THE FOLLOWING RECITATION DOES NOT CONSTITUTE FINDINGS OF THE COURT. THE COURT HAS MADE NO FINDINGS WITH RESPECT TO THE FOLLOWING MATTERS, AND THESE RECITATIONS SHOULD NOT BE UNDERSTOOD AS AN EXPRESSION OF ANY OPINION OF THE COURT AS TO THE MERITS OF ANY OF THE CLAIMS OR DEFENSES RAISED BY ANY OF THE PARTIES.

On May 27, 2020, NGA was incorporated in Delaware for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.

On August 20, 2020, NGA completed its initial public offering of 30,000,000 million units, with each unit consisting of one share of NGA Class A common stock and one-half of one redeemable warrant. Simultaneously with the IPO, NGA sold 7,750,000 Private Placement Warrants to Northern Genesis Sponsor, LLC at a price of $1 per warrant.

On or around August 27, 2020, the underwriters partially exercised an overallotment, with NGA selling an additional 1,945,344 units and 389,069 Private Placement Warrants.

On November 29, 2020, NGA entered into a business combination agreement with The Lion Electric Company and its wholly owned subsidiary, Lion Electric Merger Sub Inc. (together, “Legacy Lion Electric”), pursuant to which NGA would merge with a reorganized Legacy Lion Electric (the “Merger”) to form a publicly traded entity, The Lion Electric Company (“New Lion Electric”). NGA and Legacy Lion Electric announced the Merger on November 30, 2020.

On March 24, 2021, NGA filed with the U.S. Securities and Exchange Commission a proxy statement concerning the Merger (such proxy statement together with any preliminary proxy filings, as well as any amendments or supplements thereto, the “Proxy”), which was disseminated to NGA stockholders. The Proxy informed stockholders of a special meeting to be held on April 23, 2021 (the “Special Meeting”), at which, among other things, stockholders would vote whether to approve the Merger and related transactions. The Proxy also informed stockholders that the deadline for them to redeem their shares in connection with the Merger was April 21, 2021 – two business days before the Special Meeting (the “Redemption Deadline”).

On April 23, 2021, NGA stockholders voted to approve the Merger at the Special Meeting.

On May 6, 2021, the Merger closed. Following the Merger’s closing, New Lion Electric securities (common shares and warrants) began trading on the New York Stock Exchange and the Toronto Stock Exchange.

On November 1, 2023, Plaintiffs commenced this Action against the Defendants on behalf of themselves and all other similarly situated former NGA stockholders by filing a Verified Class Action Complaint (the “Complaint”), asserting, among other things, claims against the Defendants for breach of fiduciary duty and unjust enrichment resulting from the alleged impairment of NGA stockholders’ redemption rights in connection with the Merger.

On February 9, 2024, Defendants filed a motion and opening brief seeking to dismiss the Complaint.

On March 11, 2024, Plaintiffs filed a Verified Amended Class Action Complaint (the “Amended Complaint”), adding more detail to the existing claims against the Defendants, and asserting additional claims against New Lion Electric, Marc Bedard and Nicolas Brunet (“collectively, the “Former Defendants”) for aiding and abetting Defendants’ breaches of fiduciary duty.

On March 25, 2024, Defendants filed a motion to dismiss the Amended Complaint. On April 25, 2024, Defendants and the Former Defendants jointly filed an Amended Motion to Dismiss the Amended Complaint and opening brief (“Motion to Dismiss”).

On September 18, 2024, following briefing on the Motion to Dismiss by the Parties, the Court held oral argument. Following oral argument, the Court took the Motion to Dismiss under advisement and requested supplemental briefing on the issue of standing to enforce the Merger’s forum selection clause against the Former Defendants. On December 18, 2024, the Parties completed the supplemental briefings.

On December 17, 2024, New Lion Electric initiated voluntary restructuring proceedings (the “Canadian Proceeding”) before the Superior Court of Québec (Commercial Division) (the “Canadian Court”) pursuant to the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36.

On December 18, 2024, New Lion Electric commenced Chapter 15 cases in the United States Bankruptcy Court for the Northern District of Illinois Eastern Division (“Bankruptcy Court”), seeking recognition of the Canadian Proceeding and any orders entered by the Canadian Court.

On January 21, 2025, the Bankruptcy Court entered an order, which, among other things, granted New Lion Electric the application of the protection afforded by the automatic stay under Section 362(a) of the Bankruptcy Code.

On January 23, 2025, while the Motion to Dismiss was sub judice before the Court, Defendants and the Former Defendants filed a Suggestion of Bankruptcy and Automatic Stay of Proceedings, informing the Court of the restructuring proceedings and automatic stay.

