters, if any, in connection with the offering, sale or distribution of the
Registrable Securities covered by such U.S. Prospectus, Canadian Preliminary Prospectus or Canadian Prospectus or any amendment
or supplement thereto);

 

on or prior
to the date on which any applicable Registration Statement becomes effective or any applicable Canadian Prospectus is filed, use
its reasonable best efforts to register or qualify, and cooperate with the selling Holders, the managing or lead underwriter or
underwriters, if any, and their respective counsel, in connection with the Registration or qualification of such Registrable Securities
for offer and sale under the securities or “Blue Sky” Laws of each state as any such selling Holder or managing or
lead underwriter or underwriters, if any, or their respective counsel reasonably request in writing and do any and all other acts
or things reasonably necessary or advisable to keep such Registration or qualification in effect for such period as required by
Section 2.1 or Section 2.2, as applicable, provided that the Company shall not be required to qualify generally
to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to taxation or
general service of process in any such jurisdiction where it is not then so subject;

 

cooperate with
the selling Holders and the managing or lead underwriter or underwriters, if any, to facilitate the timely preparation and delivery
of certificates representing Registrable Securities to be sold and enable such Registrable Securities to be in such denominations
and registered in such names as the managing or lead underwriters may reasonably request prior to any sale of Registrable Securities
to the underwriters provided, that the Company may satisfy its obligations hereunder without issuing physical stock certificates
through the use of The Depository Trust Company’s Direct Registration System or with CDS Clearing and Depository Services
Inc., as applicable;

 

    	 	- 24 -	 

     

    

 

use its reasonable
best efforts to cause the Registrable Securities covered by the applicable Registration to be registered with or approved by such
governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters,
if any, to consummate the disposition of such Registrable Securities;

 

not later than
the effective date of any applicable Registration Statement or the filing of any applicable Canadian Prospectus, provide a CUSIP
number for all Registrable Securities and, as applicable, provide the applicable transfer agent with printed certificates for the
Registrable Securities which are in a form eligible for deposit with The Depository Trust Company provided, that the Company
may satisfy its obligations hereunder without issuing physical stock certificates through the use of The Depository Trust Company’s
Direct Registration System, or with CDS Clearing and Depository Services Inc., as applicable;

 

make such representations
and warranties to the Holders of which Registrable Securities are being registered, and the underwriters or agents, if any, in
form, substance and scope as are customarily made by issuers in public offerings similar to the offering then being undertaken;

 

enter into
such customary agreements (including underwriting and indemnification agreements) and take all such other customary actions as
the selling Holders or the managing or lead underwriter or underwriters, if any, reasonably request in order to expedite or facilitate
the Registration and disposition of such Registrable Securities;

 

obtain for
delivery to the Holders of Registrable Securities being registered and to the managing or lead underwriter or underwriters, an
opinion or opinions from counsel for the Company dated the date of the closing under the underwriting agreement or for such offering
and, if a Canadian Preliminary Prospectus or Canadian Prospectus is filed in Quebec, opinions from Quebec counsel to the Company
and the auditors of the Company relating to the translation of the Canadian Preliminary Prospectus and Canadian Prospectus dated
the respective dates of the Canadian Preliminary Prospectus and Canadian Prospectus; and in each case, required to be included
in the Registration Statement or in form and substance as is customarily given in opinions of outside counsel to the Company to
underwriters in Underwritten Public Offerings;

 

in the case
of an Underwritten Public Offering, obtain for delivery to the Company and the managing or lead underwriter or underwriters, with
copies to the Holders included in such Registration or sale, a comfort letter from the Company’s independent certified public
accountants or independent auditors (and, if necessary, any other independent certified public accountants or independent auditors
of any Subsidiary of the Company or any business acquired by the Company for which financial statements and financial data are,
or are required to be, included in the Registration Statement or Canadian Prospectus) in customary form and covering such matters
of the type customarily covered by comfort letters as the managing or lead underwriter or underwriters reasonably request, dated
the date of execution of the underwriting agreement and brought down to the closing under the underwriting agreement;

 

    	 	- 25 -	 

     

    

 

cooperate with
each seller of Registrable Securities and each underwriter, if any, participating in the disposition of such Registrable Securities
and their respective counsel in connection with any filings required to be made with FINRA or IIROC;

 

use its reasonable
best efforts to comply with all applicable securities Laws and, if a Registration Statement was filed, make available to its security
holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities
Act and the rules and regulations promulgated thereunder;

 

provide and
cause to be maintained a transfer agent and registrar for all Registrable Securities covered by such Registration;

 

use its reasonable
best efforts to cause all Registrable Securities covered by such Registration to be listed on each securities exchange on which
the Common Shares (excluding the Class C shares) are then listed or quoted and on each inter-dealer quotation system on which
the Common Shares (excluding the Class C shares) are then quoted;

 

make available
upon reasonable notice at reasonable times and for reasonable periods for inspection by a representative appointed by the selling
Holders, by any underwriter participating in any Registration and by any attorney, accountant or other agent retained by such Holders
or any such underwriter, all pertinent financial and other records and pertinent corporate documents and properties of the Company
reasonably requested by such Holder or underwriter, and cause all of the Company’s officers, directors and employees and
the independent public accountants who have certified its financial statements to make themselves available for customary due diligence,
including pre-filing and bring down due diligence sessions, and to supply all information reasonably requested by any such Person
in connection with such Registration, subject to entry by each such Person into a customary confidentiality agreement in a form
reasonably acceptable to the Company;

 

in the case
of an Underwritten Public Offering, cause the senior executive officers of the Company to participate in the customary “road
show” presentations that may be reasonably requested by the managing or lead underwriter or underwriters in any such offering
and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary selling
efforts related thereto;

 

take no direct
or indirect action prohibited by Regulation M under the Exchange Act;

 

    	 	- 26 -	 

     

    

 

take all reasonable
action to:

 

ensure that any
Issuer Free Writing Prospectus utilized in connection with such Registration complies in all material respects with the Securities
Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities
Act to the extent required thereby and, when taken together with the related U.S. Prospectus, will not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading; and

 

ensure that any
marketing materials to be provided in connection with such Registration comply with Canadian Securities Laws and approve in writing
all such marketing materials (including as may be reasonably required by any managing or lead underwriter or underwriters) and
file such marketing materials to the extent required for the use of such marketing materials under applicable Canadian Securities
Laws;

 

use its reasonable
best efforts to take all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate
the disposition of such Registrable Securities in accordance with the terms of this Agreement.

 

Company Information
Requests. The Company may require each seller of Registrable Securities as to which any Registration or sale is being effected
to furnish to the Company such information regarding the distribution of such securities and such other information relating to
such Holder and its ownership of Registrable Securities as the Company may from time to time reasonably request in writing and
which is required by applicable Securities Laws. As promptly as practicable following a Holder obtaining actual knowledge thereof,
such Holder agrees to notify the Company of any inaccuracy or change in information previously furnished to the Company by or on
behalf of such Holder in respect of such Holder or the happening of any event during the period of distribution of Registrable
Securities, in each case as a result of which any Registration Statement filed with the SEC or any Canadian Preliminary Prospectus
or Canadian Prospectus filed with any Canadian Securities Authority relating thereto would include an untrue statement of material
fact or to omit to state any material fact required to be stated therein or necessary to make the statements made therein not misleading,
in each case, with respect to such Holder’s Selling Holder Information, and such Holder Agrees to furnish to the Company,
as promptly as practicable following obtaining such actual Knowledge thereof, any additional information required to correct and/or
update such Registration Statement filed with the SEC or any Canadian Preliminary Prospectus or Canadian Prospectus filed with
any Canadian Securities Authority.

 

Discontinuing Registration.
Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 2.5(a)(iii)(C) or
Section 2.5(a)(iii)(D), such Holder will discontinue disposition of Registrable Securities pursuant to such Registration
Statement or the distribution of Registrable Securities under such U.S. Prospectus, Canadian Preliminary Prospectus, Canadian Prospectus
or marketing materials and direct any other Person making dispositions or distributions of Registrable Securities on behalf of
such Holder to discontinue such dispositions or distributions, in each case until such Holder’s receipt of the copies of
the supplemented or amended U.S. Prospectus, Canadian Preliminary Prospectus, Canadian Prospectus or marketing materials contemplated
by Section 2.5(a)(iii)(C) or Section 2.5(a)(iii)(D), or until such Holder is advised in writing by
the Company that the use of the U.S. Prospectus, Canadian Preliminary Prospectus, Canadian Prospectus or marketing materials may
be resumed, and, as applicable, has received copies of any additional or supplemental filings that are incorporated by reference
in the U.S. Prospectus, Canadian Preliminary Prospectus or Canadian Prospectus, or any amendments or supplements thereto, and if
so directed by the Company, such Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent
file copies then in such Holder’s possession, of such documents current at the time of receipt of such notice. In the event
the Company shall give any such notice, the period during which any applicable Registration Statement is required to be maintained
effective shall be extended by the number of days during the period from and including the date of the giving of such notice to
and including the date when each seller of Registrable Securities covered by such Registration Statement either receives the copies
of the supplemented or amended U.S. Prospectus, Canadian Preliminary Prospectus, Canadian Prospectus or marketing materials contemplated
by Section 2.5(a)(iii)(C) or Section 2.5(a)(iii)(D) or is advised in writing by the Company that
the use of the U.S. Prospectus, Canadian Preliminary Prospectus, Canadian Prospectus or marketing materials may be resumed.

 

    	 	- 27 -	 

     

    

 

Underwritten
Offerings.

