EMPLOYMENT (AND POST-EMPLOYMENT) COVENANTS AGREEMENT

Exhibit 10.3

EMPLOYMENT (AND POST-EMPLOYMENT) COVENANTS AGREEMENT

THIS AGREEMENT (“Agreement”) made as of the 8^th day of August, 2012 (the “Effective Date”),

B E T W E E N:

TIM HORTONS INC.,

a corporation governed by the Canada Business Corporations Act

(hereinafter referred to as the “Corporation”),

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MR. WILLIAM A. MOIR, (hereinafter referred to as the “Executive”),

of the City of Oakville, in the Province of Ontario.

WHEREAS the Executive is currently the Chief Brand and Marketing Officer of the Corporation;

AND WHEREAS the parties wish to set forth terms and conditions upon which the Corporation will continue to employ the Executive after the Effective Date hereof;

NOW THEREFORE, in consideration of the premises and the covenants and agreements contained herein, and for other good and valuable consideration, including the consideration described in Section 3.1 hereof (the receipt and sufficiency of which are hereby acknowledged by each of the parties hereto), the parties hereby agree that the foregoing recitals are incorporated herein by reference and as follows:

ARTICLE 1

INTERPRETATION

For the purposes of this Agreement, the following terms shall have the respective meanings set out below and grammatical variations of such terms shall have corresponding meanings:

“Affiliate” means any person under control of the Corporation; any person that controls the Corporation; any person under control of the Corporation jointly (or severally) with any other person; and, any person under common control with the Corporation under the control of another person; in each foregoing case, “control” shall mean the power to direct the voting, management, and/or material determinations of such person, whether by ownership interest, management agreement, voting agreement, or any other means by which control of the person (by commercial standards) is exercised; “Affiliate,” for purposes of this Agreement, shall include the Tim Horton Children’s Foundation (“Foundation”);

“Change in Control” shall have the meaning attributed to such concept under the change in control (employment) agreement to which the Executive is a party with the Corporation, as amended February 24, 2010 (“Change in Control Agreement”);

“Date of Termination” means the effective date of any notice of termination of the Executive’s employment with the Corporation for any reason whatsoever, whether voluntary or involuntary and whether with or without cause or good reason, and whether or not associated with a Change in Control;

“Non-Disclosure Period” has the meaning set out in Section 2.1;

“person” includes, without limitation, an individual, corporation, partnership, joint venture, association, trust, firm, unincorporated organization or other legal or business entity;

“Prescribed Competitor” means the list of competitors set forth on Exhibit A, attached hereto and incorporated herein by reference, as may be updated from time-to-time hereafter upon the agreement of both the Corporation and the Executive;

“Prohibited Activities” means to directly or indirectly operate, manage, control, participate in, carry on, be employed by, be engaged in, perform services in respect of, be concerned with, advise or consult with, be a director of, be financially interested in, financially assist, or permit one’s name to be used in connection with, a Prescribed Competitor, except as otherwise expressly permitted herein;

“Prohibited Area” means any province, territory or state in Canada or the United States and any other country in which the Corporation or any of its Affiliates conducts business, or to the knowledge of the Executive is reasonably likely to conduct business during the Executive’s employment with the Corporation and for the one-year period thereafter, except for any Prohibited Areas that may be limited in scope with respect to certain Prescribed Competitors, if applicable, as set forth on Exhibit A;

“Restricted Period” means, for the covenants set forth in Sections 2.3, 2.4, 2.5, and 2.6, the period beginning on the Date of Termination and ending on the second anniversary of the Date of Termination; for the covenants set forth in Section 2.2, the period beginning on the Date of Termination and ending on the first anniversary of the Date of Termination; and, for the covenants set forth in Sections 2.1 and 2.7, during the period of the Executive’s employment extending through the Date of Termination and for an unlimited/indefinite time thereafter. Each of the foregoing Restricted Periods shall be extended by any time during which the Executive is in breach of any applicable covenant in Article 2, as provided in Section 2.8.

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ARTICLE 2

EXECUTIVE’S COVENANTS

The Executive acknowledges and agrees that:

In accordance with the matters acknowledged and agreed to by the Executive above, the Executive hereby covenants and agrees with the Corporation that he or she will not, except with the specific prior written consent of the Chief Executive Officer of the Corporation and the Chairman of the Board, either during the term of his or her employment or at any time thereafter

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for an unlimited period (the “Non-Disclosure Period”), directly or indirectly, disclose to any person or in any way make use of (other than for the benefit of the Corporation or its Affiliates), in any manner, any of the Confidential Information; provided, however, that such Confidential Information shall be deemed not to include information which is or becomes generally available to the public other than as a result of disclosure by the Executive.

