Document

“Change of Control” means (i) the sale of all or substantially all of the assets of the Corporation on a consolidated basis, in one transaction or a series of related transactions, to a person that is not a subsidiary of the Corporation, (ii) a merger, reorganization or consolidation pursuant to which the holders of the Corporation’s outstanding voting rights immediately prior to such transaction do not own a majority of the outstanding voting rights of the resulting or successor entity (or its ultimate parent, if applicable) immediately upon completion of such transaction, (iii) any person or a group of persons acting jointly or in concert becoming the beneficial owner, directly or indirectly, of shares carrying at least a majority of the outstanding voting rights of the Corporation, or (iv) any other transaction in which the owners of the Corporation’s outstanding voting rights prior to such transaction do not own at least a majority of the outstanding voting rights of the Corporation or any successor entity immediately upon completion of the transaction other than as a result of the acquisition of securities directly from the Corporation;

“Expiry Date” means (i) in the case of DSUs described in Section 6.2, the end of the calendar year following the calendar year in which the Participant ceases to be a director of the Corporation (and does not otherwise become employed by the Corporation), (ii) in the case of DSUs described in Section 6.1(a), the later of (x) the end of the calendar year in which the Participant’s Separation from Service occurs or (y) the 15th day of the third month following the occurrence of the Participant’s Separation from Service or (iii) in the case of DSUs described in Section 6.1(b), the end of the calendar year following the calendar year in which the Participant’s Separation from Service occurs;

“Fair Market Value” means (i) for any particular date in the case of Section 5.3 or Section 6 (other than Section 6.5), the volume weighted average trading price (“VWAP”) of the Shares on the TSX for the five (5) consecutive trading days immediately preceding that particular date, (ii) for any particular date in the case of Section 4.1(b) or non-annual DSU grants under Section 4.1(d), the VWAP of the Shares on the TSX for the five (5) consecutive trading days in an open trading period under the Corporation’s Insider Trading Policy immediately

preceding that particular date, (iii) in the case of Section 6.6, the VWAP of the Shares on the TSX for the five (5) consecutive trading days immediately preceding the Expiry Date or (iv) in the case of Section 6.5, the per Share price paid in the Change of Control for the Shares;

“Shares” means common shares in the share capital of the Corporation, and includes any shares of the Corporation into which such shares may be changed, classified, reclassified, subdivided, consolidated or converted from time to time;

a.The Plan is under the direction of the Board. The Committee shall make recommendations to the Board in relation to the Plan and DSU awards. The Board, in its sole discretion, shall have full and complete authority to administer and interpret the Plan and to prescribe such rules and regulations and make such other determinations as it deems necessary or useful for the administration of the Plan. All decisions and interpretations of the Board shall be binding on all persons, including the Corporation and Participants.

b.Neither any member of the Board or the Committee nor any delegate thereof shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection with the Plan, and the members of the Board and the Committee and any delegate thereof shall be entitled in all cases to indemnification and reimbursement by the Corporation in respect of any claim, loss, damage or expense (including, without limitation, reasonable attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law and/or under the Corporation’s articles or by-laws or any directors’ and officers’ liability insurance coverage which may be in effect from time to time and/or any indemnification agreement between such individual and the Corporation.

(a) Annual DSU grants shall be made at the same time as annual equity grants are made to the Corporation’s executive officers and the number of DSUs shall be calculated using the same valuation methodology as is applied to such executive officer grants.

(c) Commencing with the 2021 Annual DSU grants, the Annual DSU grants shall vest with respect to one-twelfth (1/12th) of the Shares covered thereby on each monthly anniversary of that year’s AGM except that any unvested tranches shall vest on the day prior to the next AGM (the “Vesting Schedule”), subject to the Participant’s continued service on the Board on each applicable vesting date. Any pro-rated Annual DSU grants made in accordance with Section 4.1(b) shall vest in equal amounts on the remaining dates in the Vesting Schedule. Notwithstanding the foregoing, any unvested DSU grants that are outstanding at the time of a Change of Control shall vest in full upon such Change of Control.

b.In addition, each Participant may elect to receive in lieu of cash either fifty percent (50%) or one hundred percent (100%) of such Participant’s Board Retainer in the form of DSUs. Such DSUs shall be fully vested at the time of grant.

