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Exhibit 10.1
PARK-OHIO HOLDINGS CORP.

2021 EQUITY AND INCENTIVE COMPENSATION PLAN
1.Purpose.  The purpose of this Plan is to permit award grants to Directors, officers and other employees of the Company and its Subsidiaries, and certain consultants to the Company and its Subsidiaries, and to provide to such persons incentives and rewards for performance and/or service.
2.Definitions.  As used in this Plan:
(a)“Affiliate” means any corporation, partnership, joint venture or other entity, directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with the Company as determined by the Committee or the Board, as applicable, in its discretion.
(b)“Appreciation Right” means a right granted pursuant to Section 5 of this Plan and will include both Free-Standing Appreciation Rights and Tandem Appreciation Rights.
(c)“Base Price” means the price to be used as the basis for determining the Spread upon the exercise of a Free-Standing Appreciation Right or a Tandem Appreciation Right.
(d)“Board” means the Board of Directors of the Company.
(e)“Cash Incentive Award” means a cash award granted pursuant to Section 8 of this Plan.
(f)“Change in Control” has the meaning set forth in Section 12 of this Plan.
(g)“Code” means the Internal Revenue Code of 1986, as amended, and the regulations thereunder, as such law and regulations may be amended from time to time.
(h)“Committee” means the Compensation Committee of the Board (or its successor), or any other committee of the Board designated by the Board to administer this Plan pursuant to Section 10 of this Plan.
(i)“Common Shares” means the shares of Common Stock, par value $1.00 per share, of the Company or any security into which such common shares may be changed by reason of any transaction or event of the type referred to in Section 11 of this Plan.
(j)“Company” means Park-Ohio Holdings Corp., an Ohio corporation, and its successors.
(k)“Date of Grant” means the date provided for by the Committee on which a grant of Option Rights, Appreciation Rights, Performance Shares, Performance Units, Cash Incentive Awards, or other awards contemplated by Section 9 of this Plan, or a grant or sale of Restricted Shares, Restricted Stock Units, or other awards contemplated by Section 9 of this Plan, will become effective (which date will not be earlier than the date on which the Committee takes action with respect thereto). 
(l)“Director” means a member of the Board.
(m)“Effective Date” means the date this Plan is approved by the Shareholders.
(n)“Evidence of Award” means an agreement, certificate, resolution or other type or form of writing or other evidence approved by the Committee that sets forth the terms and conditions of the awards granted under this Plan.  An Evidence of Award may be in an electronic medium, may be limited to notation on the books and records of the Company and, unless otherwise determined by the Committee, need not be signed by a representative of the Company or a Participant. 
(o)“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, as such law, rules and regulations may be amended from time to time.
(p)“Free-Standing Appreciation Right” means an Appreciation Right granted pursuant to Section 5 of this Plan that is not granted in tandem with an Option Right.

(q)“Incentive Stock Options” means Option Rights that are intended to qualify as “incentive stock options” under Section 422 of the Code or any successor provision.
(r)“Management Objectives” means the performance objective or objectives established pursuant to this Plan for Participants who have received grants of Performance Shares, Performance Units or Cash Incentive Awards or, when so determined by the Committee, Option Rights, Appreciation Rights, Restricted Shares, Restricted Stock Units, dividend equivalents or other awards pursuant to this Plan.  If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company, or the manner in which it conducts its business, or other events or circumstances render the Management Objectives unsuitable, the Committee may in its discretion modify such Management Objectives or the goals or actual levels of achievement regarding the Management Objectives, in whole or in part, as the Committee deems appropriate and equitable.
(s)“Market Value per Share” means, as of any particular date, the closing price of a Common Share as reported for that date on the Nasdaq Stock Market, if the Common Shares are not then listed on the Nasdaq Stock Market, on any other national securities exchange on which the Common Shares are listed, or if there are no sales on such date, on the next preceding trading day during which a sale occurred.  If there is no regular public trading market for the Common Shares, then the Market Value per Share shall be the fair market value as determined in good faith by the Committee.  The Committee is authorized to adopt another fair market value pricing method provided such method is stated in the applicable Evidence of Award and is in compliance with the fair market value pricing rules set forth in Section 409A of the Code.
(t)“Optionee” means the optionee named in an Evidence of Award evidencing an outstanding Option Right.
(u)“Option Price” means the purchase price payable on exercise of an Option Right.
(v)“Option Right” means the right to purchase Common Shares upon exercise of an award granted pursuant to Section 4 of this Plan.
(w)“Participant” means a person who is selected by the Committee to receive benefits under this Plan and who is at the time (i) an officer or other employee of the Company or any Subsidiary, including a person who has agreed to commence serving in such capacity within 90 days of the Date of Grant, (ii) a person, including a consultant, who provides services to the Company or a Subsidiary that are equivalent to those typically provided by an employee (provided that such person satisfies the Form S-8 definition of an “employee”), or (iii) a non-employee Director.
(x)“Performance Period” means, in respect of a Cash Incentive Award, Performance Share or Performance Unit, a period of time established pursuant to Section 8 of this Plan within which the Management Objectives relating to such Cash Incentive Award, Performance Share or Performance Unit are to be achieved.
(y)“Performance Share” means a bookkeeping entry that records the equivalent of one Common Share awarded pursuant to Section 8 of this Plan.
(z)“Performance Unit” means a bookkeeping entry awarded pursuant to Section 8 of this Plan that records a unit equivalent to $1.00 or such other value as is determined by the Committee.
(aa)“Plan” means this Park-Ohio Holdings Corp. 2021 Equity and Incentive Compensation Plan, as may be amended or amended and restated from time to time.
(bb)    “Predecessor Plans” means the Company’s 2015 Equity and Incentive Compensation Plan and the Company’s 2018 Equity and Incentive Compensation Plan, in each case including as amended or amended and restated from time to time.

(cc)    “Restricted Shares” means Common Shares granted or sold pursuant to Section 6 of this Plan as to which neither the substantial risk of forfeiture nor the prohibition on transfer has expired.

(dd)    “Restricted Stock Units” means an award made pursuant to Section 7 of this Plan of the right to receive Common Shares, cash or a combination thereof at the end of the applicable Restriction Period.

(ee)    “Restriction Period” means the period of time during which Restricted Stock Units are subject to restrictions, as provided in Section 7 of this Plan.

(ff)    “Shareholder” means an individual or entity that owns one or more Common Shares.

(gg)    “Spread” means the excess of the Market Value per Share on the date when an Appreciation Right is exercised over the Option Price or Base Price provided for in the related Option Right or Free-Standing Appreciation Right, respectively.

(hh)    “Subsidiary” means a corporation, company or other entity (i) more than 50 percent of whose outstanding shares or securities (representing the right to vote for the election of directors or other managing authority) are, or (ii) which does not have outstanding shares or securities (as may be the case in a partnership, joint venture, limited liability company, or unincorporated association), but more than 50 percent of whose ownership interest representing the right generally to make decisions for such other entity is, now or hereafter, owned or controlled, directly or indirectly, by the Company; provided, however, that for purposes of determining whether any person may be a Participant for purposes of any grant of Incentive Stock Options, “Subsidiary” means any corporation in which the Company at the time owns or controls, directly or indirectly, more than 50 percent of the total combined Voting Power represented by all classes of stock issued by such corporation.

(ii)    “Tandem Appreciation Right” means an Appreciation Right granted pursuant to Section 5 of this Plan that is granted in tandem with an Option Right.

(jj)    “Voting Power” means, at any time, the combined voting power of the then-outstanding securities entitled to vote generally in the election of Directors in the case of the Company, or members of the board of directors or similar body in the case of another entity.

3.Shares Available Under this Plan.
       (a)          Maximum Shares Available Under this Plan.
i.Subject to adjustment as provided in Section 11 of this Plan and the share counting rules set forth in Section 3(b) of this Plan, the number of Common Shares available for awards of (A) Option Rights or Appreciation Rights, (B) Restricted Shares, (C) Restricted Stock Units, (D) Performance Shares or Performance Units, (E) awards contemplated by Section 9 of this Plan, or (F) dividend equivalents paid with respect to awards made under this Plan will not exceed in the aggregate (x) 625,000 Common Shares, plus (y) the total number of Common Shares remaining available under the Company’s 2018 Equity and Incentive Compensation Plan and not subject to any outstanding awards as of the Effective Date, plus (z) the Common Shares that are subject to awards granted under this Plan or the Predecessor Plans that are added (or added back, as applicable) to the aggregate number of Common Shares available under this Section 3(a)(i) pursuant to the share counting rules of this Plan.  Such shares may be shares of original issuance or treasury shares or a combination of the foregoing.
ii.Subject to the share counting rules set forth in Section 3(b) of this Plan, the aggregate number of Common Shares available under Section 3(a)(i) of this Plan will be reduced by one Common Share for every one Common Share subject to an award granted under this Plan.
    (b)             Share Counting Rules.
i.Except as provided in Section 22 of this Plan, if any award granted under this Plan (in whole or in part) is cancelled or forfeited, expires, is settled for cash, or is unearned, the Common Shares subject to such award will, to the extent of such cancellation, forfeiture, expiration, cash settlement, or unearned amount, again be available under Section 3(a)(i) above.
ii.If, after the Effective Date, any Common Shares subject to an award granted under the Predecessor Plans are forfeited, or an award granted under the Predecessor Plans (in whole or in part) is cancelled or forfeited, expires, is settled for cash, or is unearned, the Common Shares subject to such award will, to the extent of such cancellation, forfeiture, expiration, cash settlement, or unearned amount, be available for awards under this Plan.

iii.Notwithstanding anything to the contrary contained in this Plan, the following Common Shares will not be added (or added back, as applicable) to the aggregate number of Common Shares available under Section 3(a)(i) of this Plan:  (A) Common Shares withheld by the Company, 

tendered or otherwise used in payment of the Option Price of an Option Right (or the option price of an option granted under the Predecessor Plans); (B) Common Shares withheld by the Company, tendered or otherwise used to satisfy tax withholding with respect to awards; (C) Common Shares subject to a stock-settled Appreciation Right (or a stock appreciation right granted under the Predecessor Plans) that are not actually issued in connection with the settlement of such right on the exercise thereof; and (D) Common Shares reacquired by the Company on the open market or otherwise using cash proceeds from the exercise of Option Rights (or stock options granted under the Predecessor Plans).  

iv.If, under this Plan, a Participant has elected to give up the right to receive compensation in exchange for Common Shares based on fair market value, such Common Shares will not count against the aggregate limit under Section 3(a)(i) of this Plan.

  (c)        Limit on Incentive Stock Options.  Notwithstanding anything to the contrary contained in this Plan, and subject to adjustment as provided in Section 11 of this Plan, the aggregate number of Common Shares actually issued or transferred by the Company upon the exercise of Incentive Stock Options will not exceed 625,000 Common Shares.
(d)        Non-Employee Director Compensation Limit.  Notwithstanding anything to the contrary contained in this Plan, in no event will any non-employee Director in any one calendar year be granted compensation for such service having an aggregate maximum value (measured at the Date of Grant as applicable and calculating the value of any awards based on the grant date fair value for financial reporting purposes) in excess of $500,000.
(e)           Minimum Vesting Requirement.  Notwithstanding any other provision of this Plan (outside of this Section 3(e)) to the contrary, awards granted under this Plan (other than cash-based awards) shall vest no earlier than the first anniversary of the applicable Date of Grant; provided, that the following awards shall not be subject to the foregoing minimum vesting requirement:  any (i) awards granted in connection with awards that are assumed, converted or substituted pursuant to Section 22(a) of this Plan; (ii) Common Shares delivered in lieu of fully vested cash obligations; (iii) awards to non-employee Directors that vest on the earlier of the one-year anniversary of the applicable Date of Grant and the next annual meeting of Shareholders which is at least 50 weeks after the immediately preceding year’s annual meeting of Shareholders; and (iv) any additional awards the Committee may grant, up to a maximum of five percent (5%) of the available share reserve authorized for issuance under the Plan pursuant to Section 3(a)(i) (subject to adjustment under Section 11).  Nothing in this Section 3(e) or otherwise in this Plan, however, shall preclude the Committee, in is sole discretion, from (x) providing for continued vesting or accelerated vesting for any award under this Plan upon certain events, including in connection with or following a Participant’s death, disability, or termination of service or a Change in Control, or (y) exercising its authority under Section 18(c) at any time following the grant of an award.
4.Option Rights.  The Committee may, from time to time and upon such terms and conditions as it may determine, authorize the granting to Participants of Option Rights.  Each such grant may utilize any or all of the authorizations, and will be subject to all of the requirements, contained in the following provisions:
(a)    Each grant will specify the number of Common Shares to which it pertains subject to the limitations set forth in Section 3 of this Plan.
(b)    Each grant will specify an Option Price per Common Share, which Option Price (except with respect to awards under Section 22 of this Plan) may not be less than the Market Value per Share on the Date of Grant.
(c)    Each grant will specify whether the Option Price will be payable (i) in cash, by check acceptable to the Company or by wire transfer of immediately available funds, (ii) by the actual or constructive transfer to the Company of Common Shares owned by the Optionee having a value at the time of exercise equal to the total Option Price, (iii) subject to any conditions or limitations established by the Committee, by the withholding of Common Shares otherwise issuable upon exercise of an Option Right pursuant to a “net exercise” arrangement (it being understood that, solely for purposes of determining the number of treasury shares held by the Company, the Common Shares so withheld will not be treated as issued and acquired by the Company upon such exercise), (iv) by a combination of such methods of payment, or (v) by such other methods as may be approved by the Committee.
(d)    To the extent permitted by law, any grant may provide for deferred payment of the Option Price from the proceeds of sale through a bank or broker on a date satisfactory to the Company of some or all of the Common Shares to which such exercise relates.
(e)    Each grant will specify the period or periods of continuous service by the Optionee with the Company or any Subsidiary, if any, that is necessary before any Option Rights or installments thereof will vest.  Option Rights may provide for 