The Executive further acknowledges and agrees that:

In accordance with the matters acknowledged and agreed to by the Executive above and in consideration of the payments and other benefits to be received by the Executive as further described in Section 3.1 hereof, the Executive hereby agrees that he or she shall not (without the prior written consent of the Board of Directors of the Corporation), during the Restricted Period, within the Prohibited Area whether on his or her own account or in conjunction with or on behalf of any other person, and whether as an employee, director, officer, shareholder, partner, principal, agent, franchisee, consultant or in any other capacity whatsoever, engage in Prohibited Activities; provided, however, that the Executive may accept employment with a Prescribed Competitor that is a diversified company, so long as such employment pertains solely to that part of the Prescribed Competitor’s business which is not in competition with any business of the Corporation or one of its Affiliates.

The provisions of this Section 2.2 shall apply only in respect of those aspects of the business of the Corporation or one of its Affiliates (i) with or for which the Executive had oversight responsibility, contributed to strategic plans, or otherwise had special knowledge or other significant interaction or interface while employed by the Corporation or one of its Affiliates, or (ii) in respect of which the Executive had access to any Confidential Information belonging to the Corporation or any of its Affiliates during the term of his or her employment.

Notwithstanding the foregoing restrictions, the Executive may acquire securities (i) of a class or series that is traded on any stock exchange or over the counter if such securities represent not more than 2% of the issued and outstanding securities of such class or series, (ii) of a mutual fund or other investment entity that invests in a portfolio the selection and management of which is not within the control of the investor, or (iii) held in a fully managed account where the Executive does not direct or influence in any manner the selection of any investment in such securities.

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Notwithstanding any other provisions of this Agreement, the Executive acknowledges and agrees that:

The Executive hereby agrees that he or she shall not during the Restricted Period, whether on his or her own behalf or in conjunction with or on behalf of any other person, directly or indirectly, solicit, or assist in soliciting, offer, or entice, consult, provide advice to, or otherwise be involved with:

Solicitation of Franchisees Regarding Competitive Activities

A “principal product” or “principal service” means any product or service comprising greater than 2% of average gross sales for U.S., Canadian, or International restaurants, considered respectively.

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Solicitation of Business Contacts Re: Competitive Activities

General Solicitation Activities

For greater clarity, such prohibited activities include but are not limited to the organization or facilitation of, or provision of management services to, an association or organization of franchisees (or operators under operating/license agreement) with respect to the business or any other relationship that such franchisees (or operators under operating/license agreement) have with the Corporation or one or more of its Affiliates, including but not limited to any such organization or association that would act as an additional layer of required negotiations between the Corporation and/or one or more of its Affiliates and its (or their) franchisees (or operators under operating/license agreement).

The Executive hereby agrees that he or she will not, during the Restricted Period, either on his or her own behalf or in conjunction with or on behalf of any other person, directly or indirectly, except with the prior written consent of the Corporation, induce, solicit, entice or procure, any person who is employed by, or is under contract as a permanent, full-time agent of, the Corporation and/or any of its Affiliates, to leave such employment if:

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The Executive hereby agrees that he or she will not, during the Restricted Period, either on his or her own behalf or in conjunction with or on behalf of any other person, directly or indirectly, interfere, seek to interfere, induce and/or incite another person to interfere, or take steps to interfere with the continuance of supplies (or the terms relating to such supplies) from any suppliers who have been supplying products, materials or services to the Corporation or any of its Affiliates, franchisees, joint ventures, or other person with whom the Corporation or any of its Affiliates have engaged in a business relationship at any time during the term of the Executive’s employment.

During the Restricted Period, and thereafter, the Executive agrees not to make any statements, comments, or remarks, whether oral, in writing or electronically transmitted, that are, or would reasonably be considered to be derogatory or defamatory, or that criticize, malign, harm, prejudice, result in loss or injury to, ridicule, disparage or which are otherwise derogatory of, the Corporation or any of its Affiliates, agents, executives, employees, officers, directors, or shareholders. The Executive further will not take any action or authorize any pattern of conduct which could reasonably be expected to adversely affect the personal or professional reputation of the Corporation or any of its Affiliates, agents, executives, employees, officers, directors, or shareholders.

If the Executive is in breach of any of the terms of this Article 2, the running of the Non-Disclosure Period or respective Restricted Period, as applicable, shall be stayed and shall recommence upon the date the Executive ceases to be in breach thereof, whether voluntarily or by injunction, with the time period not reduced by the duration of the “stay.”