c.Each Participant who elects to participate in the Plan pursuant to Section 4.2 for a given calendar year must deliver to the Corporation, in accordance with procedures established by the Corporation from time to time, a written notice to that effect (an “Election Notice”) prior to December 31 of the previous calendar year. Each Participant who is a newly-elected or appointed director and who elects to participate in the Plan pursuant to Section 4.2 for the then-current calendar year must so deliver an Election Notice prior to or within fifteen (15) days of his or her election or appointment, but prior to the receipt of the first Board Retainer payment; provided, however, that with respect to Participants whose Board Retainer is otherwise subject to U.S. taxation if such election is made after the director is appointed or elected, it shall only apply to fees paid for services performed after such Election Notice is delivered to the Corporation. The election made in an Election Notice in respect of the Board Retainer of a given calendar year will be irrevocable for that calendar year.

(a) with respect to the Deferred Remuneration payable to the Participant for the first half of the year, such number of DSUs as is obtained by dividing such Deferred Remuneration by the VWAP of the Shares on the TSX for the five (5) consecutive trading days immediately preceding June 29 of such year (rounded up to the nearest whole DSU), with such DSUs being awarded to Participants on June 30 of such year.

(b) with respect to the Deferred Remuneration payable to the Participant for the second half of the year, such number of DSUs as is obtained by dividing such Deferred Remuneration by the VWAP of the Shares on the TSX for the five (5) consecutive trading days immediately preceding December 30 of such year (rounded up to the nearest whole DSU), with such DSUs being awarded to Participants on December 31 of such year.

b.If hereafter dividends are paid on the Shares, a Participant shall be entitled to “dividend equivalents” on each outstanding vested and unvested DSU held by the Participant that has not yet been settled pursuant to Section 6 below on the applicable dividend record date (“Outstanding DSUs”). A “dividend equivalent” is a dollar amount (which shall be credited in additional DSUs in accordance with the next sentence) equal to the cash dividends that the Participant would have been entitled to receive if the Participant had been the owner on the dividend record date of that number of Shares equal to the number of Outstanding DSUs. Dividend equivalents will be credited in additional DSUs (determined by dividing the dividend equivalent dollar amount by the Fair Market Value of a Share on the dividend payment date), rounded up to the nearest whole DSU), which will be paid out in cash at the same time and under the same terms and conditions (including vesting) as the underlying DSUs on which the dividend equivalents were credited.

a.(a) Subject to Sections 6.3 through 6.7, a Participant whose DSUs are subject to U.S. taxation that incurs a Separation from Service, shall after such Separation from Service receive settlement of all of such Participant’s DSUs in the calendar year of such Separation from Service, provided that if necessary for administrative or other reasons (or if the Corporation is in a closed trading period), settlement may be delayed by the Corporation (without the direct or indirect input of the Participant) up to the Expiry Date.

(b) Notwithstanding the foregoing and subject to Sections 6.3 through 6.7, with respect to DSUs granted in 2021 and later years, a Participant whose DSUs are subject to U.S. taxation may irrevocably elect to defer settlement of his or her DSUs (including, without limitation, those DSUs described in Section 5.1) until the calendar year following the calendar year in which the Participant Separates from Service. Any such election must be made by the Participant in accordance with procedures established by the Corporation from time to time but must be made prior to December 31 of the calendar year prior to the calendar year of grant of the DSU (e.g., prior to December 31, 2020 for DSUs granted in 2021). Notwithstanding the foregoing, each such Participant who is a newly-elected or appointed director may choose prior to or within fifteen (15) days of his or her election or appointment, to make the election described in this Section 6.1(b); provided, however, that if such election is made after the director is appointed or elected, it shall only apply to DSUs attributable to services performed after such election is made.

(c) Subject to Sections 6.3 through 6.7, with respect to all DSUs (including those currently outstanding) that become payable under Section 6.1(a) or 6.1(b), as applicable, the Participant may elect, in accordance with procedures established by the Corporation from time to time, to receive such DSUs at any time during the calendar year in which payment is due.

b.Subject to Sections 6.3 through 6.7, a Participant whose DSUs are not subject to U.S. taxation that ceases to be a director of the Corporation (without becoming employed by the Corporation) shall receive settlement of all of such Participant’s DSUs in the calendar year of such cessation or in the following calendar year, as elected by the Participant in accordance with procedures established by the Corporation from time to time. This Section 6.2 shall apply to all outstanding DSUs held by all such Participants notwithstanding anything to the contrary set forth in the grant letter evidencing such DSUs.

