Exhibit 10.5


 


FORM OF


NON-QUALIFIED STOCK OPTION AGREEMENT


UNDER THE POINT BIOPHARMA GLOBAL INC.


2021 EQUITY INCENTIVE PLAN


(Non-Employee Directors)


 


	Name of Optionee:	 	 



 


	No. of Option Shares:	 	 
	 	 	 
	Option Exercise Price per Share:	 	 
	 	 	 
	Grant Date:	 	 
	 	 	 
	Expiration Date:	 	 



 





Pursuant to the POINT Biopharma Global Inc. 2021
Equity Incentive Plan as amended through the date hereof (the “Plan”), POINT Biopharma Global Inc. (the “Company”)
hereby grants to the Optionee named above, who is a Non-Employee Director of the Company but is not an employee of the Company, an option
(the “Stock Option”) to purchase on or prior to the Expiration Date specified above all or part of the number of shares of
Common Stock, par value $0.0001 per share (the “Stock”), of the Company specified above at the Option Exercise Price per Share
specified above subject to the terms and conditions set forth herein and in the Plan. This Stock Option is not intended to be an “incentive
stock option” under Section 422 of the Internal Revenue Code of 1986, as amended.


 


1.                 
Exercisability Schedule. No portion of this Stock Option may be exercised until such portion shall have become exercisable.
Except as set forth below, and subject to the discretion of the Administrator (as defined in Section 2 of the Plan) to accelerate the
exercisability schedule hereunder, this Stock Option shall be exercisable in accordance with the following schedule so long as the Optionee
maintains a continuous Service Relationship with the Company or a Subsidiary on such dates:


 


		·	[__]% of the Option Shares shall become exercisable [__] months after the Grant Date, and



 


		·	[__]% of the Option Shares shall become exercisable each [year/quarter/month] thereafter].



 


Once exercisable, this Stock Option shall continue
to be exercisable at any time or times prior to the close of business on the Expiration Date, subject to the provisions hereof and of
the Plan.


 


2.       Manner
of Exercise.


 


(a)       The
Optionee may exercise this Stock Option only in the following manner: from time to time on or prior to the Expiration Date of this
Stock Option, the Optionee may give written notice to the Administrator of his or her election to purchase some or all of the Option
Shares purchasable at the time of such notice. This notice shall specify the number of Option Shares to be purchased.


 






    


     


    

 


Payment of the purchase price for the Option Shares
may be made by one or more of the following methods: (i) in cash, by certified or bank check or other instrument acceptable to the Administrator;
(ii) through the delivery (or attestation to the ownership) of shares of Stock that have been purchased by the Optionee on the open market
or that are beneficially owned by the Optionee and are not then subject to any restrictions under any Company plan and that otherwise
satisfy any holding periods as may be required by the Administrator; (iii) by the Optionee delivering to the Company a properly executed
exercise notice together with irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable and acceptable
to the Company to pay the option purchase price, provided that in the event the Optionee chooses to pay the option purchase price as so
provided, the Optionee and the broker shall comply with such procedures and enter into such agreements of indemnity and other agreements
as the Administrator shall prescribe as a condition of such payment procedure; (iv) by a “net exercise” arrangement pursuant
to which the Company will reduce the number of shares of Stock issuable upon exercise by the largest whole number of shares with a Fair
Market Value that does not exceed the aggregate exercise price; or (v) a combination of (i), (ii), (iii) and (iv) above. Payment instruments
will be received subject to collection.


 


The transfer to the Optionee on the records of the
Company or of the transfer agent of the Option Shares will be contingent upon (i) the Company’s receipt from the Optionee of the
full purchase price for the Option Shares, as set forth above, (ii) the fulfillment of any other requirements contained herein or in the
Plan or in any other agreement or provision of laws, and (iii) the receipt by the Company of any agreement, statement or other evidence
that the Company may require to satisfy itself that the issuance of Stock to be purchased pursuant to the exercise of Stock Options under
the Plan and any subsequent resale of the shares of Stock will be in compliance with applicable laws and regulations. In the event the
Optionee chooses to pay the purchase price by previously-owned shares of Stock through the attestation method, the number of shares of
Stock transferred to the Optionee upon the exercise of the Stock Option shall be net of the Shares attested to.


 


(b)       The
shares of Stock purchased upon exercise of this Stock Option shall be transferred to the Optionee on the records of the Company or of
the transfer agent upon compliance to the satisfaction of the Administrator with all requirements under applicable laws or regulations
in connection with such transfer and with the requirements hereof and of the Plan. The determination of the Administrator as to such compliance
shall be final and binding on the Optionee. The Optionee shall not be deemed to be the holder of, or to have any of the rights of a holder
with respect to, any shares of Stock subject to this Stock Option unless and until this Stock Option shall have been exercised pursuant
to the terms hereof, the Company or the transfer agent shall have transferred the shares to the Optionee, and the Optionee’s name
shall have been entered as the stockholder of record on the books of the Company. Thereupon, the Optionee shall have full voting, dividend
and other ownership rights with respect to such shares of Stock.