 

Shelf and Demand Registrations.
If requested by the underwriters for any Underwritten Public Offering, pursuant to a Registration or sale under Section 2.1
or 2.2, the Company and the Holders shall enter into an underwriting agreement with such underwriters, such agreement to
be reasonably satisfactory in substance and form to each of the Company, the Holders and the underwriters, and to contain such
representations and warranties by the Company and such other terms as are generally prevailing in agreements of that type, including
indemnities no more burdensome to the indemnifying party and no less favorable to the recipient thereof than those provided in
Section 2.9 of this Agreement. The Holders of the Registrable Securities proposed to be distributed by such underwriters
shall cooperate with the Company in the negotiation of the underwriting agreement and shall consider in good faith the suggestions
of the Company regarding the form thereof, and such Holders shall complete and execute all questionnaires, powers of attorney and
other documents reasonably requested by the underwriters or required under the terms of such underwriting arrangements. Any such
Holder shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other
than representations, warranties or agreements regarding such Holder, such Holder’s title to the Registrable Securities,
such Holder’s power and authority to effect such Transfer, information furnished by or on behalf of such Holder expressly
for inclusion in any Registration Statement, U.S. Prospectus, Canadian Preliminary Prospectus, Canadian Prospectus or marketing
materials, such Holder’s intended method of distribution, such matters pertaining to such Holder’s compliance with
securities Laws as may be reasonably requested by the managing or lead underwriter or underwriters and any other representations
to be made by the Holder as are generally prevailing in agreements of that type, and the aggregate amount of the liability of such
Holder under such agreement shall not exceed such Holder’s proceeds from the sale of its Registrable Securities in the offering,
net of underwriting discounts and commissions but before expenses.

 

    	 	- 28 -	 

     

    

 

Piggyback Registrations.
If the Company proposes to register or sell any of its securities as contemplated by Section 2.3 and such securities
are to be distributed through one or more underwriters, the Company shall, if requested by any Holder pursuant to Section 2.3
and, subject to the provisions of Section 2.3(c), use its reasonable best efforts to arrange for such underwriters
to include on the same terms and conditions that apply to the other sellers in such Registration or sale all the Registrable Securities
to be offered and sold by such Holder among the securities of the Company to be distributed by such underwriters in such Registration
or sale. The Holders of Registrable Securities to be distributed by such underwriters shall be parties to the underwriting agreement
between the Company and such underwriters and shall complete and execute all questionnaires, powers of attorney and other documents
reasonably requested by the underwriters or required under the terms of such underwriting arrangements. Any such Holder shall not
be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations,
warranties or agreements regarding such Holder, such Holder’s title to the Registrable Securities, such Holder’s power
and authority to effect such Transfer, information furnished by or on behalf of such Holder expressly for inclusion in any Registration
Statement, U.S. Prospectus, Canadian Preliminary Prospectus, Canadian Prospectus or marketing materials, such Holder’s intended
method of distribution, such matters pertaining to such Holder’s compliance with securities Laws as may be reasonably requested
by the managing or lead underwriter or underwriters and any other representations to be made by the Holder as are generally prevailing
in agreements of that type, and the aggregate amount of the liability of such Holder shall not exceed such Holder’s proceeds
from the sale of its Registrable Securities in the offering, net of underwriting discounts and commissions but before expenses.

 

No Inconsistent
Agreements; Additional Rights. Neither the Company nor any of its Subsidiaries shall hereafter enter into, and neither
the Company nor any of its Subsidiaries is currently a party to, any agreement with respect to its securities that is inconsistent
with the rights granted to the Holders by this Agreement. The Company hereby represents and warrants that, as of the date hereof,
no registration or similar rights have been granted to any other Person other than pursuant to this Agreement.

 

Registration Expenses.

 

Registration Expenses.
All expenses incident to the Company’s performance of or compliance with Article II of this Agreement shall be paid
by the Company, including,

 

all registration
and filing fees, and any other fees and expenses associated with filings required to be made with the SEC, FINRA, the Canadian
Securities Authorities or IIROC,

 

all fees and
expenses in connection with compliance with any securities or “Blue Sky” Laws (including reasonable fees and disbursements
of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities),

 

    	 	- 29 -	 

     

    

 

all printing,
translation, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including all expenses of any
transfer agent and expenses relating to The Depository Trust Company or CDS Clearing and Depository Services Inc. and of printing
prospectuses or other offering documents),

 

all fees and
disbursements of counsel for the Company and of all independent certified public accountants or independent auditors of the Company
and any Subsidiaries of the Company (including the expenses of any special audit and comfort letters required by or incident to
such performance),

 

Securities
Act liability insurance or similar insurance if the Company so desires or the underwriters so require in accordance with then-customary
underwriting practice,

 

all fees and
expenses incurred in connection with the listing of the Registrable Securities on any securities exchange or quotation of the Registrable
Securities on any inter-dealer quotation system,

 

all reasonable
fees and out-of-pocket expenses of (i) one Canadian counsel and one U.S. counsel for the Meteor Holders not to exceed $100,000
in the aggregate, and (ii) one Canadian counsel and one U.S. counsel for the Polaris Holders not to exceed $100,000 in the
aggregate,

 

any reasonable
fees and disbursements of underwriters customarily paid by issuers or sellers of securities,

 

all fees and
expenses of any special experts or other Persons retained by the Company in connection with any Registration or sale,

 

all of the
Company’s internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting
duties), and

 

all expenses
related to any “road show”, including the reasonable out-of-pocket expenses of the Holders and underwriters, if so
requested.

 

All such expenses are referred to herein as “Registration
Expenses”.

 

Underwriting Discounts
and Commissions. The Company shall not be required to pay any fees and disbursements to underwriters not customarily paid by
the issuers of securities in an offering similar to the applicable offering, including underwriting discounts and commissions and
transfer taxes, if any, attributable to the sale of Registrable Securities.

 

    	 	- 30 -	 

     

    

 

Indemnification.

 

Indemnification by
the Company. The Company shall indemnify and hold harmless, to the fullest extent permitted by Law, each Holder, each Person
who controls (within the meaning of the Securities Act or the Exchange Act or of analogous provisions under applicable Canadian
Securities Laws) or is deemed to control each Holder, each of their respective Affiliates, officers, directors, managers, shareholders,
employees, advisors, agents and Representatives from and against any and all losses, penalties, judgments, suits, costs, claims,
damages, liabilities and expenses, joint or several (including reasonable costs of investigation and legal expenses and any indemnity
and contribution payments made to underwriters) (each, a “Loss” and collectively “Losses”)
insofar as such Losses arise out of or are based upon (i) (A) any untrue or alleged untrue statement of a material fact
contained in any Registration Statement under which such Registrable Securities are registered or sold under the Securities Act
(including any final, preliminary or summary U.S. Prospectus contained therein or any amendment thereof or supplement thereto or
any documents incorporated by reference therein), or (B) any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein (in the case of a U.S. Prospectus or preliminary U.S.
Prospectus, in light of the circumstances under which they were made) not misleading, (ii) any information or statement in
a Canadian Preliminary Prospectus or Canadian Prospectus that contains or is alleged to contain a misrepresentation or any omission
of a Canadian Preliminary Prospectus or Canadian Prospectus to contain full, true and plain disclosure of all material facts relating
to the securities distributed thereunder or (iii) any untrue or alleged untrue statement of a material fact contained in any
other disclosure document incorporated by reference into any Registration Statement Canadian Preliminary Prospectus or Canadian
Prospectus under which such Registrable Securities are registered or sold under the Securities Act or Canadian Securities Laws,
or (iv) any violation or alleged violation by the Company or any of its Subsidiaries of any Law applicable to the Company
or any of its Subsidiaries and relating to action or inaction in connection with any such registration, disclosure document or
other document or report; provided, that the Company shall not be liable pursuant to this Section 2.9(a) in
respect of (x) any untrue statement, alleged untrue statement, omission, alleged omission or any misrepresentation contained
in any information furnished in writing by such selling Holder to the Company specifically for inclusion in a Registration Statement,
U.S. Prospectus, Canadian Preliminary Prospectus or Canadian Prospectus and used by the Company in conformity therewith (such information
 “Selling Holder Information”) or (y) the use by a Holder of an outdated, defective or otherwise unavailable
disclosure document after the Company has notified the Holder in writing that such disclosure document is outdated, defective or
otherwise unavailable for use by such Holder. This indemnity shall be in addition to any liability the Company may otherwise have.
Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any
indemnified party and shall survive the Transfer of such securities by such Holder and regardless of any indemnity agreed to in
the underwriting agreement that is less favorable to the Holders. The Company shall also agree to indemnify underwriters, selling
brokers, dealer managers and similar securities industry professionals participating in the distribution, subject to the good faith
negotiation of reasonable and customary limitations on such indemnification rights, consistent with market practices.

 

Indemnification by
the Selling Holders. Each selling Holder agrees (severally and not jointly) to indemnify and hold harmless, to the fullest
extent permitted by Law, the Company, each Person who controls (within the meaning of the Securities Act or the Exchange Act or
of analogous provisions under applicable Canadian Securities Laws) or is deemed to control the Company and each of their respective
Affiliates, officers, directors, managers, shareholders, employees, advisors, agents and Representatives from and against any Losses
arising out of or based upon (i) (A) any untrue or alleged untrue statement of a material fact contained in any Registration
Statement under which such Registrable Securities were registered or sold under the Securities Act (including any final, preliminary
or summary U.S. Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference
therein) or (B) any omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein (in the case of a U.S. Prospectus or preliminary U.S. Prospectus, in light of the circumstances
under which they were made) not misleading, or (ii) any information or statement in a Canadian Preliminary Prospectus or Canadian
Prospectus that contains or is alleged to contain a misrepresentation, in each case to the extent, but only to the extent, that
such untrue statement, alleged untrue statement, omission, alleged omission or such misrepresentation is contained in such selling
Holder’s Selling Holder Information. This indemnity shall be in addition to any liability such Holder may otherwise have.