On May 15, 2025, Plaintiffs filed a Motion to Proceed with Claims Against Non-Debtor Defendants (“Motion to Proceed”), seeking to proceed with their claims against Defendants and the Former Defendants other than New Lion Electric.

On May 22, 2025, the Canadian Court entered an Approval and Reverse Vesting Order (the “RVO”) that, among other things, released New Lion Electric from any and all liabilities, obligations, or causes of action relating to the Excluded Liabilities (as defined in the RVO). The RVO also contained a partial release of claims in favor of current and former directors of the Debtors, including New Lion Electric and NGA (the “D&O Release”). The Canadian Court temporarily carved out Plaintiffs’ claims in this Action from the approved D&O Release pending a later hearing.

On August 11, 2025, the Parties filed a Stipulation and [Proposed] Order of Voluntary Dismissal Without Prejudice of the Lion Electric Company, which was granted by the Court on August 12, 2025.

On August 18, 2025, the Court entered an order granting Plaintiffs’ Motion to Proceed with Claims Against Non-Debtor Defendants.

On August 19, 2025, the Parties filed, and the Court granted, a Stipulation and [Proposed] Order to Dismiss Defendants Marc Bedard and Nicolas Brunet Pursuant to Rule 41(a)(1)(ii).

On August 27, 2025, Plaintiffs submitted a letter to the Canadian Court, objecting to and arguing against the Debtors’ request for entry of an amended RVO with a full D&O Release that would, among other things, release Plaintiffs’ claims against Defendants.

On September 2, 2025, the Court took under advisement what remained of the pending Motion to Dismiss.

On or about September 2, 2025, Plaintiffs retained counsel in Canada to represent their interests and submit a formal Notice of Objection in the Canadian Proceeding. On September 3-4, 2025, the Canadian Court held a two-day hearing in connection with the scope of D&O Release sought by the Debtors.

On November 17, 2025, the Canadian Court granted Plaintiffs’ Notice of Objection and entered a Re-Rectified RVO with a D&O Release that specially excluded Plaintiffs’ claims in this Action. On December 5, 2025, the Debtors in the Canadian Proceeding filed a Motion for Leave to Appeal the Canadian Court’s decision.

On December 18, 2025, the Court ruled on the Motion to Dismiss by granting it in part and denying in part. The Court sustained Plaintiffs’ claims for (i) breach of fiduciary duty against Robertson, Manget, Dalglish, Schaefer, and Sparkes in their capacities as NGA directors, (ii) breach of fiduciary duty against Robertson, Hoffman, and Manget in their capacities as NGA officers, (iii) breach of fiduciary duty against Robertson and Jarratt in their capacities as controllers of NGA, and (iv) unjust enrichment against Robertson, Jarratt, Manget, Hoffman, Dalglish, Sparkes, and Schaefer. The Court dismissed Plaintiffs’ claims against the Former Defendants based on the prior stipulations and orders to dismiss the Former Defendants.

On January 22, 2026, Plaintiffs served the First Request for Production of Documents Directed to the Defendants (“Plaintiffs’ First RFPs”).

On January 27, 2026, the Parties filed a Stipulation and [Proposed] Order Governing Case Schedule, which was granted by the Court on January 28, 2026.

On February 9, 2026, Defendants filed an Answer to the Amended Complaint.

On February 12, 2026, the Court of Appeal of Quebec (Montreal) granted Debtors’ Motion for Leave to Appeal the Canadian Court’s decision concerning the scope of D&O Release.

On February 17, 2026, Defendants served their Responses and Objections to Plaintiffs’ First RFPs.

On March 10, 2026, Defendants served their First Set of Requests for Production of Documents to Plaintiffs (“Defendants’ First RFPs”).

On March 17, 2026, the Parties filed, and the Court granted, a Stipulation and [Proposed] Order for the Production and Exchange of Confidential Information.

On March 25, 2026, following a meet and confer with Plaintiffs, Defendants served their Amended Responses and Objections to Plaintiffs’ First RFPs.

On March 18, 2026, Defendants made an initial production of forty documents, consisting of 190 pages.

On March 31, 2026, the Parties filed, and the Court granted, a Stipulation and [Proposed] Order Governing Expert Discovery.

On April 9, 2026, Plaintiffs served their Responses and Objections to the Defendants’ First RFPs.

On April 28, 2026, the Parties reached an agreement in principle to settle the Action.

On September 14, 2026, the Court entered a Scheduling Order directing that notice of the Settlement be provided to potential Class Members, and scheduling the Settlement Hearing to, among other things, consider whether to grant final approval to the Settlement.

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