During the Non-Disclosure Period and the Restricted Period, the Executive shall inform, and consents to the Corporation in its sole discretion informing, any prospective employer or actual employer of the existence of this Agreement and the obligations which it imposes upon the Executive under all sections of this Article 2.

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All files, forms, brochures, books, materials, written correspondence, memoranda, documents, manuals, computer disks, software products and lists (including financial and other information and lists of customers, suppliers, products and prices) pertaining to the Corporation or to any of its Affiliates which may come into the possession or control of the Executive shall at all times remain the property of the Corporation or such Affiliate, as the case may be. Upon termination of the Executive’s employment hereunder for any reason, the Executive agrees to immediately return all such property of the Corporation or of any of its Affiliates in the possession of the Executive or directly or indirectly under the control of the Executive. The Executive agrees not to make, for his or her personal or business use or that of any other person, reproductions or copies of any such property or other property of the Corporation or of any of its Affiliates.

The Executive shall be required to pre-clear with the senior attorney in the Corporation’s securities practice group (the “Senior Attorney”), or his/her designee, any trades in the securities of the Corporation of which the Executive is the legal or beneficial owner, or any securities of any successor of the Corporation for a period of 12 months following the Date of Termination. The Executive may not effectuate trades where the Senior Attorney or his/her designee has not provided a permissive trading recommendation. It is the Executive’s obligation and responsibility to comply with all applicable securities laws, including but not limited to insider reporting requirements, for so long as, and to the extent, applicable.

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ARTICLE 3

CONSIDERATION

The Executive acknowledges and agrees that the consideration supporting the Executive’s covenants and obligations set forth herein, particularly including but not limited to those set forth in Article 2 hereof, consists of the fixed-term employment agreement entered into by the Corporation and the Executive of even date herewith (“Letter Agreement”). In the event that any such consideration is a payment that would be made or is due and payable after a Date of Termination, such payment is subject to forfeiture if the Executive is in breach if this Agreement at such time as the payment is otherwise due, as further described in Section 4.4 hereof.

ARTICLE 4

GENERAL

The Executive hereby confirms and agrees that the covenants and restrictions pertaining to the Executive contained in this Agreement, including, without limitation, those contained in Article 2, are reasonable and valid and hereby further acknowledges and agrees that the Corporation and its Affiliates would suffer irreparable injury in the event of any breach by the Executive of his or her obligations under any such covenant or restriction. Accordingly, the Executive hereby acknowledges and agrees that damages would be an inadequate remedy at law in connection with any such breach and that the Corporation and its Affiliates shall therefore be entitled, in addition to any other right or remedy which they may have at law, in equity or otherwise, to temporary and permanent injunctive relief enjoining and restraining the Executive from any such breach.

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The Executive represents and acknowledges that:

If any provision of this Agreement, including the breadth or scope of the provisions contained in Article 2 (whether as to the Non-Disclosure Period, the Prohibited Activities, the respective Restricted Period, the Prohibited Area, or otherwise), shall be held by any court of competent jurisdiction to be invalid or unenforceable, in whole or in part, such invalidity or unenforceability shall not affect the validity or enforceability of the remaining provisions, or part thereof, of this Agreement and such remaining provisions, or part thereof, shall remain enforceable and binding. In addition, should a court determine that any provision or portion of any provision of this Agreement is not reasonable or valid, the parties hereto agree that such provision should be interpreted and enforced to the maximum extent which the court deems reasonable or valid and the parties agree to request that the court apply notional severance to give effect to the restrictions in this Agreement to the fullest extent deemed reasonable or valid by the court. In particular, if such court determines that the duration of the Non-Disclosure Period and/or the respective Restricted Period and/or the scope of the Prohibited Area is unreasonable, the parties agree to reduce such duration and/or scope to such extent as may be necessary to ensure that the covenants in this Agreement are reasonable in the circumstances, as determined by the court.

This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and

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discussions, whether written or oral, except for the Change in Control Agreement and Letter Agreement, the terms of which also apply. There are no conditions, covenants, agreements, representations, warranties or other provisions, express or implied, collateral, statutory or otherwise, relating to the subject matter hereof, except as may be provided herein, in the Change in Control Agreement, or in the Letter Agreement. The terms of this Agreement shall survive the termination of either or both of the Letter Agreement and the Change in Control Agreement.