 

    	 	- 31 -	 

     

    

 

Conduct of Indemnification
Proceedings. Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying
party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so notify the indemnifying
party shall relieve the indemnifying party of its obligations hereunder only to the extent, if at all, that the indemnifying party
is actually and materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to assume
the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, however, that any Person
entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense
of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (A) the indemnifying
party has agreed in writing to pay such fees or expenses, (B) the indemnifying party shall have failed to assume the defense
of such claim within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification hereunder
and employ counsel reasonably satisfactory to such Person, (C) the indemnified party has reasonably concluded (based upon
advice of its counsel) that there may be legal defenses available to it or other indemnified parties that are different from or
in addition to those available to the indemnifying party, or (D) in the reasonable judgment of any such Person (based upon
advice of its counsel) a conflict of interest may exist between such Person and the indemnifying party with respect to such claims.
If the indemnifying party assumes the defense, the indemnifying party shall not have the right to settle such action without the
consent of the indemnified party (not to be unreasonably withheld, conditioned or delayed), unless the settlement (a) does
not contain an admission of fault by the indemnified party, and (b) includes as a term thereof the giving by the claimant
or plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or litigation. If
such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement
made without its prior written consent, but such consent may not be unreasonably withheld, conditioned or delayed. It is understood
that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction,
be liable for the reasonable fees, disbursements or other charges of more than one firm unless (1) the employment of more
than one counsel has been authorized in writing by the indemnifying party or parties, (2) in the reasonable judgment of any
indemnified party (based upon advice of its counsel) a conflict or potential conflict exists or may exist (based upon advice of
counsel to an indemnified party) between such indemnified party and the other indemnified parties or (3) such additional firm
serves as local counsel for the proceeding, in each of which cases the indemnifying party shall be obligated to pay the reasonable
fees and expenses of such additional counsel or counsels.

 

    	 	- 32 -	 

     

    

 

Contribution.
If for any reason the indemnification provided for in Section 2.9(a) and Section 2.9(b) is held
by a court of competent jurisdiction to be unavailable to an indemnified party or insufficient to hold such indemnified party harmless
as contemplated by this Section 2.9 in respect of any Losses referred to therein (other than as a result of exceptions
or limitations on indemnification contained in Section 2.9(a) and Section 2.9(b)), then the indemnifying
party shall, in lieu of indemnifying such indemnified party hereunder, contribute to the amount paid or payable by the indemnified
party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on
the one hand and the indemnified party or parties on the other hand in connection with the acts, statements or omissions that resulted
in such Losses, as well as any other relevant equitable considerations. The relative fault of the indemnifying party on the one
hand and the indemnified party on the other hand shall be determined by reference to, among other things whether any untrue or
alleged untrue statement of a material fact or misrepresentation or the omission or alleged omission to state a material fact relates
to information supplied by the indemnifying party or by the indemnified party, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement, misrepresentation or omission. The parties hereto agree
that it would not be just or equitable if contribution pursuant to this Section 2.9(d) were determined by pro
rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in
this Section 2.9(d). No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.
The amount paid or payable by an indemnified party as a result of the Losses referred to in Section 2.9(a) and
Section 2.9(b) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding
the provisions of this Section 2.9(d), in connection with any Registration effected pursuant to this Agreement, a selling
Holder shall not be required to contribute any amount in excess of the dollar amount of the proceeds from the sale of its Registrable
Securities in the offering giving rise to such indemnification obligation, net of underwriting discounts and commissions but before
expenses, less any amounts paid by such Holder pursuant to Section 2.9(b) and any amounts paid by such Holder
as a result of liabilities incurred under the underwriting agreement, if any, related to such Registration. If indemnification
is available under this Section 2.9, the indemnifying parties shall indemnify each indemnified party to the full extent
provided in Section 2.9(a) and Section 2.9(b) hereof without regard to the provisions of this
Section 2.9(d). The remedies provided for in this Section 2.9 are not exclusive and shall not limit any
rights or remedies which may otherwise be available to any indemnified party at Law or in equity.

 

Priority. The
Company hereby acknowledges that any Person entitled to indemnification pursuant to Section 2.9(a) (a “Company
Indemnitee”) may have concurrent rights to indemnification, advancement of expenses and/or insurance provided by or on
behalf of the person or its affiliates that employ, retain or are otherwise associated with, or designate or nominate (including
pursuant to the Company’s Articles or an investor rights agreement),with such Person (collectively, the “Secondary
Indemnitors”). Notwithstanding anything to the contrary herein and, to the fullest extent permitted by law, with respect
to its indemnification and advancement obligations to the Company Indemnitees hereunder or otherwise:

 

    	 	- 33 -	 

     

    

 

the Company
is the indemnitor of first resort, and the Company’s and its insurers’ obligations to indemnify or provide advancement
of expenses to the Company Indemnitees, subject to prohibitions on or requirements in respect of indemnification or advancement
set out in applicable Law, are primary to any obligation of the applicable Secondary Indemnitors or their respective insurers to
provide indemnification or advancement for the same expenses or liabilities incurred by any of the Company Indemnitees;

 

the Company
shall, to the fullest extent permitted by applicable Law, advance the full amount of expenses incurred by each Company Indemnitee
and shall be liable for the full amount of all losses of each Company Indemnitee or on his, her or its behalf to the extent legally
permitted and as required hereby or otherwise, without regard to any rights such Company Indemnitees may have against the Secondary
Indemnitors or their respective insurers; and

 

the Company
irrevocably waives and relinquishes, and releases the Secondary Indemnitors and their respective insurers from, any and all claims
by the Company or its subsidiaries and their insurers against the Secondary Indemnitors or such insurers for contribution, subrogation
or any other recovery of any kind in respect to the expenses or liabilities incurred by the Company Indemnities for which the Company
is obligated to provide indemnification or advancement hereunder or otherwise.

 

In furtherance and not
in limitation of the foregoing, in the event that any Secondary Indemnitor or its insurer advances any expenses or makes any payment
to any Company Indemnitee for matters subject to advancement or indemnification by the Company pursuant this Agreement or otherwise,
the Company shall promptly, subject to any prohibitions set out in the British Columbia Business Corporations Act, and its
obligations to bring any applications or proceedings that may be required in accordance with Section 2.9(e)(ii) above,
and upon request by such Secondary Indemnitor, reimburse such Secondary Indemnitor or its insurer, as applicable, for such advance
or payment, and such Secondary Indemnitor or insurer shall be subrogated to all of the claims or rights of such Company Indemnitee
hereunder or otherwise, including to the payment of expenses in an action to collect.

 

Rules 144
and Regulation S. The Company shall file the reports required to be filed by it under the Securities Act and the Exchange Act
and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports, it will,
upon the request of any Holder, make publicly available such necessary information for so long as necessary to permit sales that
would otherwise be permitted by this Agreement pursuant to Rule 144 or Regulation S under the Securities Act, as such rules may
be amended from time to time or any similar rule or regulation hereafter adopted by the SEC), and it will take such further
action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable
Securities without Registration under the Securities Act in transactions that would otherwise be permitted by this Agreement and
within the limitation of the exemptions provided by (i) Rule 144 or Regulation S under the Securities Act, as such rules may
be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of
any Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements and,
if not, the specifics thereof.

 

    	 	- 34 -	 

     

    

 

Compliance with
Canadian Securities Laws. With a view to making available the benefits of Canadian Securities Laws that may at any time permit
the resale of Registrable Securities without the filing of a Canadian Prospectus, at all times after the Company becoming a reporting
issuer or the equivalent under Canadian Securities Laws in any province or territory of Canada, the Company agrees to use is reasonable
best efforts to (a) file with the appropriate Canadian Securities Authority authorities in a timely manner all reports and
other documents required under Canadian Securities Laws, and (b) so long as any Holder owns any Registrable Securities, furnish
to any Holder forthwith upon request a written statement by the Company stating that the Company is a reporting issuer and is not
in default of any requirement under Canadian Securities Laws.

 

Existing Registration
Statements. Notwithstanding anything herein to the contrary and subject to applicable Law, the Company may satisfy any obligation
hereunder to file a Registration Statement or to have a Registration Statement become effective by a specified date by designating,
by notice to the Holders, a Registration Statement that previously has been filed with the SEC or become effective, as the case
may be, as the relevant Registration Statement or U.S. Prospectus for purposes of satisfying such obligation, and all references
to any such obligation shall be construed accordingly; provided that such previously filed Registration Statement may
be, and is, amended or, subject to applicable securities Laws, supplemented to add the number of Registrable Securities, and, to
the extent necessary, to identify as selling shareholders those Holders demanding the filing of a Registration Statement pursuant
to the terms of this Agreement; provided, further that the parties hereto acknowledge that any Registration Statement
previously filed by Loral Space & Communications, Inc. has been terminated and is no longer effective, and such Registration
Statement may not be used for purposes of satisfying any obligations under this Agreement. To the extent this Agreement refers
to the filing or effectiveness of other Registration Statements, by or at a specified time and the Company has, in lieu of then
filing such Registration Statements or having such Registration Statements become effective, designated a previously filed or effective
Registration Statement as the relevant Registration Statement for such purposes, in accordance with the preceding sentence, such
references shall be construed to refer to such designated Registration Statement, as amended or supplemented in the manner contemplated
by the immediately preceding sentence.