continued vesting or the earlier vesting of such Option Rights, including in the event of the retirement, death, disability or termination of employment or service of a Participant or in the event of a Change in Control.
(f)    Any grant of Option Rights may specify Management Objectives regarding the vesting of such rights.
(g)    Option Rights granted under this Plan may be (i) options, including Incentive Stock Options, that are intended to qualify under particular provisions of the Code, (ii) options that are not intended to so qualify, or (iii) combinations of the foregoing.  Incentive Stock Options may only be granted to Participants who meet the definition of “employees” under Section 3401(c) of the Code.
(h)    The exercise of an Option Right will result in the cancellation on a share-for-share basis of any Tandem Appreciation Right authorized under Section 5 of this Plan.
(i)    No Option Right will be exercisable more than 10 years from the Date of Grant.  The Committee may provide in any Evidence of Award for the automatic exercise of an Option Right upon such terms and conditions as established by the Committee.
(j)    Option Rights granted under this Plan may not provide for any dividends or dividend equivalents thereon.
(k)    Each grant of Option Rights will be evidenced by an Evidence of Award.  Each Evidence of Award will be subject to this Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may approve.
5.Appreciation Rights.
(a)    The Committee may, from time to time and upon such terms and conditions as it may determine, authorize the granting (i) to any Optionee, of Tandem Appreciation Rights in respect of Option Rights granted hereunder, and (ii) to any Participant, of Free-Standing Appreciation Rights.  A Tandem Appreciation Right will be a right of the Optionee, exercisable by surrender of the related Option Right, to receive from the Company an amount determined by the Committee, which will be expressed as a percentage of the Spread (not exceeding 100 percent) at the time of exercise.  Tandem Appreciation Rights may be granted at any time prior to the exercise or termination of the related Option Rights; provided, however, that a Tandem Appreciation Right awarded in relation to an Incentive Stock Option must be granted concurrently with such Incentive Stock Option.  A Free-Standing Appreciation Right will be a right of the Participant to receive from the Company an amount determined by the Committee, which will be expressed as a percentage of the Spread (not exceeding 100 percent) at the time of exercise.
(b)    Each grant of Appreciation Rights may utilize any or all of the authorizations, and will be subject to all of the requirements, contained in the following provisions:
i.Each grant may specify that the amount payable on exercise of an Appreciation Right will be paid by the Company in cash, Common Shares or any combination thereof.
ii.Each grant will specify the period or periods of continuous service by the Participant with the Company or any Subsidiary, if any, that is necessary before the Appreciation Rights or installments thereof will vest.  Appreciation Rights may provide for continued vesting or the earlier vesting of such Appreciation Rights, including in the event of the retirement, death, disability or termination of employment or service of a Participant or in the event of a Change in Control.
iii.Any grant of Appreciation Rights may specify Management Objectives regarding the vesting of such Appreciation Rights.
iv.Each grant of Appreciation Rights will be evidenced by an Evidence of Award.  Each Evidence of Award will be subject to this Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may approve.
(c)    Any grant of Tandem Appreciation Rights will provide that such Tandem Appreciation Rights may be exercised only at a time when the related Option Right is also exercisable and at a time when the Spread is positive, and by surrender of the related Option Right for cancellation.
(d)    Appreciation Rights granted under this Plan may not provide for any dividends or dividend equivalents thereon.

(e)    Regarding Free-Standing Appreciation Rights only:
i.Each grant will specify in respect of each Free-Standing Appreciation Right a Base Price, which (except with respect to awards under Section 22 of this Plan) may not be less than the Market Value per Share on the Date of Grant; and
ii.No Free-Standing Appreciation Right granted under this Plan may be exercised more than 10 years from the Date of Grant.  The Committee may provide in any Evidence of Award for the automatic exercise of a Free-Standing Appreciation Right upon such terms and conditions as established by the Committee.
6.    Restricted Shares.  The Committee may, from time to time and upon such terms and conditions as it may determine, authorize the grant or sale of Restricted Shares to Participants.  Each such grant or sale may utilize any or all of the authorizations, and will be subject to all of the requirements, contained in the following provisions:
(a)    Each such grant or sale will constitute an immediate transfer of the ownership of Common Shares to the Participant in consideration of the performance of services, entitling such Participant to voting, dividend and other ownership rights (subject in particular to Section 6(g) of this Plan), but subject to the substantial risk of forfeiture and restrictions on transfer hereinafter described.
(b)    Each such grant or sale may be made without additional consideration or in consideration of a payment by such Participant that is less than the Market Value per Share on the Date of Grant.
(c)    Each such grant or sale will provide that the Restricted Shares covered by such grant or sale will be subject to a “substantial risk of forfeiture” within the meaning of Section 83 of the Code for a period to be determined by the Committee on the Date of Grant or until achievement of Management Objectives referred to in Section 6(e) of this Plan.
(d)    Each such grant or sale will provide that during or after the period for which such substantial risk of forfeiture is to continue, the transferability of the Restricted Shares will be prohibited or restricted in the manner and to the extent prescribed by the Committee on the Date of Grant (which restrictions may include rights of repurchase or first refusal of the Company or provisions subjecting the Restricted Shares to a continuing substantial risk of forfeiture while held by any transferee).
(e)    Any grant of Restricted Shares may specify Management Objectives regarding the vesting of such Restricted Shares.
(f)    Notwithstanding anything to the contrary contained in this Plan Restricted Shares may provide for continued vesting or the earlier vesting of such Restricted Shares, including in the event of the retirement, death, disability or termination of employment or service of a Participant or in the event of a Change in Control.
(g)    Any such grant or sale of Restricted Shares may require that any and all dividends or other distributions paid thereon during the period of such restrictions be automatically deferred and/or reinvested in additional Restricted Shares, which may be subject to the same restrictions as the underlying award; provided, however, that dividends or other distributions on Restricted Shares with restrictions that lapse as a result of the achievement of Management Objectives will be deferred until, and paid contingent upon, the achievement of the applicable Management Objectives.
(h)    Each grant or sale of Restricted Shares will be evidenced by an Evidence of Award.  Each Evidence of Award will be subject to this Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may approve.  Unless otherwise directed by the Committee, (i) all certificates representing Restricted Shares will be held in custody by the Company until all restrictions thereon will have lapsed, together with a stock power or powers executed by the Participant in whose name such certificates are registered, endorsed in blank and covering such shares or (ii) all Restricted Shares will be held at the Company’s transfer agent in book entry form with appropriate restrictions relating to the transfer of such Restricted Shares.
7.    Restricted Stock Units.  The Committee may, from time to time and upon such terms and conditions as it may determine, authorize the granting or sale of Restricted Stock Units to Participants.  Each such grant or sale may utilize any or all of the authorizations, and will be subject to all of the requirements, contained in the following provisions:
(a)    Each such grant or sale will constitute the agreement by the Company to deliver Common Shares or cash, or a combination thereof, to the Participant in the future in consideration of the performance of services, but subject to the fulfillment of such conditions (which may include achievement regarding Management Objectives) during the Restriction Period as the Committee may specify.  

(b)    Each such grant or sale may be made without additional consideration or in consideration of a payment by such Participant that is less than the Market Value per Share on the Date of Grant.
(c)    Notwithstanding anything to the contrary contained in this Plan, Restricted Stock Units may provide for continued vesting or the earlier lapse or other modification of the Restriction Period, including in the event of the retirement, death, disability or termination of employment or service of a Participant or in the event of a Change in Control.
(d)    During the Restriction Period, the Participant will have no right to transfer any rights under his or her award and will have no rights of ownership in the Common Shares deliverable upon payment of the Restricted Stock Units and will have no right to vote them, but the Committee may, at or after the Date of Grant, authorize the payment of dividend equivalents on such Restricted Stock Units on either a current or deferred or contingent basis, either in cash or in additional Common Shares; provided, however, that dividend equivalents or other distributions on Common Shares underlying Restricted Stock Units with restrictions that lapse as a result of the achievement of Management Objectives shall be deferred until, and paid contingent upon, the achievement of the applicable Management Objectives.
(e)    Each grant or sale of Restricted Stock Units will specify the time and manner of payment of the Restricted Stock Units that have been earned.  Each grant or sale will specify that the amount payable with respect thereto will be paid by the Company in Common Shares or cash, or a combination thereof.
(f)    Each grant or sale of Restricted Stock Units will be evidenced by an Evidence of Award.  Each Evidence of Award will be subject to this Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may approve.
8.    Cash Incentive Awards, Performance Shares and Performance Units.  The Committee may, from time to time and upon such terms and conditions as it may determine, authorize the granting of Cash Incentive Awards, Performance Shares and Performance Units.  Each such grant may utilize any or all of the authorizations, and will be subject to all of the requirements, contained in the following provisions:
(a)    Each grant will specify the number or amount of Performance Shares or Performance Units, or amount payable with respect to a Cash Incentive Award, to which it pertains, which number or amount may be subject to adjustment to reflect changes in compensation or other factors.
(b)    The Performance Period with respect to each Cash Incentive Award or grant of Performance Shares or Performance Units will be such period of time as will be determined by the Committee, which may be subject to continued vesting or earlier lapse or other modification, including in the event of the retirement, death, disability or termination of employment or service of a Participant or in the event of a Change in Control.
(c)    Each grant of a Cash Incentive Award, Performance Shares or Performance Units will specify Management Objectives regarding the earning of the award.
(d)    Each grant will specify the time and manner of payment of a Cash Incentive Award, Performance Shares or Performance Units that have been earned.
(e)    The Committee may, on the Date of Grant of Performance Shares or Performance Units, provide for the payment of dividend equivalents to the holder thereof either in cash or in additional Common Shares, which dividend equivalents will be subject to deferral and payment on a contingent basis based on the Participant’s earning and vesting of the Performance Shares or Performance Units, as applicable, with respect to which such dividend equivalents are paid.
(f)    Each grant of a Cash Incentive Award, Performance Shares or Performance Units will be evidenced by an Evidence of Award.  Each Evidence of Award will be subject to this Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may approve.
9.    Other Awards.
(a)    Subject to applicable law and the applicable limits set forth in Section 3 of this Plan, the Committee may authorize the grant to any Participant of Common Shares or such other awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Common Shares or factors that may influence the value of such shares, including, without limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable into Common Shares, purchase rights for Common Shares, awards with value and payment contingent upon performance of the Company or specified Subsidiaries, affiliates or other business units thereof or any other factors designated by the Committee, and awards valued 

by reference to the book value of the Common Shares or the value of securities of, or the performance of specified Subsidiaries or affiliates or other business units of the Company.  The Committee will determine the terms and conditions of such awards.  Common Shares delivered pursuant to an award in the nature of a purchase right granted under this Section 9 will be purchased for such consideration, paid for at such time, by such methods, and in such forms, including, without limitation, Common Shares, other awards, notes or other property, as the Committee determines.
(b)    Cash awards, as an element of or supplement to any other award granted under this Plan, may also be granted pursuant to this Section 9.
(c)    The Committee may authorize the grant of Common Shares as a bonus, or may authorize the grant of other awards in lieu of obligations of the Company or a Subsidiary to pay cash or deliver other property under this Plan or under other plans or compensatory arrangements, subject to such terms as will be determined by the Committee in a manner that complies with Section 409A of the Code.
(d)    The Committee may, at or after the Date of Grant, authorize the payment of dividends or dividend equivalents on awards granted under this Section 9 on either a current or deferred or contingent basis, either in cash or in additional Common Shares; provided, however, that dividend equivalents or other distributions on Common Shares underlying awards granted under this Section 9 with restrictions that lapse as a result of the achievement of Management Objectives shall be deferred until, and paid contingent upon, the achievement of the applicable Management Objectives.
(e)    Each grant of an award under this Section 9 will be evidenced by an Evidence of Award.  Each such Evidence of Award will be subject to this Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may approve, and will specify the time and terms of delivery of the applicable award.
(f)    Notwithstanding anything to the contrary contained in this Plan, awards under this Section 9 may provide for the earning or vesting of, or earlier elimination of restrictions applicable to, such award, including in the event of the retirement, death, disability or termination of employment or service of a Participant or in the event of a Change in Control.
10.    Administration of this Plan.
(a)    This Plan will be administered by the Committee; provided, however, that, at the discretion of the Board, this Plan may be administered by the Board, including with respect to the administration of any responsibilities and duties held by the Committee hereunder.  The Committee may from time to time delegate all or any part of its authority under this Plan to a subcommittee thereof.  To the extent of any such delegation, references in this Plan to the Committee will be deemed to be references to such subcommittee.
(b)    The interpretation and construction by the Committee of any provision of this Plan or of any Evidence of Award (or related documents) and any determination by the Committee pursuant to any provision of this Plan or of any such agreement, notification or document will be final and conclusive.  No member of the Committee shall be liable for any such action or determination made in good faith.  In addition, the Committee is authorized to take any action it determines in its sole discretion to be appropriate subject only to the express limitations contained in this Plan, and no authorization in any Plan section or other provision of this Plan is intended or may be deemed to constitute a limitation on the authority of the Committee.
(c)    To the extent permitted by law, the Committee may delegate to one or more of its members, to one or more officers of the Company, or to one or more agents or advisors, such administrative duties or powers as it may deem advisable, and the Committee, the subcommittee, or any person to whom duties or powers have been delegated as aforesaid, may employ one or more persons to render advice with respect to any responsibility the Committee, the subcommittee or such person may have under this Plan.  The Committee may, by resolution, authorize one or more officers of the Company to do one or both of the following on the same basis as the Committee:  (i) designate employees to be recipients of awards under this Plan; and (ii) determine the size of any such awards; provided, however, that (A) the Committee will not delegate such responsibilities to any such officer for awards granted to an employee who is an officer (for purposes of Section 16 of the Exchange Act), Director, or more than 10% “beneficial owner” (as such term is defined in Rule 13d-3 promulgated under the Exchange Act) of any class of the Company’s equity securities that is registered pursuant to Section 12 of the Exchange Act, as determined by the Committee in accordance with Section 16 of the Exchange Act; (B) the resolution providing for such authorization shall set forth the total number of Common Shares such officer(s) may grant; and (C) the officer(s) will report periodically to the Committee regarding the nature and scope of the awards granted pursuant to the authority delegated.
11.    Adjustments.  The Committee shall make or provide for such adjustments in the number of and kind of Common Shares covered by outstanding Option Rights, Appreciation Rights, Restricted Shares, Restricted Stock Units, Performance Shares and Performance Units granted hereunder and, if applicable, in the number of and kind of Common Shares covered by other awards 

