Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 105

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 6
Chunk 105
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takeover bid; or (iii) holders of more than 50% of our then outstanding Common Shares tender all of their Common Shares to a takeover
bid made to all of the holders of the Common Shares to purchase all of the then issued and outstanding Common Shares, then, in each case,
all of the outstanding options shall, without any further action required to be taken by us, immediately vest. Each Participant shall
thereafter be entitled to exercise all of such options at any time up to and including, but not after the close of business on that date
which is ten days following the Closing Date (as defined below). Upon the expiration of such ten-day period, all rights of the Participant
to such options or to the exercise of same (to the extent not already exercised) shall automatically terminate and have no further force
or effect whatsoever. “ Closing Date” is defined to mean (x) the closing date of the amalgamation, merger, consolidation,
sale or license transaction in the case of clause (i) above; (y) the first expiry date of the takeover bid on which each of the offeror’s
conditions are either satisfied or waived in the case of clause (ii) above; or (z) the date on which it is publicly announced that holders
of greater than 50% of our then outstanding Common Shares have tendered their Common Shares to a takeover bid in the case of clause (iii)
above.

The Stock Option Plan provides that the following
amendments may be made to the plan only upon approval of each of the Board and our shareholders as well as receipt of all required regulatory
approvals:

  any amendment to Section 3.2 of the Stock Option Plan (which sets forth                                                                 

  any amendment to the number of securities issuable under the Stock                                                                 

  any amendment that would permit any option granted under the Stock                                                                    

  72  

  the addition of a cashless exercise feature, payable in cash or securities,                                             

  the addition of a deferred or restricted share unit component or any                                           

  with respect to any Participant, whether or not such Participant is                                                       

  any reduction in the exercise price of any option after the option  

  any cancellation of an option and the re-grant of that option under  

  any extension to the term of an option beyond its Outside Expiry Date                                     

  any amendment to the method of determining the exercise price of an  

  the addition of any form of financial assistance or any amendment to        

  any amendment