# EDGAR Filing Document

**Accession Number:** 0001734520
**File Stem:** 0001104659-26-034608
**Filing Date:** 2026-3
**Character Count:** 168205
**Document Hash:** de6bae97556613723cf2e52dcc8d5152
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-034608.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0001104659-26-034608

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**EFFECTIVENESS DATE**: 20260325

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Alithya Group inc
- **CENTRAL INDEX KEY:** 0001734520
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A8
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294608
- **FILM NUMBER:** 26793555

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 700 RENE-LEVESQUE WEST BOULEVARD
- **STREET 2:** SUITE 400
- **CITY:** MONTREAL
- **PROVINCE COUNTRY:** A8
- **BUSINESS PHONE:** 1-514-285-5552

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 700 RENE-LEVESQUE WEST BOULEVARD
- **STREET 2:** SUITE 400
- **CITY:** MONTREAL
- **PROVINCE COUNTRY:** A8

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Alithya Group Inc
- **DATE OF NAME CHANGE:** 20180910

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 9374-8572 QUEBEC INC.
- **DATE OF NAME CHANGE:** 20180314

As filed with the Securities and Exchange Commission on March 25, 2026

Registration No. 333-

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM S-8**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

---

| | |
|:---|:---|
| **ALITHYA GROUP INC.** **** <br> (Exact name of Registrant as specified in its charter) | **ALITHYA GROUP INC.** **** <br> (Exact name of Registrant as specified in its charter) |
| &nbsp;&nbsp;**Québec, Canada**<br> (State or other jurisdiction of<br> incorporation or organization) | &nbsp;&nbsp;**Not Applicable**<br> (I.R.S. Employer<br> Identification No.) |
| &nbsp;&nbsp;**700 René-Lévesque Boulevard West,**<br> **Suite 400**<br> **Montréal, Québec, Canada**<br> (Address of Principal Executive Offices) | &nbsp;&nbsp;**H3B 1X8**<br> (Zip Code) |

---

**Alithya Group inc. Long Term Incentive Plan<br> Alithya Group inc. Share Purchase Plan** 

(Full title of the plan)

**C T Corporation System**

**28 Liberty Street**

**New York, New York, USA 10005**

(Name and address of agent for service)

**(212) 894-8940**

(Telephone number, including area code, of agent for service)

*Copies to:*

 

---

| | |
|:---|:---|
| **David Massé**<br> **Antoine Champagne**<br> **Stikeman Elliott LLP**<br> **1155 René-Lévesque Boulevard West,** <br> **41<sup>st</sup> Floor** <br> **Montréal, Québec, Canada H3B 3V2**<br> **(514) 397-3000** | **Thomas M. Rose**<br> **Nicole A. Edmonds**<br> **Troutman Pepper Locke LLP**<br> **401 9th Street, N.W.<br> Washington, DC 20004**<br> **United States**<br> **(202) 274-2950** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934, as amended.

Large accelerated filer ◻ Accelerated filer ⌧ <br> Non-accelerated filer ◻ Smaller reporting company ◻ <br> Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act of 1933, as amended. ◻

**EXPLANATORY NOTE**

This Registration Statement on Form S-8 is being filed by Alithya Group inc. (the "**Company**") to register an additional (i) 1,319,363 Class A subordinate voting shares, no par value ("**Class A subordinate shares**") of the Company that may be issued under the Company's Long Term Incentive Plan (as it may be amended from time to time, the "**LTIP**"), and (ii) 6,794,670 Class A subordinate shares that may be issued under the Company's Share Purchase Plan (as it may be amended from time to time, the "**SPP**" and together with the LTIP, the "**Plans**").

Pursuant to General Instruction E of Form S-8, this registration statement incorporates by reference the contents of the Company's registration statements on Form S-8 relating to the Plans filed by the Company with the United States Securities and Exchange Commission (the "**SEC**") on November 20, 2018 ([File No. 333-228487](https://www.sec.gov/Archives/edgar/data/1734520/000119312518331350/d653856ds8.htm)) and June 17, 2022 ([File 333-265666](https://www.sec.gov/Archives/edgar/data/1734520/000173452022000029/forms-8xjune2022.htm)).

**Part I — Information Required in the Section 10(a) Prospectus**

Item 1. <u>Plan Information</u>. \*

Item 2. <u>Registrant Information and Employee Plan Annual Information</u>.\*

\* The document(s) containing the information specified in "Item 1. Plan Information" and "Item 2. Registrant Information and Employee Plan Annual Information" of Form S-8 will be sent or given to participants, as specified by Rule 428(b)(1) under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"). Such documents are not required to be, and are not, filed with the SEC either as part of this registration statement or as a prospectus or prospectus supplement pursuant to Rule 424 under the U.S. Securities Act. These documents and the documents incorporated by reference in this registration statement pursuant to Item 3 of Part II of Form S-8, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the U.S. Securities Act.

**Part II — Information Required in the Registration Statement**

Item 3. <u>Incorporation of Documents by Reference</u>.

The Company incorporates by reference in this registration statement the following information:

&nbsp;&nbsp;&nbsp;&nbsp;· [The Company's Annual Report on Form 40-F for the fiscal year ended March 31, 2025, filed with the SEC on June 12, 2025](https://www.sec.gov/Archives/edgar/data/1734520/000173452025000030/alya-20250331_d2.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;· [The Company's Report on Form 6-K with the financial statements and management's discussion and analysis for the three and nine months ended December 31, 2025, furnished to the SEC on February 13, 2026](https://www.sec.gov/Archives/edgar/data/1734520/000173452026000010/alithya6-kfsandmdaq32026.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;· [The Company's Report on Form 6-K with the financial statements and management's discussion and analysis for the three and six months ended September 30, 2025, furnished to the SEC on November 14, 2025](https://www.sec.gov/Archives/edgar/data/1734520/000173452025000063/alithya6-kfsandmdaq22026.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;· [The Company's Report on Form 6-K with the financial statements and management's discussion and analysis for the three months ended June 30, 2025, furnished to the SEC on August 13, 2025](https://www.sec.gov/Archives/edgar/data/1734520/000173452025000046/alithya6-kfsandmdaq12026.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;· [The Company's Report on Form 6-K with the management information circular for the annual meeting of shareholders held on September 10, 2025, furnished to the SEC on August 6, 2025](https://www.sec.gov/Archives/edgar/data/1734520/000119312525174590/d682259d6k.htm) ; and

&nbsp;&nbsp;&nbsp;&nbsp;· The description of the Company's Class A subordinate voting shares contained in its Registration Statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/1734520/000119312518300228/d639414d8a12b.htm) (File No. 001-38705) filed with the SEC on October 16, 2018 pursuant to Section 12(b) of the United States Securities Exchange
Act of 1934, as amended (the "**U.S. Exchange Act** "), together with all amendments and reports filed for the purpose of
updating that description.

All other documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, and, to the extent designated therein, Reports of Foreign Private Issuer on Form 6-K furnished by the Registrant to the Commission that are identified in such forms as being incorporated into this Registration Statement, in each case, subsequent to the effective date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement indicating that all securities offered under the Registration Statement have been sold, or deregistering all securities then remaining unsold, are also incorporated herein by reference and shall be a part hereof from the date of the filing or furnishing of such documents.

Any statement contained herein or in a document all or a portion of which is incorporated or deemed incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

Item 8. <u>Exhibits</u>.

---

| | |
|:---|:---|
| **Exhibit<br> <u>No.</u>** | **<u>Description</u>** |
| [4.1](https://www.sec.gov/Archives/edgar/data/1734520/000119312518316966/d642095dex991.htm) | [Articles of Incorporation of Alithya Group inc. (incorporated by reference to Exhibit 99.1 to the Company's Report on Form 6-K furnished to the SEC on November 2, 2018).](https://www.sec.gov/Archives/edgar/data/1734520/000119312518316966/d642095dex991.htm) |
| [4.2](https://www.sec.gov/Archives/edgar/data/1734520/000173452025000002/articles_ofxamendment-alit.htm) | [Certificate and Articles of Amendment of Alithya Group inc. (incorporated by reference to Exhibit 99.1 to the Company's Report on Form 6-K furnished to the SEC on January 2, 2025).](https://www.sec.gov/Archives/edgar/data/1734520/000173452025000002/articles_ofxamendment-alit.htm) |
| [4.3](https://www.sec.gov/Archives/edgar/data/1734520/000119312518283974/d581560dex41.htm) | [Form of Specimen Certificate for common shares of Alithya Group inc. (incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form F-4 (File No. 333-227310) filed with the SEC on September 26, 2018).](https://www.sec.gov/Archives/edgar/data/1734520/000119312518283974/d581560dex41.htm) |
| [4.4\*](tm269483d1_ex4-4.htm) | [Alithya Group inc. Long Term Incentive Plan.](tm269483d1_ex4-4.htm) |
| [4.5\*](tm269483d1_ex4-5.htm) | [Alithya Group inc. Share Purchase Plan.](tm269483d1_ex4-5.htm) |
| [5.1\*](tm269483d1_ex5-1.htm) | [Opinion of Stikeman Elliott LLP.](tm269483d1_ex5-1.htm) |
| [23.1\*](tm269483d1_ex5-1.htm) | [Consent of Stikeman Elliott LLP (contained in Exhibit 5.1 hereto).](tm269483d1_ex5-1.htm) |
| [23.2\*](tm269483d1_ex23-2.htm) | [Consent of KPMG LLP.](tm269483d1_ex23-2.htm) |
| [24.1\*](#S-1) | [Power of Attorney (included on the signature page of this registration statement).](#S-1) |
| [107\*](tm269483d1_ex-filingfees.htm) | [Filing Fee Table](tm269483d1_ex-filingfees.htm) |

---

\* Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the U.S. Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Montreal, Province of Quebec, Canada, on March 25, 2026.

---

| | | |
|:---|:---|:---|
| **Alithya Group inc.** | **Alithya Group inc.** | **Alithya Group inc.** |
| By: | /s/ Paul Raymond | /s/ Paul Raymond |
|  | Name: | Paul Raymond |
|  | Title: | President and Chief Executive Officer |

---

**POWERS OF ATTORNEY**

Each person whose signature appears below constitutes and appoints Paul Raymond, Pierre Blanchette, and David Torralbo, or any of them, as his or her true and lawful attorneys-in-fact and agents, each of whom may act alone, with full powers of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to prepare, execute and deliver any or all amendments to this registration statement, including post-effective amendments and supplements to this registration statement, registration statements filed pursuant to Rule 429 under the U.S. Securities Act, and any related registration statements necessary to register additional securities, and to file the same, with all exhibits thereto, and other documents and in connection therewith, with the SEC, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or substitutes may lawfully do or cause to be done by virtue hereof. This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

Pursuant to the requirements of the U.S. Securities Act, this registration statement has been signed by the following persons in the capacities indicated on March 25, 2026.

---

| | |
|:---|:---|
| **Signatures** | **Title** |
| /s/ Paul Raymond | President, Chief Executive Officer and Director |
| Paul Raymond | (Principal Executive Officer) |
| /s/ Pierre Blanchette | Chief Financial Officer |
| Pierre Blanchette | (Principal Financial and Accounting Officer) |
| /s/ Pierre Turcotte | Chairman of the Board of Directors |
| Pierre Turcotte |  |
| /s/ Dana Ades-Landy | Director |
| Dana Adès-Landy |  |
| /s/ André Brosseau | Director |
| André Brosseau |  |
| /s/ Ines Gbegan | Director |
| Ines Gbegan |  |
|  | Director |
| /s/ Lucie Martel |  |
| Lucie Martel |  |
| /s/ Ghyslain Rivard | Director |
| Ghyslain Rivard |  |
| /s/ C. Lee Thomas | Director |
| C. Lee Thomas |  |

---

**AUTHORIZED REPRESENTATIVE**

Pursuant to the requirements of Section 6(a) of the U.S. Securities Act, the undersigned has signed this Form S-8, solely in its capacity as duly authorized representative of Alithya Group inc. in the United States, on March 25, 2026.

---

| | | |
|:---|:---|:---|
| **PUGLISI & ASSOCIATES** | **PUGLISI & ASSOCIATES** | **PUGLISI & ASSOCIATES** |
| By: | /s/ Donald J. Puglisi | /s/ Donald J. Puglisi |
|  | Name: | Donald J. Puglisi |
|  | Title: | Managing Director |

---

## Exhibit 4.4

**Exhibit 4.4**

**ALITHYA GROUP INC.**

**long term incentive PLAN**

**TABLE OF CONTENTS**

**Page**

---

| | | |
|:---|:---|:---|
| Article 1 PURPOSE | Article 1 PURPOSE | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1 | Purpose | 1 |
| Article 2 INTERPRETATION | Article 2 INTERPRETATION | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.1 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.2 | Interpretation | 8 |
| Article 3 ADMINISTRATION | Article 3 ADMINISTRATION | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | Administration | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | Delegation to Committee | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3 | Determinations Binding | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.4 | Eligibility | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.5 | Compliance with Securities Laws | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.6 | Total Shares Subject to Awards | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.7 | Limits on Grants of Awards | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.8 | Award Agreements | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.9 | Permitted Assigns | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.10 | Non-transferability of Awards | 11 |
| Article 4 OPTIONS | Article 4 OPTIONS | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | Grant of Options | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 | Exercise Price | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3 | Term of Options | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.4 | Vesting and Exercisability | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.5 | Payment of Exercise Price | 12 |
| Article 5 SHARE APPRECIATION RIGHTS | Article 5 SHARE APPRECIATION RIGHTS | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1 | Grant of SARs | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.2 | SAR Price | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.3 | Tandem SARs | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.4 | Term of SARs | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.5 | Vesting and Exercisability | 13 |
| Article 6 RESTRICTED SHARE UNITS | Article 6 RESTRICTED SHARE UNITS | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.1 | Grant of RSUs | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.2 | Vesting of RSU | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.3 | Form of Payment | 14 |
| Article 7 PERFORMANCE SHARE UNITS | Article 7 PERFORMANCE SHARE UNITS | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.1 | Grant of PSUs | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.2 | Terms of PSUs | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.3 | Performance Goals | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.4 | Form of Payment | 15 |
| Article 8 RESTRICTED SHARES | Article 8 RESTRICTED SHARES | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.1 | Grant of Restricted Shares | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.2 | Restrictions on Transfer | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.3 | Effect of Termination of Employment or Director Mandate | 16 |

