Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 131

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 6
Chunk 131
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 Common Shares to tender to another take-over bid or to support another transaction that will either provide greater consideration
to the shareholder than the Lock-up Bid or provide for a right to sell a greater number of shares than the Lock-up Bid contemplates (provided
that the Permitted Lock-up Agreement may require that such greater number exceed the number of shares under the Locked-up Bid by a specified
percentage not to exceed 7%).

  88  

A
Permitted Lock-up Agreement may require that the consideration under the other transaction exceed the consideration under the Lock-up
Bid by a specified amount. The specified amount may not be greater than 7%. For greater certainty, a Permitted Lock-up Agreement may
contain a right of first refusal or require a period of delay (or other similar limitation) to give a bidder an opportunity to match
a higher price in another transaction as long as the limitation does not preclude the exercise by the Locked-up Person of the right to
withdraw the Common Shares during the period of the other take-over bid or transaction.

The
Rights Plan requires that any Permitted Lock-up Agreement be made available to us and the public. The definition of Permitted Lock-up
Agreement also provides that under a Permitted Lock-up Agreement, no “break up” fees, “topping” fees, penalties,
expenses or other amounts that exceed in aggregate the greater of (i) 2.5% of the price or value of the aggregate consideration payable
under the Lock-up Bid, and (ii) 50% of the amount by which the price or value of the consideration received by a Locked-up Person under
another take-over bid or transaction exceeds what such Locked-up Person would have received under the Lock-up Bid, can be payable by
such Locked-up Person if the Locked-up Person fails to deposit or tender Common Shares to the Lock-up Bid or withdraws Common Shares
previously tendered thereto in order to deposit such Common Shares to another take-over bid or support another transaction.

Permitted
Bid Requirements

The
requirements of a Permitted Bid include the following:

  the                                                                                                                                      
  the                                                                                                                                      
  the                                                                                                                                      

  prior                                                                                                                                     
  then                                                                                                                                      

  the                                                                                                                                         
  the                                                                                                                                         
  in                                                                                                                                          

  89  

A
Permitted Bid need not be a bid for all outstanding Common Shares not held by the bidder, i. e., a Permitted Bid may be a partial bid.
The Rights Plan also allows a competing Permitted Bid (a