 

Short Form Registrations.
After the Company becomes a reporting issuer or the equivalent under Canadian Securities Laws in any province or territory of Canada,
the Company agrees to use its reasonable best efforts to make available and maintain the availability of short form prospectus
Registrations pursuant to NI 44-101. For greater certainty, references herein to a Canadian Preliminary Prospectus or a Canadian
Prospectus shall as applicable include a short form Canadian Preliminary Prospectus or a short form Canadian Prospectus.

 

    	 	- 35 -	 

     

    

 

MJDS
Form F-10. In order to facilitate further the ability of Holders to exercise the registration rights provided for in this
Agreement to complete sales of Registrable Securities under the Canada/U.S. Multijurisdictional Disclosure System at such time
as the Company becomes eligible to do so, the Company covenants and agrees that as promptly as practicable after becoming eligible
to file a registration statement on Form F-10 under the Securities Act to register securities qualified for distribution in
Canada under a Canadian Prospectus that is a base shelf prospectus under NI 44-101 and NI 44-102, and in any event no later than
30 days after first satisfying the eligibility requirements for use of Form F-10, the Company shall:

 

prepare and file a preliminary
Canadian base shelf prospectus under NI 44-101 and 44-102 to qualify the distribution of Registrable Securities to the public by
the Holders thereof in each of the provinces and territories of Canada in accordance with the Canadian Securities Laws (provided
that the names and other required information relating to the Holders eligible to make sales of Registrable Securities, and the
maximum number of Registrable Securities which may be sold by each such Holder, and any other required information relating to
Holders, need only be included in a subsequent prospectus supplement to the extent permitted by NI 44-102);

 

use its best efforts
to have the review of such Canadian Prospectus completed by the Canadian Securities Authorities as promptly as practicable, to
have a final receipt issued therefore in conformity with Canadian Securities Laws prior to the expiry of the Lock-up Period, and
to maintain the availability of such Canadian Prospectus, or a subsequently filed Canadian Prospectus, to facilitate sales of Registrable
Securities by Holders in each of the provinces and territories of Canada in conformity with the Canadian Securities Laws; and

 

prepare and file a Registration
Statement on Form F-10 under the Securities Act to register offers and sales of Registrable Securities by the Holders thereof
in accordance with the terms of this Agreement, and use its best efforts to cause such Registration Statement to become or be declared
effective by the SEC, and maintain the availability of such Registration Statement, or a subsequently filed Form F-10 Registration
Statement, to facilitate sales of Registrable Securities by Holders under the Securities Act in accordance with the terms of this
Agreement.

 

Termination.
This Article II shall terminate automatically (without any action by any party hereto) with respect to any Holder when
such Holder no longer holds any Registrable Securities; provided, however, Section 2.8, Section 2.9 and
Section 2.10 shall survive each termination and remain in effect.

 

TAG-ALONG RIGHTS

 

Tag-Along Rights.
Subject to Section 3.7, if either the Meteor Investors or Polaris Investors proposes to Transfer any Common Shares
to any other Person (any such Person, a “Selling Investor” and any such transaction, a “Tag-Along Sale”),
such Selling Investor shall give the other Investor (the “Tagging Investor”) written notice of the Selling Investor’s
intention to Transfer such shares setting forth, (a) the number of Common Shares proposed to be Transferred by the Selling
Investors (the “Tag-Along Transfer Amount”) and the maximum (if any) additional amount of Common Shares that
the proposed transferee has agreed that it would be willing to acquire (the “Tag-Along Maximum Amount”); provided
that if no such maximum amount has been agreed or specified, the Tag-Along Maximum Amount shall be equal to the Tag-Along Transfer
Amount, (b) (i) the identity of the proposed transferee, or (ii) a statement that the proposed transaction will
be made through a stock exchange or securities market on which such shares are listed for trading (a “Public Market Sale”)
(c) other than in the case of a Public Market Sale, copies of all agreements and documents relevant to the Tag-Along Sale,
(e) (i) the proposed Transfer price, or (ii) a statement that the proposed transaction will be made at the trading
price accepted by the Selling Investor at the time of a Public Market Sale, (e) the proposed closing date (the “Tag-Along
Sale Closing Date”), and (f) any and all other terms, conditions and details regarding such Transfer (the “Tag-Along
Notice”). For the avoidance of doubt, this paragraph applies only to the Transfer of Common Shares.

 

    	 	- 36 -	 

     

    

 

Exercise of Tag-Along.
During the five Business Days following the receipt of such Tag-Along Notice (or with respect to any Public Market Sale, 10:00
a.m. New York City time on the first Business Day following delivery of such notice), the Tagging Investor shall have the
right to deliver an acceptance notice (“Tag-Along Acceptance”) to the Selling Investor setting forth its irrevocable
election and agreement to engage in such transaction and to require the proposed transferee to purchase from the Tagging Investor
(or in the case of a Public Market Sale, to participate in such transaction with respect to) a number of Common Shares up to such
Tagging Investor’s Maximum Tag Amount, at the same price per share and upon the same terms and conditions (including, without
limitation, time of payment and form of consideration as to be paid by and given to the Selling Investor or, if the Selling Investors
are given an option as to the form and amount of consideration to be received, the Tagging Investors will be given the same option)
and during such period the Tagging Investor will enter into and become bound by all agreements and documents applicable to such
transaction. The Tagging Investor shall (a) only be required to make representations and warranties concerning title to their
Common Shares being Transferred free and clear of any encumbrances, their valid organization, and their authority, power and right
to enter into any agreement with respect to and to consummate the Transfer of their Common Shares, and (b) benefit from any
undertakings by the transferee and be subject to all of the same provisions of the definitive agreements as the Selling Investor;
provided, in no event shall the Tagging Investor be required to, (i) agree to any indemnification obligations with
respect to representations regarding the Company and its Subsidiaries, (ii) agree to any indemnification obligations with
respect to the representations of the Selling Investors, (iii) be responsible for or have any indemnification or other liability
in excess of the proceeds received by the Tagging Investor in connection with the Tag-Along Sale, and in any case on a proportionate
basis with the Selling Investor’s corresponding obligations (except in the case of actual fraud), or (iv) agree to any
non-compete or non-solicit covenant to the extent such restrictions would apply to such Tagging Investor. The immediately preceding
sentence shall not apply to a Public Market Sale.

 

Reduction of Tag-Along
Maximum Amount. If the Tagging Investor elects to exercise its Tag-Along Right in accordance with Section 3.2,
then the Selling Investor may Transfer, simultaneously with the Transfer by the Tagging Investor (which Transfer the Tagging Investor
shall be required to engage in in accordance with the terms of this Article III), up to a number of Common Shares equal
to the Tag-Along Maximum Amount minus the number of Common Shares that the Tagging Investor has elected to Transfer pursuant to
Section 3.1; provided, that any reduction by the proposed transferee of the number of Common Shares that
it is willing to acquire below the Tag-Along Maximum Amount shall reduce the number of Common Shares that the Selling Investor
and the Tagging Investor are entitled to Transfer on a pro rata basis (based on the number of Common Shares the Selling Investor
and the Tagging Investor were proposing and entitled to Transfer prior to such reduction).

 

    	 	- 37 -	 

     

    

 

Tag-Along Date.
If (a) the Tagging Investor has not delivered a Tag-Along Acceptance in accordance with Section 3.2 on or prior
to the fifth Business Day following the receipt of such Tag-Along Notice (or with respect to any Public Market Sale, 10:00 a.m. New
York City time on the first Business Day following delivery of such notice), or (b) if the Tagging Investor has failed to
complete, for any reason, such Tag-Alone Sale in accordance with this Article III, on the Tag-Along Sale Closing Date, then
the Selling Investor may, on and after the Tag-Along Sale Closing Date, but not later than 90 days following the date of delivery
of the Tag-Along Notice and without any further obligation to the Tagging Investor, Transfer a maximum number of Common Shares
determined in accordance with Section 3.2 at the purchase price and on other terms and conditions substantially the
same as those set forth in the Tag-Along Notice; provided that, if such Transfer is not made within such 90 day period or
is made on terms and conditions more favorable for the Selling Investor than those set forth in the Tag-Along Notice (it being
understood and agreed that in the case of a Public Market Sale, a price obtained in the public trading market will not be deemed
to be “more favorable” for the Selling Investor), then the Selling Investor may not consummate such sale without again
complying with the procedures set forth in this Article III.

 

Liability and Withdrawal.
Notwithstanding anything to the contrary contained in this Article III, there shall be no liability on the part of
the Selling Investor to the Tagging Investor (other than the obligation to return any certificates evidencing Common Shares and
limited powers- of-attorney received by the Tagging Investor) if the Transfer of Common Shares pursuant to this Article III
is not consummated for whatever reason. The decision to effect a Transfer of Common Shares pursuant this Article III
by the Selling Investor is in the sole and absolute discretion of the Selling Investor.

 

Conversion of Common
Shares. In connection with any Transfer of Common Shares pursuant to this Article III, the Company shall take all
necessary action to effect any conversion of any Share Equivalents and of the Common Shares, into the applicable class of Common
Shares on a timely basis to accommodate any such transaction, pursuant to, and in compliance with, the Governing Documents as necessary
based on the residency and identity of the proposed transferee.

 

Limitations.
The provisions of this Article III shall not apply: (a) to any Transfer of Common Shares by an Investor: (i) to
any Wholly-Owned Affiliate of such Investor, or (ii) to the other Investor, (b) to any Transfer of Common Shares by Polaris
Investors pursuant to a Catch-Up Sale; (c) to any Transfer by any Meteor Investors pursuant to the Permitted Exceptions; (d) to
any transfer, sale, issuance or exchange of any entity or of the securities of any entity that directly or indirectly holds a beneficial
interest in any Common Shares, so long as such transfer, sale, issuance or exchange is for estate or tax planning purposes or in
connection with a grant of equity compensation for employees, officers, directors, managers or principals of any of the Meteor
Investors or (e) in the case of an Underwritten Public Offering pursuant to Article II.