Notwithstanding anything set forth in the Change in Control Agreement, or the Letter Agreement, or in any other offer or promotional letter agreement(s); benefit plans, programs or otherwise, including but not limited to any equity incentive plan, bonus or short-term incentive plan; or, any other employment or change in control agreement under which the Executive either participates or is a party (collectively, the “other agreement(s)”), all payments (whether in equity or cash) under such other agreement(s) that are to be paid to the Executive after the Date of Termination, shall be forfeited by the Executive in the event that the Executive is in breach of any of the terms of this Agreement, in other than an insignificant manner, at the time payment is due and owing under such other agreement(s). The foregoing remedy in favour of the Corporation and its Affiliates shall operate notwithstanding any contrary term or provision of any other agreement(s), and is not an exclusive remedy to the Corporation and its Affiliates. Rather, it is in addition to any other remedy available to the Corporation and its Affiliates at law or in equity as a result of the Executive’s breach of this Agreement.

(a) This Agreement shall be interpreted and enforced in accordance with, and the respective rights and obligations of the parties shall be governed by, the laws of the Province of Ontario and the federal laws of Canada applicable in that province.

(b) Each of the parties irrevocably and unconditionally (i) submits to the non-exclusive jurisdiction of the courts of the Province of Ontario over any action or proceeding arising out of or relating to this Agreement, (ii) waives any objection that it might otherwise be entitled to assert to the jurisdiction of such courts, and (iii) agrees not to assert that such courts are not a convenient forum for the determination of any such action or proceeding.

No amendment or waiver of any provision of this Agreement shall be binding on any party unless consented to in writing by such party. No waiver of any provision of this Agreement shall constitute a waiver of any other provision, nor shall any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise expressly provided.

The Executive acknowledges that the services to be rendered pursuant to this Agreement are unique and personal. Accordingly, the Executive may not assign any of the Executive’s rights or delegate any of the Executive’s duties or responsibilities under this Agreement. The Executive hereby consents to the Corporation assigning its rights, duties and obligations under this Agreement to an Affiliate or to a purchaser or transferee of the Corporation upon a Change in Control. This Agreement shall inure to the benefit of and shall be binding on and enforceable by and against the heirs, executors, administrators and legal personal representatives of the Executive and the successors and assigns of the Corporation.

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This Agreement and all documents contemplated by or delivered under or in connection with this Agreement may be executed and delivered in any number of counterparts, with the same effect as if all parties had signed and delivered the same document, and all counterparts shall be construed together to be an original and will constitute one and the same agreement.

This Agreement originally will be written in the English language, and all questions of interpretation of this Agreement shall be resolved by reference to the same as written in English. All communications between the parties arising out of or in connection with this Agreement shall be in English. Les parties aux présentes conviennent expressément que le Contrat De Concession qu’ils concluront entre eux, ainsi que tous les pièces à conviction, documents et révélations précontractuels connexes ou qui s’y rattachent, soient entièrement rédigés, signés et distribués en Anglais seulement.

The Executive agrees to provide the Corporation with such assistance as it may reasonably require, following the Date of Termination, to transfer all existing mandates, and/or job duties, responsibilities and accountabilities, to his/her successor, without additional compensation. The Executive further agrees that he shall cooperate with the Corporation (or, for all purposes of this paragraph, any Affiliate) and the Corporation’s (or Affiliate’s) designated agents and counsel in connection with any litigation or arbitration, or any potential litigation or arbitration, and/or in connection with any investigation, inquiry or other proceeding, including, but not limited to, regulatory or law enforcement investigations, inquiries or proceedings concerning or relating to matters in which he was involved as an employee. This cooperation shall include, but is not limited to, providing the Corporation, or the Corporation’s designated agents and counsel, with all requested information or documents; meetings with the Corporation’s designated agents or counsel, government representatives, or other third parties at the Corporation’s request at mutually agreed times and locations; and testifying. The Corporation agrees to reimburse the Executive for any travel or other expenses reasonably incurred by him in connection with his cooperation in accordance with the Corporation’s then-applicable officer expense reimbursement policy. The Executive will not be entitled to any fees, payments, or compensation in connection with providing cooperation in connection with litigation or other matters described in this section.

The headings and section references in this Agreement are for convenience only and will not affect the interpretation of this Agreement.

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IN WITNESS WHEREOF this Agreement has been executed by the parties as of the date first above written.

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Exhibit A

Prescribed Competitors

1. Bruegger’s

2. Cara Operations Ltd.

3. Coffee Culture

4. Coffee Time

5. Country Style

6. Dunkin Brands

7. Green Mountain Coffee Roasters

8. McDonald’s

9. Panera

10. Peet’s Coffee and Tea

11. The Second Cup Ltd.

12. SIR Corp.

13. Starbucks

14. Subway

15. Timothy’s Coffee

16. The Wendy’s Company

17. Yum! Brands

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Limitations on “Prohibited Area” Apply to the Following:

NONE