---

- i -

**TABLE OF CONTENTS**<br> (continued)

**Page**

---

| | | |
|:---|:---|:---|
| Article 9 DEFERRED SHARE UNITS | Article 9 DEFERRED SHARE UNITS | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.1 | Grant of Deferred Share Units | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.2 | Settlement of DSUs | 16.0 |
| Article 10 ADDITIONAL AWARD TERMS | Article 10 ADDITIONAL AWARD TERMS | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1 | Dividend Equivalents | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.2 | Black-out Period | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.3 | Withholding Taxes | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.4 | Recoupment | 18.0 |
| Article 11 TERMINATION OF EMPLOYMENT OR Director mandate | Article 11 TERMINATION OF EMPLOYMENT OR Director mandate | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.1 | Death or Disability | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.2 | Termination of Employment or Director Mandate | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.3 | Cessation of Vesting and Eligibility for Awards Following Termination | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.4 | Discretion to Permit Acceleration | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.5 | Employment with an Affiliate | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.6 | Participants' Entitlement | 21.0 |
| Article 12 EVENTS AFFECTING THE COMPANY | Article 12 EVENTS AFFECTING THE COMPANY | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.1 | General | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.2 | Change in Control | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.3 | Reorganization of Company's Capital | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.4 | Other Events Affecting the Company | 23.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.5 | Immediate Acceleration of Awards | 23.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.6 | Issue by Company of Additional Shares | 23.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.7 | Fractions | 23.0 |
| Article 13 U.S. TAXPAYERS | Article 13 U.S. TAXPAYERS | 24.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;13.1 | Section 409A of the Code | 24.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;13.2 | Requirement of Notification of Election Under Section 83(b) of the Code | 24.0 |
| Article 14 AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN | Article 14 AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN | 24.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.1 | Amendment, Suspension, or Termination of the Plan | 24.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.2 | Shareholder Approval | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.3 | Permitted Amendments | 25.0 |

---

- ii -

**TABLE OF CONTENTS**<br> (continued)

**Page**

---

| | | |
|:---|:---|:---|
| Article 15 MISCELLANEOUS | Article 15 MISCELLANEOUS | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;15.1 | Legal Requirement | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;15.2 | No Other Benefit | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;15.3 | Rights of Participant | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;15.4 | Corporate Action | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;15.5 | Conflict | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;15.6 | Participant Information | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;15.7 | Participation in the Plan | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;15.8 | International Participants | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;15.9 | Successors and Assigns | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;15.10 | General Restrictions and Assignment | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;15.11 | Severability | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;15.12 | Notices | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;15.13 | Administrative Agent | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;15.14 | Electronic Delivery | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;15.15 | Effective Date | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;15.16 | Governing Law & Compliance with Employment Standards | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;15.17 | Submission to Jurisdiction | 29 |

---

- iii -

ALITHYA GROUP INC.

**Long Term Incentive Plan**

**Article 1<br> PURPOSE**

1.1 Purpose

The purpose of this Plan is to provide the Company with a share-related mechanism to attract, retain and motivate Employees and Directors of both the Company and its Designated Affiliates. Through this Plan, the Board may grant Awards to recognize Employees' contributions to the long-term goals and success of the Company. The Plan also helps align Employees' and Directors' interests with those of the shareholders of the Company and enables them to meet their share ownership requirements.

**Article 2<br> INTERPRETATION**

2.1 Definitions

When used herein, unless the context otherwise requires, the following terms have the indicated meanings, respectively:

**"Affiliate"** means, with respect to any Person, any Person directly or indirectly controlling, controlled by or under common control with such Person;

**"Award"** means any Option, Share Appreciation Right, Restricted Share Unit, Performance Share Unit, Deferred Share Unit or Restricted Share granted under this Plan;

**"Award Agreement"** means a signed, written agreement between a Participant and the Company, in a form approved by the Board, evidencing the terms and conditions on which an Award has been granted under this Plan and which need not be identical to any other such agreements;

**"Black-out Period"** means a period during which the Participant is prohibited from trading in the Company's securities pursuant to a blackout period established by the Company.

**"Board"** means the board of directors of the Company;

**"Business Day"** means a day, other than a Saturday or Sunday, on which the principal commercial banks in the City of Montréal are open for commercial business during normal banking hours;

**"Cause"** means, with respect to a particular Employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "cause" as such term is defined in the employment or other written agreement between the Company
or a Designated Affiliate and the Employee as described in Section 15.5(i); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the event there is no written or other applicable employment agreement between the Company or a Designated
Affiliate as described in Section 15.5(i) or "cause" is not defined in such agreement, "cause" as such term is
defined in the Award Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event neither (a) nor (b) apply, then "cause" as such term is defined by applicable
law or, if not so defined, such term shall refer to the circumstances where an employer can terminate an individual's employment
without notice or payment whatsoever (except as may be required pursuant to any applicable minimum requirements contained in applicable
employment standards legislation);

**"CEO"** means the Chief Executive Officer of the Company;

**"Change in Control"** means the occurrence of any one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any transaction at any time and by whatever means pursuant to which any Person or any group of two or
more Persons acting jointly or in concert (other than the Company or a wholly-owned subsidiary of the Company or Pierre Turcotte, Paul
Raymond, Ghyslain Rivard or any entity(ies) under the Control of one or more of them) hereafter acquires the direct or indirect "beneficial
ownership" (as defined in the *Securities Act* (Québec)) of, or acquires the right to exercise control or direction
over, securities of the Company representing more than 50% of the then issued and outstanding voting securities of the Company, including,
without limitation, as a result of a take-over bid, an exchange of securities, an amalgamation of the Company with any other entity, an
arrangement, a capital reorganization or any other business combination or reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sale, assignment or other transfer of all or substantially all of the assets of the Company to a Person
other than a wholly-owned subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the dissolution or liquidation of the Company, other than in connection with the distribution of assets
of the Company to one or more Persons which were wholly-owned subsidiaries of the Company prior to such event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the occurrence of a transaction requiring approval of the Company's shareholders whereby the Company
is acquired through consolidation, merger, exchange of securities, purchase of assets, amalgamation, statutory arrangement or otherwise
by any other Person (other than a short form amalgamation or exchange of securities with a wholly-owned subsidiary of the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Board determines that a Change in Control shall be deemed to have occurred in such circumstances as
the Board shall determine;

provided that, notwithstanding clause (a), (b), (c) and (d) above, a Change in Control shall be deemed not to have occurred if immediately following the transaction set forth in clause (a), (b), (c) or (d) above: (A) the holders of securities of the Company that immediately prior to the consummation of such transaction represented more than 50% of the combined voting power of the then outstanding securities eligible to vote for the election of directors of the Company hold (x) securities of the entity resulting from such transaction (the "**Surviving Entity**") that represent more than 50% of the combined voting power of the then outstanding securities eligible to vote for the election of directors or trustees ("**voting power**") of the Surviving Entity, or (y) if applicable, securities of the entity that directly or indirectly has beneficial ownership of 100% of the securities eligible to elect directors or trustees of the Surviving Entity (the "**Parent Entity**") that represent more than 50% of the combined voting power of the then outstanding securities eligible to vote for the election of directors or trustees of the Parent Entity, and (B) no Person or group of two or more Persons acting jointly or in concert (other than Pierre Turcotte, Paul Raymond, Ghyslain Rivard or any entity(ies) under the Control of one or more of them), is the beneficial owner, directly or indirectly, of more than 50% of the voting power of the Parent Entity (or, if there is no Parent Entity, the Surviving Entity) (any such transaction which satisfies all of the criteria specified in clauses (A) and (B) above being referred to as a "**Non-Qualifying Transaction**" and, following the Non-Qualifying Transaction, references in this definition of "Change in Control" to the "Company" shall mean and refer to the Parent Entity (or, if there is no Parent Entity, the Surviving Entity) and, if such entity is a company or a trust, references to the "Board" shall mean and refer to the board of directors or trustees, as applicable, of such entity).

Notwithstanding the foregoing, for purposes of any Award that constitutes "deferred compensation" (within the meaning of Section 409A of the Code), the payment of which would be accelerated upon a Change in Control, a transaction will not be deemed a Change in Control for Awards granted to any Participant who is a U.S. Taxpayer unless the transaction qualifies as "a change in control event" within the meaning of Section 409A of the Code.

Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (x) its sole purpose is to change the state or jurisdiction of the Company's incorporation, or (y) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company's securities immediately before such transaction;

**"Code"** means the United States Internal Revenue Code of 1986, as amended from time to time;

**"Committee"** has the meaning set forth in Section 3.2;

**"Company"** means Alithya Group inc.;

**"Control"** means the relationship whereby a Person is considered to be "controlled" by a Person if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) voting securities of the first-mentioned Person carrying more than 50% of the votes for the election of
directors are held, directly or indirectly, otherwise than by way of security only, by or for the benefit of the other Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the votes carried by the securities are entitled, if exercised, to elect a majority of the directors of
the first-mentioned Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of a partnership that does not have directors, other than a limited partnership, the second-mentioned
Person holds more than 50% of the interests in the partnership; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a limited partnership, the general partner is the second-mentioned Person.

**"Date of Grant"** means, for any Award, the date specified by the Board at the time it grants the Award (which, for greater certainty, shall be no earlier than the date on which the Board approves the grant of such Award) or if no such date is specified, the date upon which the Award was approved; provided that if the Date of Grant falls during a Black-out Period or within the five (5) trading days following the end of a Black-out Period, the Date of Grant will be deemed to be the sixth (6<sup>th</sup>) trading day following the end of the Black-out Period.

**"Deferred Share Unit"** or **"DSU"** means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Company in accordance with Article 9;

**"Designated Affiliate"** means each Affiliate of the Company as designated by the Board for purposes of the Plan from time to time;

**"Director"** means a director of the Company or a Designated Affiliate who is not an employee of the Company or a Designated Affiliate;

**"Disabled"** or **"Disability"** means the permanent and total incapacity of a Participant as determined in accordance with procedures established by the Board for purposes of this Plan;

**"Effective Date"** means the effective date of this Plan, being November 1, 2018;

**"Employee"** means an individual who is considered a permanent employee of the Company or an Affiliate of the Company for purposes of source deductions under applicable tax or social welfare legislation;

**"ESL"** means the employment standards legislation, as amended or replaced, applicable to a Participant who is an Employee;

**"Exchange"** means the TSX or any other stock exchange on which the Shares are or may be listed from time to time;

**"Exercise Notice"** means a notice in writing, signed by a Participant and stating the Participant's intention to exercise a particular Option or SAR;

**"Exercise Price"** means the price at which a Share may be purchased pursuant to the exercise of an Option;

**"Expiry Date"** means the expiry date specified in the Award Agreement (which shall not be later than the tenth (10<sup>th</sup>) anniversary of the Date of Grant) or, if not so specified, means the tenth (10th) anniversary of the Date of Grant;

**"Insider"** means an "insider" as defined by the TSX from time to time in its rules and regulations governing Security Based Compensation Arrangements and other related matter;

**"Market Price"** at any date in respect of the Shares shall be the volume weighted average price of such Shares on the TSX for (i) the five (5) trading days ending on and including the day that is immediately prior to the Date of Grant for grants of Awards, the date of exercise for exercises of SARs, or the Settlement Date for settlements of DSUs, as applicable, and (ii) the five (5) trading days ending on and including the vesting date for the settlement of RSUs and PSUs;

**"NI 45-106"** means National Instrument 45-106 Prospectus and Registration Exemptions of the Canadian Securities Administrators, as amended from time to time;

**"Option"** means a right to purchase Shares granted under Article 4 that is non-assignable and non-transferable unless otherwise approved by the Board;

**"Participant"** means an Employee or Director to whom an Award has been granted under this Plan and their Permitted Assigns;

**"Participant's Employer"** means with respect to a Participant that is or was an Employee, the Company or such Affiliate of the Company as is or, if the Participant has ceased to be employed by the Company or such Affiliate of the Company, was the Participant's Employer;

**"Performance Goals"** means performance goals expressed in terms of attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease in the particular criteria, and may be applied to one or more of the Company, an Affiliate of the Company, a division of the Company or an Affiliate of the Company, or an individual, or may be applied to the performance of the Company or an Affiliate of the Company relative to a market index, a group of other companies or a combination thereof, or on any other basis, all as determined by the Board;

**"Performance Share Unit"** or **"PSU"** means any right to receive a Share or a Restricted Share or cash, or any combination thereof, as determined by the Board, granted under Section 7.1;

**"Permitted Assign"** has the meaning assigned to that term in NI 45-106;

**"Person"** includes an individual, sole proprietorship, partnership, unincorporated association, unincorporated syndicate, unincorporated organization, trust, body corporate, and a natural person in his or her capacity as trustee, executor, administrator or other legal representative;

**"Plan"** means this Long Term Incentive Plan, as may be amended or amended and restated from time to time;

**"Restricted Period"** means the period during which Restricted Shares are subject to restrictions as set out in the Award Agreement;

**"Restricted Share Unit"** or **"RSU"** means a right to receive a Share or a Restricted Share or cash, or any combination thereof, as determined by the Board, granted under Section 6.1;

**"Restricted Shares"** means Shares granted to a Participant under Section 8.1 that are subject to certain restrictions and to a risk of forfeiture;

**"Retirement"** means termination of employment of a Participant from active employment with the Company and its Affiliates (other than for Cause) where the Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has had his or her retirement approved by the Board (in the case of the CEO and the CEO's direct
reports) or the CEO (in the case of all other Participants) and the Participant complies with such conditions as the Board or CEO, as
applicable, may require in connection with such approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has given the Company or the Affiliate employing the Participant formal notice of their intention to retire
at least six months in advance, or such lesser advance notice as the Board (in the case of the CEO and the CEO's direct reports)
or the CEO (in the case of all other Participants) may approve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is paid no cash severance payment or retiring allowance or equivalent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) has complied with such transitional activities as may be reasonably required by the Company or the Affiliate
employing the Participant during the period from the date notice of the Participant's intention to retire has been given until the
date the Participant ceases active employment with the Company and its Affiliates.