granted pursuant to Section 9 of this Plan, in the Option Price and Base Price provided in outstanding Option Rights and Appreciation Rights, respectively, in Cash Incentive Awards, and in other award terms, as the Committee, in its sole discretion, determines in good faith is equitably required to prevent dilution or enlargement of the rights of Participants that otherwise would result from (a) any extraordinary cash dividend, stock dividend, stock split, combination of shares, recapitalization or other change in the capital structure of the Company, (b) any merger, consolidation, spin-off, split-off, spin-out, split-up, reorganization, partial or complete liquidation or other distribution of assets, issuance of rights or warrants to purchase securities, or (c) any other corporate transaction or event having an effect similar to any of the foregoing.  Moreover, in the event of any such transaction or event or in the event of a Change in Control, the Committee may provide in substitution for any or all outstanding awards under this Plan such alternative consideration (including cash), if any, as it, in good faith, may determine to be equitable in the circumstances and shall require in connection therewith the surrender of all awards so replaced in a manner that complies with Section 409A of the Code.  In addition, for each Option Right or Appreciation Right with an Option Price or Base Price, respectively, greater than the consideration offered in connection with any such transaction or event or Change in Control, the Committee may in its discretion elect to cancel such Option Right or Appreciation Right without any payment to the person holding such Option Right or Appreciation Right.  The Committee shall also make or provide for such adjustments in the number of Common Shares specified in Section 3 of this Plan as the Committee, in its sole discretion, determines in good faith is appropriate to reflect any transaction or event described in this Section 11; provided, however, that any such adjustment to the number specified in Section 3(c) of this Plan will be made only if and to the extent that such adjustment would not cause any Option Right intended to qualify as an Incentive Stock Option to fail to so qualify.
12.    Change in Control.  For purposes of this Plan, except as may be otherwise prescribed by the Committee in an Evidence of Award made under this Plan, a “Change in Control” will be deemed to have occurred upon the occurrence (after the Effective Date) of any of the following events:
(a)    the Company is merged, consolidated or reorganized into or with another corporation or other legal person, and immediately after such merger, consolidation or reorganization less than a majority of the combined voting power of the then-outstanding securities of such corporation or person immediately after such transaction are held in the aggregate by the holders of Voting Stock (as that term is defined below) of the Company immediately prior to such transaction;
(b)    the Company sells all or substantially all of its assets to any other corporation or other legal person, and less than a majority of the combined voting power of the then-outstanding securities of such corporation or person immediately after such sale are held in the aggregate by the holders of Voting Stock of the Company immediately prior to such sale;
(c)    any person (as the term “person” is used in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act) becomes the beneficial owner (as the term “beneficial owner” is defined under Rule 13d-3 or any successor rule or regulation promulgated under the Exchange Act) of securities representing 30% or more of the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors of the Company (“Voting Stock”); or
(d)    if during any period of two consecutive years, individuals who at the beginning of any such period constitute the Directors of the Company cease for any reason to constitute at least a majority thereof, provided, however, that for purposes of this subsection (d), each Director who is first elected, or first nominated for election by the Company’s shareholders by a vote of at least two-thirds of the Directors of the Company (or a committee thereof) then still in office who were Directors of the Company at the beginning of any such period will be deemed to have been a Director of the Company at the beginning of such period (but excluding for purposes of this proviso any individual whose initially becomes a Director as a result of either an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of an individual, corporation, partnership, group, associate or other entity or person other than the Board).
Notwithstanding the foregoing provisions of this Section 12, a “Change in Control” shall not be deemed to have occurred for purposes of the Plan solely because (i) the Company, (ii) an entity in which the Company directly or indirectly beneficially owns 50% or more of the voting securities or interest, or (iii) any Company-sponsored employee stock ownership plan or any other employee benefit plan of the Company, either files or becomes obligated to file a report or a proxy statement under or in response to Schedule 13D, Schedule 14D-l, Form 8-K or Schedule 14A (or any successor schedule, form or report or item therein) under the Exchange Act, disclosing beneficial ownership by it of shares of Voting Stock, whether in excess of 30% or otherwise, or because the Company reports that a change in control of the Company has or may have occurred or will or may occur in the future by reason of such beneficial ownership.
13.    Detrimental Activity and Recapture Provisions.  Any Evidence of Award may reference a clawback policy of the Company or provide for the cancellation or forfeiture of an award or the forfeiture and repayment to the Company of any gain related to an award, or other provisions intended to have a similar effect, upon such terms and conditions as may be determined by the Committee from time to time, if a Participant, either (a) during employment or other service with the Company or a Subsidiary, or (b) within a specified period after termination of such employment or service, engages in any detrimental activity, as described in the applicable Evidence of Award or such clawback policy.  In addition, notwithstanding anything in this Plan to the contrary, any Evidence of Award or such clawback policy may also provide for the cancellation or forfeiture of an award or the forfeiture and 

repayment to the Company of any Common Shares issued under and/or any other benefit related to an award, or other provisions intended to have a similar effect, including upon such terms and conditions as may be required by the Committee or under Section 10D of the Exchange Act and any applicable rules or regulations promulgated by the Securities and Exchange Commission or any national securities exchange or national securities association on which the Common Shares may be traded.
14.    Non U.S. Participants.  In order to facilitate the making of any grant or combination of grants under this Plan, the Committee may provide for such special terms for awards to Participants who are foreign nationals or who are employed by the Company or any Subsidiary outside of the United States of America or who provide services to the Company under an agreement with a foreign nation or agency, as the Committee may consider necessary or appropriate to accommodate differences in local law, tax policy or custom.  Moreover, the Committee may approve such supplements to or amendments, restatements or alternative versions of this Plan (including sub-plans) (to be considered part of this Plan) as it may consider necessary or appropriate for such purposes, without thereby affecting the terms of this Plan as in effect for any other purpose, and the Secretary or other appropriate officer of the Company may certify any such document as having been approved and adopted in the same manner as this Plan.  No such special terms, supplements, amendments or restatements, however, will include any provisions that are inconsistent with the terms of this Plan as then in effect unless this Plan could have been amended to eliminate such inconsistency without further approval by the Shareholders.
15.    Transferability.
(a)    Except as otherwise determined by the Committee, and subject to compliance with Section 17(b) of this Plan and Section 409A of the Code, no Option Right, Appreciation Right, Restricted Shares, Restricted Stock Unit, Performance Share, Performance Unit, Cash Incentive Award, award contemplated by Section 9 of this Plan or dividend equivalents paid with respect to awards made under this Plan will be transferable by the Participant except by will or the laws of descent and distribution. In no event will any such award granted under this Plan be transferred for value. Where transfer is permitted, references to “Participant” shall be construed, as the Committee deems appropriate, to include any permitted transferee to whom such award is transferred. Except as otherwise determined by the Committee, Option Rights and Appreciation Rights will be exercisable during the Participant’s lifetime only by him or her or, in the event of the Participant’s legal incapacity to do so, by his or her guardian or legal representative acting on behalf of the Participant in a fiduciary capacity under state law or court supervision.
(b)    The Committee may specify on the Date of Grant that part or all of the Common Shares that are (i) to be issued or transferred by the Company upon the exercise of Option Rights or Appreciation Rights, upon the termination of the Restriction Period applicable to Restricted Stock Units or upon payment under any grant of Performance Shares or Performance Units or (ii) no longer subject to the substantial risk of forfeiture and restrictions on transfer referred to in Section 6 of this Plan, will be subject to further restrictions on transfer, including minimum holding periods.
16.    Withholding Taxes.  To the extent that the Company is required to withhold federal, state, local or foreign taxes or other amounts in connection with any payment made or benefit realized by a Participant or other person under this Plan, and the amounts available to the Company for such withholding are insufficient, it will be a condition to the receipt of such payment or the realization of such benefit that the Participant or such other person make arrangements satisfactory to the Company for payment of the balance of such taxes or other amounts required to be withheld, which arrangements (in the discretion of the Committee) may include relinquishment of a portion of such benefit.  If a Participant’s benefit is to be received in the form of Common Shares, and such Participant fails to make arrangements for the payment of taxes or other amounts, then, unless otherwise determined by the Committee, the Company will withhold Common Shares having a value equal to the amount required to be withheld. Notwithstanding the foregoing, when a Participant is required to pay the Company an amount required to be withheld under applicable income, employment, tax or other laws, the Committee may require the Participant to satisfy the obligation, in whole or in part, by having withheld, from the Common Shares delivered or required to be delivered to the Participant, Common Shares having a value equal to the amount required to be withheld or by delivering to the Company other Common Shares held by such Participant.  The Common Shares used for tax or other withholding will be valued at an amount equal to the fair market value of such Common Shares on the date the benefit is to be included in the Participant’s income.  In no event will the fair market value of the Common Shares to be withheld and delivered pursuant to this Section 16 exceed the minimum amount required to be withheld, unless (a) an additional amount can be withheld and not result in adverse accounting consequences, and (b) such additional withholding amount is authorized by the Committee.  Participants will also make such arrangements as the Company may require for the payment of any withholding tax or other obligation that may arise in connection with the disposition of Common Shares acquired upon the exercise of Option Rights.
17.    Compliance with Section 409A of the Code.  
(a)    To the extent applicable, it is intended that this Plan and any grants made hereunder comply with the provisions of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to the Participants.  This Plan and any grants made hereunder will be administered in a manner consistent with this intent.  Any reference in 

this Plan to Section 409A of the Code will also include any regulations or any other formal guidance promulgated with respect to such section by the U.S. Department of the Treasury or the Internal Revenue Service. 
(b)    Neither a Participant nor any of a Participant’s creditors or beneficiaries will have the right to subject any deferred compensation (within the meaning of Section 409A of the Code) payable under this Plan and grants hereunder to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment.  Except as permitted under Section 409A of the Code, any deferred compensation (within the meaning of Section 409A of the Code) payable to a Participant or for a Participant’s benefit under this Plan and grants hereunder may not be reduced by, or offset against, any amount owed by a Participant to the Company or any of its Subsidiaries. 
(c)    If, at the time of a Participant’s separation from service (within the meaning of Section 409A of the Code), (i) the Participant will be a specified employee (within the meaning of Section 409A of the Code and using the identification methodology selected by the Company from time to time) and (ii) the Company makes a good faith determination that an amount payable hereunder constitutes deferred compensation (within the meaning of Section 409A of the Code) the payment of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A of the Code in order to avoid taxes or penalties under Section 409A of the Code, then the Company will not pay such amount on the otherwise scheduled payment date but will instead pay it, without interest, on the fifth business day of the seventh month after such separation from service. 
(d)    Solely with respect to any award that constitutes nonqualified deferred compensation subject to Section 409A of the Code and that is payable on account of a Change in Control (including any installments or stream of payments that are accelerated on account of a Change in Control), a Change in Control shall occur only if such event also constitutes a “change in the ownership,” “change in effective control,” and/or a “change in the ownership of a substantial portion of assets” of the Company as those terms are defined under Treasury Regulation §1.409A-3(i)(5), but only to the extent necessary to establish a time and form of payment that complies with Section 409A of the Code, without altering the definition of Change in Control for any purpose in respect of such award.
(e)    Notwithstanding any provision of this Plan and grants hereunder to the contrary, in light of the uncertainty with respect to the proper application of Section 409A of the Code, the Company reserves the right to make amendments to this Plan and grants hereunder as the Company deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A of the Code.  In any case, a Participant will be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on a Participant or for a Participant’s account in connection with this Plan and grants hereunder (including any taxes and penalties under Section 409A of the Code), and neither the Company nor any of its affiliates will have any obligation to indemnify or otherwise hold a Participant harmless from any or all of such taxes or penalties.
18.    Amendments.
(a)    The Board may at any time and from time to time amend this Plan in whole or in part; provided, however, that if an amendment to this Plan, for purposes of applicable stock exchange rules and except as permitted under Section 11 of this Plan, (i) would materially increase the benefits accruing to Participants under this Plan, (ii) would materially increase the number of securities which may be issued under this Plan, (iii) would materially modify the requirements for participation in this Plan, or (iv) must otherwise be approved by the Shareholders in order to comply with applicable law or the rules of the Nasdaq Stock Market or, if the Common Shares are not traded on the Nasdaq Stock Market, the principal national securities exchange upon which the Common Shares are traded or quoted, all as determined by the Board, then, such amendment will be subject to Shareholder approval and will not be effective unless and until such approval has been obtained.

(b)    Except in connection with a corporate transaction or event described in Section 11 of this Plan or in connection with a Change in Control, the terms of outstanding awards may not be amended to reduce the Option Price of outstanding Option Rights or the Base Price of outstanding Appreciation Rights, or cancel outstanding “underwater” Option Rights or Appreciation Rights (including following a Participant’s voluntary surrender of “underwater” Option Rights or Appreciation Rights) in exchange for cash, other awards or Option Rights or Appreciation Rights with an Option Price or Base Price, as applicable, that is less than the Option Price of the original Option Rights or Base Price of the original Appreciation Rights, as applicable, without Shareholder approval.  This Section 18(b) is intended to prohibit the repricing of “underwater” Option Rights and Appreciation Rights and will not be construed to prohibit the adjustments provided for in Section 11 of this Plan.  Notwithstanding any provision of this Plan to the contrary, this Section 18(b) may not be amended without approval by the Shareholders.

(c)    If permitted by Section 409A of the Code, but subject to Section 18(d), including in the case of termination of employment or service, or in the case of unforeseeable emergency or other circumstances or in the event of a Change in Control, to the extent a Participant holds an Option Right or Appreciation Right not immediately exercisable in full, or any Restricted Shares as to which the substantial risk of forfeiture or the prohibition or restriction on transfer has not lapsed, or any Restricted Stock Units as to 

which the Restriction Period has not been completed, or any Cash Incentive Awards, Performance Shares or Performance Units which have not been fully earned, or any dividend equivalents or other awards made pursuant to Section 9 of this Plan subject to any vesting schedule or transfer restriction, or who holds Common Shares subject to any transfer restriction imposed pursuant to Section 15(b) of this Plan, the Committee may, in its sole discretion, provide for continued vesting or accelerate the time at which such Option Right, Appreciation Right or other award may vest or be exercised or the time at which such substantial risk of forfeiture or prohibition or restriction on transfer will lapse or the time when such Restriction Period will end or the time at which such Cash Incentive Awards, Performance Shares or Performance Units will be deemed to have been earned or the time when such transfer restriction will terminate or may waive any other limitation or requirement under any such award.