c.The Corporation shall settle the DSUs by delivering to the Participant (or, if deceased or incapacitated, such Participant’s duly appointed legal representatives) an amount in cash equal to the product that results by multiplying: (a) the number of settled DSUs, by (b) the Fair Market Value of a Share on the business day immediately preceding the day of payment to the Participant.

d.Notwithstanding anything to the contrary set forth in the Plan or in any DSU grant letter but subject to Sections 6.5 and 6.6, no DSUs shall be settled under the Plan until there has occurred one open trading period under the Corporation’s Insider Trading Policy during which Fair Market Value can be calculated that is coincident with, or follows, the Participant’s ceasing to be a director of the Corporation (without becoming employed by the Corporation) or the Participant’s Separation from Service (in the case of DSUs described in Sections 6.1(a) and 6.1(b)).

e.In the event of a Change of Control, the following DSUs, to the extent then outstanding, shall be settled upon such Change of Control based on the per Share price paid in the Change of Control for the Shares (i) DSUs that are otherwise payable in the calendar year of the Change of Control under Section 6.1(a) or Section 6.1(b) and (ii) DSUs that are payable in the calendar year of the Change of Control or in the following calendar year under Section 6.2.

g.If a Participant is deceased or incapacitated at the time of settlement of the Participant’s DSUs, his or her duly appointed legal representatives shall receive payment thereof in accordance with the applicable rules set forth above in this Section 6 and otherwise in accordance with the other terms and conditions of the Plan.

a.The Corporation may withhold, or cause to be withheld, and deduct, or cause to be deducted, from any amount payable to a Participant, such amount that the Corporation is entitled or required to withhold or deduct on account of income taxes, social security charges or any other amount or deductions that may be required by any applicable law or by any Canadian, U.S., foreign, federal, provincial, territorial, state or local governmental authority in respect of the grant, earning, vesting, surrender, disposition or settlement of a DSU or any interest therein (the “Withholding Amount”). Any Withholding Amount retained or received from the Participant or realized by the Corporation will be remitted to the appropriate governmental authority by the Corporation. Any determination by the Corporation

b.The Participant acknowledges and agrees that the Corporation shall have the right to require payment by the Participant of the Withholding Amount, and may take any means necessary to obtain payment from the Participant thereof, including:

(b)withholding the necessary amount from the Participant’s settlement of the DSUs in a manner determined by the Corporation in its discretion, from other cash remuneration payments, or from any other amounts owing by the Corporation to the Participant.

c.If the Corporation does not withhold an amount or require payment of an amount by a Participant sufficient to satisfy all obligations referred to in Section 7.1, the Participant shall forthwith make reimbursement to the Corporation, on demand, in cash, of any amount paid by the Corporation to a governmental authority to satisfy any such obligation.

No DSU or any interest therein shall be assignable or transferable by the Participant other than in the case of death as set out in the Plan; provided, however that in the case of a Participant’s incapacity, payment shall be made to the Participant’s duly appointed legal representative in accordance with the payment timing, and other terms, of the Plan and in such case (and in the case of the Participant’s death), such payment shall fully discharge the Corporation of any liability for payment to the Participant under the Plan.

In the event of any reorganization, change in the number of issued and outstanding Shares of the Corporation by reason of any stock dividend, stock split, reverse stock split, recapitalization, merger, consolidation, combination or exchange of shares or other similar corporate change (including, without limitation, a Change of Control), an equitable adjustment shall, if required, be made by the Board, by adjusting the factors and manner in which the settlement amount of a DSU is to be determined, or any other term and condition of the DSUs. Such adjustment shall be final and binding on all parties.

The Board bears full responsibility with regard to the Plan, which includes, but is not limited to, the power and authority to amend, suspend or terminate the Plan, in whole or in part, or amend the terms and conditions of outstanding DSUs, provided that such amendment, suspension or termination shall not adversely alter or impair any DSU previously granted.

e.Each Participant agrees with the Corporation that this Plan and all agreements, notices, declarations and documents accessory to the Plan be drafted in English only. Chaque participant consent avec la société à ce que ce Plan ainsi que toutes conventions, avis, déclarations et documents afférents au Plan soient rédigés en anglais seulement.