Constellation Software : Topicus.com Inc. - IRGA

TOPICUS.COM INC.

and

TOPICUS.COM COÖPERATIEF U.A.

INVESTOR RIGHTS AND GOVERNANCE AGREEMENT

DATED DECEMBER 17, 2020

	TABLE OF CONTENTS
		Page
ARTICLE 1 - INTERPRETATION................................................................................................	2
1.01	Definitions................................................................................................................	2
1.02	Certain Rules of Interpretation...............................................................................	13
1.03	Independent Valuators ...........................................................................................	15
1.04	Joday Group and Constellation ..............................................................................	15
ARTICLE 2 - PURPOSE AND SCOPE .......................................................................................	16
2.01	Compliance with Agreement .................................................................................	16
2.02	Compliance by Listco and the Coop ......................................................................	16
2.03	Certain Potential Conflicts .....................................................................................	16
2.04	Holding Purpose.....................................................................................................	17
2.05	Capacity, authority and approvals..........................................................................	17
2.06	Completion.............................................................................................................	17
2.07	Listing and Trading................................................................................................	17
ARTICLE 3 - FINANCIAL PARTICIPATION ...........................................................................	18
3.01	Capital of the Coop ................................................................................................	18
3.02	Subscription and conversion of Units ....................................................................	18
3.03	Capital of Listco.....................................................................................................	19
3.04	Dividend.................................................................................................................	20
3.05	Rights of the Super Voting Share ..........................................................................	20
3.06	Additional Capital ..................................................................................................	21
3.07	Significant Shareholder Loans ...............................................................................	22
3.08	ESOP......................................................................................................................	22
3.09	Tax .........................................................................................................................	23
ARTICLE 4 - CORPORATE GOVERNANCE ...........................................................................	23
4.01	Board Representation of Listco .............................................................................	23
4.02	Board Representation of the Coop .........................................................................	26
4.03	Listco Board Meetings ...........................................................................................	28
4.04	Listco Board Approval of Certain Matters ............................................................	29
4.05	Approval by Joday .................................................................................................	29
4.06	Coop Board Meetings ............................................................................................	30
4.07	Coop Board Approval of Certain Matters..............................................................	31
4.08	Consultation of Coop Board ..................................................................................	32
4.09	Business Acquisitions ............................................................................................	33
4.10	Indemnification and Insurance...............................................................................	35

	- ii -
ARTICLE 5 - MANAGEMENT...................................................................................................	35
5.01	Management...........................................................................................................	35
5.02	Euronext Amsterdam Listing .................................................................................	36
5.03	CSI and the Coop and Services Fee .......................................................................	36
5.04	Listco Expenses .....................................................................................................	37
5.05	Expenses of Directors ............................................................................................	37
ARTICLE 6 - DIVIDENDS ..........................................................................................................	37
6.01	Dividends from the Coop.......................................................................................	37
6.02	Dividends from Listco ...........................................................................................	38
ARTICLE 7 - COVENANTS .......................................................................................................	38
7.01	Confidentiality .......................................................................................................	38
7.02	Insider Trading.......................................................................................................	39
7.03	Reporting Issuer Status and Listing of Subordinate Voting Shares.......................	39
7.04	Notice of Certain Events ........................................................................................	40
7.05	No Going-Private Transaction ...............................................................................	40
7.06	Information Rights .................................................................................................	41
7.07	Listing ....................................................................................................................	42
ARTICLE 8 - ADDITIONAL SUBSCRIPTION PRICE .............................................................	43
8.01	Additional Subscription Price ................................................................................	43
ARTICLE 9 - TERMINATION, AMENDMENTS AND WAIVERS.........................................	45
9.01	Termination............................................................................................................	45
9.02	Amendments and Waivers .....................................................................................	45
ARTICLE 10 - DEALING WITH UNITS AND PREFERRED SHARES ..................................	46
10.01	Restrictions on Transfer of Units and Preferred Shares.........................................	46
10.02	Permitted Transfers ................................................................................................	47
10.03	Permitted Transfers between Ultimate Beneficial Owners....................................	48
10.04	Pre-emptive Rights.................................................................................................	48
10.05	Insolvency of Unitholders......................................................................................	50
10.06	Consent to Financing .............................................................................................	50
10.07	Representations and Warranties.............................................................................	52
10.08	Closing ...................................................................................................................	53
10.09	Repayment of Debt ................................................................................................	53
10.10	Exchange of Units for Subordinate Voting Shares ................................................	54
10.11	Mandatory Conversion Moment ............................................................................	54
10.12	Tax Election ...........................................................................................................	55
ARTICLE 11 - PUT OPTION ......................................................................................................	55

MT DOCS 21061328

	- iii -
11.01	Put Option ..............................................................................................................	55
ARTICLE 12 - GENERAL ...........................................................................................................	56
12.01	Non-Competition ...................................................................................................	56
12.02	Dispute Resolution.................................................................................................	58
12.03	Further Assurances.................................................................................................	59
12.04	Benefit of the Agreement.......................................................................................	59
12.05	Application of this Agreement...............................................................................	59
12.06	Entire Agreement ...................................................................................................	59
12.07	Assignment ............................................................................................................	59
12.08	Notices ...................................................................................................................	60
12.09	Remedies Cumulative ............................................................................................	62
12.10	No Third Party Beneficiaries .................................................................................	62
12.11	Governing Law ......................................................................................................	62
12.12	General ...................................................................................................................	63
SCHEDULE A TERMS AND CONDITIONS BETWEEN CONSTELLATION AND THE
JODAY GROUP ..............................................................................................................................	1
SCHEDULE B CANADIAN CORPORATE AND SECURITIES LAWS (INFORMATIONAL
PURPOSES)	....................................................................................................................................	1
SCHEDULE C ADDITIONAL DEFINED TERMS.......................................................................	1
SCHEDULE D SAMPLE CONVERSION CALCULATIONS: ....................................................	1
SCHEDULE E MAPPING PRINCIPLES.......................................................................................	1
SCHEDULE F DEED OF ISSUE....................................................................................................	1
SCHEDULE G DISCLOSURE, CONFIDENTIALITY AND INSIDER TRADING POLICY ....	1
SCHEDULE H BENEFICIAL OWNERS OF IJSSEL ...................................................................	1
SCHEDULE I FINANCING DETAILS..........................................................................................	1
SCHEDULE J FORM OF ACKNOWLEDGEMENT ....................................................................	1
SCHEDULE K SAMPLE "PROPORTIONALITY" CALCULATIONS.......................................	1
SCHEDULE L EXCHANGE AGREEMENT.................................................................................	1
SCHEDULE M LISTCO CONSTATING DOCUMENTS.............................................................	1
SCHEDULE N COOP ARTICLES .................................................................................................	1
SCHEDULE O TRANSFER RESTRICTIONS IN SHEA .............................................................	1

MT DOCS 21061328