 

Obligations of
Transferee. Other than transfers of Common Shares by an Investor to an Affiliate, if an Investor transfers Common Shares to
any Person in compliance with this Article III, such person who is the transferee of such Common Shares shall, following
consummation of such Transfer, not be subject to, or otherwise be obligated to assume or perform any obligations of the transferor
under this Article III in respect of such Common Shares, and absent an express agreement to the contrary, such Transfer
shall be free and clear of such obligations. For the avoidance of doubt, this Article III shall not apply to any transferee
in a Transfer by any Meteor Investor pursuant to the Permitted Exceptions, or any transferee of any Polaris Investor in a Catch-Up
Sale.

 

    	 	- 38 -	 

     

    

 

Termination.
This Article III shall terminate automatically (without any action by any party hereto) with respect to all Investors
when either the Meteor Investors or the Polaris Investors beneficially owns less than 5% of the then outstanding Share Equivalents.

 

EXCHANGE RIGHTS

 

Exchange
of Exchangeable Units. Subject to applicable lock-up agreements or arrangements in connection with a Public Offering or pursuant
to the LP Agreement, the Meteor Investors and Polaris Investors may, at any time following the Lock-Up Period, or as otherwise
permitted pursuant to Section 2.1(a) of Schedule A of the Partnership Agreement, effect an exchange (the term
 “exchange” including, for all purposes, any repurchase) of all or any of such Investor’s Exchangeable Units into
Common Shares in accordance with the Governing Documents (an “Exchange”); provided, that if either of
the Meteor Investors or the Polaris Investors propose an Exchange, Meteor, on behalf of the Meteor Investors, or Polaris, on behalf
of the Polaris Investors, as applicable, shall give the Polaris Investors or Meteor Investors, as applicable, written notice (the
 “Exchange Notice”) setting forth (a) the number of Exchangeable Units to be Exchanged (such number of Exchangeable
Units being exercised in such Exchange, the “Exchange Amount”), (b) the Exchange Amount relative to the
aggregate number of Exchangeable Units held by the Meteor Investors or Polaris Investors, as applicable, at such time, and (c) the
proposed date of the Exchange (not to be less than two Business Days from the date of delivery of the Exchange Notice).

 

Termination.
This Article IV shall terminate automatically (without any
action by any party hereto) with respect to all Investors when either the Meteor Investors or the Polaris Investors no longer holds
any Exchangeable Units.

 

DISTRIBUTIONS-IN-KIND

 

No Distributions-in-Kind.
Subject to the Permitted Exceptions, each of Meteor and Polaris, may not, and each shall cause the Meteor Investors and the Polaris
Investors, respectively, not to, distribute or otherwise Transfer any Share Equivalents to any of their respective shareholders,
members or limited partners or shareholders, members or limited partners of any funds, investment vehicle with which Meteor or
any of its Affiliates or Polaris or any of its Affiliates, respectively, manages, advises or controls investors, in each case,
without the prior written consent of the other; provided, that, for the avoidance of doubt, the foregoing restrictions shall not
apply to a Tag-Along Sale by Meteor or Polaris, or their respective Affiliates, in compliance with the provisions of Article III.

 

    	 	- 39 -	 

     

    

 

Termination.
This Article V shall terminate automatically (without any action by any party hereto) with respect to all Investors
when either the Meteor Investors or the Polaris Investors beneficially owns less than 5% of the then outstanding Share Equivalents.

 

Miscellaneous

 

Effective Time.
The effectiveness of this Agreement is conditioned on Closing. In the event that the Integration Agreement terminates prior to
the Closing, this Agreement shall be void ab initio.

 

Entire Agreement.
This Agreement constitutes the entire understanding and agreement between the parties as to the matters covered herein and supersedes
and replaces any prior understanding, agreement or statement of intent, in each case, written or oral, of any and every nature
with respect thereto between the parties as to the matters covered herein and therein. In the event of any inconsistency between
this Agreement and any document executed or delivered to effect the purposes of this Agreement, including, the by-laws of any company,
this Agreement shall govern as among the parties hereto. In the event of any inconsistency between this Agreement and the policies
of the Company (including the policies of the Board), this Agreement shall govern.

 

Assignment of Rights.
Except for those rights and obligations set forth in Article III or Article V, the rights of the Investors
(including, without limitation, registration rights) are assignable (together with the related obligations) in connection with
the Transfer of Share Equivalents or Exchangeable Units held by the Investors; provided, that (a) such transferee agrees
in writing to be bound by, and subject to, this Agreement as a “Holder” pursuant to a written instrument in form and
substance reasonably acceptable to the Company and (b) an Investor may only assign its rights (together with all related rights
and powers) to make one Demand Registration Request in connection with the Transfer of Share Equivalents or Exchangeable Units
if the assignee acquires from the Investor a number of Share Equivalents or Exchangeable Units representing fully-diluted ownership
(assuming the exchange of all Exchangeable Units for Common Shares) of not less than 9.9%.

 

Governing Law; Submission
to Jurisdiction; Waiver of Jury Trial.

 

This Agreement, and all
claims or causes of action (whether in contract, tort or statute) that may be based upon, arise out of or relate to this Agreement,
or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out
of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into
this Agreement), shall be governed by, and enforced in accordance with, the laws of the State of New York and the federal laws
of the U.S. applicable therein (the “Jurisdiction”) without giving effect to any laws, rules or provisions
of the Jurisdiction that would cause the application of the laws, rules or provisions of any jurisdiction other than the Jurisdiction.

 

    	 	- 40 -	 

     

    

 

Each party agrees that
it will bring any action or proceeding in respect of any claim arising out of this Agreement or the transactions contemplated hereby
exclusively in the United States District Court for the Southern District of New York or the Supreme Court of the State of New
York, New York County, located in the borough of Manhattan or, in either case, any appellate court from any thereof (the “Chosen
Courts”), and, solely in connection with claims arising under this Agreement or the transactions that are the subject
of this Agreement, (i) irrevocably submits to the exclusive jurisdiction of the Chosen Courts, (ii) waives any objection
to laying venue in any such action or proceeding in the Chosen Courts, (iii) waives any objection that the Chosen Courts are
an inconvenient forum or do not have jurisdiction over any party and (iv) agrees that service of process upon such party in
any such action or proceeding will be effective if notice is given in accordance with Section 6.10.

 

EACH PARTY ACKNOWLEDGES
AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES,
AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR OTHER PROCEEDING DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES
THAT: (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH PARTY
UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 6.4(c).

 

Obligations; Remedies.
The Company, Polaris and Meteor shall be entitled to enforce their rights under this Agreement specifically, to recover damages
by reason of any breach of any provision of this Agreement (including, without limitation, costs of enforcement) and to exercise
all other rights existing in their favor. The parties hereto agree that irreparable damage would occur if any provision of this
Agreement were not performed in accordance with its specific terms or were otherwise breached. Accordingly, the parties shall be
entitled to specific performance of the terms of this Agreement without the necessity of proving the inadequacy of monetary damages
as a remedy, including an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance
of the terms and provisions hereof, in addition to any other remedy to which they are entitled at law or in equity. Each of the
parties hereby further waives (a) any defense in any action for specific performance that a remedy at law would be adequate
and (b) any requirement under any Law to post security or a bond as a prerequisite to obtaining equitable relief. All remedies,
either under this Agreement or by Law or otherwise afforded to any party, shall be cumulative and not alternative.

 

    	 	- 41 -	 

     

    

 

Amendment and Waiver.

 

The terms and provisions of this Agreement
may be modified, waived, amended or supplemented at any time and from time to time only by the written consent of the Company,
as approved by the Board, including a majority of the Specially Designated Directors then serving on the Board, and all of the
other parties hereto; provided that any term or provision of Article III or Article V may be amended or waived solely
by the written consent of Polaris (on behalf of all the Polaris Investors) or Meteor (on behalf of all the Meteor Investors) if
such amendment or waiver is not adverse in any material respect to the Company. Any amendment, modification or waiver effected
in accordance with the foregoing shall be effective and binding on and inure to the benefit of, the Company and the Investors.

 

Any failure by any party
at any time to enforce any of the provisions of this Agreement shall not be construed as a waiver of such provision or any other
provisions hereof.

 

Binding Effect.
Except as otherwise provided in this Agreement, the terms and provisions of this Agreement shall be binding on and inure to the
benefit of each of the parties hereto and their respective successors.

 

Termination.
This Agreement shall terminate only (i) by written consent of the Company, Polaris, Rover and Meteor, (ii) upon the dissolution
or liquidation of the Company, or (iii) when no Investor holds any Share Equivalents. In the event of any termination of this
Agreement as provided in this Section 6.8, this Agreement shall forthwith become wholly void and of no further force
or effect (except for this Article VI, which shall survive) and there shall be no liability on the part of any parties
hereto or their respective Affiliates, except as provided in this Article VI; provided, however, if a termination occurs
pursuant to Section 6.8(iii), Section 2.9 of this Agreement shall survive and shall remain in effect. Notwithstanding
the foregoing, no party hereto shall be relieved from liability for any breach of this Agreement which occurred prior to the termination
of the applicable provision of this Agreement.