(d)    Subject to Section 18(b) of this Plan, the Committee may amend the terms of any award theretofore granted under this Plan prospectively or retroactively.  Except for adjustments made pursuant to Section 11 of this Plan, no such amendment will materially impair the rights of any Participant without his or her consent.  The Board may, in its discretion, terminate this Plan at any time.  Termination of this Plan will not affect the rights of Participants or their successors under any awards outstanding hereunder and not exercised in full on the date of termination.

19.    Governing Law.  This Plan and all grants and awards and actions taken hereunder will be governed by and construed in accordance with the internal substantive laws of the State of Ohio.
20.    Effective Date/Termination.  This Plan will be effective as of the Effective Date. No grants will be made on or after the Effective Date under the Predecessor Plans, provided that outstanding awards granted under the Predecessor Plans will continue following the Effective Date.  No grant will be made under this Plan on or after the tenth anniversary of the Effective Date, but all grants made prior to such date will continue in effect thereafter subject to the terms thereof and of this Plan.  For clarification purposes, the terms and conditions of this Plan shall not apply to or otherwise impact previously granted and outstanding awards under the Predecessor Plans, as applicable (except for purposes of providing for Common Shares under such awards to be added to the aggregate number of Common Shares available under Section 3(a)(i) of this Plan pursuant to the share counting rules of this Plan).
21.    Miscellaneous Provisions.
(a)    The Company will not be required to issue any fractional Common Shares pursuant to this Plan.  The Committee may provide for the elimination of fractions or for the settlement of fractions in cash.
(b)    This Plan will not confer upon any Participant any right with respect to continuance of employment or other service with the Company or any Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would otherwise have to terminate such Participant’s employment or other service at any time.
(c)    Except with respect to Section 21(e) of this Plan, to the extent that any provision of this Plan would prevent any Option Right that was intended to qualify as an Incentive Stock Option from qualifying as such, that provision will be null and void with respect to such Option Right.  Such provision, however, will remain in effect for other Option Rights and there will be no further effect on any provision of this Plan.
(d)    No award under this Plan may be exercised by the holder thereof if such exercise, and the receipt of cash or Common Shares thereunder, would be, in the opinion of counsel selected by the Company, contrary to law or the regulations of any duly constituted authority having jurisdiction over this Plan.
(e)    Absence on leave approved by a duly constituted officer of the Company or any of its Subsidiaries will not be considered interruption or termination of service of any employee for any purposes of this Plan or awards granted hereunder.
(f)    No Participant will have any rights as a Shareholder with respect to any Common Shares subject to awards granted to him or her under this Plan prior to the date as of which he or she is actually recorded as the holder of such Common Shares upon the stock records of the Company.
(g)    The Committee may condition the grant of any award or combination of awards authorized under this Plan on the surrender or deferral by the Participant of his or her right to receive a cash bonus or other compensation otherwise payable by the Company or a Subsidiary to the Participant.
(h)    Except with respect to Option Rights and Appreciation Rights, the Committee may permit Participants to elect to defer the issuance of Common Shares under this Plan pursuant to such rules, procedures or programs as it may establish for purposes of this Plan and which are intended to comply with the requirements of Section 409A of the Code.  The Committee also may provide that deferred issuances and settlements include the crediting of dividend equivalents or interest on the deferral amounts.

(i)    If any provision of this Plan is or becomes invalid, illegal or unenforceable in any jurisdiction, or would disqualify this Plan or any award under any law deemed applicable by the Committee, such provision will be construed or deemed amended or limited in scope to conform to applicable laws or, in the discretion of the Committee, it will be stricken and the remainder of this Plan will remain in full force and effect.  Notwithstanding anything in this Plan or an Evidence of Award to the contrary, nothing in this Plan or in an Evidence of Award prevents a Participant from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations, and for purpose of clarity, a Participant is not prohibited from providing information voluntarily to the Securities and Exchange Commission pursuant to Section 21F of the Exchange Act.
22.    Stock-Based Awards in Substitution for Awards Granted by Another Company.  Notwithstanding anything in this Plan to the contrary:
(a)    Awards may be granted under this Plan in substitution for or in conversion of, or in connection with an assumption of, stock options, stock appreciation rights, restricted stock, restricted stock units or other stock or stock-based awards held by awardees of an entity engaging in a corporate acquisition or merger transaction with the Company or any Subsidiary.  Any conversion, substitution or assumption will be effective as of the close of the merger or acquisition, and, to the extent applicable, will be conducted in a manner that complies with Section 409A of the Code. The awards so granted may reflect the original terms of the awards being assumed or substituted or converted for and need not comply with other specific terms of this Plan, and may account for Common Shares substituted for the securities covered by the original awards and the number of shares subject to the original awards, as well as any exercise or purchase prices applicable to the original awards, adjusted to account for differences in stock prices in connection with the transaction.
(b)    In the event that a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary merges has shares available under a pre-existing plan previously approved by shareholders and not adopted in contemplation of such acquisition or merger, the shares available for grant pursuant to the terms of such plan (as adjusted, to the extent appropriate, to reflect such acquisition or merger) may be used for awards made after such acquisition or merger under this Plan; provided, however, that awards using such available shares may not be made after the date awards or grants could have been made under the terms of the pre-existing plan absent the acquisition or merger, and may only be made to individuals who were not employees or directors of the Company or any Subsidiary prior to such acquisition or merger.  
(c)    Any Common Shares that are issued or transferred by, or that are subject to any awards that are granted by, or become obligations of, the Company under Sections 22(a) or 22(b) of this Plan will not reduce the Common Shares available for issuance or transfer under this Plan or otherwise count against the limits contained in Section 3 of this Plan.  In addition, no Common Shares subject to an award that is granted by, or becomes an obligation of, the Company under Sections 22(a) or 22(b) of this Plan will be added to the aggregate limit contained in Section 3(a)(i) of this Plan.EX-4.1

 Exhibit 4.1 

DUPLICATE 
  

			
	

	  	Number: C1088362

 CERTIFICATE 

OF 
 CHANGE OF NAME

 BUSINESS CORPORATIONS ACT 
 I
Hereby Certify that TANQUERAY EXPLORATION LTD. changed its name to IMMUNOPRECISE ANTIBODIES LTD. on December 21, 2016 at 10:06 AM Pacific Time. 
  

			
	

	  	 Issued under my hand at Victoria, British Columbia

On December 21, 2016
  

  
 CAROL PREST

Registrar of Companies

Province of British Columbia

Canada

 DUPLICATE 
  

			
	

	  	Number: C1088362

 CERTIFICATE 

OF 
 CONTINUATION

 BUSINESS CORPORATIONS ACT 
 I
Hereby Certify that TANQUERAY RESOURCES LTD., which was duly registered as an extraprovincial company under the laws of British Columbia with certificate number A0067246, has continued into British Columbia from the Jurisdiction of ALBERTA, under
the Business Corporations Act, with the name TANQUERAY EXPLORATION LTD. on September 2, 2016 at 10:54 AM Pacific Time. 
  

			
	

	  	 Issued under my hand at Victoria, British Columbia

On September 2, 2016
  

  
 CAROL PREST

Registrar of Companies

Province of British Columbia

Canada

 Articles 

of 
 TANQUERAY EXPLORTAION
LTD. 
 Incorporation number: C1088362 

TABLE OF-CONTENTS 

 

							
	 	 	 	  	Page No.	 
	1.	 	 Interpretation
	  	 	2	 
	2.	 	 Shares and Share Certificates
	  	 	2	 
	3.	 	 Issue of Shares
	  	 	4	 
	4.	 	 Share Registers
	  	 	5	 
	5.	 	 Share Transfers
	  	 	5	 
	6.	 	 Transmission of Shares
	  	 	6	 
	7.	 	 Purchase of Shares
	  	 	7	 
	8.	 	 Borrowing Powers
	  	 	7	 
	9.	 	 Alterations
	  	 	8	 
	10.	 	 Meetings of Shareholders
	  	 	9	 
	11.	 	 Proceedings at Meetings of Shareholders
	  	 	11	 
	12.	 	 Votes of Shareholders
	  	 	14	 
	13.	 	 Directors
	  	 	18	 
	14.	 	 Election and Removal of Directors
	  	 	19	 
	15.	 	 Alternate Directors
	  	 	22	 
	16.	 	 Powers and Duties of Directors
	  	 	23	 
	17.	 	 Disclosure of Interest of Directors
	  	 	24	 
	18.	 	 Proceedings of Directors
	  	 	25	 
	19.	 	 Executive and Other Committees
	  	 	27	 
	20.	 	 Officers
	  	 	29	 
	21.	 	 Indemnification
	  	 	30	 
	22.	 	 Dividends
	  	 	31	 
	23.	 	 Documents, Records and Reports
	  	 	33	 
	24.	 	 Notices
	  	 	33	 
	25.	 	 Seal
	  	 	34	 

 1. INTERPRETATION 

 

	1.1	 Definitions 

In these Articles, the following words and phrases have the meanings set out beside them: 

 

	(1)	 “board of directors”, “directors” and “board” mean the
directors or sole director of the Company for the time being; 

  

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

  

	(3)	 “Company” means the company whose name is set out at the top of page 1, being the company
which has adopted these Articles; 

  

	(4)	 “Interpretation Act” means the Interpretation Act (British Columbia) from time
to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act; 

  

	(4)	 “legal personal representative” means the personal or other legal representative of the
shareholder; 

  

	(5)	 “registered address” of a shareholder means the shareholder’s address as recorded in the
central securities register; 

  

	(6)	 “seal” means the seal of the Company, if any. 

 

	1.2	 Business Corporations Act and Interpretation Act Definitions
Applicable 

 The definitions in the Business Corporations Act and the definitions and rules of construction in the
Interpretation Act, with the necessary changes, so far as applicable, and unless the context requires otherwise, apply to these Articles as if they were an enactment. If there is a conflict between a definition in the Business Corporations
Act and a definition or rule in the Interpretation Act relating to a term used in these Articles, the definition in the Business Corporations Act will prevail in relation to the use of the term in these Articles. If there is a
conflict between these Articles and the Business Corporations Act, the Business Corporations Act will prevail. 
 2.
SHARES AND SHARE CERTIFICATES 
  

	2.1	 Authorized Share Structure 

The authorized share structure of the Company consists of shares of the kinds, classes and, if any, series described in the Notice of Articles of the Company.

  

	2.2	 Form of Share Certificate 

Each share certificate issued by the Company must comply with, and be signed as required by, the Business Corporations Act.  

  
 2 

	2.3	 Shareholder Entitled to Certificate or Acknowledgment 

Each shareholder is entitled, without charge, to (a) one share certificate representing the shares of each class or series of shares registered in the
shareholder’s name or (b) a non-transferable written acknowledgment of the shareholder’s right to obtain such a share certificate, but in respect of a share held jointly by several persons, the
Company is not bound to issue more than one share certificate and delivery of a share certificate for a share to one of several joint shareholders or to one of the shareholders’ duly authorized agents will be sufficient delivery to all. 

 

	2.4	 Delivery by Mail 

Any share certificate or non-transferable written acknowledgment of a shareholder‘s right to obtain a share
certificate may be sent to the shareholder by mail at the shareholder’s registered address and neither the Company nor any director, officer or agent of the Company is liable for any loss to the shareholder because the share certificate or
acknowledgement is lost in the mail or stolen. 
  

	2.5	 Replacement of Worn Out or Defaced Certificate or Acknowledgement 

If the directors are satisfied that a share certificate or a non-transferable written acknowledgment of the
shareholder’s right to obtain a share certificate is worn out or defaced, they must, on production to them of the share certificate or acknowledgment, as the case may be, and on such other terms, if any, as they think fit: 

 

	(1)	 order the share certificate or acknowledgment, as the case may be, to be cancelled; and 

 

	(2)	 issue a replacement share certificate or acknowledgment, as the case may be. 

 

	2.6	 Replacement of Lost, Stolen or Destroyed Certificate or Acknowledgment 

If a share certificate or a non-transferable written acknowledgment of a shareholder’s right to obtain a share
certificate is lost, stolen or destroyed, a replacement share certificate or acknowledgment, as the case may be, must be issued to the person entitled to that share certificate or acknowledgment, as the case may be, if the directors receive: 

 

	(1)	 proof satisfactory to them that the share certificate or acknowledgment is lost, stolen or destroyed; and

  

	(2)	 any indemnity the directors consider adequate. 

 

	2.7	 Splitting Share Certificates 

If a shareholder surrenders a share certificate to the Company with a written request that the Company issue in the shareholder’s name two or more share
certificates, each representing a specified number of shares and in the aggregate representing the same number of shares as the share certificate so surrendered, the Company must cancel the surrendered share certificate and issue replacement share
certificates in accordance with that request. 

  
 3 

	2.8	 Certificate Fee 

There must be paid to the Company, in relation to the issue of any share certificate under Articles 2.5, 2.6 or 2.7, the amount, if any and which must not
exceed the amount prescribed under the Business Corporations Act, determined by the directors. 
  

	2.9	 Recognition of Trusts 

Except as required by law or statute or these Articles, no person will be recognized by the Company as holding any share upon any trust, and the Company is not
bound by or compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial interest in any share or fraction of a share or (except as by law or statute or these Articles provided or as ordered by a
court of competent jurisdiction) any other rights in respect of any share except an absolute right to the entirety thereof in the shareholder. 

3. ISSUE OF SHARES 

 

	3.1	 Directors Authorized 

Subject to the rights of the holders of issued shares of the Company, the Company may allot, sell, issue and otherwise dispose of the unissued shares, and
issued shares held by the Company, at the times, to the persons, including directors, in the manner, on the terms and conditions and for the issue prices (including any premium at which shares with par value may be issued) that the directors may
determine. The issue price for a share with par value must be equal to or greater than the par value of the share. 
  

