Mutual Separation Agreement between Li-Cycle Corp. and Ajay Kochhar

207 Queens Quay West, Unit 590

Toronto, ON M5J 1A7, Canada

Tel. 877 ###-###-#### • www.li-cycle.com

RRSP Eligibility. In accordance with the terms and conditions of such RRSP plan(s) in effect and as amended from time to time, your participation in Li-Cycle’s RRSP plan(s) shall continue until the conclusion of the statutory notice period on the Separation Date, after which time all such participation shall automatically cease.

Benefits Continuance. You will continue to participate in the Executive Plans (which are comprised of Ancillary Coverages, Perquisites, and Primary Coverages, as such terms are defined in your Employment Agreement) until the Separation Date, after which time the Ancillary Coverages and Perquisites will automatically cease. Thereafter, subject to all applicable plan terms and conditions, in place and as amended from time to time, as well as the approval of the respective insurers, you will continue to be entitled to participate in the Primary Coverages until the earlier of July 10, 2025 or the date on which you become entitled to participate in similar benefit plans with another employer, at which point all Primary Coverages will automatically cease. As a condition of this agreement, you agree to immediately advise Li-Cycle of your participation in benefits plans through an alternate employer. Life insurance coverage may, at your option, be converted from group to individual coverage within 30 days of the Separation Date. Health and Dental coverage may, at your option, be converted from group to individual coverage within 90 days of the cessation of coverage. For further details, please ***@*** or via telephone at ###-###-#### (toll free).

Short Term Incentive Plan (STIP). As agreed, although the Board of Directors, at its sole discretion, has not yet determined if STIP payments will be awarded in respect of the FY 2024 performance period, you shall have no further or other entitlement to STIP or any form of compensation or damages in lieu of the same.

LTIP/Executive Share Ownership. For greater certainty, your eligibility under the long-term incentive plan (“LTIP”) in connection with and following the cessation of your employment, and any executive share ownership requirements in place and as amended from time to time, shall terminate on the Separation Date. Your unvested options, PSUs and RSUs shall be forfeited on the Separation Date. Your vested RSUs shall be eligible for settlement in the ordinary course, and your vested options shall be exercisable for 3 months after the Separation Date and then forfeited. Please access your “Shareworks by Morgan Stanley” account for further information in this regard.

Release & Indemnity. As a condition of receiving the amounts and benefits set out in this agreement, you agree and acknowledge that you will sign and deliver either by hand or via email to the attention of Christine Barwell, CHRO, (i) the Acknowledgement below and (ii) the Release & Indemnity, attached at Schedule “A” hereto by no later than 5:00 pm EST on May 15^th, 2025.

Litigation Cooperation. As a condition of this agreement, you agree that you will cooperate with, and make yourself readily available to, Li-Cycle, its affiliated and related businesses, and/or their respective advisers, as Li-Cycle may reasonably request, to assist in any matter regarding any of the Releasees (as such term is defined in the attached Release & Indemnity), including providing information, in the form of documentation and/or witness statement(s) and/or testimony, for any litigation, potential litigation, internal investigation, or administrative, regulatory, judicial or quasi-judicial proceeding involving Li-Cycle (and/or its related or affiliated entities) about which you have experience or information. Li-Cycle will reimburse you for your time spent on litigation matters at the request of the Company or its counsel at a rate of CAD $3,000 per day (CAD $1,500 per half day) and for any reasonable expenses incurred by you as a consequence of complying with this paragraph

Mutual Non-Disparagement. You acknowledge and confirm that you will comply with your post-employment non-disparagement obligations set out in the attached Release & Indemnity. Further, Li-Cycle agrees that it will not make any corporate statements disparaging you.

Deductions and Withholdings. All payments and arrangements in this letter agreement are subject to all applicable statutory deductions and withholdings.

Legal Expenses. Subject to and conditional upon your agreement to and full execution of this letter agreement and the attached Release & Indemnity, Li-Cycle agrees to pay your legal expenses personally incurred in respect of the termination of your employment and the resolution of the terms of the termination of your employment, up to an aggregate maximum of CAD $10,000 + HST, to be paid directly to your legal counsel, Blake, Cassels & Graydon LLP, in trust, within two business days of receipt of an invoice from the law firm. Your execution of this letter shall constitute your lawful direction of such funds as contemplated by this section.

Indemnification: Subject to and in accordance with the terms and conditions of the same, you will continue to be covered by and subject to the Director and Officer Indemnification Agreement as between you and Li-Cycle Holdings Corp., dated March 26, 2025, which is not amended by this agreement.

Other Matters. You hereby agree to:

return all Li-Cycle property in your possession or under your control, stored in any form whatsoever, together with any copies, by contacting Robert Schenkel via email by no later than 5:00pm on July 31, 2025 as set forth in section 5.13 of your Employment Agreement;

comply, at all times up to and following the Separation Date, with all of your ongoing fiduciary, common law, as applicable, and any enforceable contractual post-employment obligations, including pursuant to your Employment Agreement (including the clawback provisions at section 3.5 therein, the non-competition and non-solicitation covenants at Article 6 therein, and the confidentiality and intellectual property-related covenants set out in the Confidentiality and Intellectual Property Rights Agreement attached to the Employment Agreement at Exhibit “A”) and the attached Release & Indemnity;

take all steps set forth under section 5.12 of your Employment Agreement or otherwise to evidence the resignation of all directorships and offices with Li-Cycle or any subsidiaries or affiliates of the Company; and

maintain confidentiality with respect to the terms and conditions of this letter agreement and not disclose the same to any person or entity other than your spouse, your legal counsel or financial advisor, or as required by law. Any party to whom you make permitted disclosure must also maintain confidentiality with respect to the terms and conditions of this letter agreement.