 

Non-Recourse.
Notwithstanding anything that may be expressed or implied in this Agreement or any document or instrument delivered in connection
herewith, by its acceptance of the benefits of this Agreement, the Company and the Investors covenant, agree and acknowledge that
no Person (other than the parties hereto) has any obligations hereunder, and that no recourse under this Agreement or any documents
or instruments delivered in connection with this Agreement shall be had against any current or future director, officer, employee,
shareholder of any Investor or of any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal
or equitable proceeding, or by virtue of any statute, regulation or other applicable Law, it being expressly agreed and acknowledged
that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any the former, current and future
equity holders, controlling persons, directors, officers, employees, agents, Affiliates, members, managers, shareholders or assignees
of any Investor or any former, current or future equity holders, controlling persons, directors, officers, employees, agents, Affiliates,
members, managers, shareholders or assignees of any of the foregoing, as such, for any obligation of any Investor under this Agreement
or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason
of such obligations or their creation.

 

    	 	- 42 -	 

     

    

 

Notices. All
notices, demands and other communications to be given or delivered under or by reason of the provisions of this Agreement shall
be in writing and shall be deemed to have been given (a) when personally delivered; (b) when delivered, if sent to the
recipient by electronic mail during normal business hours of the recipient, and otherwise on the next Business Day; provided,
that, if sent by electronic mail, the notice, demand or other communication shall be confirmed by the same being sent by
one of the means contemplated by the following clauses (c) or (d) (it being understood that delivery shall be effective
in accordance with this clause (b)); (c) one Business Day after the date when sent to recipient by reputable express courier
service (charges prepaid) if it is also sent by clause (b); or (d) upon receipt when sent by certified or registered mail,
postage prepaid. Notices, demands and other communications, in each case to the respective parties, shall be sent to the applicable
address set forth below:

 

if to the Company, to:

 

Telesat Canada

160 Elgin Street, Suite 2100

Ottawa, Ontario, Canada K2P 2P7

Attn: Chris DiFrancesco

Email: CDiFrancesco@telesat.com

 

with a copy (which shall not constitute notice) to:

 

Wachtell, Lipton, Rosen & Katz

51 West 52nd Street

New York, NY 10019

Attn: Edward D. Herlihy and John L. Robinson

Email: EDHerlihy@wlrk.com; JLRobinson@wlrk.com

 

if to Polaris, the Polaris Investors or the Polaris
Holders, to:

 

Public Sector Pension Investment Board

1250 René-Lévesque Boulevard West

Suite 1400

Montréal, Québec

Canada H3B 5E9

Attention: Managing Director and Head of Private Equity

Email: privateequity@investpsp.ca; legalnotices@investpsp.ca

 

with a copy (which shall not constitute notice) to:

 

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, NY 10153

Attention: Doug Warner

Email: doug.warner@weil.com

 

    	 	- 43 -	 

     

    

 

if to Meteor, the Meteor Investors or the Meteor Holders,
to:

 

MHR Fund Management LLC

1345 Avenue of the Americas

42nd Floor

New York, NY 10105

Attention: Janet Yeung and Keith Schaitkin

Email: JYeung@mhrfund.com and KSchaitkin@mhrfund.com

 

Severability.
Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable Law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal
or unenforceable in any respect under any applicable Law in any jurisdiction, such invalidity, illegality or unenforceability shall
not affect any other provision or portion of any provision in such jurisdiction, and this Agreement shall be reformed, construed
and enforced in such jurisdiction such that the invalid, illegal or unenforceable provision or portion thereof shall be interpreted
to be only so broad as is enforceable.

 

No Third-Party Beneficiaries.
This Agreement shall be binding upon and inure solely to the benefit of the parties hereto, the Polaris Investors (all of whom
are express beneficiaries of this Agreement), the Meteor Investors (all of whom are express beneficiaries of this Agreement), the
indemnified parties referred to in Section 2.9 and their permitted assigns and successors, and nothing herein, express
or implied, is intended to or shall confer upon any other Person or entity, any legal or equitable right, benefit or remedy of
any nature whatsoever under or by reason of this Agreement.

 

Recapitalizations;
Exchanges, Etc. The provisions of this Agreement shall apply to the full extent set forth herein with respect to Share Equivalents,
to any and all shares of capital stock of the Company or any successor or assign of the Company (whether by merger, amalgamation,
arrangement, consolidation, sale of assets or otherwise) which may be issued in respect of, in exchange for, or in substitution
of the Share Equivalents, by reason of a stock dividend, stock split, share consolidation, stock issuance, reverse stock split,
combination, recapitalization, reclassification, arrangement, amalgamation, merger, consolidation or otherwise.

 

Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together
shall constitute a single instrument. Copies of executed counterparts transmitted by telecopy or other electronic transmission
service shall be considered original executed counterparts for purposes of this Section 6.14.

 

Headings. The
heading references herein and in the table of contents hereto are for convenience purposes only, do not constitute a part of this
Agreement and shall not be deemed to limit or affect any of the provisions hereof.

 

[Signature Page Follows]

 

    	 	- 44 -	 

     

    

 

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

 

	 	Telesat
    Corporation
	 	 
	 	By:	   /s/ Christopher S. DiFrancesco
	 	 	Name: Christopher S. DiFrancesco
	 	 	Title:   Vice President, General Counsel
    and Secretary

 

     

     

    

 

	 	PUBLIC SECTOR PENSION INVESTMENT
    BOARD
	 	 
	 	By:	   /s/ Guthrie Stewart
	 	 	Name: Guthrie Stewart
	 	 	Title: Authorized Signatory

 

	 	By:	   /s/ David Morin
	 	 	Name: David Morin
	 	 	Title: Authorized Signatory

 

     

     

    

 

	 	RED ISLE PRIVATE INVESTMENTS
    INC.
	 	 
	 	By:	   /s/ Guthrie Stewart
	 	 	Name: Guthrie Stewart
	 	 	Title: Authorized Signatory
	 	 
	 	By:	   /s/ David Morin
	 	 	Name: David Morin
	 	 	Title: Authorized Signatory

 

     

     

    

 

	 	METEOR :
	 	 
	 	MHR FUND MANAGEMENT LLC
	 	 
	 	By:	    /s/ Janet Yeung
	 	Name: Janet Yeung
	 	Title: Authorized Signatory
	 	 
	 	 
	 	METEOR INVESTORS AND METEOR
    HOLDERS:
	 	 
	 	MHR INSTITUTIONAL PARTNERS
    LP
	 	 
	 	By: MHR Institutional Advisors
    LLC, its General Partner
	 	 
	 	By: 	   /s/ Janet Yeung
	 	Name: Janet Yeung
	 	Title: Authorized Signatory
	 	 
	 	MHRA LP
	 	
	 	 
	 	By: MHR Institutional Advisors
    LLC, its General Partner
	 	 
	 	By:	    /s/ Janet Yeung
	 	Name: Janet Yeung
	 	Title: Authorized Signatory
	 	 
	 	 
	 	MHRM LP
	 	 
	 	By: MHR Institutional Advisors
    LLC, its General Partner
	 	 
	 	By:	    /s/ Janet Yeung
	 	Name: Janet Yeung
	 	Title: Authorized Signatory

 

     

     

    

 

	 	MHR INSTITUTIONAL PARTNERS
    II LP
	 	 
	 	By: MHR Institutional Advisors
    II LLC, its General Partner
	 	 
	 	By:	    /s/ Janet Yeung
	 	Name: Janet Yeung
	 	Title: Authorized Signatory
	 	 
	 	 
	 	MHR INSTITUTIONAL PARTNERS
    IIA LP
	 	 
	 	By: MHR Institutional Advisors
    II LLC, its General Partner
	 	 
	 	By:	    /s/ Janet Yeung
	 	Name: Janet Yeung
	 	Title: Authorized Signatory
	 	 
	 	 
	 	MHR INSTITUTIONAL PARTNERS
    III LP
	 	 
	 	By: 	   /s/ Janet Yeung
	 	Name: Janet Yeung
	 	Title: Authorized Signatory
	 	 
	 	 
	 	MHR CAPITAL PARTNERS MASTER
    ACCOUNT II HOLDINGS LLC
	 	 
	 	By:	    /s/ Janet Yeung
	 	Name: Janet Yeung
	 	Title: Authorized Signatory

 

     

     

    

 

	 	MHR CAPITAL PARTNERS MASTER
    ACCOUNT LP
	 	 
	 	By: MHR Advisors LLC, its General
    Partner
	 	 
	 	By: 	   /s/ Janet Yeung
	 	Name: Janet Yeung
	 	Title: Authorized Signatory
	 	 
	 	 
	 	MHR CAPITAL PARTNERS (100)
    LP
	 	 
	 	By: MHR Advisors LLC, its General
    Partner
	 	 
	 	By: 	   /s/ Janet Yeung
	 	Name: Janet Yeung
	 	Title: Authorized Signatory

 

     

     

    

 

Annex A 

PLAN
OF DISTRIBUTION

 

We are registering the [Registrable Securities]
held by the selling stockholders from time to time after the date of this prospectus. We will not receive any of the proceeds from
the sale by the selling stockholders of the [Registrable Securities].

 

Each selling stockholder of the [Registrable
Securities] and any of its pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their securities
covered hereby on the principal trading market for the [Registrable Securities] or any other stock exchange, market or trading
facility on which the [Registrable Securities] are traded or in private transactions. These sales may be at fixed or negotiated
prices, at prevailing market prices at the time of sale or at varying prices determined at the time of sale. A selling stockholder
may use any one or more of the following methods when selling securities:

 

		·	ordinary brokerage transactions and transactions in which the broker dealer solicits purchasers;

 

		·	block trades, including from the holdings of a control person, in which the broker dealer will attempt to sell the [Registrable
Securities] as agent but may position and resell a portion of the block as principal to facilitate the transaction;

 

		·	purchases by a broker dealer as principal and resale by the broker dealer for its account;

 

		·	an exchange distribution in accordance with the rules of the applicable exchange;

 

		·	privately negotiated transactions;

 

		·	short sales;

 

		·	in transactions through broker dealers that agree with the selling stockholders to sell a specified number of such common stock
at a stipulated price per security;

 

		·	through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

 

		·	a combination of any such methods of sale; or

 

		·	any other method permitted pursuant to applicable law;

 

The selling stockholders may also sell the
[Registrable Securities]: (i) under Rule 144 or any other exemption from registration under the Securities Act or (ii) in
accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable Canadian securities
laws,1 if available, rather than under this prospectus.

