Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 104

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 6
Chunk 104
---
 may not assign their options (nor any interest therein) other than by will or in accordance with the applicable laws
of estates and succession.

  71  

Unless the Board or the NGCC decides otherwise, Participants
cease to be entitled to exercise their options under the Stock Option Plan: (i) immediately, in the event a Participant who is an officer
or employee resigns or voluntarily leaves his or her employment or his or her employment is terminated with cause and, in the case of
a Participant who is a non-employee director of us or one of our subsidiaries, the date on which such Participant ceases to be a member
of the relevant Board; (ii) six months following the date on which employment is terminated as a result of the death of a Participant
who is an officer or employee and, in the case of a Participant who is an Outside Director, six months following the date on which such
Participant ceases to be a member of the Board by reason of death; (iii) 90 days following the date on which a Participant’s employment
is terminated for a reason other than those mentioned in (i) or (ii) above including, without limitation, upon the disability, long-term
illness, retirement or early retirement of the Participant; and (iv) where the Participant is a service supplier, 30 days following the
date on which such Participant ceases to act as such, for any cause or reason (each, an “Early Expiry Date”).

The Stock Option Plan also provides that, if the
expiry date of one or more options (whether an Early Expiry Date or an Outside Expiry Date) occurs during a “blackout period”
or within the seven business days immediately after a blackout period imposed by us, the expiry date will be automatically extended to
the date that is seven business days after the last day of the blackout period. For the purposes of the foregoing, “blackout period”
means the period during which trading in our securities is restricted in accordance with our corporate policies.

If (i) we accept an offer to amalgamate, merge or
consolidate with any other entity (other than one of our wholly-owned subsidiaries) or to sell or license all or substantially all of
our assets to any other entity (other than one of our wholly-owned subsidiaries); (ii) we sign a support agreement in customary form
pursuant to which the Board agrees to support a takeover bid and recommends that our shareholders tender their Common Shares to such