/s/ Ajay Kochhar

the employment of Ajay Kochhar (“Employee”) with Li-Cycle Corp. (“Employer”) ceased as a result of a mutual separation effective as of 11:59 pm on May 15, 2025; and

Employee has agreed to accept the terms of settlement outlined in the mutual separation letter agreement from Employer dated April 30, 2025, to which this Release and Indemnity is attached (the “Terms of Settlement”) in full settlement of all Claims (as defined below) which Employee may have relating to their employment with Employer or the cessation of such employment;

Release and Indemnity

releases and forever discharges:

Employer, its current and former directors, officers, trustees, shareholders, employees, contractors and agents;

all corporations and entities associated or affiliated with Employer and their respective current and former directors, officers, trustees, shareholders, employees, contractors and agents; and

the respective heirs, executors, administrators, other legal representatives, successors and assigns of the aforesaid corporations, individuals and other entities

agrees that they are aware of their rights under the Human Rights Code (Ontario), confirms that they are not and do not intend to assert such rights or advance a Claim under the Human Rights Code (Ontario) relating to their employment with Employer or the termination of such employment, and hereby releases and forever discharges the Releasees from any such Claims;

agrees, for the benefit of the Releasees, not to make any Claim or take any proceeding with respect to any matter released and discharged herein that may result in any Claim arising against any Releasee for contribution or indemnity or other relief;

agrees to indemnify and save harmless the Releasees from and against all Claims asserted against and all losses, damages, fines, penalties, deficiencies, losses, liabilities (whether accrued, actual, contingent, latent or otherwise), costs, fees and expenses (including but not limited to interest, court costs and reasonable fees and expenses of lawyers, accountants and other experts and professionals) (collectively, the “Losses”) incurred by any of the Releasees directly or indirectly arising out of or resulting from any of the Claims described in Sections 1(a) and (b) or any breach of the covenant contained in Section 1(c);

agrees to indemnify and save harmless the Releasees from and against any and all Claims under the Income Tax Act (Canada), the Income Tax Act (Ontario), the Canada Pension Plan Act, the Employment Insurance Act (Canada), including any regulations made thereunder, and any other statute or regulations, for or in respect of any failure on the part of the Releasees to withhold income tax, Canada Pension Plan premiums, employment insurance premiums or benefit overpayments or any other tax, premium, payment or levy from all or any part of the said consideration and any Losses arising from any such Claims;

agrees to comply with all post-employment and other obligations set forth in the Employee’s employment agreement with the Employer dated March 1, 2022 (as amended August 27, 2024, the “Employment Agreement”) and in the mutual separation letter agreement dated April 30, 2025;

acknowledges and confirms that they have received a copy of the Employer’s Executive Compensation Clawback Policy (as may be amended, restated, supplemented or otherwise modified from time to time, the “Clawback Policy”), and that the Clawback Policy as well as section 3.6 of the Employment Agreement will apply both during and after the Employee’s employment with the Employer. Further, the Employee agrees to abide by the terms of the Clawback Policy, including by returning any Excess Awarded Compensation (as defined in the Clawback Policy) to the Employer to the extent required by, and in a manner permitted by, the Clawback Policy and/or by executing a written wage deduction authorization in a form provided by the Employer in connection with Excess Awarded Compensation. In the event of any inconsistency between the Clawback Policy and the terms of any compensation plan, program or agreement under which any compensation has been granted, awarded, earned or paid to or by the Employee, the terms of the Clawback Policy shall govern to the full extent permitted by applicable laws;

agrees to keep the terms of this Release and Indemnity and the Terms of Settlement and the discussions leading up to them completely confidential, and not to disclose the terms of this Release and Indemnity, the Terms of Settlement and the discussions leading up to them except to immediate family members properly cautioned, legal and financial advisors, or to the extent that disclosure is required by law;

agrees that they will not comment, whether directly or indirectly, in any forum (including, without limitation, through social media channels) and/or through any means whatsoever (including, without limitation, in writing or verbally), in any adverse, disparaging, or defamatory fashion on the Releasees (as such term is defined in the attached Release) or any of them, including, without limitation, on their respective business affairs, practices, and operations, or their relationship with any of them. For clarity, this non-disparagement provision does not preclude, and should not be interpreted as precluding, any lawful, good faith report under applicable whistleblower legislation by the Employee or otherwise prevent the Employee from complying with disclosure or similar obligations required by law;

acknowledges and agrees that the Releasees other than Employer are intended to be third party beneficiaries of this Release and Indemnity and, as such, each of such Releasees are entitled to enjoy the benefits of this Release and Indemnity and have the right to independently enforce the terms of this Release and Indemnity directly against Employee; and

to the extent necessary to entitle the Releasees to enjoy the benefits of this Release and Indemnity, appoints Employer as the trustee for such Releasees of the provisions of this Release and Indemnity that are for their benefit.

Independent Legal Advice

Confidentiality

No Admission of Liability

Governing Law

Benefit

Entire Agreement

Lisa MacEachern

/s/ Ajay Kochhar