	3.2	 Commissions and Discounts 

The Company may pay at any time a reasonable commission or allow a reasonable discount to any person in consideration of that person purchasing or agreeing to
purchase shares of the Company from the Company or any other person or procuring or agreeing to procure purchasers for shares of the Company. 
  

	3.3	 Brokerage 

The Company may pay such brokerage fee or other consideration as may be lawful for or in connection with the sale or placement of its securities. 

 

	3.4	 Conditions of Issue 

Except as provided for by the Business Corporations Act, no share may be issued until it is fully paid. A share is fully paid when: 

 

	(1)	 consideration is provided to the Company for the issue of the share by one or more of the following:

  

	 	(a)	 past services performed for the Company; 

 

	 	(b)	 property; 

  

	 	(c)	 money; and 

  
 4 

	(2)	 the value of the consideration received by the Company equals or exceeds the issue price set for the share
under Article 3.1. 

  

	3.5	 Share Purchase Warrants and Rights 

The Company may issue share purchase warrants, options and rights upon such terms and conditions as the directors determine, which share purchase warrants,
options and rights may be issued alone or in conjunction with debentures, debenture stock, bonds, shares or any other securities issued or created by the Company from time to time. 

4. SHARE REGISTERS 
  

	4.1	 Central Securities Register 

The Company must maintain in British Columbia a central securities register as required by the Business Corporations Act. The directors may appoint:

  

	(1)	 an agent to maintain the central securities register; and 

 

	(2)	 one or more agents, including the agent which keeps the central securities register, as transfer agent for its
shares or any class or series of its shares, as the case may be, and the same or another agent as registrar for its shares or such class or series of its shares. 

The directors may terminate such appointment of any agent at any time and may appoint another agent in its place. 

 

	4.2	 Closing Register 

The Company must not at any time close its central securities register. 

5. SHARE TRANSFERS 
  

	5.1	 Registering Transfers 

A transfer of a share of the Company must not be registered unless: 
  

	(1)	 a duly signed instrument of transfer in respect of the share has been received by the Company;

  

	(2)	 if a share certificate has been issued by the Company in respect of the share to be transferred, that share
certificate has been surrendered to the Company; and 

  

	(3)	 if a non-transferable written acknowledgment of the shareholder’s
right to obtain a share certificate has been issued by the Company in respect of the share to be transferred, that acknowledgment has been surrendered to the Company. 

  
 5 

	5.2	 Form of Instrument of Transfer 

The instrument of transfer in respect of any share of the Company must be either in the form, if any, on the back of the Company’s share certificates or
in any other form that may be approved by the directors from time to time. 
  

	5.3	 Transferor Remains Shareholder 

Except to the extent that the Business Corporations Act otherwise provides, the transferor of shares is deemed to remain the holder of the shares until
the name of the transferee is entered in a securities register of the Company in respect of the transfer. 
  

	5.4	 Signing of Instrument of Transfer 

If a shareholder, or their duly authorized attorney, 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 specified in any other manner, or, if no number
is specified, all the shares represented by the share certificates or set out in the written acknowledgments deposited with the instrument of transfer: 
  

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

 

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

  

	5.5	 Enquiry as to Title Not Required 

Neither the Company nor any director, officer or agent of the Company is bound to inquire into the title of the person named in the instrument of transfer as
transferee or, if no person is named as transferee in the instrument of transfer, of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered or is liable for any claim related to registering the
transfer by the shareholder or by any intermediate owner or holder of the shares, of any interest in the shares, of any share certificate representing such shares or of any written acknowledgment of a right to obtain a share certificate for such
shares. 
  

	5.6	 Transfer Fee 

There must be paid to the Company, in relation to the registration of any transfer, the amount, if any, determined by the directors. 

6. TRANSMISSION OF SHARES 

 

	6.1	 Legal Personal Representative Recognized on Death 

In case of the death of a shareholder, the legal personal representative, or if the shareholder was a joint holder, the surviving joint holder, will be the
only person recognized by the Company as having any title to the shareholder’s interest in the shares. Before recognizing a person as a legal personal representative, the directors may require proof of appointment by a court of competent
jurisdiction, a grant of letters probate, letters of administration or such other evidence or documents as the directors consider appropriate. 

  
 6 

	6.2	 Rights of Legal Personal Representative 

The legal personal representative has the same rights, privileges and obligations that attach to the shares held by the shareholder, including the right to
transfer the shares in accordance with these Articles, provided the documents required by the Business Corporations Act and the directors have been deposited with the Company. 

7. PURCHASE OF SHARES 

 

	7.1	 Company Authorized to Purchase Shares 

Subject to Article 7.2 and the special rights and restrictions attached to the shares of any class or series, the Company, if authorized by the directors, may
purchase or otherwise acquire any of its shares at the price and upon the terms specified in such resolution. 
  

	7.2	 Purchase When Insolvent 

The Company must not make a payment or provide any other consideration to purchase or otherwise acquire any of its shares if there are reasonable grounds for
believing that: 
  

	(1)	 the Company is insolvent; or 

 

	(2)	 making the payment or providing the consideration would render the Company insolvent. 

 

	7.3	 Sale and Voting of Purchased Shares 

If the Company retains a share redeemed, purchased or otherwise acquired by it, the Company may sell, gift or otherwise dispose of the share, but, while such
share is held by the Company, it: 
  

	(1)	 is not entitled to vote the share at a meeting of its shareholders; 

 

	(2)	 must not pay a dividend in respect of the share; and 

 

	(3)	 must not make any other distribution in respect of the share. 

8. BORROWING POWERS 

The Company, if authorized by the directors, may: 
  

	(1)	 borrow money in the manner and amount, on the security, from the sources and on the tenns and conditions that
they consider appropriate; 

  

	(2)	 issue bonds, debentures and other debt obligations either outright or as security for any liability or
obligation of the Company or any other person and at such discounts or premiums and on such other tenns as they consider appropriate; 

  
 7 

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

  

	(4)	 mortgage, charge, whether by way of specific or floating charge, grant a security interest in, or give other
security on, the whole or any part of the present and future assets and undertaking of the Company. 

 9.
ALTERATIONS 
  

	9.1	 Alteration of Authorized Share Structure 

Subject to Article 9.2, the Company may by: 
  

	(1)	 a resolution of its board of directors 

 

	 	(a)	 increase, reduce or eliminate the maximum number of shares that the Company is authorized to issue out of any
class or series of shares or establish a maximum number of shares that the Company is authorized to issue out of any class or series of shares for which no maximum is established; 

 

	 	(b)	 change all or any of its unissued, or fully paid issued, shares with par value into shares without par value or
any of its unissued shares without par value into shares with par value; 

  

	 	(c)	 alter the identifying name of any of its shares; and 

 

	 	(d)	 subdivide or consolidate all or any of its unissued, or fully paid issued, shares. 

 

	(2)	 an ordinary resolution: 

 

	 	(a)	 create one or more classes or series of shares or, if none of the shares of a class or series of shares are
allotted or issued, eliminate that class or series of shares; and 

  

	 	(b)	 if the Company is authorized to issue shares of a class of shares with par value: 

 

	 	(i)	 decrease the par value of those shares; and 

 

	 	(ii)	 if none of the shares of that class of shares are allotted or issued, increase the par value of those shares.

  

	(3)	 a special resolution, otherwise alter its shares or authorized share structure when required or permitted to do
so by the Business Corporations Act.  

  

	9.2	 Special Rights and Restrictions 

The Company may by ordinary resolution: 
  

	(1)	 create special rights or restrictions for, and attach those special rights or restrictions to, the shares of
any class or series of shares, unless any of those shares have been issued in which case the Company may do so only by special resolution; or 

  
 8 

	(2)	 vary or delete any special rights or restrictions attached to the shares of any class or series of shares,
unless any of those shares have been issued in which case the Company may do so only by special resolution. 

  

	9.3	 Change of Name 

The Company may by a resolution of its board of directors authorize an alteration of its Notice of Articles to change its name or adopt or change any
translation of that name. 
  

	9.4	 Other Alterations 

If the Business Corporations Act does not specify the type of resolution and these Articles do not specify another type of resolution, the Company may
by resolution of its board of directors alter these Articles. 
 10. MEETINGS OF SHAREHOLDERS

  

	10.1	 Annual General Meetings 

The Company must, unless an annual general meeting is deferred or waived in accordance with the Business Corporations Act, hold its first annual general
meeting following incorporation, amalgamation or continuation within 18 months after the date on which it was incorporated or otherwise created and recognized, and after that must hold an annual general meeting at least once in each calendar year
and not more than 15 months after the last annual reference date at such time and place as may be determined by the directors; and 
  

	10.2	 Resolution Instead of Annual General Meeting 

If all the shareholders entitled to vote at an annual general meeting consent by a unanimous resolution under the Business Corporations Act to all of
the business required to be transacted at that annual general meeting, the meeting is deemed to have been held on the date of the unanimous resolution. The shareholders must, in any unanimous resolution passed under this Article 10 .2, select
as the Company’s annual reference date a date that would be appropriate for the holding of the applicable annual general meeting. 
  

	10.3	 Calling and Location of Meetings of Shareholders 

The directors may, whenever they think fit, call a meeting of shareholders to be held in British Columbia, Calgary, Alberta or Toronto, Ontario or at such
other location as may be approved by the Regis tar of Companies at such time and place as may be determined by the directors. 
  

	10.4	 Notice for Meetings of Shareholders 

The Company must send notice of the date, time and location of any meeting of shareholders, in the manner provided in these Articles, or in such other manner,
if any, as may be prescribed by ordinary resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless these Articles
otherwise provide, at least the following number of days before the meeting: 
  

	(1)	 if and for so long as the Company is a public company, 21 days; 

  
 9 

	(2)	 otherwise, 10 days. 

 

	10.5	 Record Date for Notice 

The directors may set a date as the record date for the purpose of determining shareholders entitled to notice of any meeting of shareholders. The record date
must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Business Corporations Act, by more than four months. The record date must not
precede the date on which the meeting is held by fewer than: 
  

	(1)	 if and for so long as the Company is a public company, 21 days; 

 

	(2)	 otherwise, 10 days. 

If no record date is set, it is 5:00 p.m. on the business day immediately preceding the first date on which the notice is sent or, if no notice is sent, the
beginning of the meeting. 
  

	10.6	 Record Date for Voting 

The directors may set a date as the record date for the purpose of determining shareholders entitled to vote at any meeting of shareholders. The record date
must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Business Corporations Act, by more than four months. If no record date is set,
the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting. 
  

	10.7	 Failure to Give Notice and Waiver of Notice 

The accidental omission to send notice of any meeting to, or the non-receipt of any notice by, any of the persons
entitled to notice does not invalidate any proceedings at that meeting. Any person entitled to notice of a meeting of shareholders may, in writing or otherwise, waive or reduce the period of notice of such meeting. 

 

	10.8	 Notice of Special Business at Meetings of Shareholders 

If a meeting of shareholders is to consider special business within the meaning of Article 11.1 , the notice of meeting must: 

 

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

 

	(2)	 if the special business includes considering, approving, ratifying, adopting or authorizing any document or the
signing of or giving of effect to any document, have attached to it a copy of the document or state that a copy of the document will be available for inspection by shareholders: 

 

	 	(a)	 at the Company’s records office, or at such other reasonably accessible location in British Columbia as is
specified in the notice; and 

  

	 	(b)	 during statutory business hours on any one or more specified days before the day set for the holding of the
meeting. 

  
 10 

 11. PROCEEDINGS AT MEETINGS OF
SHAREHOLDERS 
  

	11.1	 Special Business 

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

	(1)	 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; 

  

	(2)	 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; 

 

	 	(h)	 business arising out of a report of the directors not requiring the passing of a special resolution or an
exceptional resolution; and 

  

	 	(i)	 any other business which, under these Articles or the Business Corporations Act, may be transacted at a
meeting of shareholders without prior notice of the business being given to the shareholders. 

  

	11.2	 Special Majority 

The majority of votes required for the Company to pass a special resolution at a meeting of shareholders is two-thirds
of the votes cast on the resolution. 
  

	11.3	 Quorum 

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 two shareholders who are present in person or represented by proxy. 
  

	11.4	 One Shareholder May Constitute Quorum 

If there is only one shareholder entitled to vote at a meeting of shareholders: 
  

	(1)	 the quorum is one person who is, or who represents by proxy, that shareholder, and 

 

	(2)	 that shareholder, present in person or by proxy, may constitute the meeting. 

  
 11 

	11.5	 Other Persons May Attend 

The directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the Company, the auditor of the Company and any
other persons invited by the directors are entitled to attend any meeting of shareholders, but if any of those persons does attend a meeting of shareholders, that person is not to be counted in the quorum and is not entitled to vote at the meeting
unless that person is a shareholder or proxy holder entitled to vote at the meeting. 
  

	11.6	 Requirement of Quorum 

No business, other than the election of a chair of the meeting and the adjournment of the meeting, may be transacted at any meeting of shareholders unless a
quorum of shareholders entitled to vote is present at the commencement of the meeting, but such quorum need not be present throughout the meeting. 
  

	11.7	 Lack of Quorum 

If, within one-half hour from the time set for the holding of a meeting of shareholders, a quorum is not present: 

 

	(1)	 in the case of a general meeting requisitioned by shareholders, the meeting is dissolved, and

  

	(2)	 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. 

  

	11.8	 Lack of Quorum at Succeeding Meeting 

If, at the meeting to which the meeting referred to in Article 11.7(2) was adjourned, a quorum is not present within
one-half hour from the time set for the holding of the meeting, the person or persons present and being, or representing by proxy, one or more shareholders entitled to attend and vote at the meeting constitute
a quorum. 
  

	11.9	 Chair 

The following individuals are entitled to preside as chair at a meeting of shareholders: 

 

	(1)	 the chair of the board, if any; or 

 

	(2)	 if the chair of the board is absent or unwilling to act as chair of the meeting, the first of the following
individuals to agree to act as chair: the president, if any. 