**"Securities Laws"** means securities legislation, securities regulation and securities rules, as amended, and the policies, notices, instruments and blanket orders in force from time to time that govern or are applicable to the Company or to which it is subject;

**"Security Based Compensation Arrangement"** has the meaning given to that term in the Company Manual of the TSX, as amended from time to time;

**"Settlement Date**" has the meaning set forth in Section 9.2;

"**SAR Price**" means the floor price per Share at which a SAR may be exercised;

"**Share Appreciation Right**" or "**SAR**" mean a right of a Participant evidenced by a bookkeeping entry to receive an amount equal to the excess of the Market Price of a Share at the date of exercise of the SAR over the SAR Price as described in Section 5.1;

**"Share"** means one (1) class A subordinate voting share in the capital of the Company as constituted on the Effective Date or after an adjustment contemplated by Article 12, such other shares or securities to which the holder of an Award may be entitled as a result of such adjustment;

**"Termination Date"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an Employee whose employment with the Company or a Affiliate terminates in the circumstances
set out in Subsection 11.2(a) or Subsection 11.2(b), (i) the date designated by the Employee and the Company or a Affiliate in a written
employment agreement, or other written agreement between the Employee and Company or a Designated Affiliate, or (ii) if no written employment
agreement exists, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of an Employee whose employment with the Company or a Affiliate terminates in the circumstances
set out in Subsection 11.2(a), the later of (1) if and only to the extent required to comply with the minimum standards of ESL, the date
that is the last day of any minimum statutory notice period applicable to the Employee pursuant to ESL, if any, and (2) the date designated
by the Company or a Affiliate, as the case may be, on which an Employee ceases to be an employee of the Company or the Affiliate, as the
case may be; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of an Employee whose employment with the Company or a Affiliate terminates in the circumstances
set out in Subsection 11.2(b), the date designated by the Company or a Affiliate, as the case may be, on which an Employee ceases to be
an employee of the Company or the Affiliate, as the case may be, provided that such date shall not be earlier than the date notice of
resignation was given;

and, in the case of either (i) or (ii), without regard to any contractual, common law or civil law period of notice of termination, pay in lieu of notice of termination, severance pay or other damages paid or payable to the Participant, under contract or common or civil law, in or in respect of a period which follows the last day that the Participant actually and actively provides services to the Company or a Affiliate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a Director whose directorship with the Company or a Affiliate, as the case may be, terminates
in the circumstances set out in Subsection 11.2(e) or Subsection 11.2(f), the date that is designated by the Company or the Affiliate
(as the case may be), as the date on which the Participant's directorship is terminated, provided that in the case of voluntary
resignation by the Participant, such date shall not be earlier than the date notice of voluntary resignation was given;

**"TSX"** means the Toronto Stock Exchange;

**"U.S."** means the United States of America; and

**"U.S. Taxpayer"** shall mean a Participant who, with respect to an Award, is subject to taxation under the applicable U.S. tax laws.

2.2 Interpretation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Board exercises discretion in the administration of this Plan, the term "discretion"
means the sole and absolute discretion of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As used herein, the terms "Article", "Section", "Subsection" and "clause"
mean and refer to the specified Article, Section, Subsection and clause of this Plan, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Words importing the singular include the plural and vice versa and words importing any gender include
any other gender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless otherwise specified, time periods within or following which any payment is to be made or act is
to be done shall be calculated by excluding the day on which the period begins, including the day on which the period ends, and abridging
the period to the immediately preceding Business Day in the event that the last day of the period is not a Business Day. In the event
an action is required to be taken or a payment is required to be made on a day which is not a Business Day such action shall be taken
or such payment shall be made by the immediately preceding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Unless otherwise specified, all references to money amounts are to Canadian currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The headings used herein are for convenience only and are not to affect the interpretation of this Plan.

**Article 3<br> ADMINISTRATION**

3.1 Administration

Subject to Section 3.2, this Plan will be administered by the Board who has sole and complete authority, in its discretion, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine the individuals to whom grants under the Plan may be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make grants of Awards under the Plan relating to the issuance of Shares (including any combination of
Options, Restricted Share Units, Performance Share Units, Deferred Share Units or Restricted Shares) in such amounts, to such Persons
and, subject to the provisions of this Plan, on such terms and conditions as it determines including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the time or times at which Awards may be granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the conditions under which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Awards may be granted to Employees or Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Awards may be forfeited to the Company,

including any conditions relating to the attainment of specified Performance Goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the number of Shares to be covered by any Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the price, if any, to be paid by a Participant in connection with the purchase of Shares covered by any
Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) whether restrictions or limitations are to be imposed on the Shares issuable pursuant to grants of any
Award, and the nature of such restrictions or limitations, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any acceleration of exercisability or vesting or Restricted Period, or waiver of termination regarding
any Award, based on such factors as the Board may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) establish the form or forms of Award Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) cancel, amend, adjust or otherwise change any Award under such circumstances as the Board may consider
appropriate in accordance with the provisions of this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) construe and interpret this Plan and all Award Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) adopt, amend, prescribe and rescind administrative guidelines and other rules and regulations relating
to this Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws
or for qualifying for favorable tax treatment under applicable foreign laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) make all other determinations and take all other actions necessary or advisable for the implementation
and administration of this Plan.

3.2 Delegation to Committee

To the extent permitted by applicable law and regulation, the Board may, from time to time, delegate to a committee of the Board (the "**Committee**"), within the limits permitted by applicable laws and regulations, all or any of the powers conferred on the Board pursuant to this Plan, including the power to sub-delegate to any specified officer(s) of the Company or its Designated Affiliates all or any of the powers delegated by the Board. In such event, the Committee or any sub-delegate will exercise the powers delegated to it in the manner and on the terms authorized by the delegating party.

3.3 Determinations Binding

Any decision made or action taken by the Board, the Committee or any officers to whom authority has been delegated pursuant to Subsection 3.2 arising out of or in connection with the administration or interpretation of this Plan is final, conclusive and binding on the Company, the affected Participant(s), their legal and personal representatives and all other Persons.

3.4 Eligibility

All Employees who are employed by the Company or a Designated Affiliate and Directors of the Company are eligible to receive Awards under the Plan and all Employees and Directors who have been granted an Award are entitled to participate in the Plan subject to Subsections 11.1(c) and 11.2(g). Eligibility to receive Awards and to participate does not confer upon any Employee or Director any right to receive any grant of an Award pursuant to the Plan.

3.5 Compliance with Securities Laws

**Any Award granted under the Plan** shall **be subject to the requirement that, if at any time the Company** shall determine **that the listing, registration or qualification of the Shares issuable pursuant to such Award upon any securities exchange or under any Securities Laws of any jurisdiction, or the consent or approval of an Exchange (if then listed on an Exchange) and any securities commissions or similar securities regulatory bodies having jurisdiction over the Company is necessary as a condition of, or in connection with, the grant or exercise of such Award or the issuance or purchase of Shares thereunder, such Award may not be accepted or exercised in whole or in part unless such listing, registration, qualification, consent or approval** shall have been effected or obtained on conditions acceptable to the Board. Nothing herein shall be deemed to require the Company to apply for or to obtain such listing, registration, qualification, consent or approval. **Participants agree, to the extent applicable, to cooperate with the Company in complying with such legislation, rules, regulations and policies.**

3.6 Total Shares Subject to Awards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to adjustment as provided for in Article 12 and any subsequent amendment to the Plan, the aggregate
number of Shares reserved for issuance pursuant to Awards granted under the Plan shall not exceed ten (10%) percent of the aggregate number
of issued and outstanding Shares and class B multiple voting shares, from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent any Awards (or portion(s) thereof) under the Plan terminate or are cancelled for any reason
prior to exercise or settlement in full, or are surrendered to the Company by the Participant, the Shares subject to such Awards (or portion(s)
thereof) shall be added back to the number of Shares reserved for issuance under this Plan and will again become available for issuance
pursuant to the exercise of Awards granted under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Shares issued by the Company through the assumption or substitution of outstanding stock options or
other equity-based awards from an acquired company shall not reduce the number of Shares available for issuance pursuant to the exercise
or settlement of Awards granted under this Plan.

3.7 Limits on Grants of Awards

Notwithstanding anything in this Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate number of Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issuable to Insiders at any time, under all of the Company's Security Based Compensation Arrangements,
shall not exceed ten (10%) percent of the issued and outstanding Shares and class B multiple voting shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) issued to Insiders within any one year period, under all of the Company's Security Based Compensation
Arrangements, shall not exceed ten (10%) percent of the issued and outstanding Shares and class B multiple voting shares,

provided that the acquisition of Shares by the Company for cancellation shall not constitute non-compliance with this Section 3.7 for any Awards outstanding prior to such purchase of Shares for cancellation.

3.8 Award Agreements

Each Award under this Plan will be evidenced by an Award Agreement. Each Award Agreement will be subject to the applicable provisions of this Plan and will contain such provisions as are required by this Plan and any other provisions that the Board may direct. Any one officer of the Company or a Designated Affiliate, other than the Participant to whom the Award Agreement relates, is authorized and empowered to execute and deliver any Award Agreement to a Participant granted an Award pursuant to this Plan.

3.9 Permitted Assigns

Awards may be transferred by Employees and Directors to a Permitted Assign of an Employee or Director, as applicable, or as may otherwise be approved by the Board. In any such case, the provisions of Article 10 shall apply to the Award as if the Award was held by the Employee or Director rather than such person's Permitted Assign.

3.10 Non-transferability of Awards

Except as permitted under Section 3.9 or as otherwise permitted by the Board, no assignment or transfer of Awards, whether voluntary, involuntary, by operation of law or otherwise, vests any interest or right in such Awards whatsoever in any assignee or transferee and immediately upon any assignment or transfer, or any attempt to make the same, such Awards will terminate and be of no further force or effect.

**Article 4<br> OPTIONS**

4.1 Grant of Options

The Board may, from time to time, subject to the provisions of this Plan and such other terms and conditions as the Board may prescribe, grant Options to any Participant. The terms and conditions of each Option grant shall be evidenced by an Award Agreement.

4.2 Exercise Price

The Board will establish the Exercise Price at the time each Option is granted, which Exercise Price must in all cases be not less than the Market Price of a Share on the Date of Grant.

4.3 Term of Options

Subject to any accelerated termination as set forth in this Plan, each Option expires on its Expiry Date. Neither the Company, nor any Designated Affiliate, nor any of their officers, employees, attorneys and agents, have any obligation to notify the Participant prior to the expiration of any Option, regardless of whether the Option will expire at the end of its full term or on an earlier date related to the termination of the Participant's employment. The Participant has the sole responsibility for monitoring the expiration of any Option granted to them and for exercising such Options, if at all, before they expire.

4.4 Vesting and Exercisability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Option will vest and be exercisable in the manner set out in the applicable Award Agreement, subject
to the Participant continuing to be an Employee, or Director, as applicable, or as otherwise agreed to by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Once an instalment becomes vested, it shall remain vested and shall be exercisable, in whole or in part,
until expiration or termination of the Option, unless otherwise approved by the Board. The Board has the right to accelerate the date
upon which any instalment of any Option becomes exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the provisions of this Plan and any Award Agreement, Options shall be exercised by means of
a fully completed Exercise Notice delivered to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board may provide at the time of granting an Option that the exercise of that Option is subject to
restrictions, in addition to those specified in Section 4.4, such as the achievement of one or more Performance Goals.

4.5 Payment of Exercise Price

Unless otherwise specified by the Board at the time of granting an Option, the Exercise Notice must be accompanied by payment in full of the purchase price for the Shares to be purchased. The Exercise Price must be fully paid by certified cheque, bank draft or money order payable to the Company or by such other means as may be accepted by the Company, which may include (i) an arrangement with a broker approved by the Company (or an arrangement directly with the Company) whereby payment of the exercise price is accomplished with the proceeds of the sale of Shares deliverable upon the exercise of the Option, or (ii) any cashless exercise process as may be approved by the Board, or any combination of the foregoing methods of payment.

No Shares will be issued or transferred until full payment therefor has been received by the Company.

**Article 5<br> SHARE APPRECIATION RIGHTS**

5.1 Grant of SARs

The Board may, from time to time, grant SARs in conjunction with the granting of Options, or on a stand-alone basis, to any Participant. A SAR shall entitle the Participant, upon exercise of the SAR, to receive Shares (rounded down to the nearest whole number) from the Company with an aggregate Market Value on the date of exercise equal to the product of (1) the number of SARs or portion thereof, exercised and (2) the amount by which the Market Price of a Share on the date of exercise exceeds the SAR Price.

5.2 SAR Price

The SAR Price will be as determined by the Board but in any event will be no less than the Market Price of a Share on the Date of Grant.

5.3 Tandem SARs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where SARs are granted in conjunction with the granting of Options, the SAR Price shall be the same as
the Exercise Price, the number of Shares in respect of which the SAR may be exercised shall be the same as the number of Shares issuable
upon exercise of the related Option and the terms for the vesting of the tandem SARs shall be the same as the terms for the vesting of
the Options to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the exercise of SARs or any portion thereof, any Options granted in conjunction with tandem SARs
are terminated to the extent of such exercise. Upon the exercise of Options or any portion thereof, any tandem SARs granted in conjunction
with such Options are terminated to the extent of such exercise.

5.4 Term of SARs

Subject to any accelerated termination as set forth in this Plan, each SAR expires on its Expiry Date. Neither the Company, nor any Designated Affiliate, nor any of their officers, employees, attorneys and agents, have any obligation to notify the Participant prior to the expiration of any SAR, regardless of whether the SAR will expire at the end of its full term or on an earlier date related to the termination of the Participant's employment. The Participant has the sole responsibility for monitoring the expiration of any SAR granted to them and for exercising such SARs, if at all, before they expire.

5.5 Vesting and Exercisability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each SAR will vest and be exercisable in the manner set out in the applicable Award Agreement, subject
to the Participant continuing to be an Employee or Director, as applicable, or as otherwise agreed to by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Once an instalment becomes vested, it shall remain vested and shall be exercisable, in whole or in part,
until expiration or termination of the SAR, unless otherwise specified by the Board. The Board has the right to accelerate the date upon
which any instalment of any SAR becomes exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the provisions of this Plan and any Award Agreement, SARs shall be exercised by means of an
Exercise Notice delivered to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board may provide at the time of granting an SAR that the exercise of that SAR is subject to restrictions,
in addition to those specified in Section 5.5, such as the achievement of one or more Performance Goals.

