Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 133

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 6
Chunk 133
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 any of the provisions of the Rights Plan in order to effect any changes which the Board, acting in good faith,
considers necessary or desirable. We may, with the prior consent of the holders of rights, at any time after the Separation Time and
before the Expiration Time, amend, vary or delete any of the provisions of the Rights Plan.

Protection
Against Dilution

The
Exercise Price, the number and nature of securities which may be purchased upon the exercise of rights and the number of rights outstanding
are subject to adjustment from time to time to prevent dilution in the event of stock dividends, subdivisions, consolidations, reclassifications
or other changes in the outstanding Common Shares, pro rata distributions to holders of Common Shares and other circumstances where adjustments
are required to appropriately protect the interests of the holders of rights.

  90  

Fiduciary
Duty of Board

The
Rights Plan will not detract from or lessen the duty of the Board to act honestly and in good faith with a view to our best interests
and the best interests of our shareholders. The Board will continue to have the duty and power to take such actions and make such recommendations
to our shareholders as are considered appropriate.

Exemptions
for Investment Advisors

Fund
managers, investment advisors (for fully-managed accounts), trust companies (acting in their capacities as trustees and administrators),
statutory bodies whose business includes the management of funds, and administrators of registered pension plans are exempt from triggering
a Flip-in Event, provided that they are not making, or are not part of a group making, a take-over bid.

Term

The
Rights Plan will expire on the earlier of (i) the Termination Time; and (ii) the Close of Business on the date on which the annual meeting
of the Company to be held in 2025 and at every third annual meeting of the Company thereafter (each such annual meeting being a “ Reconfirmation
Meeting Expiration Time

Action
Necessary to Change Rights of Shareholders

In
order to change the rights of our shareholders, we would need to amend our Articles to effect the change. Such an amendment would require
the approval of holders of two-thirds of the issued and outstanding shares cast at a duly called special meeting. For certain amendments,
a shareholder is entitled under the CBCA to dissent in respect of such a resolution amending the Articles and, if the resolution is adopted
and we implement such changes, demand payment of the fair value of its