Common use of Court Approval of the Settlement Clause in Contracts

Court Approval of the Settlement. In 2010, a class proceeding was commenced in the Ontario Superior Court of Justice (the “Court”) against the Defendants (the “Action”). The Action alleged that the Defendants misrepresented, among other things, Canadian Solar’s revenue, losses associated with certain of its long-term contracts, and that its financial results were prepared and presented in accordance with US generally accepted accounting principles. The Action alleged that the Defendants made such misrepresentations in certain public documents released during the period from and including May 26, 2009 to June 1, 2010, as well as in oral statements made during the same period, resulting in Canadian Solar’s securities allegedly trading at artificially inflated prices during this period. On September 9, 2014, the Court granted the Plaintiff leave to bring an action for damages under Part XXIII.1 of Ontario’s Securities Act. On January 5, 2015, the Court certified the Action as a class action on behalf of the Class Members. Pursuant to this order, Class Members were afforded the right to exclude themselves or “opt out” of the Class no later than January 15, 2016. This Notice does not affect persons who validly exercised the right to opt out. Persons who opted out are not entitled to participate in the Settlement. Since then, the Action has been vigorously litigated. On July 8, 2020, the Plaintiff and the Defendants executed a Settlement Agreement providing for the settlement of the Action (“Settlement”). The Settlement provides for the payment of USD$13,000,000.00 (the “Settlement Funds”) in consideration of the full and final settlement of the claims of Class Members. The Settlement Funds include all legal fees, disbursements, taxes and administration expenses. In return for the payment of the Settlement Funds, the Settlement provides that the claims of all Class Members asserted or which could have been asserted in the Action will be fully and finally released and the Action will be dismissed. The Settlement is not an admission of liability, wrongdoing or fault on the part of the Defendants, all of whom have denied, and continue to deny, the allegations against them. On • 2020, the Court approved the Settlement and ordered that it be implemented in accordance with its terms. The Court also awarded Class Counsel total legal fees, expenses and applicable taxes in the amount of $• (“Class Counsel Fees), inclusive of disbursements of $•, plus HST. As is customary in such cases, Class Counsel conducted the class action on a contingency fee basis. Class Counsel was not paid as the matter proceeded and funded the expenses of conducting the litigation. Class Counsel Fees will be deducted from the Settlement Funds before they are distributed to Class Members. Expenses incurred or payable relating to the approval, notification, implementation and administration of the Settlement (“Administration Expenses”) will also be paid from the Settlement Funds before they are distributed to Class Members.

