Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 132

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 6
Chunk 132
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 “ Competing Permitted Bid

Waiver
and Redemption

The
Board may, prior to the occurrence of a Flip-in Event, waive the dilutive effects of the Rights Plan in respect of, among other things,
a particular Flip-in Event resulting from a take-over bid made by way of a take-over bid circular to all holders of our Common Shares.
In such an event, such waiver shall also be deemed to be a waiver in respect of any other Flip-in Event occurring under a take-over bid
made by way of a take-over bid circular to all holders of Common Shares prior to the expiry of the first mentioned take-over bid.

The
Board may, with the approval of a majority of Independent Shareholders (or, after the Separation Time has occurred, holders of rights,
other than rights which are void pursuant to the provisions of the Rights Plan or which, prior to the Separation Time, are held otherwise
than by Independent Shareholders), at any time prior to the occurrence of a Flip-in Event which has not been waived, elect to redeem
all, but not less than all, of the then outstanding rights at a price of CAN$0.00001 each, appropriately adjusted as provided in the
Rights Plan (the “ Redemption Price

Where
a take-over bid that is not a Permitted Bid or Competing Permitted Bid is withdrawn or otherwise terminated after the Separation Time
has occurred and prior to the occurrence of a Flip-in Event, the Board may elect to redeem all the outstanding rights at the Redemption
Price without the consent of the holders of the Common Shares or the rights and reissue rights under the Rights Plan to holders of record
of Common Shares immediately following such redemption. Upon the rights being so redeemed and reissued, all the provisions of the Rights
Plan will continue to apply as if the Separation Time had not occurred, and the Separation Time will be deemed not to have occurred and
we shall be deemed to have issued replacement rights to the holders of its then outstanding Common Shares.

Amendment
to the Rights Plan

The
Rights Plan may be amended to correct any clerical or typographical error or to make such changes as are required to maintain the validity
of the Rights Plan as a result of any change in any applicable legislation, regulations or rules thereunder, without the approval of
the holders of the Common Shares or rights. Prior to the Separation Time, we may, with the prior consent of the holders of Common Shares,
amend, vary or delete