Common use of Court Approval of the Settlement Clause in Contracts

Court Approval of the Settlement. 4664429.1 In October 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 CIBC (the “Ontario Action”). The Class Actions challenged the validity of CIBC’s method for calculating mortgage prepayment charges, and in particular, the Interest Rate Differential (“IRD”) formula. An Interest Rate Differential compares the prevailing interest rates at the time of borrowing and the 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 BC Court conditionally certified the British Columbia Action as a class proceeding on behalf of the British Columbia Class Members 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 the order dated ⚫, British Columbia Class Members were afforded the right to exclude themselves or “opt out” of the BC 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. On February 21, 2019, the Ontario Court certified the Ontario Action as 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 ⚫, the Plaintiffs and the Defendant executed a Settlement Agreement providing for the settlement of the Class Actions (the “Settlement”). The Settlement provides for the payment of CAD$7.5 million (the “Settlement Funds”) in consideration of the full and final settlement of the claims of Class Members. The Settlement Funds include all legal fees, disbursements, taxes and administration expenses. In return for the payment of the Settlement Funds, the Settlement provides that the claims of all Class Members asserted or which could have been asserted in the Class Actions will be fully and finally released and the Class Actions will be dismissed. The Settlement is not an admission of liability, wrongdoing, or fault on the part of CIBC, which denies the allegations against it. On ⚫, the BC Court and Ontario Court approved the Settlement and ordered that it be implemented in accordance with its terms. The BC Court and Ontario Court also awarded Class Counsel total legal fees, expenses and applicable taxes in the amount of CAD$⚫ (“Class Counsel Fees”), inclusive of disbursements of CAD$⚫, plus HST. As is customary in such cases, Class Counsel conducted the Class 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. 4664429.1 In October 20112010, 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 CIBC the Defendants (the “Ontario Action”). The Class Actions challenged Action alleged that the validity Defendants misrepresented, among other things, Canadian Solar’s revenue, losses associated with certain of CIBC’s method for calculating mortgage prepayment chargesits long-term contracts, and that its financial results were prepared and presented in particularaccordance 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 Interest Rate Differential (“IRD”) formulaCourt granted the Plaintiff leave to bring an action for damages under Part XXIII.1 of Ontario’s Securities Act. An Interest Rate Differential compares On January 5, 2015, the prevailing interest rates at the time of borrowing and the 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 BC Court conditionally certified the British Columbia Action as a class proceeding action on behalf of the British Columbia Class Members 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 broadenedMembers. Pursuant to the order dated ⚫this order, 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. On February 21, 2019Since then, the Ontario Court certified the Ontario Action as 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 negotiationshas been vigorously litigated. On ⚫July 8, 2020, the Plaintiffs Plaintiff and the Defendant Defendants executed a Settlement Agreement providing for the settlement of the Class Actions Action (the “Settlement”). The Settlement provides for the payment of CAD$7.5 million USD$13,000,000.00 (the “Settlement Funds”) in consideration of the full and final settlement of the claims of Class Members. The Settlement Funds include all legal fees, disbursements, taxes and administration expenses. In return for the payment of the Settlement Funds, the Settlement provides that the claims of all Class Members asserted or which could have been asserted in the Class Actions Action will be fully and finally released and the Class Actions Action will be dismissed. The Settlement is not an admission of liability, wrongdoing, wrongdoing or fault on the part of CIBCthe Defendants, which denies all of whom have denied, and continue to deny, the allegations against itthem. On ⚫• 2020, the BC Court and Ontario Court approved the Settlement and ordered that it be implemented in accordance with its terms. The BC Court and Ontario Court also awarded Class Counsel total legal fees, expenses and applicable taxes in the amount of CAD$⚫ $• (“Class Counsel Fees”), inclusive of disbursements of CAD$⚫$•, plus HST. As is customary in such cases, Class Counsel conducted the Class Actions 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 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. 4664429.1 In October 20112010, 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 CIBC the Defendants (the “Ontario Action”). The Class Actions challenged Action alleged that the validity Defendants misrepresented, among other things, Canadian Solar's revenue, losses associated with certain of CIBC’s method for calculating mortgage prepayment chargesits long-term contracts, and that its financial results were prepared and presented in particularaccordance 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 Interest Rate Differential (“IRD”) formulaCourt granted the Plaintiff leave to bring an action for damages under Part XXIII.1 of Ontario's Securities Act. An Interest Rate Differential compares On January 5, 2015, the prevailing interest rates at the time of borrowing and the 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 BC Court conditionally certified the British Columbia Action as a class proceeding action on behalf of the British Columbia Class Members 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 broadenedMembers. Pursuant to the order dated ⚫this order, 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. On February 21, 2019Since then, the Ontario Court certified the Ontario Action as 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 negotiationshas been vigorously litigated. On ⚫July 8, 2020, the Plaintiffs Plaintiff and the Defendant Defendants executed a Settlement Agreement providing for the settlement of the Class Actions Action (the “Settlement”). The Settlement provides for the payment of CAD$7.5 million 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 Class Actions Action will be fully and finally released and the Class Actions Action will be dismissed. The Settlement is not an admission of liability, wrongdoing, wrongdoing or fault on the part of CIBCthe Defendants, which denies all of whom have denied, and continue to deny, the allegations against itthem. 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 Actions 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 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.