**Article 6<br> RESTRICTED SHARE UNITS**

6.1 Grant of RSUs

The Board may, from time to time, subject to the provisions of this Plan and such other terms and conditions as the Board may prescribe, grant RSUs to any Participant. The terms and conditions of each RSU grant shall be evidenced by an Award Agreement.

6.2 Vesting of RSU

The Board shall have the authority to determine at the time of grant, in its sole discretion, the duration of the vesting period and other vesting terms applicable to the grant of RSUs, except that if the Board has not made such determination, all RSUs will vest on the third (3<sup>rd</sup>) anniversary of the Date of Grant.

6.3 Form of Payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise specified in the Award Agreement and subject to Section 6.3(b), as soon as practicable
following the expiry of the applicable vesting period, or at such later date as may be determined by the Board in its sole discretion
at the time of grant, the Company shall issue fully paid and non-assessable Shares pursuant to the RSUs to the Participant or as the Participant
may direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following the grant of the RSUs, the Board may, in its sole discretion, elect to pay the benefit of the
RSU either (i) in the form of a cash payment to the Participant equivalent to the Market Price of a Share on the date of vesting, net
of all applicable withholdings or (ii) by issuing fully paid and non-assessable Shares to the Participant or as the Participant may direct.
The Board may make different elections in respect of different Participants and different Awards of each Participant.

**Article 7<br> PERFORMANCE SHARE UNITS**

7.1 Grant of PSUs

The Board may, from time to time, subject to the provisions of this Plan and such other terms and conditions as the Board may prescribe, grant PSUs to any Participant. The terms and conditions of each PSU grant shall be evidenced by an Award Agreement. Each PSU will consist of a right to receive a Share upon the achievement of such Performance Goals during such performance periods as the Board will establish.

7.2 Terms of PSUs

The Performance Goals to be achieved during any performance period, the length of any performance period, the amount of any PSU granted and the termination of a Participant's employment will be determined by the Board and by the other terms and conditions of any PSU, all as set forth in the applicable Award Agreement.

7.3 Performance Goals

The Board will establish Performance Goals prior to the Date of Grant to which such Performance Goals pertain. The Performance Goals may be based upon the achievement of corporate, divisional or individual goals, and may be applied relative to performance relative to an index or comparator group, or on any other basis determined by the Board.

7.4 Form of Payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise specified in the Award Agreement and subject to Section 7.4(b), as soon as practicable
following the applicable vesting period, or at such later date as may be determined by the Board in its sole discretion at the time of
grant, the Company shall issue fully paid and non-assessable Shares pursuant to the PSUs to the Participant or as the Participant may
direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following the grant of the PSUs, the Board may, in its sole discretion elect to pay the benefit of the
PSU either (i) in the form of a cash payment to the Participant equivalent to the Market Price of a Share on the date of vesting, net
of all applicable withholdings or (ii) by issuing fully paid and non-assessable Shares to the Participant or as the Participant may direct.
The Board may make different elections in respect of different Participants and different Awards of each Participant.

**Article 8<br> RESTRICTED SHARES**

8.1 Grant of Restricted Shares

The Board may, from time to time, subject to the provisions of this Plan and such other terms and conditions as the Board may prescribe, grant Restricted Shares to any Participant, which shall be held by the Company or its designee in escrow until such time as the Restricted Period lapses. The terms and conditions of each Restricted Shares grant shall be evidenced by an Award Agreement.

Subject to the restrictions set forth in Section 8.2, except as otherwise set forth in the applicable Award Agreement, the Participant shall generally have the rights and privileges of a shareholder as to such Restricted Shares, including the right to vote such Restricted Shares. Unless otherwise set forth in a Participant's Award Agreement, cash dividends and stock dividends, if any, with respect to the Restricted Shares shall be withheld by the Company for the Participant's account, and shall be subject to forfeiture until released, in each case, to be released at the same time and in the same proportion as the lapse of restrictions on the Restricted Shares to which such dividends relate. Except as otherwise determined by the Board, no interest will accrue or be paid on the amount of any dividends withheld.

8.2 Restrictions on Transfer

In addition to any other restrictions set forth in a Participant's Award Agreement, until such time that the Restricted Period for the Restricted Shares has lapsed pursuant to the terms of the Award Agreement, which Restricted Period the Board may in its sole discretion accelerate at any time, the Participant shall not be permitted to sell, transfer, pledge, or otherwise encumber the Restricted Shares. Notwithstanding anything contained herein to the contrary, the Board shall have the authority to remove any or all of the restrictions on the Restricted Shares whenever it may determine that, by reason of changes in applicable laws or other changes in circumstances arising after the date of the Restricted Shares Award, such action is appropriate.

8.3 Effect of Termination of Employment or Director Mandate

Except as may otherwise be provided in the applicable Award Agreement or by the Board, in the event of a Participant's termination of employment or Director mandate with the Company and all Affiliates of the Company for any reason prior to the time that the Restricted Period for the Participant's Restricted Shares has lapsed, as soon as practicable following such termination of employment or Director mandate, the Company shall repurchase from the Participant, and the Participant shall sell, all of such Participant's Restricted Shares for which the Restricted Period has not lapsed at a purchase price equal to the cash amount, if any, paid by the Participant for the Restricted Shares, or if no cash amount was paid by the Participant for the Restricted Shares, such Restricted Shares shall be forfeited by the Participant to the Company for no consideration as of the date of such termination of employment or Director mandate.

**Article 9<br> DEFERRED SHARE UNITS**

9.1 Grant of Deferred Share Units

The Board may, from time to time, subject to the provisions of this Plan and such other terms and conditions as the Board may prescribe, grant DSUs to any Participant.

All DSUs received by a Participant shall be credited to an account maintained for the Participant on the books of the Company, as of the Date of Grant. The DSUs will be subject to the applicable provisions of this Plan and will contain such provisions as are required by this Plan and any other provisions that the Board may direct.

9.2 Settlement of DSUs

DSUs shall be settled as of the date established in the Award Agreement, as applicable (the "**Settlement Date**"). In no event shall a DSU Award be settled prior to the applicable Participant's Termination Date. If there is no Award Agreement or the Award Agreement does not establish a date for the settlement of the DSUs, then the Settlement Date shall be the 90<sup>th</sup> day following the Participant's Termination Date, subject to the delay that may be required under Section 13.1 below. After satisfying any amounts required by the Company to be withheld in connection with such settlement as contemplated by Section 10.3, which amount shall be based on the Market Price on the Date of Settlement, the Company shall issue, as of the Settlement Date, fully paid and non-assessable Shares pursuant to the DSUs to the Participant or as the Participant may direct.

**Article 10<br> ADDITIONAL AWARD TERMS**

10.1 Dividend Equivalents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise determined by the Board and set forth in the particular Award Agreement, RSUs, PSUs and
DSUs shall be credited with dividend equivalents in the form of additional RSUs, PSUs and DSUs, respectively, as of each dividend payment
date in respect of which normal cash dividends are paid on Shares. Such dividend equivalents shall be computed by dividing: (a) the
amount obtained by multiplying the amount of the dividend declared and paid per Share by the number of RSUs, PSUs and DSUs, as applicable,
held by the Participant on the record date for the payment of such dividend, by (b) the closing price of such Shares on the TSX as at
the close of the first Business Day immediately following the dividend record date, with fractions computed to three decimal places. Dividend
equivalents credited to a Participant's accounts shall vest in proportion to the RSUs, PSUs and DSUs to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The foregoing does not obligate the Company to declare or pay dividends on Shares and nothing in this
Plan shall be interpreted as creating such an obligation.

10.2 Black-out Period

If a Participant's Option is scheduled to expire during, or within five (5) Business Days after, a routine or special Black-out Period, then, notwithstanding any other provision of this Plan, such Option shall expire ten Business Days after the Black-out Period is lifted by the Company.

10.3 Withholding Taxes

The granting, vesting or lapse of the Restricted Period, settlement or exercise of each Award under this Plan is subject to the condition that if at any time the Board determines, in its discretion, that the satisfaction of withholding tax or other withholding liabilities is necessary or desirable in respect of such grant, vesting or lapse of the Restricted Period, settlement or exercise, such action is not effective unless such withholding has been effected to the satisfaction of the Company. In such circumstances, the Company may require that a Participant pay to the Company the minimum amount as the Company or an Affiliate of the Company is obliged to remit to the relevant tax authority in respect of the granting, vesting or lapse of the Restricted Period, settlement or exercise of the Award. Any such additional payment is due no later than the date on which such amount with respect to the Award is required to be remitted to the relevant tax authority by the Company or an Affiliate of the Company, as the case may be. Alternatively, and subject to any requirements or limitations under applicable law, the Company may (a) withhold such amount from any remuneration or other amount payable by the Company or any Designated Affiliate to the Participant, (b) require the sale of a number of Shares issued upon exercise, vesting, or settlement of such Award and the remittance to the Company of the net proceeds from such sale sufficient to satisfy such amount or (c) enter into any other suitable arrangements for the receipt of such amount, and the Participant consents to such action(s).

10.4 Recoupment

Notwithstanding any other terms of this Plan, Awards may be subject to potential cancellation, recoupment, rescission, payback or other action in accordance with the terms of any clawback, recoupment or similar policy adopted by the Company or a Designated Affiliate of the Company and in effect at the Date of Grant of the Award, or as otherwise required by law or the rules of an Exchange (if then listed on an Exchange) and the Participant will not be entitled to any damages or other compensation in respect of any Awards subject to such policy. The Board may at any time waive the application of this Section 10.4 to any Participant or category of Participants.

**Article 11<br> TERMINATION OF EMPLOYMENT OR Director mandate**

11.1 Death or Disability

Unless otherwise determined by the Board or as set forth in an Award Agreement, if a Participant dies or becomes Disabled while an Employee or Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Awards shall immediately vest (or cease to be restricted);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Performance Goals assigned to any Awards shall be deemed to have been met at 100% of the specified
target level of performance for such Performance Goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Participant's eligibility to receive further grants of Awards under the Plan ceases as of the
date of Disability or death; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each Option or SAR held by the Participant continues to be exercisable by the Participant (or the Participant's
estate) until the earliest of: (i) its Expiry Date; (ii) the date that is 90 days after the date of Disability and (iii) the date
that is 180 days after the date of death.

11.2 Termination of Employment or Director Mandate

Subject to Section 11.3, unless otherwise specified by the Board, whether in the Award Agreement or whether before or after the time of granting an Award, in an employment agreement or other written agreement between the Company or a Designated Affiliate and the Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where, in the case of an Employee, a Participant's employment is terminated by the Company or an
Affiliate without Cause (whether such termination occurs with or without any or adequate reasonable notice, or with or without any or
adequate compensation in lieu of such reasonable notice), then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Option or SAR held by the Participant that has vested as of the Termination Date continues to be
exercisable by the Participant until the earlier of: (i) its Expiry Date; and (ii) except for such longer period, as may be otherwise
permitted by the Board, the date that is 90 days after the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each vested RSU and vested PSU held by the Participant as of the Termination Date shall be settled in
accordance with its terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Option, SAR or other Award held by the Participant that has not vested (or for which the Restricted
Period has not lapsed) as of the Termination Date is immediately forfeited and cancelled as of the Termination Date;

and any Performance Goals assigned to any vested Awards shall be deemed to have been met at 100% of the specified target level of performance for such Performance Goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where, in the case of an Employee, a Participant's employment terminates by reason of voluntary
resignation by the Participant other than pursuant to Retirement, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Option or SAR held by the Participant that has vested as of the Termination Date continues to be
exercisable by the Participant until the earlier of: (i) its Expiry Date; and (ii) the date that is 90 days after the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each vested RSU and PSU held by the Participant as of the Termination Date shall be settled in accordance
with its terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Option, SAR or other Award held by the Participant that has not vested (or for which the Restricted
Period has not lapsed) as of the Termination Date is immediately forfeited and cancelled as of the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where, in the case of an Employee, a Participant's employment terminates by reason of Retirement,
then all unvested Awards will continue to vest (or the Restricted Period will continue to elapse) and be settled or exercised in accordance
with their terms except that once a grant of an Option or SAR is fully vested it will be exercisable by the Participant only until the
date that is the earlier of (i) its Expiry Date and (ii) 90 days (or such longer period as the Board in its sole discretion may permit)
following the later of (a) the date such Option or SAR grant became fully vested and (b) the Termination Date and, if not exercised on
or before such date will be forfeited and cancelled; provided that notwithstanding the foregoing, the Participant shall forfeit any Awards
which have not been exercised or settled in the event the Participant shall commence employment with a direct competitor of the Company
or breach any non-competition or non-solicitation obligation the Participant may have to the Company or any of its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where, in the case of an Employee, a Participant's employment terminates by reason of termination
by the Company or an Affiliate for Cause, then any Option, SAR or other Award held by the Participant, whether or not it has vested (or
the Restricted Period has lapsed) as of the Termination Date, is immediately forfeited and cancelled as of the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) where, in the case of a Director, a Participant's term of office is terminated by the Company for
breach by the Director of his or her fiduciary duty to the Company (as determined by the Board in its sole discretion), then any Option,
SAR or other Award held by the Director, whether or not it has vested (or the Restricted Period has lapsed) as of the Termination Date,
is immediately forfeited and cancelled as of the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) where, in the case of a Director, a Participant's term of office terminates for any reason other
than death or Disability of the Participant or a breach of the Participant's fiduciary duty to the Company (as determined by the
Board in its sole discretion), the Board may, in its sole discretion, at any time prior to or following the Termination Date, provide
for the exercise, vesting (or lapse of the Restricted Period) or settlement of any or all Awards held by the Participant on the Termination
Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a Participant's eligibility to receive further grants
of Awards under this Plan ceases as of the date that the Company or an Affiliate, as the case may be, provides the Participant with written
notification that the Participant's employment or directorship, as the case may be, is terminated in the circumstances contemplated
by this Section 11.2, notwithstanding that such date may be prior to the Termination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) notwithstanding Subsections 11.2(a) and 11.2(f), unless the Board, in its discretion, otherwise determines,
at any time and from time to time, Awards are not affected by a change of employment or directorship within or among the Company or an
Affiliate for so long as the Participant continues to be an Employee or Director of the Company or an Affiliate.