 

 

1 Compliance with Canadian prospectus exemptions
would be assessed at the applicable time and would only be relevant to the extent there is not a prospectus filed in Canada.

 

     

     

    

 

Broker-dealers engaged by the selling stockholders
may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions, concessions or discounts
from the selling stockholders (or, if any broker-dealer acts as agent for the purchaser of common stock, from the purchaser) in
amounts to be negotiated, but, except as set forth in a supplement to this prospectus, in the case of an agency transaction not
in excess of a customary brokerage commission in compliance with Financial Industry Regulatory Authority, or FINRA, Rule 5110;
and in the case of a principal transaction a markup or markdown in compliance with FINRA Rule 2121.

 

In connection with the sale of the [Registrable
Securities] or interests therein, the selling stockholders may enter into hedging transactions with broker-dealers or other financial
institutions, which may in turn engage in short sales of the [Registrable Securities] in the course of hedging the positions they
assume. The selling stockholders may also sell [Registrable Securities] short and deliver these shares to close out their short
positions, or loan or pledge the securities to broker-dealers that in turn may sell these shares. The selling stockholders may
also enter into option or other transactions with broker-dealers or other financial institutions or create one or more derivative
securities which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus,
which securities such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended
to reflect such transaction).

 

We are required to pay certain fees and expenses
incurred by us incident to the registration or qualification for distribution of the shares of common stock. We and the selling
stockholders have agreed to indemnify each other against certain losses, claims, damages and liabilities, including liabilities
under the Securities Act.

 

The resale securities will be sold only through
registered or licensed brokers or dealers if required under applicable state and provincial securities laws. In addition, in certain
states and provinces, the resale securities covered hereby may not be sold unless they have been registered or qualified for sale
in the applicable state or province or an exemption from the registration or qualification requirement is available and is complied
with.

 

Under applicable rules and regulations
under the Exchange Act, any person engaged in the distribution of the resale shares of common stock may not simultaneously engage
in market making activities with respect to the [Registrable Securities] for the applicable restricted period, as defined in Regulation
M, prior to the commencement of the distribution. In addition, the selling stockholders will be subject to applicable provisions
of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases
and sales of the [Registrable Securities] by the selling stockholders or any other person. We will make copies of this prospectus
available to the selling stockholders and have informed them of the need to deliver a copy of this prospectus to each purchaser
at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).

 

Our common stock is listed on [                 ]. We can
make no assurance as to the development, maintenance or liquidity of any trading market in our common stock.

 

     

     

    

 

Selling
restrictions2

 

Notice to prospective investors in the European Economic
Area and United Kingdom

 

In relation to each Member State of the European
Economic Area and the United Kingdom (each, a “Relevant State”), no shares have been offered or will be offered pursuant
to the offering to the public in that Relevant State prior to the publication of a prospectus in relation to the shares which has
been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant State and notified
to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation, except that offers of shares
may be made to the public in that Relevant State at any time under the following exemptions under the Prospectus Regulation:

 

to any legal entity which is a
qualified investor as defined under the Prospectus Regulation;

 

to fewer than 150 natural or legal
persons (other than qualified investors as defined under the Prospectus Regulation), subject to obtaining the prior consent of
the underwriters; or

 

in any other circumstances falling
within Article 1(4) of the Prospectus Regulation,

 

provided that no such offer of shares shall require us
or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant
to Article 23 of the Prospectus Regulation and each person who initially acquires any shares or to whom any offer is made
will be deemed to have represented, acknowledged and agreed to and with each of the underwriters and us that it is a “qualified
investor” within the meaning of Article 2(e) of the Prospectus Regulation. In the case of any shares being offered
to a financial intermediary as that term is used in the Prospectus Regulation, each such financial intermediary will be deemed
to have represented, acknowledged and agreed that the shares acquired by it in the offer have not been acquired on a non-discretionary
basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give
rise to an offer of any shares to the public other than their offer or resale in a Relevant State to qualified investors as so
defined or in circumstances in which the prior consent of the underwriters have been obtained to each such proposed offer or resale.

 

For the purposes of this provision, the expression
an “offer to the public” in relation to shares in any Relevant State means the communication in any form and by any
means of sufficient information on the terms of the offer and any shares to be offered so as to enable an investor to decide to
purchase or subscribe for any shares, and the expression “Prospectus Regulation” means Regulation (EU) 2017/1129.

 

 

2 The Automatic Demand Registration
will register the Registrable Securities in the U.S. pursuant to the Securities Act and Canada pursuant to the applicable Canadian
Securities Laws.

 

     

     

    

 

Notice to prospective investors in the United Kingdom

 

In addition, in the United Kingdom, this document
is being distributed only to, and is directed only at, and any offer subsequently made may only be directed at persons who are
 “qualified investors” (as defined in the Prospectus Regulation) (i) who have professional experience in matters
relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005, as amended (the “Order”) and/or (ii) who are high net worth companies (or persons to whom it may otherwise
be lawfully communicated) falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred
to as “relevant persons”) or otherwise in circumstances which have not resulted and will not result in an offer to
the public of the shares in the United Kingdom within the meaning of the Financial Services and Markets Act 2000.

 

Any person in the United Kingdom that is not
a relevant person should not act or rely on the information included in this document or use it as basis for taking any action.
In the United Kingdom, any investment or investment activity that this document relates to may be made or taken exclusively by
relevant persons.

 

Notice to prospective investors in Switzerland

 

The shares may not be publicly offered in Switzerland and will
not be listed on the SIX Swiss Exchange (“SIX”) or on any other stock exchange or regulated trading facility in Switzerland.
This document does not constitute a prospectus within the meaning of, and has been prepared without regard to the disclosure standards
for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing
prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated
trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the shares or the
offering may be publicly distributed or otherwise made publicly available in Switzerland.

 

Neither this document nor any other offering or marketing material
relating to the offering, the Company, the shares have been or will be filed with or approved by any Swiss regulatory authority.
In particular, this document will not be filed with, and the offer of shares will not be supervised by, the Swiss Financial Market
Supervisory Authority (FINMA), and the offer of shares has not been and will not be authorized under the Swiss Federal Act on Collective
Investment Schemes (“CISA”). The investor protection afforded to acquirers of interests in collective investment schemes
under the CISA does not extend to acquirers of shares.

 

Notice to prospective investors in Australia

 

This prospectus:

 

		·	does not constitute a disclosure document or a prospectus under Chapter 6D.2 of the Corporations Act 2001 (Cth) (the “Corporations
Act”);

 

		·	has not been, and will not be, lodged with the Australian Securities and Investments Commission (“ASIC”), as a
disclosure document for the purposes of the Corporations Act and does not purport to include the information required of a disclosure
document for the purposes of the Corporations Act; and

 

     

     

    

 

		·	may only be provided in Australia to select investors who are able to demonstrate that they fall within one or more of the
categories of investors, available under section 708 of the Corporations Act (“Exempt Investors”).

 

The shares may not be directly or indirectly
offered for subscription or purchased or sold, and no invitations to subscribe for or buy the shares may be issued, and no draft
or definitive offering memorandum, advertisement or other offering material relating to any shares may be distributed in Australia,
except where disclosure to investors is not required under Chapter 6D of the Corporations Act or is otherwise in compliance with
all applicable Australian laws and regulations. By submitting an application for the shares, you represent and warrant to us that
you are an Exempt Investor.

 

As any offer of shares under this document
will be made without disclosure in Australia under Chapter 6D.2 of the Corporations Act, the offer of those securities for resale
in Australia within 12 months may, under section 707 of the Corporations Act, require disclosure to investors under Chapter 6D.2
if none of the exemptions in section 708 applies to that resale. By applying for the shares you undertake to us that you will not,
for a period of 12 months from the date of issue of the shares, offer, transfer, assign or otherwise alienate those shares to investors
in Australia except in circumstances where disclosure to investors is not required under Chapter 6D.2 of the Corporations Act or
where a compliant disclosure document is prepared and lodged with ASIC.

 

Notice to prospective investors in Japan

 

The shares have not been and will not be registered
pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Act. Accordingly, none of the shares nor any
interest therein may be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any “resident”
of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under
the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to or for the benefit of a resident
of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial
Instruments and Exchange Act and any other applicable laws, regulations and ministerial guidelines of Japan in effect at the relevant
time.

 

Notice to prospective investors in Hong Kong

 

The shares have not been offered or sold and
will not be offered or sold in Hong Kong, by means of any document, other than (a) to “professional investors”
as defined in the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the “SFO”) of Hong Kong and
any rules made thereunder; or (b) in other circumstances which do not result in the document being a “prospectus”
as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong) (the “CO”)
or which do not constitute an offer to the public within the meaning of the CO. No advertisement, invitation or document relating
to the shares has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether
in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong
Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares which are or are intended
to be disposed of only to persons outside Hong Kong or only to “professional investors” as defined in the SFO and any
rules made thereunder.

 

     

     

    

 

Notice to prospective investors in Singapore

 

Singapore SFA Product Classification—In
connection with Section 309B of the SFA and the CMP Regulations 2018, unless otherwise specified before an offer of shares,
we have determined, and hereby notify all relevant persons (as defined in Section 309A(1) of the SFA), that the shares
are “prescribed capital markets products (as defined in the CMP Regulations 2018) and Excluded Investment Products (as defined
in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment
Products).