  

	11.10	 Selection of Alternate Chair 

If, at any meeting of shareholders, the chair of the board or president are not present within 15 minutes after the time set for holding the meeting, or if the
chair of the board and the president are unwilling to act as chair of the meeting, or if 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, one of the chief executive officer, the chief financial officer, a vice-president, the secretary or the Company’s legal counsel may act as chair of the meeting and, failing them, the directors present must 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 entitled to vote at the meeting who are present in person or by proxy may choose any person
present at the meeting to chair the meeting. 

  
 12 

	11.11	 Adjournments 

The chair of a meeting of shareholders may, and if so directed by the meeting must, adjourn the meeting from time to time and from place to place, but no
business may be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. 
  

	11.12	 Notice of Adjourned Meeting 

It is not necessary to give any notice of an adjourned meeting or of the business to be transacted at an adjourned meeting of shareholders except that, when a
meeting is adjourned for 30 days or more, notice of the adjourned meeting must be given as in the case of the original meeting. 
  

	11.13	 Decisions by Show of Hands or Poll 

Every motion put to a vote at a meeting of shareholders will be decided on a show of hands unless a poll, before or on the declaration of the result of the
vote by show of hands, is directed by the chair or demanded by at least one shareholder entitled to vote who is present in person or by proxy. 
  

	11.14	 Declaration of Result 

The chair of a meeting of shareholders must declare to the meeting the decision on every question in accordance with the result of the show of hands or the
poll, as the case may be, and that decision must be entered in the minutes of the meeting. A declaration of the chair that a resolution is carried by the necessary majority or is defeated is, unless a poll is directed by the chair or demanded under
Article 11.13, conclusive evidence without proof of the number or proportion of the votes recorded in favour of or against the resolution. 
  

	11.15	 Motion Need Not be Seconded 

No motion proposed at a meeting of shareholders need be seconded unless the chair of the meeting rules otherwise, and the chair of any meeting of shareholders
is entitled to propose or second a motion. 
  

	11.16	 Casting Vote 

In case of an equality of votes, the chair of a meeting of shareholders does not, either on a show of hands or on a poll, have a second or casting vote in
addition to the vote or votes to which the chair may be entitled as a shareholder. 
  

	11.17	 Manner of Taking Poll 

Subject to Article 11.18, if a poll is duly demanded at a meeting of shareholders: 
  

	(1)	 the poll must be taken: 

 

	 	(a)	 at the meeting, or within seven days after the date of the meeting, as the chair of the meeting directs; and

  
 13 

	 	(b)	 in the manner, at the time and at the place that the chair of the meeting directs; 

 

	(2)	 the result of the poll is deemed to be the decision of the meeting at which the poll is demanded; and

  

	(3)	 the demand for the poll may be withdrawn by the person who demanded it. 

 

	11.18	 Demand for Poll on Adjournment 

A poll demanded at a meeting of shareholders on a question of adjournment must be taken immediately at the meeting. 

 

	11.19	 Chair Must Resolve Dispute 

In the case of any dispute as to the admission or rejection of a vote given on a poll, the chair of the meeting must determine the dispute, and their
determination made in good faith is final and conclusive. 
  

	11.20	 Casting of Votes 

On a poll, a shareholder entitled to more than one vote need not cast all the votes in the same way. 

 

	11.21	 Demand for Poll 

No poll may be demanded in respect of the vote by which a chair of a meeting of shareholders is elected. 

 

	11.22	 Demand for Poll Not to Prevent Continuance of Meeting 

The demand for a poll at a meeting of shareholders does not, unless the chair of the meeting so rules, prevent the continuation of a meeting for the
transaction of any business other than the question on which a poll has been demanded. 
  

	11.23	 Retention of Ballots and Proxies 

The Company must, for at least three months after a meeting of shareholders, keep each ballot cast on a poll and each proxy voted at the meeting at its records
office, and, during that period, make them available for inspection during normal business hours by any shareholder or proxyholder entitled to vote at the meeting. At the end of such three month period, the Company may destroy such ballots and
proxies. 
 12. VOTES OF SHAREHOLDERS 

 

	12.1	 Number of Votes by Shareholder or by Shares 

Subject to any special rights or restrictions attached to any shares and to the restrictions imposed on joint shareholders under Article 12.3: 

 

	(1)	 on a vote by show of hands, every person present who is a shareholder or proxy holder and entitled to vote on
the matter has one vote; and 

  
 14 

	(2)	 on a poll, every shareholder entitled to vote on the matter has one vote in respect of each share entitled to
be voted on the matter and held by that shareholder and may exercise that vote either in person or by proxy. 

  

	12.2	 Votes of Persons in Representative Capacity 

A person who is not a shareholder may vote at a meeting of shareholders, whether on a show of hands or on a poll, and may appoint a proxy holder to act at the
meeting, if, before doing so, the person satisfies the chair of the meeting, or the directors, that the person is a legal personal representative or a trustee in bankruptcy for a shareholder who is entitled to vote at the meeting. 

 

	12.3	 Votes by Joint Holders 

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

	(1)	 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 

  

	(2)	 if more than one of the joint shareholders is present at any meeting, personally or by proxy, and more than one
of them votes in respect of that share, then only the vote of the joint shareholder present whose name stands first on the central securities register in respect of the share will be counted. 

 

	12.4	 Legal Personal Representatives as Joint Shareholders 

Two or more legal personal representatives of a shareholder in whose sole name any share is registered are, for the purposes of Article 12.3, deemed to be
joint shareholders. 
  

	12.5	 Representative of a Corporate Shareholder 

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: 
  

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

 

	 	(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 the number of business days specified in the notice for the receipt of proxies, or if no number of days is specified, two business days before the day set for the holding of the meeting; or

  

	 	(b)	 be provided, at the meeting, to the chair of the meeting or to a person designated by the chair of the meeting;

  

	(2)	 if a representative is appointed under this Article 12.5: 

 

	 	(a)	 the representative is entitled to exercise in respect of and at that meeting the same rights on behalf of the
corporation that the representative represents as that 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. 

  
 15 

 Evidence of the appointment of any such representative may be sent to the Company by written instrument, fax
or any other method of transmitting legibly recorded messages. 
  

	12.6	 Proxy Provisions Do Not Apply to All Companies 

Articles 12.9 and 12.12 do not apply to the Company if and for so long as it is a public company or a pre-existing
reporting company which has the Statutory Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply. 
  

	12.7	 Appointment of Proxy Holders 

Every shareholder of the Company, including a corporation that is a shareholder but not a subsidiary of the Company, entitled to vote at a meeting of
shareholders of the Company may, by proxy, appoint one or more (but not more than five) proxy holders to attend and act at the meeting in the manner, to the extent and with the powers conferred by the proxy. 

 

	12.8	 Alternate Proxy Holders 

A shareholder may appoint one or more alternate proxy holders to act in the place of an absent proxy holder. 

 

	12.9	 When Proxy Holder Need Not Be Shareholder 

Subject to Article 12.6, a person must not be appointed as a proxy holder unless the person is a shareholder, although a person who is not a shareholder may be
appointed as a proxy holder if: 
  

	(1)	 the person appointing the proxy holder is a corporation or a representative of a corporation appointed under
Article 12.5; 

  

	(2)	 the Company has at the time of the meeting for which the proxy holder is to be appointed only one shareholder
entitled to vote at the meeting; or 

  

	(3)	 the shareholders present in person or by proxy at and entitled to vote at the meeting for which the proxy
holder is to be appointed, by a resolution on which the proxy holder is not entitled to vote but in respect of which the proxy holder is to be counted in the quorum, permit the proxy holder to attend and vote at the meeting. 

 

	12.10	 Deposit of Proxy 

A proxy for a meeting of shareholders must: 
  

	(1)	 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 the number of business days specified in the notice, or if no number of days is specified, two business days before the day set for the holding of the meeting; or 

 

	(2)	 unless the notice provides otherwise, be provided, at the meeting, to the chair of the meeting or to a person
designated by the chair of the meeting. 

 A proxy may be sent to the Company by written instrument, fax or any other method of
transmitting legibly recorded messages. 

  
 16 

	12.11	 Validity of Proxy Vote 

A vote given in accordance with the terms of a proxy is valid notwithstanding the death or incapacity of the shareholder giving the proxy and despite the
revocation of the proxy or the revocation of the authority under which the proxy is given, unless notice in writing of that death, incapacity or revocation is received: 
  

	(1)	 at the registered office of the Company, at any time up to and including the last business day before the day
set for the holding of the meeting at which the proxy is to be used; or 

  

	(2)	 by the chair of the meeting, before the vote is taken. 

 

	12.12	 Form of Proxy 

Subject to Article 12.6, a proxy, whether for a specified meeting or otherwise, must be either in the following form or in any other form approved by the
directors or the chair of the meeting: 
 [name of company] 

(the “Company”) 

The undersigned, being a shareholder of the Company, hereby appoints [name] or, failing that person, [name], as
proxy holder for the undersigned to attend, act and vote for and on behalf of the undersigned at the meeting of shareholders of the Company to be held on [month, day, year] and at any adjournment of that meeting. 

Number of shares in respect of which this proxy is given (if no number is specified, then this proxy if given in respect of
all shares registered in the name of the
shareholder):                                       
  
  

	
	Signed [month, day, year] 
	
	  

	[Signature of shareholder]
	
	  

	[Name of shareholder—printed]

  

	12.13	 Revocation of Proxy 

Every proxy may be revoked by an instrument in writing that is: 
  

	(1)	 received at the registered office of the Company at any time up to and including the last business day before
the day set for the holding of the meeting at which the proxy is to be used; or 

  

	(2)	 provided, at the meeting, to the chair of the meeting. 

 

	12.14	 Revocation of Proxy Must Be Signed 

An instrument referred to in Article 12.13 must be signed as follows: 
  

	(1)	 if the shareholder for whom the proxy holder is appointed is an individual, the instrument must be signed by
the shareholder or their legal personal representative or trustee in bankruptcy; 

  
 17 

	(2)	 if the shareholder for whom the proxy holder is appointed is a corporation, the instrument must be signed by
the corporation or by a representative appointed for the corporation under Article 12.5. 

  

	12.15	 Production of Evidence of Authority to Vote 

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. 
 13. DIRECTORS 

 

	13.1	 First Directors; Number of Directors 

The directors, or the first directors after the Company being incorporated, amalgamated or continued, are the persons designated as directors of the Company in
the Notice of Articles that applies to the Company when it is recognized under the Business Corporations Act. The number of directors, excluding additional directors appointed under Article 14.8, is set at: 

 

	(1)	 subject to paragraphs (2) and (3), the number of directors that is equal to the number of the
Company’s first directors; 

  

	(2)	 if the Company is a public company, the greater of three and the most recently set of: 

 

	 	(a)	 the number of directors set by ordinary resolution (whether or not previous notice of the resolution was
given); and 

  

	 	(b)	 the number of directors set under Article 14.4; 

 

	(3)	 if the Company is not a public company, the most recently set of: 

 

	 	(a)	 the number of directors set by ordinary resolution (whether or not previous notice of the resolution was
given); and 

  

	 	(b)	 the number of directors set under Article 14.4. 

 

	13.2	 Change in Number of Directors 

If the number of directors is set under Articles 13.1(2)(a) or 13.1(3)(a): 
  

	(1)	 the shareholders may elect or appoint the directors needed to fill any vacancies in the board of directors up
to that number; 

  

	(2)	 if the shareholders do not elect or appoint the directors needed to fill any vacancies in the board of
directors up to that number contemporaneously with the setting of that number, then the directors may appoint, or the shareholders may elect or appoint, directors to fill those vacancies. 

  
 18 

	13.3	 Directors’ Acts Valid Despite Vacancy 

An act or proceeding of the directors is not invalid merely because fewer than the number of directors set or otherwise required under these Articles is in
office. 
  

	13.4	 Qualifications of Directors 

A director is not required to hold a share in the capital of the Company as qualification for their office but must be qualified as required by the Business
Corporations Act to become, act or continue to act as a director. 
  

	13.5	 Remuneration of Directors 

The directors are entitled to the remuneration for acting as directors, if any, as the directors may from time to time determine. If they so decide, the
remuneration, if any, of the directors will be determined by the shareholders. That remuneration may be in addition to any salary or other remuneration paid to any officer or employee of the Company as such, who is also a director. 

 

	13.6	 Reimbursement of Expenses of Directors 

The Company must reimburse each director for the reasonable expenses they may incur in and about the business of the Company. 

 

	13.7	 Special Remuneration for Directors 

If any director performs any professional or other services for the Company that in the opinion of the directors are outside the ordinary duties of a director,
or if any director is otherwise specially occupied in or about the Company’s business, they may be paid remuneration fixed by the directors, or, at the option of that director, fixed by ordinary resolution, and such remuneration may be either
in addition to, or in substitution for, any other remuneration that they may be entitled to receive. 
  

	13.8	 Gratuity, Pension or Allowance on Retirement of Director 

Unless otherwise determined by ordinary resolution, the directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any
director who has held any salaried office or place of profit with the Company or to their spouse or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance. 

14. ELECTION AND REMOVAL OF DIRECTORS 

 

	14.1	 Election at Annual General Meeting 

At every annual general meeting and in every unanimous resolution contemplated by Article 10.2: 

 

	(1)	 the shareholders entitled to vote at the annual general meeting for the election of directors must elect, or in
the unanimous resolution appoint, a board of directors consisting of the number of directors for the time being set under these Articles; and 

  
 19 

	(2)	 all the directors cease to hold office immediately before the election or appointment of directors under
paragraph (1), but are eligible for re-election or re-appointment. 

  

	14.2	 Consent to be a Director 

No election, appointment or designation of an individual as a director is valid unless: 

 

	(1)	 that individual consents to be a director in the manner provided for in the Business Corporations Act; 

  

	(2)	 that individual is elected or appointed at a meeting at which the individual is present and the individual does
not refuse, at the meeting, to be a director; or 

  

	(3)	 with respect to first directors, the designation is otherwise valid under the Business Corporations Act.
 