Court Approval of the Settlement. 4664429.1 In 2010October 2011, a class proceeding styled as Xxxxxx v CIBC Mortgage Inc. was commenced in the Supreme Court of British Columbia (the “BC Court”) against CIBC Mortgages Inc. (“CIBC” and the “British Columbia Action”). Concurrently in October 2011, a class proceeding styled as Jordan v CIBC Mortgage Inc. was commenced in the Ontario Superior Court of Justice (the “Ontario Court”) against the Defendants CIBC (the “Ontario Action”). The Action alleged that Class Actions challenged the Defendants misrepresented, among other things, Canadian Solarvalidity of CIBC’s revenue, losses associated with certain of its long-term contractsmethod for calculating mortgage prepayment charges, and that its financial results were prepared in particular, the Interest Rate Differential (“IRD”) formula. An Interest Rate Differential compares the prevailing interest rates at the time of borrowing and presented in accordance with US generally accepted accounting principlesthe time of prepayment. Prepayment charges can arise when borrowers pay off more of their mortgage then they are entitled to under their mortgage agreement. The Action alleged that the Defendants made such misrepresentations in certain public documents released during the period from and including May 26, 2009 to June 1, 2010, as well as in oral statements made during the same period, resulting in Canadian Solar’s securities allegedly trading at artificially inflated prices during this period. On September 9, 2014, the BC Court granted the Plaintiff leave to bring an action for damages under Part XXIII.1 of Ontario’s Securities Act. On January 5, 2015, the Court conditionally certified the British Columbia Action as a class action proceeding on behalf of the British Columbia Class MembersMembers on June 30, 2014, with full certification on March 31, 2015. In subsequent decisions of the Court of Appeal for British Columbia and the BC Court, the scope of the certified class proceeding was narrowed and broadened. Pursuant to this orderthe order dated ⚫, British Columbia Class Members were afforded the right to exclude themselves or “opt out” of the BC Class no later than January 15, 2016⚫. This Notice does not affect persons who validly exercised the right to opt out. Persons who opted out are not entitled to participate in the Settlement. Since thenOn February 21, 2019, the Ontario Court certified the Ontario Action has been vigorously litigatedas a class proceeding on behalf of the Ontario Class Members. Pursuant to this order, Ontario Class Members were afforded the right to exclude themselves or “opt out” of the Ontario Class no later than ⚫. This Notice does not affect persons who validly exercised the right to opt out. Persons who opted out are not entitled to participate in the Settlement. The parties have engaged in lengthy settlement negotiations. On July 8, 2020⚫, the Plaintiff Plaintiffs and the Defendants Defendant executed a Settlement Agreement providing for the settlement of the Action Class Actions (the “Settlement”). The Settlement provides for the payment of USD$13,000,000.00 CAD$7.5 million (the “Settlement Funds”) in consideration of the full and final settlement of the claims of Class Members. The Settlement Funds include all legal fees, disbursements, taxes and administration expenses. In return for the payment of the Settlement Funds, the Settlement provides that the claims of all Class Members asserted or which could have been asserted in the Action Class Actions will be fully and finally released and the Action Class Actions will be dismissed. The Settlement is not an admission of liability, wrongdoing wrongdoing, or fault on the part of the DefendantsCIBC, all of whom have denied, and continue to deny, which denies the allegations against themit. On • 2020⚫, the BC Court and Ontario Court approved the Settlement and ordered that it be implemented in accordance with its terms. The BC Court and Ontario Court also awarded Class Counsel total legal fees, expenses and applicable taxes in the amount of $• CAD$⚫ (“Class Counsel Fees”), inclusive of disbursements of $•CAD$⚫, plus HST. As is customary in such cases, Class Counsel conducted the class action Class Actions on a contingency fee basis. Class Counsel was not paid as the matter proceeded and funded the expenses of conducting the litigation. Class Counsel Fees will be deducted from the Settlement Funds before they are distributed to the Class Members. Expenses incurred or payable relating to the approval, notification, implementation and administration of the Settlement (“Administration Expenses”) will also be paid from the Settlement Funds before they are distributed to Class Members.

Court Approval of the Settlement. In 2010, a class proceeding was commenced in the Ontario Superior Court of Justice (the “Court”) against the Defendants (the “Action”). The Action alleged that the Defendants misrepresented, among other things, Canadian Solar’s 's revenue, losses associated with certain of its long-term contracts, and that its financial results were prepared and presented in accordance with US generally accepted accounting principles. The Action alleged that the Defendants made such misrepresentations in certain public documents released during the period from and including May 26, 2009 to June 1, 2010, as well as in oral statements made during the same period, resulting in Canadian Solar’s 's securities allegedly trading at artificially inflated prices during this period. On September 9, 2014, the Court granted the Plaintiff leave to bring an action for damages under Part XXIII.1 of Ontario’s 's Securities Act. On January 5, 2015, the Court certified the Action as a class action on behalf of the Class Members. Pursuant to this order, Class Members were afforded the right to exclude themselves or “opt out” of the Class no later than January 15, 2016. This Notice does not affect persons who validly exercised the right to opt out. Persons who opted out are not entitled to participate in the Settlement. Since then, the Action has been vigorously litigated. On July 8, 2020, the Plaintiff and the Defendants executed a Settlement Agreement providing for the settlement of the Action (“Settlement”). The Settlement provides for the payment of USD$13,000,000.00 (the “Settlement Funds”) in consideration of the full and final settlement of the claims of Class Members. The Settlement Funds include all legal fees, disbursements, taxes and administration expenses. In return for the payment of the Settlement Funds, the Settlement provides that the claims of all Class Members asserted or which could have been asserted in the Action will be fully and finally released and the Action will be dismissed. The Settlement is not an admission of liability, wrongdoing or fault on the part of the Defendants, all of whom have denied, and continue to deny, the allegations against them. On • ⚫ 2020, the Court approved the Settlement and ordered that it be implemented in accordance with its terms. The Court also awarded Class Counsel total legal fees, expenses and applicable taxes in the amount of $• ⚫ (“Class Counsel Fees), inclusive of disbursements of $•⚫, plus HST. As is customary in such cases, Class Counsel conducted the class action on a contingency fee basis. Class Counsel was not paid as the matter proceeded and funded the expenses of conducting the litigation. Class Counsel Fees will be deducted from the Settlement Funds before they are distributed to Class Members. Expenses incurred or payable relating to the approval, notification, implementation and administration of the Settlement (“Administration Expenses”) will also be paid from the Settlement Funds before they are distributed to Class Members.