Notwithstanding the subsections specified above, the Board may, in its discretion, at any time prior to, or following the events contemplated in the subsections above, or in an employment agreement or other written agreement between the Company or a Designated Affiliate and the Participant, extend the period that an Award continues to be exercisable by the Participant for a period of no more than 24 months following the Termination Date for any or all Awards, all in the manner and on the terms as may be authorized by the Board.

11.3 Cessation of Vesting and Eligibility for Awards Following Termination

Except if and as required to comply with applicable minimum requirements contained in ESL, the Participant is not eligible for continued vesting of any Award during any period in which the Participant receives, or claims to be entitled to receive, any compensatory payments or damages in lieu of notice of termination pursuant to contract, common law or civil law, and the Participant will not be entitled to any damages or other compensation in respect of any Award that is forfeited and cancelled, does not vest or is not awarded due to termination as of the Termination Date of the Participant's employment or directorship, as the case may be, with the Company or a Affiliate for any reason. The Plan displaces any and all common law and civil law rights the Participant may have or claim to have in respect of any Awards, including any right to damages. The foregoing shall apply, regardless of: (i) the reason for the termination of Participant's employment, consulting engagement or directorship; (ii) whether such termination is lawful or unlawful, with or without Cause; (iii) whether it is the Participant or the Company or the Affiliate that initiates the termination; and (iv) any fundamental changes, over time, to the terms and conditions applicable to the Participant's employment or service as a Director.

11.4 Discretion to Permit Acceleration

Notwithstanding the provisions of Sections 11.1 and 11.2, the Board may, in its discretion, at any time prior to, or following the events contemplated in such Sections, or in an employment agreement or other written agreement between the Company or a Designated Affiliate and the Participant, permit the acceleration of vesting (or lapse of Restricted Period) of any or all Awards, all in the manner and on the terms as may be authorized by the Board.

11.5 Employment with an Affiliate

Notwithstanding the provisions of Sections 11.1 and 11.2, unless the Board, in its discretion, otherwise determines, at any time and from time to time, Awards are not affected by change of employment or directorship within or among the Company or its Affiliates for so long as the Participant is continuously engaged by the Company or its Affiliates, provided that new Awards may only be granted to Employees or Directors of the Company and Designated Affiliates.

11.6 Participants' Entitlement

Except as otherwise provided in this Plan, Awards previously granted under this Plan are not affected by any change in the relationship between, or ownership of, the Company and an Affiliate of the Company. For greater certainty, all grants of Awards remain outstanding and are not affected by reason only that, at any time, an Affiliate of the Company ceases to be an Affiliate of the Company.

**Article 12<br> EVENTS AFFECTING THE COMPANY**

12.1 General

The existence of any Awards does not affect in any way the right or power of the Company or its shareholders to make, authorize or determine any adjustment, recapitalization, reorganization or any other change in the Company's capital structure or its business, or any amalgamation, combination, arrangement, merger or consolidation involving the Company, to create or issue any bonds, debentures, Shares or other securities of the Company or to determine the rights and conditions attaching thereto, to effect the dissolution or liquidation of the Company or any sale or transfer of all or any part of its assets or business, or to effect any other corporate act or proceeding, whether of a similar character or otherwise, whether or not any such action referred to in this Article 12 would have an adverse effect on this Plan or on any Award granted hereunder.

12.2 Change in Control

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as may be set forth in an employment agreement, or other written agreement between the Company
or a Designated Affiliate and the Participant, and notwithstanding anything else in this Plan or any Award Agreement, without the consent
of any Participant the outstanding Awards shall be converted or exchanged into or for, rights or other securities of substantially equivalent
value, as determined by the Board in its discretion, in any entity participating in or resulting from a Change in Control; provided that
the Board without the consent of any Participant may instead cause (i) the termination of any vested Award in exchange for an amount of
cash and/or property, if any, equal in value to the amount that would have been attained upon the exercise or settlement of such Award
or realization of the Participant's rights as of the date of the occurrence of such Change in Control (and, for the avoidance of
doubt, if as of the date of the occurrence of such Change in Control the Board determines in good faith that no amount would have been
attained upon the settlement of such Award or realization of the Participant's rights, then such Award may be terminated by the
Company without payment); (ii) the replacement of such Award with other rights or property selected by the Board in its sole discretion;
or (iii) any combination of the foregoing. In taking any of the actions permitted under this subparagraph (a), the Board will not
be required to treat all Awards similarly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 12.2(a), and unless otherwise determined by the Board, if, as a result of a Change
in Control, the Shares will cease trading on an Exchange and voting shares of any Surviving Entity or Parent Entity resulting from the
Change in Control will not be traded on an Exchange, then all outstanding Awards shall vest and become exercisable, realizable, or payable,
and restrictions applicable to an Award shall lapse immediately prior to consummation of such Change in Control or the Board may determine
that the Awards shall be terminated in exchange for an amount of cash and/or property, if any, equal in value to the amount that would
have been attained upon the exercise or settlement of such Award or realization of the Participant's rights as of the date of the
occurrence of such Change in Control (and, for the avoidance of doubt, if as of the date of the occurrence of such Change in Control the
Board determines in good faith that no amount would have been attained upon the exercise or settlement of such Award or realization of
the Participant's rights, then such Award may be terminated by the Company without payment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Section 12.2(a) and 12.2(b), and except as otherwise provided in an employment agreement,
or other written agreement between the Company or a Affiliate and Employee, if within 24 months following the completion of a transaction
resulting in a Change in Control, an Employee's employment is terminated by the Company or an Affiliate without Cause, without any
action by the Board then all Awards granted to the Employee prior to the Change in Control and held by such Employee shall immediately
vest and be settled or exercised in accordance with their terms.

12.3 Reorganization of Company's Capital

Should the Company effect a subdivision or consolidation of Shares or any similar capital reorganization or a payment of a stock dividend (other than a stock dividend that is in lieu of a cash dividend), or should any other change be made in the capitalization of the Company that does not constitute a Change in Control and would warrant the amendment or replacement of any existing Awards in order to adjust the number of Shares that may be acquired on the vesting of outstanding Awards and/or the terms of any Award in order to preserve proportionately the rights and obligations of the Participants holding such Awards, the Board will, subject to any required prior approval of the relevant Exchange(s) (if then listed on an Exchange), authorize such steps to be taken as it may consider to be equitable and appropriate to that end.

12.4 Other Events Affecting the Company

In the event of an amalgamation, combination, arrangement, merger or other transaction or reorganization involving the Company and occurring by exchange of Shares, by sale or lease of assets or otherwise, that does not constitute a Change in Control and that warrants the amendment or replacement of any existing Awards in order to adjust the number of Shares that may be acquired on the vesting of outstanding Awards and/or the terms of any Award in order to preserve proportionately the rights and obligations of the Participants holding such Awards, the Board will, subject to the prior approval of the relevant Exchanges (if then listed on an Exchange), authorize such steps to be taken as it may consider to be equitable and appropriate to that end.

12.5 Immediate Acceleration of Awards

Where the Board determines that the steps provided in this Article 12 would not preserve proportionately the rights, value and obligations of the Participants holding such Awards in the circumstances or otherwise determines that it is appropriate, the Board may, but is not required, to permit the immediate vesting of any unvested Awards and immediate lapse of any Restricted Period.

12.6 Issue by Company of Additional Shares

Except as expressly provided in this Article 12, neither the issue by the Company of shares of any class or securities convertible into or exchangeable for shares of any class, nor the conversion or exchange of such shares or securities, affects, and no adjustment by reason thereof is to be made with respect to the number of Shares that may be acquired as a result of a grant of Awards.

12.7 Fractions

No fractional Shares will be issued pursuant to an Award. Accordingly, if, as a result of any adjustment under this Article 12 or a dividend equivalent, a Participant would become entitled to a fractional Share, the Participant has the right to acquire only the nearest whole number of Shares (rounding down for fractions) for each Award and no payment or other adjustment will be made with respect to the fractional Shares, which shall be disregarded.

**Article 13<br> U.S. TAXPAYERS**

13.1 Section 409A of the Code

This Plan will be construed and interpreted to be exempt from, or where not so exempt, to comply with Section 409A of the Code to the extent required to preserve the intended tax consequences of this Plan. To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Section 409A of the Code, the Award will be granted, paid, settled or deferred in a manner that will meet the requirements of Section 409A of the Code, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Section 409A of the Code. The Company reserves the right to amend this Plan to the extent it reasonably determines is necessary in order to preserve the intended tax consequences of this Plan in light of Section 409A of the Code and any regulations or guidance under that section. In no event will the Company be responsible if Awards under this Plan result in adverse tax consequences to a U.S. Taxpayer under Section 409A of the Code. Distributions of non-qualified deferred compensation to a U.S. Taxpayer made in connection with the U.S. Taxpayer's Termination Date shall only be made in connection with such U.S. Taxpayer's "separation from service" within the meaning set forth in Section 409A of the Code. Notwithstanding any provisions of the Plan to the contrary, in the case of any "specified employee" within the meaning of Section 409A of the Code who is a U.S. Taxpayer, distributions of non-qualified deferred compensation under Section 409A of the Code made in connection with a "separation from service" within the meaning set forth in Section 409A of the Code may not be made prior to the date which is 6 months after the date of separation from service (or, if earlier, the date of death of the U.S. Taxpayer or the date such amount would have been paid pursuant to a fixed schedule in the absence of the separation from service). Any amounts subject to a delay in payment pursuant to the preceding sentence shall be paid as soon practicable following such 6-month anniversary of such separation from service. Notwithstanding any provisions of the Plan to the contrary, any Award that constitutes non-qualified deferred compensation granted to any U.S. Taxpayer may not be transferred or assigned to a Permitted Assign if such transfer or assignment would result in an impermissible acceleration of payment under Section 409A of the Code.

13.2 Requirement of Notification of Election Under Section 83(b) of the Code

If a Participant, in connection with the acquisition of Restricted Shares under the Plan, is permitted under the terms of the Award Agreement to make the election permitted under Section 83(b) of the Code (i.e., an election to include in gross income in the year of transfer the amounts specified in Section 83(b) of the Code notwithstanding the continuing transfer restrictions) and the Participant makes such an election, the Participant shall notify the Company of such election within ten (10) days of filing notice of the election with the Internal Revenue Service, in addition to any filing and notification required pursuant to regulations issued under Section 83(b) of the Code.

**Article 14<br> AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN**

14.1 Amendment, Suspension, or Termination of the Plan

The Board may from time to time, without notice and without approval of the holders of voting shares of the Company, amend, modify, change, suspend or terminate the Plan or any Awards granted pursuant to the Plan as it, in its discretion determines appropriate, provided, however, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no such amendment, modification, change, suspension or termination of the Plan or any Awards granted hereunder
may materially impair any rights of a Participant or materially increase any obligations of a Participant under the Plan without the consent
of the Participant, unless the Board determines such adjustment is required or desirable in order to comply with any applicable Securities
Laws or Exchange requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amendment that would cause an Award held by a U.S. Taxpayer be subject to the additional tax penalty
under Section 409A(1)(b)(i)(II) of the Code shall be null and void *ab initio*.

14.2 Shareholder Approval

Notwithstanding Section 14.1, approval of the holders of the voting shares of the Company shall be required for any amendment, modification or change that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increases the percentage of Shares reserved for issuance under the Plan, except pursuant to the provisions
in the Plan which permit the Board to make equitable adjustments in the event of transactions affecting the Company or its capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) increases or removes the 10% limits on Shares issuable or issued to insiders as set forth in Subsection
3.7(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reduces the exercise price of an Award (for this purpose, a cancellation or termination of an Award of
a Participant prior to its Expiry Date for the purpose of reissuing an Award to the same Participant with a lower exercise price shall
be treated as an amendment to reduce the exercise price of an Award) except pursuant to the provisions in the Plan which permit the Board
to make equitable adjustments in the event of transactions affecting the Company or its capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) extends the term of an Award beyond the original Expiry Date (except where an Expiry Date would have fallen
within a Black-out Period applicable to the Participant or within five (5) Business Days following the expiry of such a Black-out Period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) permits Awards to be transferred to a Person other than a Permitted Assign or for normal estate settlement
purposes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) deletes or reduces the range of amendments which require approval of the holders of voting shares of the
Company under this Section 14.2.

14.3 Permitted Amendments

Without limiting the generality of Section 14.1, but subject to Section 14.2, the Board may, without shareholder approval, at any time or from time to time, amend the Plan for the purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) making any amendments to the general vesting provisions or Restricted Period of each Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) making any amendments to the provisions set out in Article 11;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) making any amendments to add covenants of the Company for the protection of Participants, provided that
the Board shall be of the good faith opinion that such additions will not be prejudicial to the rights or interests of the Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) making any amendments not inconsistent with the Plan as may be necessary or desirable with respect to
matters or questions which, in the good faith opinion of the Board, having in mind the best interests of the Participants it may be expedient
to make, including amendments that are desirable as a result of changes in law in any jurisdiction where a Participant resides, provided
that the Board shall be of the opinion that such amendments and modifications will not be prejudicial to the interests of the Participants;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) making such changes or corrections which, on the advice of counsel to the Company, are required for the
purpose of curing or correcting any ambiguity or defect or inconsistent provision or clerical omission or mistake or manifest error, provided
that the Board shall be of the opinion that such changes or corrections will not be prejudicial to the rights and interests of the Participants.

**Article 15<br> MISCELLANEOUS**

15.1 Legal Requirement

The Company is not obligated to grant any Awards, issue any Shares or other securities, make any payments or take any other action if, in the opinion of the Board, in its sole discretion, such action would constitute a violation by a Participant or the Company of any provision of any applicable statutory or regulatory enactment of any government or government agency or the requirements of any Exchange upon which the Shares may then be listed.

15.2 No Other Benefit

No amount will be paid to, or in respect of, a Participant under the Plan to compensate for a downward fluctuation in the price of a Share, nor will any other form of benefit be conferred upon, or in respect of, a Participant for such purpose. Except if and as required by applicable employment standards legislation, no Participant will be entitled to any damages or other compensation for any Award that does not vest or is forfeited or terminated due to termination of the Participant's employment with the Company or any Affiliate of the Company for any reason, as a result of the terms of any clawback, recoupment or similar policy adopted by the Company or an Affiliate of the Company or for any other reason as permitted under this Plan.