  

	14.3	 Failure to Elect or Appoint Directors 

If: 
  

	(1)	 the Company fails to hold an annual general meeting, and all the shareholders who are entitled to vote at an
annual general meeting fail to pass the unanimous resolution contemplated by Article 10.2, on or before the date by which the annual general meeting is required to be held under the Business Corporations Act; or 

 

	(2)	 the shareholders fail , at the annual general meeting or in the unanimous resolution contemplated by
Article 10.2, to elect or appoint any directors; 

 then each director then in office continues to hold office until the earlier of:

  

	(3)	 the date on which their successor is elected or appointed; and 

 

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

  

	14.4	 Places of Retiring Directors Not Filled 

If, at any meeting of shareholders at which there should be an election of directors, the places of any of the retiring directors are not filled by that
election, those retiring directors who are not reelected and who are asked by the newly elected directors to continue in office will, if willing to do so, continue in office to complete the number of directors for the time being set pursuant to
these Articles until further new directors are elected at a meeting of shareholders convened for that purpose. If any such election or continuance of directors does not result in the election or continuance of the number of directors for the time
being set pursuant to these Articles, the number of directors of the Company is deemed to be set at the number of directors actually elected or continued in office. 
  

	14.5	 Directors May Fill Casual Vacancies 

Any casual vacancy occurring in the board of directors may be filled by the directors. 

  
 20 

	14.6	 Remaining Directors Power to Act 

The directors may act notwithstanding any vacancy in the board of directors, but if the Company has fewer directors in office than the number set pursuant to
these Articles as the quorum of directors, the directors may only act for the purpose of appointing directors up to that number or of summoning a meeting of shareholders for the purpose of filling any vacancies on the board of directors or for any
other purpose. 
  

	14.7	 Shareholders May Fill Vacancies 

If the Company has no directors or fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the shareholders may
elect or appoint directors to fill any vacancies on the board of directors. 
  

	14.8	 Additional Directors 

Notwithstanding Articles 13.1 and 13.2, between annual general meetings or unanimous resolutions contemplated by Article 10.2, the directors may appoint one or
more additional directors, but the number of additional directors appointed under this Article 14.8 must not at any time exceed: 
  

	(1)	 one-third of the number of first directors, if, at the time of the
appointments, one or more of the first directors have not yet completed their first term of office; or 

  

	(2)	 in any other case, one-third of the number of the current directors who
were elected or appointed as directors other than under this Article 14.8. 

 Any director so appointed ceases to hold office immediately
before the next election or appointment of directors under Article 14.1(1), but is eligible for re-election or re-appointment. 

 

	14.9	 Ceasing to be a Director 

A director ceases to be a director when: 
  

	(1)	 the term of office of the director expires; 

 

	(2)	 the director dies; 

  

	(3)	 the director resigns as a director by notice in writing provided to the Company or a lawyer for the Company; or

  

	(4)	 the director is removed from office pursuant to Articles 14.10 or 14.11. 

 

	14.10	 Removal of Director by Shareholders 

The Company may remove any director before the expiration of their term of office by special resolution. In that event, the shareholders may elect, or appoint
by ordinary resolution, a director to fill the resulting vacancy. If the shareholders do not elect or appoint a director to fill the resulting vacancy contemporaneously with the removal, then the directors may appoint or the shareholders may elect,
or appoint by ordinary resolution, a director to fill that vacancy. 

  
 21 

	14.11	 Removal of Director by Directors 

The directors may remove any director before the expiration of their term of office if the director is convicted of an indictable offence, convicted by a court
of an offence under or found in breach and sanctioned by a securities regulatory authority of any Canadian or United States securities legislation, or if the director ceases to be qualified to act as a director of a company and does not promptly
resign, and the directors may appoint a director to fill the resulting vacancy. 
 15. ALTERNATE DIRECTORS

  

	15.1	 Appointment of Alternate Director 

Any director (an “appointor”) may by notice in writing received by the Company appoint any person (an “appointee”) who is
qualified to act as a director to be their alternate to act in their place at meetings of the directors or committees of the directors at which the appointor is not present unless (in the case of an appointee who is not a director) the directors
have reasonably disapproved the appointment of such person as an alternate director and have given notice to that effect to the appointor within a reasonable time after the notice of appointment is received by the Company. 

 

	15.2	 Notice of Meetings 

Every alternate director so appointed is entitled to notice of meetings of the directors and of committees of the directors of which their appointor is a
member and to attend and vote as a director at any such meetings at which their appointor is not present. 
  

	15.3	 Alternate for More Than One Director Attending Meetings 

A person may be appointed as an alternate director by more than one director, and an alternate director: 

 

	(1)	 will be counted in determining the quorum for a meeting of directors once for each of their appointors and, in
the case of an appointee who is also a director, once more in that capacity; 

  

	(2)	 has a separate vote at a meeting of directors for each of their appointors and, in the case of an appointee who
is also a director, an additional vote in that capacity; 

  

	(3)	 will be counted in determining the quorum for a meeting of a committee of directors once for each of their
appointors who is a member of that committee and, in the case of an appointee who is also a member of that committee as a director, once more in that capacity; 

 

	(4)	 has a separate vote at a meeting of a committee of directors for each of their appointors who is a member of
that committee and, in the case of an appointee who is also a member of that committee as a director, an additional vote in that capacity. 

  
 22 

	15.4	 Consent Resolutions 

Every alternate director, if authorized by the notice appointing them, may sign in place of their appointor any resolutions to be consented to in writing. 

 

	15.5	 Alternate Director Not an Agent 

Every alternate director is deemed not to be the agent of their appointor. 
  

	15.6	 Revocation of Appointment of Alternate Director 

An appointor may at any time, by notice in writing received by the Company, revoke the appointment of an alternate director appointed by them. 

 

	15.7	 Ceasing to be an Alternate Director 

The appointment of an alternate director ceases when: 
  

	(1)	 their appointor ceases to be a director and is not promptly re-elected
or re-appointed; 

  

	(2)	 the alternate director dies; 

 

	(3)	 the alternate director resigns as an alternate director by notice in writing provided to the Company or a
lawyer for the Company; 

  

	(4)	 the alternate director ceases to be qualified to act as a director; or 

 

	(5)	 their appointor revokes the appointment of the alternate director. 

 

	15.8	 Remuneration and Expenses of Alternate Director 

The Company must reimburse an alternate director for the reasonable expenses that would be properly reimbursed if they were a director, and the alternate
director is entitled to receive from the Company such proportion, if any, of the remuneration otherwise payable to the appointor as the appointor may from time to time direct. 

16. POWERS AND DUTIES OF DIRECTORS 

 

	16.1	 Powers of Management 

The directors must, subject to these Articles, manage or supervise the management of the business and affairs of the Company and have the authority to exercise
all such powers of the Company as are not, by the Business Corporations Act or by these Articles, required to be exercised by the shareholders of the Company. 
  

	16.2	 Appointment of Attorney of Company 

The directors may from time to time, by power of attorney or other instrument, under seal if so required by law, appoint any person to be the attorney of the
Company for such purposes, and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the directors under these Articles and excepting the power to fill vacancies in the board of directors,

  
 23 

 
to remove a director, to change the membership of, or fill vacancies in, any committee of the directors, to appoint or remove officers appointed by the directors and to declare dividends) and for
such period, and with such remuneration and subject to such conditions as the directors may think fit. Any such power of attorney may contain such provisions for the protection or convenience of persons dealing with such attorney as the directors
think fit. Any such attorney may be authorized by the directors to sub-delegate all or any of the powers, authorities and discretions for the time being vested in them. 

17. DISCLOSURE OF INTEREST OF DIRECTORS 

 

	17.1	 Obligation to Account for Profits 

A director or senior officer who holds a disclosable interest (as that term is used in the Business Corporations Act) in a contract or transaction into
which the Company has entered or proposes to enter is liable to account to the Company for any profit that accrues to the director or senior officer under or as a result of the contract or transaction only if and to the extent provided in the
Business Corporations Act. 
  

	17.2	 Restrictions on Voting by Reason of Interest 

A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter is not entitled to vote on any
directors’ resolution to approve that contract or transaction, unless all the directors have a disclosable interest in that contract or transaction, in which case any or all of those directors may vote on such resolution. 

 

	17.3	 Interested Director Counted in Quorum 

A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter and who is present at the
meeting of directors at which the contract or transaction is considered for approval may be counted in the quorum at the meeting whether or not the director votes on any or all of the resolutions considered at the meeting. 

 

	17.4	 Disclosure of Conflict of Interest or Property 

A director or senior officer who holds any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a
duty or interest that materially conflicts with that individual’s duty or interest as a director or senior officer, must disclose the nature and extent of the conflict as required by the Business Corporations Act.  

 

	17.5	 Director Holding Other Office in the Company 

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

	17.6	 No Disqualification 

No director or intended director is disqualified by their 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, and no contract or transaction entered into by or on behalf of the Company in which a director is in any way interested is liable to be voided for that reason. 

  
 24 

	17.7	 Professional Services by Director or Officer 

A director or officer, or any person in which a director or officer 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 person is entitled to remuneration for professional services as if that director or officer were not a director or officer. 
  

	17.8	 Director or Officer in Other Corporations 

A director or officer may be or become a director, officer or employee of, or otherwise interested in, any person in which the Company may be interested as a
shareholder or otherwise, and the director or officer is not accountable to the Company for any remuneration or other benefits received by them as director, officer or employee of, or from their interest in, such other person. 

18. PROCEEDINGS OF DIRECTORS 

 

	18.1	 Meetings of Directors 

The directors may meet together for the conduct of business, adjourn and otherwise regulate their meetings as they think fit, and meetings of the directors
held at regular intervals may be held at the place, at the time and on the notice, if any, as the directors may from time to time determine. 
  

	18.2	 Voting at Meetings 

Questions arising at any meeting of directors are to be decided by a majority of votes and, in the case of an equality of votes, the chair of the meeting does
not have a second or casting vote. 
  

	18.3	 Chair of Meetings 

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

	(1)	 the chair of the board, if any; 

 

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

  

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

 

	 	(a)	 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; 

  

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

  

	 	(c)	 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. 

  
 25 

	18.4	 Meetings by Telephone or Other Communications Medium 

A director may participate in a meeting of the directors or of any committee of the directors in person or by telephone 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 may participate in a meeting of the directors or of any committee of the directors by a communications medium other than
telephone if all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other and if all directors who wish to participate in the meeting agree to such
participation. A director who participates in a meeting in a manner contemplated by this Article 18.4 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. 
  

	18.5	 Calling of Meetings 

A director may, and the secretary or an assistant secretary of the Company, if any, on the request of a director must, call a meeting of the directors at any
time. 
  

	18.6	 Notice of Meetings 

Other than for meetings held at regular intervals as determined by the directors pursuant to Article 18.1 , reasonable notice of each meeting of the directors,
specifying the place, day and time of that meeting must be given to each of the directors and the alternate directors by any method set out in Article 24.1. 
  

	18.7	 When Notice Not Required 

It is not necessary to give notice of a meeting of the directors to a director or an alternate director if: 

 

	(1)	 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 

  

	(2)	 the director or alternate director, as the case may be, has waived notice of the meeting.

  

	18.8	 Meeting Valid Despite Failure to Give Notice 

The accidental omission to give notice of any meeting of directors to, or the non-receipt of any notice by, any
director or alternate director, does not invalidate any proceedings at that meeting. 
  

	18.9	 Waiver of Notice of Meetings 

Any director or alternate director may send to the Company a document signed by them waiving notice of any past, present or future meeting or meetings of the
directors and may at any time withdraw that waiver with respect to meetings held after that withdrawal. After sending a waiver with respect to all future meetings and until that waiver is withdrawn, no notice of any meeting of the directors need be
given to that director and, unless the director otherwise requires by notice in writing to the Company, to their alternate director, and all meetings of the directors so held are deemed not to be improperly called or constituted by reason of notice
not having been given to such director or alternate director. 

  
 26 

	18.10	 Quorum 

The quorum necessary for the transaction of the business of the directors may be set by the directors and, if not so set, is deemed to be set at two directors
or, if the number of directors is set at one, is deemed to be set at one director, and that director may constitute a meeting. 
  

	18.11	 Validity of Acts Where Appointment Defective 

An act of a director or officer is not invalid merely because of an irregularity in the election or appointment or a defect in the qualification of that
director or officer. 
  

	18.12	 Consent Resolutions in Writing 

A resolution of the directors or of any committee of the directors may be passed without a meeting: 

 

	(1)	 in all cases, if each of the directors entitled to vote on the resolution consents to it in writing; or

  

	(2)	 in the case of a resolution to approve a contract or transaction in respect of which a director has disclosed
that they have or may have a disclosable interest, if each of the other directors who are entitled to vote on the resolution consents to it in writing. 

A consent in writing under this Article may be by signed document, fax, e-mail or any other method of transmitting
legibly recorded messages. A consent in writing may be in two or more counterparts which together are deemed to constitute one consent in writing. A resolution of the directors or of any committee of the directors passed in accordance with this
Article 18.12 is effective on the date stated in the consent in writing or on the latest date stated on any counterpart and is deemed to be a proceeding at a meeting of directors or of the committee of the directors and to be as valid and effective
as if it had been passed at a meeting of the directors or of the committee of the directors that satisfies all the requirements of the Business Corporations Act and all the requirements of these Articles relating to meetings of the directors
or of a committee of the directors. 
 19. EXECUTIVE AND OTHER COMMITTEES

  

	19.1	 Appointment and Powers of Executive Committee 

The directors may, by resolution, appoint an executive committee consisting of the director or directors that they consider appropriate, and this committee
has, during the intervals between meetings of the board of directors, all of the directors’ powers, except: 
  

	(1)	 the power to fill vacancies in the board of directors; 

 

	(2)	 the power to remove a director; 

 

	(3)	 the power to change the membership of, or fill vacancies in, any committee of the directors; and

  

	(4)	 such other powers, if any, as may be set out in the resolution or any subsequent directors’ resolution.

