Issue, sell, transfer, pledge or otherwise dispose of any shares of Capital Stock or other equity or ownership interests (“Equity Interests”) in any Subsidiary, except # in connection with the sale of all of the Capital Stock of a Subsidiary pursuant to a transaction permitted by [[Section 8.04(b), (b)])]])] the issuance, sale or transfer of Equity Interests by a Subsidiary (the “Issuing Subsidiary”) to a Credit Party or a Subsidiary of a Credit Party that owns such Issuing Subsidiary, # as needed to qualify directors under applicable law and # in the case of ​ Canada Limited, a Nova Scotia corporation, or any Subsidiary thereof, the issuance of any Equity Interests of ​ Canada Limited or any Subsidiary thereof to employees thereof pursuant to an employee stock purchase plan.

Section # Issuance of Equity Securities. Issue, sell, transfer, pledge or otherwise dispose of any shares of Capital Stock or other equity or ownership interests (“Equity Interests”) in any Subsidiary, except # in connection with the sale of all of the Capital Stock of a Subsidiary pursuant to a transaction permitted by [[Section 8.04(10.5(b), (b)])]])] the issuance, sale or transfer of Equity Interests by a Subsidiary (the “Issuing Subsidiary”) to a Credit Party or a Subsidiary of a Credit Party that owns such Issuing Subsidiary, # as needed to qualify directors under applicable law andlaw, # in the case of _Parent Borrower:​ Canada Limited, a Nova Scotia corporation, or any Subsidiary thereof, the issuance of any Equity Interests of _Parent Borrower:​ Canada Limited or any Subsidiary thereof to employees thereof pursuant to an employee stock purchase plan.plan and # a Subsidiary shall be permitted to issue Equity Interests to effect a Permitted Acquisition, or following a Permitted Acquisition, to employees thereof pursuant to an employee stock purchase plan not to exceed 10% of the Equity Securities of the acquired Subsidiary.