Lawson Lundell LLP

2020 Canadian Public Energy M&A Review (FINAL)

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Lawson Lundell LLP 48 56. If the Target's break fee only triggers on the completion of a Superior Proposal, what is the period in which that proposal must be completed after termination for the fee to be payable? (a) 6 months (33%) (b) More than 6 but less than 9 months (13%) (c) More than 9 but less than 12 months (50%) (d) More than 12 months (4%) 57. Does the break fee constitute liquidated damages? (a) No (2%) (b) Yes (98%)

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