  
 27 

	19.2	 Appointment and Powers of Other Committees 

The directors may, by resolution: 
  

	(1)	 appoint one or more committees (other than the executive committee) consisting of the director or directors
that they consider appropriate; 

  

	(2)	 delegate to a committee appointed under paragraph (1) any of the directors’ powers, except:

  

	 	(a)	 the power to fill vacancies in the board of directors; 

 

	 	(b)	 the power to remove a director; 

 

	 	(c)	 the power to change the membership of, or fill vacancies in, any committee of the directors; and

  

	 	(d)	 the power to appoint or remove officers appointed by the directors; and 

 

	(3)	 make any delegation referred to in paragraph (2) subject to the conditions set out in the resolution or
any subsequent directors’ resolution. 

  

	19.3	 Obligations of Committees 

In the exercise of the powers delegated to a committee appointed under Articles 19.1 or 19 .2, the committee must: 

 

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

 

	(2)	 report every act or thing done in exercise of those powers at such times as the directors may require.

  

	19.4	 Powers of Board 

The directors may, at any time, with respect to a committee appointed under Articles 19.1 or 19.2: 

 

	(1)	 revoke or alter the authority given to the committee, or override a decision made by the committee, except as
to acts done before such revocation, alteration or overriding; 

  

	(2)	 terminate the appointment of, or change the membership of, the committee; and 

 

	(3)	 fill vacancies in the committee. 

 

	19.5	 Committee Meetings 

Subject to Article 19.3(1) and unless the directors otherwise provide in the resolution appointing the committee or in any subsequent resolution, with respect
to a committee appointed under Articles 19.1 or 19.2: 
  

	(1)	 the committee may meet and adjourn as it thinks proper; 

 

	(2)	 the committee may elect a chair of its meetings but, if no chair of a meeting is elected, or if at a 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; 

  
 28 

	(3)	 a majority of the members of the committee constitutes a quorum of the committee; and 

 

	(4)	 questions arising at any meeting of the 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 does not have a second or casting vote. 

 20.
OFFICERS 
  

	20.1	 Directors May Appoint Officers 

The directors may, from time to time, appoint such officers, if any, as the directors determine and the directors may, at any time, terminate any such
appointment. 
  

	20.2	 Functions, Duties and Powers of Officers 

The directors may, for each officer: 
  

	(1)	 determine the functions and duties of the officer; 

 

	(2)	 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; and 

  

	(3)	 revoke, withdraw, alter or vary all or any of the functions, duties and powers of the officer.

  

	20.3	 Qualifications 

An officer is not required to hold a share in the capital of the Company as qualification for their office but must be qualified as required by the Business
Corporations Act to become, act or continue to act as an officer. One person may hold more than one position as an officer of the Company. Any person appointed as the chair of the board or as a managing director must be a director. Any other
officer need not be a director. 
  

	20.4	 Remuneration and Terms of Appointment 

All appointments of officers are to be made on the terms and conditions and at the remuneration (whether by way of salary, fee, commission, participation in
profits or otherwise) that the directors think fit and are subject to termination at the pleasure of the directors, and an officer, in addition to such remuneration, may receive, after they cease to hold such office or leaves the employment of the
Company, a pension or gratuity. 

  
 29 

 21. INDEMNIFICATION 

 

	21.1	 Definitions 

In this Article 21: 
  

	(1)	 “eligible penalty” means a judgment, penalty or fine awarded or imposed in, or an amount paid
in settlement of, an eligible proceeding; 

  

	(2)	 “eligible proceeding” means a legal proceeding or investigative action, whether current,
threatened, pending or completed, in which a director, former director or alternate director of the Company (an “eligible party”) or any of the heirs and legal personal representatives of the eligible party, by reason of the eligible party
being or having been a director or alternate director of the Company: 

  

	 	(a)	 is or may be joined as a party; or 

 

	 	(b)	 is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the
proceeding; 

  

	(3)	 “expenses” has the meaning set out in the Business Corporations Act. 

  

	21.2	 Mandatory Indemnification of Directors and Officers and Former Directors and Officers

 The Company must indemnify a director, officer, former director or officer or alternate director of the Company and their heirs and
legal personal representatives, as set out in the Business Corporations Act, against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the
expenses actually and reasonably incurred by such person in respect of that proceeding. Each director, officer, former director and officer and alternate director is deemed to have contracted with the Company on the terms of the indemnity contained
in this Article 21.2. 
  

	21.3	 Mandatory Advancement of Expenses 

The Company must pay, as they are incurred in advance of the final disposition of an eligible proceeding, the expenses actually and reasonably incurred by an
eligible party in respect of that proceeding but the Company must first receive from the eligible party a written undertaking that, if it is ultimately determined that the payment of expenses is prohibited by the Business Corporations Act,
the eligible party will repay the amounts advanced. 
  

	21.4	 Indemnification of Other Persons 

The Company may indemnify any other person in accordance with the Business Corporations Act.  

 

	21.5	 Non-Compliance with Business Corporations
Act  

 The failure of a director, alternate director or officer of the Company to comply with the Business
Corporations Act or these Articles does not invalidate any indemnity to which they are entitled under this Part. 

  
 30 

	21.6	 Company May Purchase Insurance 

The Company may purchase and maintain insurance for the benefit of any person (or their heirs or legal personal representatives) who: 

 

	(1)	 is or was a director, alternate director, officer, employee or agent of the Company; 

 

	(2)	 is or was a director, alternate director, officer, employee or agent of a corporation at a time when the
corporation is or was an affiliate of the Company; 

  

	(3)	 at the request of the Company, is or was a director, alternate director, officer, employee or agent of a
corporation or of a partnership, trust, joint venture or other unincorporated entity; 

  

	(4)	 at the request of the Company, holds or held a position equivalent to that of a director, alternate director or
officer of a partnership, trust, joint venture or other unincorporated entity; 

 against any liability incurred by them as such director,
alternate director, officer, employee or agent or person who holds or held such equivalent position. 
 22. DIVIDENDS

  

	22.1	 Payment of Dividends Subject to Special Rights 

The provisions of this Article 22 are subject to the rights, if any, of shareholders holding shares with special rights as to dividends. 

 

	22.2	 Declaration of Dividends 

The directors may from time to time declare and authorize payment of such dividends as they may deem advisable. 

 

	22.3	 No Notice Required 

The directors need not give notice to any shareholder of any declaration under Article 22.2. 

 

	22.4	 Record Date 

The directors may set a date as the record date for the purpose of determining shareholders entitled to receive payment of a dividend. The record date must not
precede the date on which the dividend is to be paid by more than two months. If no record date is set, the record date is 5:00 p.m. on the date on which the directors pass the resolution declaring the dividend. 

 

	22.5	 Manner of Paying Dividend 

A resolution declaring a dividend may direct payment of the dividend wholly or partly by the distribution of specific assets or of fully paid shares or of
bonds, debentures or other securities of the Company, or in any one or more of those ways. 

  
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	22.6	 Settlement of Difficulties 

If any difficulty arises in regard to a distribution under Article 22.5, the directors may settle the difficulty as they deem advisable, and, in particular,
may: 
  

	(1)	 set the value for distribution of specific assets; 

 

	(2)	 determine that cash payments in substitution for all or any part of the specific assets to which any
shareholders are entitled may be made to any shareholders on the basis of the value so fixed in order to adjust the rights of all parties; and 

  

	(3)	 vest any such specific assets in trustees for the persons entitled to the dividend. 

 

	22.7	 When Dividend Payable 

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

	22.8	 Dividends to be Paid in Accordance with Number of Shares 

All dividends on shares of any class or series of shares must be declared and paid according to the number of such shares held. 

 

	22.9	 Receipt by Joint Shareholders 

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. 
  

	22.10	 Dividend Bears No Interest 

No dividend bears interest against the Company. 
  

	22.11	 Fractional Dividends 

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 . 
  

	22.12	 Payment of Dividends 

Any dividend or other distribution payable in cash in respect of shares may be paid by cheque, made payable to the order of the person to whom it is sent, and
mailed to the address of the shareholder, or in the case of joint shareholders, to the address of the joint shareholder who is first named on the central securities register, or to the person and to the address the shareholder or joint shareholders
may direct in writing. The mailing of such cheque will , to the extent of the sum represented by the cheque (plus the amount of the tax required by law to be deducted), discharge all liability for the dividend unless such cheque is not paid on
presentation or the amount of tax so deducted is not paid to the appropriate taxing authority. 
  

	22.13	 Capitalization of Surplus 

Notwithstanding anything contained in these Articles, the directors may from time to time capitalize any surplus of the Company and may from time to time
issue, as fully paid, shares or any bonds, debentures or other securities of the Company as a dividend representing the surplus or any part of the surplus. 

  
 32 

 23. DOCUMENTS, RECORDS AND
REPORTS 
  

	23.1	 Recording of Financial Affairs 

The directors must cause adequate accounting records to be kept to record properly the financial affairs and condition of the Company and to comply with the
Business Corporations Act.  
  

	23.2	 Inspection of Accounting Records 

Unless the directors determine otherwise, or unless otherwise determined by ordinary resolution, no shareholder of the Company is entitled to inspect or obtain
a copy of any accounting records of the Company. 
 24. NOTICES 

 

	24.1	 Method of Giving Notice 

Unless the Business Corporations Act or these Articles provides 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: 
  

	(1)	 prepaid 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)	 for a record mailed to a director or officer, the prescribed address for mailing shown for the director or
officer in the records kept by the Company or the mailing address provided by the recipient for the sending of that record or records of that class; 

  

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

 

	(2)	 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)	 for a record delivered to a director or officer, the prescribed address for delivery shown for the director or
officer in the records kept by the Company or the delivery address provided by the recipient for the sending of that record or records of that class; 

  

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

 

	(3)	 fax to the fax number provided by the intended recipient for the sending of that record or records of that
class; 

  

	(4)	 e-mail to the e-mail address
provided by the intended recipient for the sending of that record or records of that class; or 

  
 33 

	(5)	 physical delivery to the intended recipient. 

 

	24.2	 Deemed Receipt of Mailing 

A record that is mailed to a person by ordinary mail to the applicable address for that person referred to in Article 24.1 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. A record that is delivered to a person or their applicable address is deemed to be received by the person on receipt by that person or
delivery to that address. A record that is sent to a person by fax or e-mail is deemed to be received by the person on transmission if sent during business hours at the place of intended receipt by that person
and, if not sent during their business hours, on the next business day of the place of intended receipt of that person. 
  

	24.3	 Certificate of Sending 

A certificate signed by the secretary, if any, or other officer of the Company or of any other corporation acting in that behalf for the Company stating that a
notice, statement, report or other record was addressed as required, and sent as permitted, by Article 24.1 is conclusive evidence of that fact. 
  

	24.4	 Notice to Joint Shareholders 

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 first named in the central securities register in respect of the share. 
  

	24.5	 Notice to Trustees 

A notice, statement, report or other record may be provided by the Company to the persons entitled to a share in consequence of the death, bankruptcy or
incapacity of a shareholder by: 
  

	(1)	 mailing the record, addressed to them: 

 

	 	(a)	 by name, by the title of the legal personal 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 persons claiming to be so entitled; or

  

	(2)	 if an address referred to in paragraph (l)(b) 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. 

 25.
SEAL 
  

	25.1	 Who May Attest Seal 

Except as provided in Articles 25.2 and 25.3 , the Company’s seal, if any, must not be impressed on any record except when that impression is attested by
the signatures of: 
  

	(1)	 any two directors; 

  
 34 

	(2)	 any officer, together with any director; 

 

	(3)	 if the Company only has one director, that director; or 

 

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

 

	25.2	 Sealing Copies 

For the purpose of certifying under seal a certificate of incumbency of the directors or officers of the Company or a true copy of any resolution or other
document, despite Article 25.1, the impression of the seal may be attested by the signature of any director or officer. 
  

	25.3	 Mechanical Reproduction of Seal 

The directors may authorize the seal to be impressed by third parties on share certificates or bonds, debentures or other securities of the Company as they may
determine appropriate from time to time. To enable the seal to be impressed on any share certificates or bonds, debentures or other securities of the Company, whether in definitive or interim form, on which facsimiles of any of the signatures of the
directors or officers of the Company are, in accordance with the Business Corporations Act or these Articles, printed or otherwise mechanically reproduced, there may be delivered to the person employed to engrave, lithograph or print such
definitive or interim share certificates or bonds, debentures or other securities one or more unmounted dies reproducing the seal and the chair of the board or any senior officer together with the secretary, treasurer, secretary-treasurer, an
assistant secretary, an assistant treasurer or an assistant secretary-treasurer may in writing authorize such person to cause the seal to be impressed on such definitive or interim share certificates or bonds, debentures or other securities by the
use of such dies. Share certificates or bonds, debentures or other securities to which the seal has been so impressed are for all purposes deemed to be under and to bear the seal impressed on them. 

26. PROHIBITIONS 
  

	26.1	 Definitions 

In this Article 26: 
  

	(1)	 “designated security” means: 

 

	 	(a)	 a voting security of the Company; 

 

	 	(b)	 a security of the Company that is not a debt security and that carries a residual right to participate in the
earnings of the Company or, on the liquidation or winding up of the Company, in its assets; or 

  

	 	(c)	 a security of the Company convertible, directly or indirectly, into a security described in paragraph
(a) or (b); 

  

	(2)	 “security” has the meaning assigned in the Securities Act (British Columbia);

  

	(3)	 “voting security” means a security of the Company that: 

 

	 	(a)	 is not a debt security, and 

  
 35 

	 	(b)	 carries a voting right either under all circumstances or under some circumstances that have occurred and are
continuing. 

  

	26.2	 Application 

Article 26.3 does not apply to the Company if and for so long as it is a public company or its designated securities are beneficially owned, directly or
indirectly, by more than 50 persons or companies, counting any two or more joint registered owners as one beneficial owner, and not counting employees and former employees of the Company or its affiliates. 

 

	26.3	 Consent Required for Transfer of Shares or Designated Securities 

No share or designated security may be sold, transferred or otherwise disposed of without the consent of the directors and the directors arc not required to
give any reason for refusing to consent to any such sale, transfer or other disposition. 
 The Company has adopted as its Articles the foregoing
provisions: 
  

			
	Full name and Signature of a Director	 	Date
		
	 

  
	 	September 1, 2016
	MARK WAYNE	 	

  
 36

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