15.3 Rights of Participant

No Participant has any claim or right to be granted an Award and the granting of any Award is not to be construed as giving a Participant a right to remain as an employee or director of the Company or an employee or director of an Affiliate of the Company. No Participant has any rights as a shareholder of the Company in respect of Shares issuable pursuant to any Award until the allotment and issuance to such Participant, or as such Participant may direct, of certificates representing such Shares.

15.4 Corporate Action

Nothing contained in this Plan or in an Award shall be construed so as to prevent the Company from taking corporate action which is deemed by the Company to be appropriate or in its best interest, whether or not such action would have an adverse effect on this Plan or any Award.

15.5 Conflict

15.6 Except as otherwise expressly provided in the Award Agreement, the provisions of this Plan shall apply
to such grant. In the event of a conflict between the terms and conditions of a grant and the terms and conditions of the Participant's
employment agreement, the terms and conditions of the grant shall govern. Participant Information

Each Participant shall provide the Company with all information (including personal information) required by the Company in order to administer the Plan. Each Participant acknowledges that information required by the Company in order to administer the Plan may be disclosed to any custodian appointed in respect of the Plan and other third parties, and may be disclosed to such persons (including persons located in jurisdictions other than the Participant's jurisdiction of residence), in connection with the administration of the Plan. Each Participant consents to such disclosure and authorizes the Company to make such disclosure on the Participant's behalf.

15.7 Participation in the Plan

The participation of any Participant in the Plan is entirely voluntary and not obligatory and does not confer upon such Participant any rights or privileges other than those rights and privileges expressly provided in the Plan and do not constitute an express or implied term nor in any manner form part of the Participant's employment contract with the Company or a Designated Affiliate. In particular, participation in the Plan does not constitute a condition of employment or engagement nor a commitment on the part of the Company to ensure the continued employment or engagement of such Participant, nor does it form an integral part of the Participant's employment compensation. The Plan does not provide any guarantee against any loss which may result from fluctuations in the market value of the Shares. The Company does not assume responsibility for the income or other tax consequences for the Participants and they are advised to consult with their own tax advisors.

15.8 International Participants

With respect to Participants who reside or work outside Canada and the United States, the Board may, in its sole discretion, amend, or otherwise modify, without shareholder approval, the terms of the Plan or Awards with respect to such Participants in order to conform such terms with the provisions of local law, and the Board may, where appropriate, establish one or more sub-plans to reflect such amended or otherwise modified provisions.

15.9 Successors and Assigns

The Plan shall be binding on all successors and assigns of the Company and its Affiliates.

15.10 General Restrictions and Assignment

Except as required by law or as otherwise provided in the Plan, the rights of a Participant under the Plan are not capable of being assigned, transferred, alienated, sold, encumbered, pledged, mortgaged or charged and are not capable of being subject to attachment or legal process for the payment of any debts or obligations of the Participant unless otherwise approved by the Board.

15.11 Severability

The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision and any invalid or unenforceable provision shall be severed from the Plan.

15.12 Notices

All written notices to be given by the Participant to the Company shall be delivered personally, e-mail or mail, postage prepaid, addressed as follows:

Alithya Group inc.

700 René Lévesque Boulevard West, Suite 400

Montréal, Québec, Canada

H3B 1X8

Attention: Corporate Secretary

E-mail: <u>secretariat@alithya.com</u>

All notices to the Participant will be addressed to the principal address of the Participant on file with the Company. Either the Company or the Participant may designate a different address by written notice to the other. Such notices are deemed to be received, if delivered personally or by e-mail, on the date of delivery, and if sent by mail, on the fifth Business Day following the date of mailing. Any notice given by either the Participant or the Company is not binding on the recipient thereof until received.

15.13 Administrative Agent

The Company may in its sole discretion appoint from time to time one or more entities to act as administrative agent to administer Awards granted under the Plan, including to issue Award Agreements and receive notices from Participants.

15.14 Electronic Delivery

The Company or any administrative agent appointed by the Company may from time to time establish procedures for (i) the electronic delivery of any documents that the Company may elect to deliver (including, but not limited to, plan documents, award notices and agreements, and all other forms of communications) in connection with any award made under the Plan, (ii) the receipt of electronic instructions from Participants and/or (iii) an electronic signature system for delivery and acceptance of any such documents. Compliance with such procedures shall satisfy any requirement to provide documents in writing and/or for a document to be signed or executed.

15.15 Effective Date

This Plan becomes effective on a date to be determined by the Board, subject to the approval of the shareholders of the Company, if applicable.

15.16 Governing Law & Compliance with Employment Standards

This Plan and all matters to which reference is made herein shall be governed by and interpreted in accordance with the laws of the Province of Québec and the federal laws of Canada applicable therein.

It is understood and agreed that all provisions of this Plan and any Award Agreements are subject to all applicable minimum requirements of ESL and it is the intention of the Company and its Affiliates to comply with such minimum requirements. Accordingly, this Plan and any Award Agreements shall (a) not be interpreted as in any way waiving or contracting out of ESL, and (b) be interpreted to achieve compliance with ESL. In the event that ESL provides for superior rights or entitlements upon termination of employment or otherwise than provided for under this Plan and any Award Agreements, the Participant shall be provided with the Participant's minimum statutory entitlements under the ESL in substitution for the Participant's rights under the Plan. There shall be no presumption of strict interpretation against the Company or any Affiliate.

15.17 Submission to Jurisdiction

The Company and each Participant irrevocably submits to the exclusive jurisdiction of the courts of competent jurisdiction in the Province of Québec in respect of any action or proceeding relating in any way to the Plan, including with respect to the grant of Awards and any issuance of Shares made in accordance with the Plan.

## Exhibit 4.5

**Exhibit 4.5**

**ALITHYA group INC.**

**SHARE PURCHASE PLAN**

**ARTICLE 1**<br> PURPOSE and scope**

**1.1** Purpose and Scope of the Plan

The purpose of this Share Purchase Plan is to encourage and assist Eligible Employees of the Company and Designated Affiliates to acquire a proprietary interest in the Company by providing Eligible Employees with a convenient and regular method of acquiring Shares without payment of brokerage commissions or service charges. The Plan enables Participants to make regular personal investments in Shares by way of payroll deductions. The Plan also provides for matching employer contributions that are also invested in Shares.

**ARTICLE 2**<br> INTERPRETATION**

**2.1** Definitions

For purposes of the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Administrative Agent**" means TSX Trust Company or such other agent or other legally
permitted company as may be appointed by the Company from time to time to administer the Plan and act as Administrative Agent under the
Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Blackout Period**" means a routine or special trading blackout period imposed by the
Company to restrict trades in the Company's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Board**" means the board of directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**CEO**" means the Chief Executive Officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Committee**" means the Human Capital and Compensation Committee of the Board or such
other committee of the Board as may be appointed by the Board to administer the Plan in accordance with applicable law, provided, however,
that if no Human Capital and Compensation Committee is in existence at any particular time and the Board has not appointed another committee
of the Board to administer the Plan, all references in the Plan to "Committee" shall at such time be in reference to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Company**" means Alithya Group Inc. and its successors and assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Contributions**" means as of any date the aggregate amount of Participant Contributions
and Employer Contributions with respect to any Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Designated Affiliate**" means a Related Entity of the Company as designated by the Board
for purposes of the Plan from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**DRS**" means the Administrative Agent's Direct Registration System in which Shares
are recorded electronically;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Eligible Employee**" means an employee entitled to participate in the Plan in accordance
with Section 3.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Employer**" is defined in ARTICLE 7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Employer Contribution**" means the amount contributed by a Participant's Employer
on behalf of the Participant in accordance with ARTICLE 7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Enrolment Instructions**" means instructions with respect to enrolment in the Plan provided
in the manner made available by the Company or the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Limits of Matching Contributions**" means the limits set forth in the summary document
prepared by the Company and made available to Eligible Employees, as amended from time to time, which limits shall be approved by the
Human Capital and Compensation Committee (in the case of the CEO and the CEO's direct reports) or the CEO (in the case of all other
Eligible Employees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Participant**" means an Eligible Employee who has elected to participate in the Plan
in accordance with Section 3.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Participant Contribution**" is defined in Section 4.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Person**" means any individual, sole proprietorship, partnership, firm, entity, unincorporated
association, unincorporated syndicate, unincorporated organization, trust, body corporate, fund, organization or other group of organized
persons, government, government regulatory authority, governmental department, agency, commission, board, tribunal, dispute settlement
panel or body, bureau, court, and where the context requires any of the foregoing when they are acting as trustee, executor, administrator
or other legal representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Plan**" means this Share Purchase Plan as amended, restated, supplemented or otherwise
modified from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Rate of Contribution**" means up to 10% of the Participant's Salary, as elected
by the Participant on the Participant's filing of Enrolment Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Related Entity**" means a Person that is Controlled by or Controls the Company or that
is Controlled by the same Person that Controls the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**RRSP**" means a Registered Retirement Savings Plan established for the benefit of the
Participant with the Administrative Agent or its designee under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Salary**" means the regular gross annual salary (pre-tax or other withholdings) paid
to an Eligible Employee by the Company or a Designated Affiliate, exclusive of any overtime pay or shift premiums, commissions, vacation
pay, bonuses, reimbursements, disability payments, equity compensation income or similar income, special compensation, allowances or contributions
of any kind whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Share**" means a class A subordinate voting share of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Termination Notice**" is defined in Section 8.2; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**TFSA**" means a Tax Free Savings Account established with the Administrative Agent or
its designee under the Plan.

**2.2** Certain Rules of Interpretation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Board or, where applicable, the Committee or any sub-delegate of the Committee is to exercise
discretion in the administration of the terms and conditions of this Plan, the term "discretion" means the sole and absolute
discretion of the Board or the Committee or the sub-delegate of the Committee, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As used herein, the terms "Article" and "Section" mean and refer to the specified
Article or Section of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Words importing the singular include the plural and vice versa and words importing any gender include
any other gender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless otherwise specified, all references to money amounts are to Canadian currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Person (first Person) is considered to "Control" another Person (second Person) if the first
Person, directly or indirectly, has the power to direct the management and policies of the second Person by virtue of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ownership of or direction over voting securities in the second Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a written agreement or indenture,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) being the general partner or Controlling the general partner of the second Person, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) being a trustee of the second Person.

**ARTICLE 3**<br> ADMINISTRATION OF THE PLAN**

**3.1** Administration of the Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 3.1(b) & (c), this Plan will be administered by the Board and the Board has sole
and complete authority, in its discretion, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) interpret the Plan and prescribe, modify and rescind rules and regulations relating to the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exercise rights reserved to the Company under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) prescribe forms for notices to be prescribed by the Company under the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) make all other determinations and take all other actions as it considers necessary or advisable for the
implementation and administration of the Plan.

The Board's determinations and actions under this Plan are final, conclusive and binding on the Company, the Administrative Agent, the Participants and all other Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent permitted by applicable law, the Board may, from time to time, delegate to the Committee
all or any of the powers of the Board under the Plan, including the power to sub-delegate, to the extent permitted by applicable law,
to any specified officer of the Company all or any of the powers delegated to the Committee. In such event, the Committee or specified
officer will exercise the powers delegated to it by the Board and, if applicable, the Committee in the manner and on the terms authorized
by the Board and, if applicable, the Committee. Any decision made or action taken by the Committee or the specified officer arising out
of or in connection with the administration or interpretation of this Plan in this context is final, binding and conclusive on the Company,
the Administrative Agent, the Participants and all other Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has appointed the Administrative Agent to purchase and hold Shares on behalf of Participants
and maintain records respecting Shares held by the Administrative Agent or its designee for a Participant's RRSP or TFSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company may change the Administrative Agent and has sole discretion on the selection of the Administrative
Agent.

**3.2** Eligibility

All permanent employees of the Company or any Designated Affiliate are eligible to participate in the Plan (each, an "**Eligible Employee**"). The Company reserves the right to restrict eligibility or otherwise limit the number of employees eligible for participation in the Plan at any time.

**3.3** Election to Join the Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Eligible Employee may elect to participate in the Plan by delivering Enrolment Instructions in the
manner prescribed by the Company (in its sole discretion) specifying the Rate of Contribution of the Participant's Salary to be
deducted by payroll deduction and applied towards the purchase of Shares under this Plan. Upon receipt of an Eligible Employee's
Enrolment Instructions by the Company or the Administrative Agent, as applicable, the Eligible Employee shall be a Participant under the
Plan and shall be bound by all the terms and conditions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By delivering Enrolment Instructions, the Participant (i) authorizes the payroll deduction, (ii) directs
the Company or the Designated Affiliate that employs the Participant, as applicable, to pay the Employer Contribution to the Administrative
Agent to hold in the Participant's account, (iii) directs that all of the Participant Contributions to be held for the Participant,
except to the extent the Participant has specified in the Enrolment Instructions that a portion is to be held for the account of the Participant's
RRSP or TFSA, (iv) directs the Administrative Agent to establish and operate an account under the Plan in the name of the Participant
and (v) directs the Administrative Agent to reinvest all dividends (net of applicable tax withholdings, if any) allocated to the Participant's
account and payable to the Participant (net of applicable tax withholdings, if any) in additional Shares in accordance with Section 5.2.
By delivering Enrolment Instructions, the Participant also agrees to be bound by all the terms and conditions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Eligible Employees who are not already Participants may enrol, and Participants who wish to change or
suspend their Rate of Contribution may effect such change or suspension, and the Rate of Contribution in effect as of the last day of
the payroll period during which the Enrolment Instructions were received by the Company or the Administrative Agent shall be applied with
respect to contributions deducted for that payroll period; provided that if Enrolment Instructions are submitted during a Blackout Period
applicable to the Eligible Employee, such Enrolment Instructions will not be effective until the last day of the payroll period that ends
after the end of the Blackout Period, with the Rate of Contribution in effect as of such day being applied with respect to contributions
deducted for that payroll period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An individual may deliver Enrolment Instructions prior to the date the individual qualifies as an Eligible
Employee, but the individual's enrolment shall not become effective, and the individual shall not be a Participant, until after
the individual qualifies as an Eligible Employee.