 


(c)       Notwithstanding
any other provision hereof or of the Plan, no portion of this Stock Option shall be exercisable after the Expiration Date hereof.


 






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3.       Termination
of Service Relationship. If the Optionee’s Service Relationship terminates, the period within which to exercise the Stock Option
may be subject to earlier termination as set forth below.


 


(a)       Termination
Due to Death. If the Optionee’s Service Relationship terminates by reason of the Optionee’s death, any portion of this
Stock Option outstanding on such date, to the extent exercisable on the date of death, may thereafter be exercised by the Optionee’s
legal representative or legatee for a period of 12 months from the date of death or until the Expiration Date, if earlier. Any portion
of this Stock Option that is not exercisable on the date of death shall terminate immediately and be of no further force or effect.


 


(b)       Other
Termination. If the Optionee’s Service Relationship terminates for any reason other than the Optionee’s death, any portion
of this Stock Option outstanding on such date may be exercised, to the extent exercisable on the date of termination, for a period of
three (3) months from the date the Optionee’s Service Relationship terminates or until the Expiration Date, if earlier. Any portion
of this Stock Option that is not exercisable on the date the Optionee’s Service Relationship terminates shall terminate immediately
and be of no further force or effect.


 


4.       Incorporation
of Plan. Notwithstanding anything herein to the contrary, this Stock Option shall be subject to and governed by all the terms and
conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized terms in this Agreement
shall have the meaning specified in the Plan, unless a different meaning is specified herein.


 


5.       Transferability.
This Agreement is personal to the Optionee, is non-assignable and is not transferable in any manner, by operation of law or otherwise,
other than by will or the laws of descent and distribution. This Stock Option is exercisable, during the Optionee’s lifetime, only
by the Optionee, and thereafter, only by the Optionee’s legal representative or legatee.


 


[Please add for Canadian directors receiving
options as they are considered employees for Canadian tax purposes, so any Canadian directors that exercise/surrender non-qualified stock
options will be subject to Canadian withholdings 6.Tax Withholding. The Optionee shall, not later than the date as of which
the exercise of this Stock Option becomes a taxable event for Federal income tax purposes, pay to the Company or make arrangements satisfactory
to the Administrator for payment of any Federal, state, provincial and local taxes required by law to be withheld on account of such taxable
event. The Company shall have the authority to cause the required tax withholding obligation to be satisfied, in whole or in part, by
(i) withholding from shares of Stock to be issued to the Optionee a number of shares of Stock with an aggregate Fair Market Value that
would satisfy the withholding amount due; or (ii) causing its transfer agent to sell from the number of shares of Stock to be issued to
the Optionee, the number of shares of Stock necessary to satisfy the Federal, state, provincial and local taxes required by law to be
withheld from the Optionee on account of such transfer.


 






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6.       No
Obligation to Continue Service. Neither the Plan nor this Stock Option confers upon the Optionee any rights with respect to continuance
as a Non-Employee Director or in any other Service Relationship.


 


7.       Integration.
This Agreement constitutes the entire agreement between the parties with respect to this Stock Option and supersedes all prior agreements
and discussions between the parties concerning such subject matter.


 


8.       Data
Privacy Consent. In order to administer the Plan and this Agreement and to implement or structure future equity grants, the Company,
its subsidiaries and affiliates and certain agents thereof (together, the “Relevant Companies”) may process any and all personal
or professional data, including but not limited to Social Security, social insurance or other identification number, home address and
telephone number, date of birth and other information that is necessary or desirable for the administration of the Plan and/or this Agreement
(the “Relevant Information”). By entering into this Agreement, the Optionee (i) authorizes the Company to collect, process,
register and transfer to the Relevant Companies all Relevant Information; (ii) waives any privacy rights the Optionee may have with respect
to the Relevant Information; (iii) authorizes the Relevant Companies to store and transmit such information in electronic form; and (iv)
authorizes the transfer of the Relevant Information to any jurisdiction in which the Relevant Companies consider appropriate. The Optionee
shall have access to, and the right to change, the Relevant Information. Relevant Information will only be used in accordance with applicable
law.


 


9.       Notices.
Notices hereunder shall be mailed or delivered to the Company at its principal place of business and shall be mailed or delivered to the
Optionee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the
other party in writing.


 


	 	POINT BIOPHARMA GLOBAL INC.
	 	 	 
	 	 	 
	 	By:	 
	 		Title:



 





The foregoing Agreement is hereby accepted and the terms and conditions
thereof hereby agreed to by the undersigned. Electronic acceptance of this Agreement pursuant to the Company’s instructions to the
Optionee (including through an online acceptance process) is acceptable.


 


	Dated:	 	 	 
	 	Optionee’s Signature



 





	 	Optionee’s name and address:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 






 






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