 

Each underwriter has acknowledged that this
prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, each underwriter has
represented and agreed that it has not offered or sold any shares or caused the shares to be made the subject of an invitation
for subscription or purchase and will not offer or sell any shares or cause the shares to be made the subject of an invitation
for subscription or purchase, and has not circulated or distributed, nor will it circulate or distribute, this prospectus or any
other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares, whether
directly or indirectly, to any person in Singapore other than:

 

to an institutional investor (as
defined in Section 4A of the Securities and Futures Act (Chapter 289) of Singapore, as modified or amended from time to time
(the “SFA”)) pursuant to Section 274 of the SFA;

 

to a relevant person (as defined
in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA and in accordance with the conditions specified
in Section 275 of the SFA; or

 

otherwise pursuant to, and in accordance
with the conditions of, any other applicable provision of the SFA.

 

Where the shares are subscribed or purchased
under Section 275 of the SFA by a relevant person which is:

 

		(a)	a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is
to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor;
or

 

a trust (where the trustee is not
an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an
accredited investor, securities or securities-based derivatives contracts (each term as defined in Section 2(1) of the
SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred
within six months after that corporation or that trust has acquired the shares pursuant to an offer made under Section 275
of the SFA except:

 

     

     

    

 

to an institutional investor
or to a relevant person, or to any person arising from an offer referred to in Section 276(4)(i)(B) of the SFA;

 

where no consideration is or
will be given for the transfer;

 

where the transfer is by operation
of law;

 

as specified in Section 276(7) of
the SFA; or

 

as specified in Regulation 37A
of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018.

 

Notice to prospective investors in China

 

This prospectus will not be circulated or
distributed in the PRC and the shares will not be offered or sold, and will not be offered or sold to any person for re-offering
or resale directly or indirectly to any residents of the PRC except pursuant to any applicable laws and regulations of the PRC.
Neither this prospectus nor any advertisement or other offering material may be distributed or published in the PRC, except under
circumstances that will result in compliance with applicable laws and regulations.

 

Notice to prospective investors in Korea

 

The shares have not been and will not be registered
under the Financial Investments Services and Capital Markets Act of Korea and the decrees and regulations thereunder (the “FSCMA”),
and the shares have been and will be offered in Korea as a private placement under the FSCMA. None of the shares may be offered,
sold or delivered directly or indirectly, or offered or sold to any person for re-offering or resale, directly or indirectly, in
Korea or to any resident of Korea except pursuant to the applicable laws and regulations of Korea, including the FSCMA and the
Foreign Exchange Transaction Law of Korea and the decrees and regulations thereunder (the “FETL”). The shares have
not been listed on any of securities exchanges in the world including, without limitation, the Korea Exchange in Korea. Furthermore,
the purchaser of the shares shall comply with all applicable regulatory requirements (including but not limited to requirements
under the FETL) in connection with the purchase of the shares. By the purchase of the shares, the relevant holder thereof will
be deemed to represent and warrant that if it is in Korea or is a resident of Korea, it purchased the shares pursuant to the applicable
laws and regulations of Korea.

 

Notice to prospective investors in Taiwan

 

The shares have not been and will not be registered
with the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may not be sold, issued
or offered within Taiwan through a public offering or in circumstances which constitutes an offer within the meaning of the Securities
and Exchange Act of Taiwan that requires a registration or approval of the Financial Supervisory Commission of Taiwan. No person
or entity in Taiwan has been authorised to offer, sell, give advice regarding or otherwise intermediate the offering and sale of
the shares in Taiwan.

 

     

     

    

 

Notice to prospective investors in Saudi Arabia

 

This document may not be distributed in the
Kingdom of Saudi Arabia except to such persons as are permitted under the Offers of Securities Regulations as issued by the board
of the Saudi Arabian Capital Market Authority (“CMA”) pursuant to resolution number 2-11-2004 dated 4 October 2004
as amended by resolution number 1-28-2008, as amended (the “CMA Regulations”). The CMA does not make any representation
as to the accuracy or completeness of this document and expressly disclaims any liability whatsoever for any loss arising from,
or incurred in reliance upon, any part of this document. Prospective purchasers of the securities offered hereby should conduct
their own due diligence on the accuracy of the information relating to the securities. If you do not understand the contents of
this document, you should consult an authorized financial advisor.

 

Notice to prospective investors in the Dubai International
Financial Centre (“DIFC”)

 

This document relates to an Exempt Offer in
accordance with the Markets Rules 2012 of the Dubai Financial Services Authority (“DFSA”). This document is intended
for distribution only to persons of a type specified in the Markets Rules 2012 of the DFSA. It must not be delivered to, or
relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt
Offers. The DFSA has not approved this prospectus supplement nor taken steps to verify the information set forth herein and has
no responsibility for this document. The securities to which this document relates may be illiquid and/or subject to restrictions
on their resale. Prospective purchasers of the securities offered should conduct their own due diligence on the securities. If
you do not understand the contents of this document you should consult an authorized financial advisor.

 

In relation to its use in the DIFC, this document
is strictly private and confidential and is being distributed to a limited number of investors and must not be provided to any
person other than the original recipient, and may not be reproduced or used for any other purpose. The interests in the securities
may not be offered or sold directly or indirectly to the public in the DIFC.

 

Notice to prospective investors in the United Arab Emirates

 

The shares have not been, and are not being,
publicly offered, sold, promoted or advertised in the United Arab Emirates (including the DIFC) other than in compliance with the
laws of the United Arab Emirates (and the DIFC) governing the issue, offering and sale of securities. Further, this prospectus
does not constitute a public offer of securities in the United Arab Emirates (including the DIFC) and is not intended to be a public
offer. This prospectus has not been approved by or filed with the Central Bank of the United Arab Emirates, the Securities and
Commodities Authority or the DFSA.

 

Notice to prospective investors in Bermuda

 

Shares may be offered or sold in Bermuda only
in compliance with the provisions of the Investment Business Act of 2003 of Bermuda which regulates the sale of securities in Bermuda.
Additionally, non-Bermudian persons (including companies) may not carry on or engage in any trade or business in Bermuda unless
such persons are permitted to do so under applicable Bermuda legislation.

 

     

     

    

 

Notice to prospective investors in the British Virgin
Islands

 

The shares are not being, and may not be offered
to the public or to any person in the British Virgin Islands for purchase or subscription by or on behalf of the Company. The shares
may be offered to companies incorporated under the BVI Business Companies Act, 2004 (British Virgin Islands), “BVI Companies”),
but only where the offer will be made to, and received by, the relevant BVI Company entirely outside of the British Virgin Islands.

 

Notice to prospective investors in South Africa

 

Due to restrictions under the securities laws
of South Africa, no “offer to the public” (as such term is defined in the South African Companies Act, No. 71
of 2008 (as amended or re-enacted) (the “South African Companies Act”)) is being made in connection with the issue
of the shares in South Africa. Accordingly, this document does not, nor is it intended to, constitute a “registered prospectus”
(as that term is defined in the South African Companies Act) prepared and registered under the South African Companies Act and
has not been approved by, and/or filed with, the South African Companies and Intellectual Property Commission or any other regulatory
authority in South Africa. The shares are not offered, and the offer shall not be transferred, sold, renounced or delivered, in
South Africa or to a person with an address in South Africa, unless one or other of the following exemptions stipulated in section
96 (1) applies:

 

	Section 96 (1)(a)	
        the offer, transfer, sale, renunciation or delivery is to:

         

        (i)      persons
        whose ordinary business, or part of whose ordinary business, is to deal in securities, as principal or agent;

         

        (ii)     the
        South African Public Investment Corporation;

         

        (iii)    persons
        or entities regulated by the Reserve Bank of South Africa;

         

        (iv)    authorised
        financial service providers under South African law;

         

        (v)     financial
        institutions recognised as such under South African law;

         

        (vi)    a
        wholly-owned subsidiary of any person or entity contemplated in (c), (d) or (e), acting as agent in the capacity of an authorised
        portfolio manager for a pension fund, or as manager for a collective investment scheme (in each case duly registered as such under
        South African law); or

         

        (vii)   any
        combination of the person in (i) to (vi); or

	 	 
	Section 96 (1)(b)	the total contemplated acquisition cost of the securities, for any single addressee acting as principal is equal to or greater than ZAR1,000,000 or such higher amount as may be promulgated by notice in the Government Gazette of South Africa pursuant to section 96(2)(a) of the South African Companies Act.

 

     

     

    

 

Information made available in this prospectus should not be
considered as “advice” as defined in the South African Financial Advisory and Intermediary Services Act, 2002.

 

Notice to prospective investors in Israel

 

This document does not constitute a prospectus
under the Israeli Securities Law, 5728-1968, (the “Israeli Securities Law”), and has not been filed with or approved
by the Israel Securities Authority. In Israel, this prospectus is being distributed only to, and is directed only at, and any offer
of the shares of common stock is directed only at, (i) a limited number of persons in accordance with the Israeli Securities
Law and (ii) investors listed in the first addendum (the “Addendum”), to the Israeli Securities Law, consisting
primarily of joint investment in trust funds, provident funds, insurance companies, banks, portfolio managers, investment advisors,
members of the Tel Aviv Stock Exchange, underwriters, venture capital funds, entities with equity in excess of NIS 50 million and
 “qualified individuals,” each as defined in the Addendum (as it may be amended from time to time), collectively referred
to as qualified investors (in each case, purchasing for their own account or, where permitted under the Addendum, for the accounts
of their clients who are investors listed in the Addendum). Qualified investors are required to submit written confirmation that
they fall within the scope of the Addendum, are aware of the meaning of same and agree to it.

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