**3.4** Participant Account

The Administrative Agent shall establish and maintain a separate account in the name of each Participant and shall record in each such account the amount of all Participant Contributions made by the Participant, all Employer Contributions made by the Participant's employer, the number of Shares standing to the credit of the Participant and any cash balance standing to the credit of the Participant. Although the Administrative Agent holds Shares on behalf of Participants, Participant RRSPs and Participant TFSAs, the Participant or the Participant's RRSP or TFSA, as applicable, is the actual and beneficial owner of the Shares.

**3.5** Participant RRSPs and Participant TFSAs

A Participant may establish an RRSP or a TFSA for purposes of participation in the Plan by filing with the Administrative Agent or its designee a completed application for an RRSP or a TFSA in the form provided by the Administrative Agent or any other method approved by the Company. No direction respecting Participant Contributions to be held for a Participant's RRSP or TFSA, and no direction to transfer Shares to a Participant's RRSP or TFSA shall be effective unless and until the Participant has received notice that an RRSP or TFSA, as applicable, has been established with the Administrative Agent or its designee for such Participant. If a direction respecting Participant Contributions to be held for a Participant's RRSP or TFSA is ineffective, the Participant Contributions shall instead be held for the Participant.

**It is the responsibility of the Participant to ensure that any Participant Contribution or transfer of Shares to the Participant's RRSP or TFSA does not exceed the Participant's allowable personal contribution limits for such accounts pursuant to the Income Tax Act (Canada) or other applicable laws.** 

A Participant may designate a person or persons to receive the benefits payable under the Participant's RRSP or TFSA by notice in such form and executed in such manner as required by the Administrative Agent or its designee. If, at the death of a Participant, the person designated as the beneficiary for an RRSP or TFSA shall not be living, such amount as may be payable on or after the Participant's death shall be paid to the estate of the Participant. The Administrative Agent or its designee may require a beneficiary for an RRSP or TFSA to execute and deliver such additional documents as the Administrative Agent or its designee may require in its sole discretion in order to be assured that the assets under the RRSP or TFSA are properly distributed in accordance with the terms hereof.

**ARTICLE 4**<br> CONTRIBUTIONS TO THE PLAN**

**4.1** Participant Contributions

An amount equal to the Rate of Contribution specified on a Participant's Enrolment Instructions shall be deducted from the Participant's Salary on each payroll date.

The Rate of Contribution contained in the Enrolment Instructions filed by the Participant at the time of the Participant's election to join the Plan shall remain in effect until changed by the Participant pursuant to Section 4.4 and Section 3.3, or until the Participant's participation in the Plan is terminated.

**4.2** Leave of Absence

Participant Contributions will be automatically suspended during any period in which a Participant is in receipt of short-term disability or long-term disability benefits under a plan sponsored by the Company or the Employer or is on a leave of absence.

**4.3** Right to Suspend or Limit Participation

Notwithstanding Section 4.1, the Committee may suspend a Participant's participation in the Plan or limit or reduce a Participant's authorized contribution level to a percentage which is less than the Participant's specified Rate of Contribution from time to time. Upon the adoption of any such limitation or reduction by the Committee, the Company shall give prompt notice to each affected Participant.

**4.4** Changes to and Suspension of a Participant's Rate of Contribution by a Participant

Without withdrawing from the Plan, a Participant may deliver new Enrolment Instructions in the manner prescribed by the Company (in its sole discretion) requesting a:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) reduction or increase in the Participant's Rate of Contribution within the limits of the Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) suspension of contributions to the purchase of Shares under the Plan.

Any such new Enrolment Instructions will become effective as of the payroll period determined in accordance with Section 3.3. During any period of suspension, a Participant shall remain a Participant under the Plan and shall remain subject to its terms.

No Participant may suspend contributions to the Plan more than once within any twelve (12) month period commencing on the date the Participant sent his or her suspension instruction, it being understood that such restriction shall not prohibit a Participant from resuming his or her contributions within that same twelve (12) month period. No Participant may increase or reduce his or her Rate of Contribution more than once within any six (6) month period commencing on the date the Participant sends his or her increase or reduction instructions. For greater clarity, the reduction of a Rate of Contribution to 0% shall be construed as a suspension.

**4.5** Remittance of Participant Contributions

Following the end of each calendar month, the amount deducted from each Participant (the "**Participant Contribution**") shall be forwarded by the Company to the Administrative Agent, together with a list showing for each Participant the amount of the Participant Contribution. All Participant Contributions shall be invested by the Administrative Agent in Shares in accordance with Section 5.1.

**4.6** Foreign Exchange

Any Participant Contributions or Employer Contributions made in a currency other than the currency in which the Administrative Agent will be purchasing Shares (which currency shall be determined in the sole discretion of the Company) will be converted by the Company, or in such manner as the Company may determine in its sole discretion, at the applicable prevailing rate at the time of conversion.

**4.7** RRSP and TFSA Transfers

A Participant may request to transfer a specified value of Shares into their RRSP or TFSA by filing with the Administrative Agent a completed application for an RRSP or TFSA, as applicable, in the form provided by the Administrative Agent or any other method approved by the Company and therein authorizing the Administrative Agent or its designee to transfer Shares equivalent to the Participant's specified value into such RRSP or TFSA. A Participant is allowed an unlimited number of transfers of Shares to their RRSP or TFSA.

**ARTICLE 5**<br> investment of contributions**

**5.1** Investment of Contributions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All accumulated Contributions with respect to a Participant as of the last day of each calendar month
shall be invested by the Administrative Agent to purchase Shares as promptly as practical following receipt thereof. Following receipt
of Contributions in respect of a particular calendar month, the Administrative Agent shall determine the aggregate amount of cash available
for the purchase of Shares or for reinvestment net of applicable taxes, if any, and the Administrative Agent shall use such amount to
purchase, as soon as practical, as agent for the Participants for whom the Administrative Agent holds Shares and not as principal, the
largest number of Shares which may be purchased with such aggregate sum. Such Shares shall be purchased on the market in the name of the
Administrative Agent or its nominee through a member firm of a stock exchange on which the Shares are listed at prevailing market prices.
The Administrative Agent will allocate purchased Shares (including fractional Shares) to the accounts of the Participants, including any
Participant RRSPs or TFSAs, promptly after all the Shares have been purchased. Any cash remaining in the Participant's account following
such Share purchase will be applied to the purchase of Shares on the Participant's behalf at the next purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the provisions of Section 5.1(a), the Administrative Agent may advise its broker to, in
its discretion, acting reasonably, limit the daily volume of purchases of Shares or cause such purchases to be made over several trading
days to the extent that such action is deemed by it to be necessary to avoid disrupting the market price for the Shares or otherwise be
in the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Administrative Agent is unable to purchase a sufficient number of Shares as of any date, the Administrative
Agent shall purchase Shares as they become available and shall allocate the Shares so purchased to Participant accounts in order of the
payroll period of which the Contributions were received by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent will allocate purchased Shares and any uninvested cash balance (until such cash
balance becomes sufficient to purchase additional Shares) to Participants' accounts to reflect Contributions invested on behalf
of the Participants. No interest will be paid on any uninvested cash balance in a Participant's account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All Shares purchased for and allocated to a Participant's account are immediately vested in the
Participant.

**5.2** Net Dividends and Warrants, Options and Other Rights Respecting Shares

Cash dividends net of applicable tax and other withholdings received by the Administrative Agent on Shares held on behalf of a Participant shall be invested by the Administrative Agent in Shares in accordance with Section 5.1 and credited to Participant accounts, including any Participant RRSPs or TFSAs. Share dividends received by the Administrative Agent on behalf of Participants will be credited to the Participants' accounts, including any Participant RRSPs or TFSAs. The Company has no obligation to declare or pay dividends on Shares and nothing in this Plan shall be interpreted as creating such an obligation.

All warrants, options or rights received by the Administrative Agent on Shares held on behalf of Participants shall be sold by the Administrative Agent on behalf of the Participants. The proceeds from the sale of any options, rights or warrants shall be used to purchase additional Shares which shall be invested by the Administrative Agent in Shares in accordance with Section 5.1 and credited to Participants' accounts, including any Participant RRSPs or TFSAs.

**5.3** Brokerage Costs for Acquisitions

Subject to Sections 6.1(a) & (b) and 6.2, the Company shall pay all expenses incurred in connection with the administration of this Plan. The Company shall be responsible for the brokerage costs incurred by the Administrative Agent in acquiring Shares in accordance with Section 5.1.

**5.4** Share Certificates and DRS Statements

Shares representing the aggregate holdings beneficially owned by all Participants participating in the Plan shall be registered in the name of the Administrative Agent or its nominee and shall be held by the Administrative Agent or its nominee on behalf of, and as agent for, each Participant, Participant RRSP and TFSA, as applicable, until withdrawn or sold in accordance with the terms of this Plan. On withdrawal of Shares, the Administrative Agent will provide DRS statements representing the Shares. Share certificates will not be issued to Participants except on demand. Participants shall be responsible for any costs of withdrawal including the cost of preparing a share certificate, where applicable.

**5.5** Voting of Shares

The Administrative Agent shall deliver to Participants for whom it holds Shares all notices of meetings and proxy materials distributed by the Company to its shareholders together with a voting instruction form. The whole number of Shares in each Participant's account will be voted in accordance with instructions given to the Administrative Agent by the Participant. Instructions by a Participant to the Administrative Agent shall be in such form and delivered pursuant to such regulations as the Administrative Agent may prescribe, and any such instructions to the Administrative Agent shall remain in the strict confidence of the Administrative Agent. If the Administrative Agent does not receive timely and proper instructions from a Participant regarding the voting of Shares in the Participant's account, such Shares shall not be voted.

**5.6** Deposit of Shares

The Administrative Agent shall not tender or deposit Shares held on behalf of a Participant to any issuer bid, take-over bid or other transaction (other than pursuant to a compulsory exchange or acquisition) except in accordance with the instructions given to the Administrative Agent in writing by the Participant.

**ARTICLE 6**<br> Withdrawal of shares**

**6.1** Withdrawal or Sale of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time, a Participant may, in the manner prescribed by the Administrative Agent, direct the Administrative
Agent to sell as agent for and on behalf of the Participant all Shares (including fractional Shares) or any number of whole Shares in
the Participant's account or, subject to the terms and conditions of the Participant's RRSP or TFSA, as applicable. The Administrative
Agent shall forthwith sell the number of Shares specified by the Participant and the proceeds of disposition for such Shares (net of applicable
taxes and other withholdings and transaction and brokerage costs) will be distributed to the Participant within fifteen business days
after the applicable settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time, a Participant may, in the manner prescribed by the Administrative Agent, make a request to
withdraw all Shares or any number of whole Shares which are eligible for withdrawal in the Participant's account. Following such
request, the Administrative Agent shall effect an electronic transfer to a brokerage account in the name of the Participant, covering
the number of withdrawn Shares specified by the Participant rounded down to the nearest whole number and, unless the Participant is terminated,
fractional Shares shall remain in the Participant's account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A direction to sell or request to withdraw Shares will only apply to Shares already credited to the Participant's
account at the time the request is made. For clarity, Participants may not provide standing instructions requesting that purchased Shares
be sold or certificated or electronically transferred to a brokerage account, but must submit a new direction or request after Shares
have been credited to the Participant's account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, a Participant may not sell or withdraw Shares pursuant to Sections 6.1(a)
or 6.1(b) until (i) in the case of Employer Contributions, the date that is six months following the date the Shares relating to the Employer
Contribution were recorded to the account of the Participant; and (ii) in the case of Shares related to dividends from Shares purchased
with Employer Contributions that have been credited to a Participant's account in accordance with Section 5.2, the date that is
six months following the date the underlying Shares to which the dividends relate were recorded to the Participant's account. Any
Participant who does not comply with this Section 6.1(d) will not be entitled to any Employer Contributions pursuant to ARTICLE 7 for
the three months following any such non-compliance. Notwithstanding the forgoing, these restrictions on withdrawal and sales shall not
apply to any individual whose participation in the Plan is terminated.

**6.2** Brokerage Costs

The Participant shall be responsible for the administration and brokerage costs incurred by the Administrative Agent in selling Shares on behalf of the Participant, as well as any costs associated with issuing share certificates or DRS statements or facilitating electronic broker transfers in accordance with Section 6.1(a) and (b) and any other costs, fees, expenses or taxes associated with the sale of any Shares on behalf of the Participant. The Participant authorizes the Administrative Agent to deduct from any amount distributed to the Participant pursuant to a sale of Shares the total of any and all brokerage or other costs associated with such sale.

**ARTICLE 7**<br> MATCHING contributionS**

The Company or the Designated Affiliate employing a Participant (in either case, the "**Employer**") shall, at the end of each calendar month, contribute on behalf of the Participant (including an individual whose participation in the Plan is terminated, but for whom the Company holds outstanding payroll deductions at the end of a calendar month) an amount equal to the Participant's Participant Contribution for that calendar month (subject to the Limits of Matching Contributions, including the maximum Rate of Contribution). All Employer Contributions shall be forwarded to the Administrative Agent, together with a listing of Employer Contributions remitted for each Participant. Any Employer Contributions shall be regarded as additional compensation paid to the Participant and any taxes payable to any jurisdiction with respect thereto shall, where required, be withheld from the salary or other compensation payable to the Participant. Employer Contributions may be made to the Participant's RRSP, but shall not be made to the Participant's TFSA. In any event, Shares held for the Participant in the Participant's account, including Shares acquired with Employer Contributions, may be subsequently transferred to the Participant's RRSP or TFSA, as applicable, pursuant to Section 4.7.

For purposes of this Plan, a Participant ceases to be employed on the date specified by the Employer acting reasonably, regardless of any period of reasonable notice or pay in lieu of notice that the Employer may be required by law to provide to the Participant.

**ARTICLE 8**<br> termination of participation**

**8.1** Automatic Termination

A Participant's participation in the Plan shall be terminated immediately upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Participant's death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Participant's cessation of active employment with the Employer for any reason (including retirement
or permanent disability), unless upon such cessation the Participant is employed with the Company or another Designated Affiliate and
otherwise still satisfies the requirements to qualify as an Eligible Employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any judgment, attachment, garnishment or other court order affecting the Participant's compensation
or the Participant's account under the Plan is filed or levied upon the Company, a Related Entity, the Employer or the Administrative
Agent or the Participant is legally adjudged incompetent or becomes bankrupt; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Employer ceasing to be a Designated Affiliate of the Company.

**8.2** Voluntary Termination by Participant and Election to Re-join the Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Participant may terminate his or her participation in the Plan at any time by giving notice in the manner
prescribed by the Company (in its sole discretion) (the "**Termination Notice** "). The Participant's Participant
Contributions will cease effective as of the payroll period during which the Termination Notice is received by the Company or the Administrative
Agent; provided that if the Termination Notice is submitted during a Blackout Period applicable to the Eligible Employee, it will not
be effective until the last day of the payroll period that ends after the end of the Blackout Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where a Participant has elected to voluntarily terminate his or her participation in the Plan in accordance
with Section 8.2(a), he or she may elect to re-join the Plan by delivering Enrolment Instructions in the manner prescribed by the Company
(in its sole discretion) and in accordance with Section 3.3 herein so long as he or she is an Eligible Employee at the time of such delivery.
No Participant may rejoin the Plan until at least twelve (12) months have elapsed since the date the Termination Notice was given.

**8.3** Withdrawal on Termination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within ninety (90) days following the termination of a Participant's participation in the Plan under
Sections 8.1 or 8.2 herein, the Participant shall take one of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) direct the Administrative Agent in the form requested by it to sell all of their Shares, including fractional
Shares, in which case the Administrative Agent shall proceed with the sale and remit the sales proceeds to the Participant in accordance
with Section 6.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) direct the Administrative Agent in the form requested by it to withdraw all of their Shares and transfer
them to a personal brokerage account, in which case the Administrative Agent shall forthwith effect an electronic transfer to the brokerage
account designated by the Participant, covering the number of whole Shares maintained in the Participant's account, rounded down
to the nearest whole number, in accordance with Section 6.1(b), and sell and remit to the Participant the sale proceeds of any fractional
Share remaining in the Participant's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) direct the Administrative Agent in the form requested by it that all their Shares be registered in DRS
form in the records of the Company's transfer agent, in which case the Administrative Agent shall forthwith withdraw the number
of Shares specified by the Participant rounded down to the nearest whole number and remit them to the Company's transfer agent who
will record them electronically and issue a DRS statement to be remitted to the Participant, and sell and remit to the Participant the
sale proceeds of any fractional Share remaining in the Participant's account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) direct the Administrative Agent in the form requested by it to proceed with a combination of (i) to (iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless the Company has other arrangements in place for Participants following the expiry of the ninety
(90) days period following their termination date, which arrangements shall be described in its documentation accompanying the Plan and
be available to Participants, Participants who fail to give instructions outlined in Section 8.3(a) above in respect of all of their Shares
within the prescribed period will be automatically considered as having elected to receive a DRS representing the Shares remaining in
their account upon such date rounded down to the nearest whole number, and any fractional Share remaining in the Participant's account
shall be sold by the Administrative Agent and sales proceeds remitted to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, if a Participant holds any Shares in an RRSP or TFSA, the Participant shall
provide instructions in the manner prescribed by the Administrative Agent or its designee or the Company for the transfer of such Shares
to another RRSP or TFSA within eighty (80) days following the termination of a Participant's participation in the Plan under Sections
8.1 or 8.2 herein; provided that if such instructions are not received by the Administrative Agent within such eighty (80) day period,
any Shares held by the Participant will be deregistered, a portion of the Shares will be sold to cover taxes and any other costs, fees
and expenses associated with the sale of Shares, and the remaining whole number of Shares will be registered in DRS form in the records
of the Company's transfer agent.

**ARTICLE 9**<br> general**

**9.1** Amendment, Suspension or Termination of the Plan

The Plan may be amended by the Board at any time in accordance with applicable securities laws or exchange rules, and without shareholder approval unless required by such laws or rules.

The Board may also suspend the Plan in whole or in part from time to time or terminate the Plan at any time. However, any amendment, suspension or termination shall not adversely affect the entitlement of the Participants to the full balance of their accounts, without their written consent. Written notice of any suspension or termination of the Plan will be sent to each Participant. If the Company terminates the Plan, the provisions of Section 8.3 herein will apply.

The Company may at any time terminate payroll deductions for all Participants. Notwithstanding such termination, Employer Contributions relating to Participant Contributions made prior to such termination and reinvestment of dividends and other amounts attributable to Shares in the Participants' accounts shall continue until the Participants' Shares have been withdrawn or sold.

This Plan shall automatically terminate following the day upon which all Shares purchased under the Plan have been withdrawn by Participants or sold for and on behalf of Participants and the net proceeds distributed to the Participants.

**9.2** Compliance with Laws

Participants shall cooperate with the Company in complying with any applicable legislation or the rules and regulations of any applicable stock exchange.

**9.3** Participation is Voluntary; No Additional Rights

The participation of any Participant in the Plan is entirely voluntary and not obligatory and shall not be interpreted as conferring upon a Participant any rights or privileges other than those rights and privileges expressly provided in the Plan and do not constitute an express or implied term or in any manner form part of the Participant's employment contract with the Company or a Designated Affiliate. In particular, participation in the Plan does not constitute a condition of employment or service nor a commitment on the part of the Company, a Designated Affiliate or a Related Entity to ensure the continued employment or service of the Participant. Nothing in this Plan shall be construed to provide the Participant with any rights whatsoever to participate or to continue participation in this Plan, or to compensation or damages in lieu of participation, whether upon termination of the Participant's employment or otherwise. The Company does not assume responsibility for the personal income tax or other tax consequences for the Participants and each Participant is advised to consult his or her personal tax advisors.

No Participant has any rights as a shareholder of the Company in respect of any Shares to be purchased under the Plan until the Shares have been purchased and credited to the account of such Participant.

**9.4** No Assignment

The Plan shall enure to the benefit of and be binding upon the Company, its successors and assigns. The interest of any Participant under the Plan shall not be transferable, assignable or alienable by him or her either by pledge, assignment or in any manner whatsoever.

**9.5** Taxes

The Participant shall be responsible for paying all income and other taxes applicable to Employer Contributions, and to dividends received on, and to transactions involving Shares held by the Administrative Agent on his or her behalf.

**9.6** Market Fluctuations

No amount will be paid to, or in respect of, a Participant under the Plan to compensate for a downward fluctuation in the price of the Shares, nor will any other form of benefit be conferred upon, or in respect of, a Participant for such purpose.

**9.7** Participant Information

Each Participant shall provide the Company with all information (including personal information) required by the Company in order to administer the Plan. The Company shall require that the Administrative Agent not use the personal information it receives in connection with this Plan except for purposes of the administration of this Plan and the performance of its obligations as Administrative Agent and to maintain procedures and security safeguards over such personal information with the same level of protection it affords to others for whom it performs employee compensation plan administrative services. Each Participant acknowledges that information required by the Company in order to administer the Plan may be disclosed to the Administrative Agent and other third parties, and may be disclosed to such Persons (including Persons located in jurisdictions other than the Participant's jurisdiction of residence), in connection with the administration of the Plan. Each Participant consents to such disclosure and authorizes the Company to make such disclosure on the Participant's behalf.

**9.8** Indemnification

Every director of the Company will at all times be indemnified and saved harmless by the Company from and against all costs, charges and expenses whatsoever including any income tax liability arising from any such indemnification, that such director may sustain or incur by reason of any action, suit or proceeding, taken or threatened against the director, otherwise than by the Company, for or in respect of any act done or omitted by the director in respect of this Plan, such costs, charges and expenses to include any amount paid to settle such action, suit or proceeding or in satisfaction of any judgement rendered therein.

**9.9** Withholdings

If at any time the Company or the Employer determines, in its discretion, acting reasonably, that the satisfaction of withholding tax or other withholding liabilities is necessary in connection with any purchase, sale or withdrawal of Shares or any Employer Contribution, the Company or the Employer, as applicable, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) withhold the minimum amount required to be remitted from any remuneration or other amount payable by it
or a Designated Affiliate to the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) require that a Participant pay such amount to the Company or the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) require the sale of a number of Shares in the Participant's account and the remittance to the Company
or the Employer of the net proceeds from such sale sufficient to satisfy such amount; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enter into other suitable arrangements for the receipt of such amount.

**9.10** Power to Manage the Company

The existence of this Plan does not affect in any way the right or power of the Company or its shareholders to make, authorize or determine any change in the Company's capital structure or its business, or any amalgamation, combination, arrangement, merger or consolidation involving the Company, to create or issue any debt instruments, Shares or other securities of the Company or to determine the rights and conditions attaching thereto, to effect the dissolution or liquidation of the Company or any sale or transfer of all or any part of its assets or business, or to effect any other corporate act or proceeding, whether or not any action referred to in this subsection would have an adverse effect on this Plan or on any Share purchased hereunder.

**9.11** Right to Terminate Employment

Neither this Plan nor any action taken hereunder shall interfere with the right of the employer of any Participant to terminate such Participant's employment at any time. Further, neither this Plan nor any action taken hereunder shall be construed as a guarantee of future employment.

**9.12** Electronic Documents

The Company and the Administrative Agent may from time to time establish procedures for (i) the electronic delivery of any documents that the Company may elect to deliver (including, but not limited to, plan documents, the Enrolment Instructions and all other forms of communications) in connection with participation in the Plan, (ii) the receipt of electronic or telephonic instructions from Participants and/or (iii) an electronic signature system for delivery and acceptance of any such documents. Compliance with such procedures shall satisfy any requirement to provide documents in writing and/or for a document to be signed or executed.

**9.13** Effective Date of the Plan

This Plan became effective on November 1<sup>st</sup>, 2018 and was amended on February 13, 2019, June 17, 2019, November 9, 2022, May 28, 2024 and November 13, 2025.

**9.14** Governing Law

This Plan and any Shares purchased hereunder shall be governed and construed in accordance with the laws of the Province of Québec. The Company and each Participant irrevocably submits to the exclusive jurisdiction of the courts of competent jurisdiction in the Province of Québec in respect of any action or proceeding relating in any way to the Plan.

**APPENDIX A** 

**TO THE** 

**ALITHYA GROUP INC.**

**SHARE PURCHASE PLAN**

**For California Residents Only**

This Appendix to the Share Purchase Plan (the "**Plan**") of Alithya Group Inc. (the "**Corporation**") shall have application only to Participants who are residents of the State of California. Capitalized terms contained herein shall have the same meanings given to them in the Plan, unless otherwise provided in this Appendix. **Notwithstanding any provision contained in the Plan to the contrary and to the extent required by applicable law, the following terms and conditions shall apply to all Shares purchased on behalf of residents of the State of California, until such time as the Shares of the Corporation may become listed on a U.S. national securities exchange:**

1. Shares shall be non-transferable other than by will, by the laws of descent and distribution, to a revocable
trust, or pursuant to registration under the Securities Act of 1933, as amended, and all applicable state securities laws or compliance
with an exemption therefrom.

2. The number of Shares purchasable pursuant to the Plan and the purchase price thereof shall be proportionately
adjusted in the event of a stock split, reverse stock split, stock dividend, recapitalization, combination, reclassification or other
distribution of the Shares without the receipt of consideration by the Corporation, of or on the Shares.

3. For so long as the Corporation is a foreign private issuer, as defined by Rule 3b-4 of the Securities
Exchange Act of 1934, as amended, and the number of California participants in the Plan to which options or Shares are issued does not
exceed thirty-five (35), the Corporation will not be required to obtain shareholder approval. Should the Corporation no longer qualify
as a foreign private issuer or the number of California participants in the Plan to which options or Shares are issued exceeds thirty-five
(35), shareholder approval will be obtained should it be required under California law.

4. The Corporation shall provide annual financial statements of the Corporation to each California participant
in the Plan. Such financial statements need not be audited and need not be issued to key employees whose duties at the Corporation assure
them access to equivalent information.

## Exhibit 5.1

**Exhibit 5.1**

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| ![](image_001.jpg) | **Stikeman Elliott LLP**<br> Barristers & Solicitors<br> 1155 René-Lévesque Blvd. W.<br> 41st Floor<br> Montréal, QC Canada H3B 3V2<br>Main: 514 397 3000<br> Fax: 514 397 3222<br> www.stikeman.com<br>|

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March 25, 2026 File No.: 1407111008

Alithya Group inc.<br> 700 René-Lévesque Boulevard West<br> Suite 400<br> Montréal Québec<br> H3B 1X8

Re: Alithya Group inc. - Registration Statement on Form S-8

We have acted as Canadian counsel to Alithya Group inc., a corporation incorporated under the *Business Corporations Act (Québec)* (the "**Corporation**"), in connection with the filing by the Corporation with the Securities and Exchange Commission (the "**Commission**") of a registration statement on Form S-8 (such registration statement, as it may be amended from time to time, is referred to herein as the "**Registration Statement**") relating to the registration under the United States Securities Act of 1933, as amended, of 1,319,363 Class A subordinate voting shares (the "**Subordinate Voting Shares**") in the capital of the Corporation for issuance under the Corporation's Long Term Incentive Plan (as amended and/or restated from time to time, the "**LTIP**").

We have examined the Registration Statement and the LTIP, and, for the purposes of this opinion, we have also examined originals or copies, certified or otherwise identified to our satisfaction, of and relied upon the following documents (collectively, the "**Corporate Documents**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) certificate of representatives of the Corporation with respect to the constating documents of the Corporation
and certain factual matters (the "**Officer's Certificate** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the certificate and articles of amendment of the Corporation attached to the Officer's Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the by-laws of the Corporation attached to the Officer's Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) certain resolutions of the Corporation's directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) certain resolutions of the Corporation's shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a certificate of good standing in respect
of the Corporation dated March 25, 2026 issued by the *Registraire des entreprises du Québec.* 

We also have reviewed such other documents, and have considered such questions of law, as we have deemed relevant and necessary as a basis for our opinion. As to various questions of fact material to the opinion rendered herein and which were not independently established, we have relied exclusively and without independent verification upon the Corporate Documents for purposes of providing the opinion we have expressed below. We have not conducted any independent enquiries or investigations in respect of the opinion hereinafter expressed.

![](image_001.jpg)<sub>2</sub>

In examining all documents and in providing our opinions below we have assumed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all individuals had the requisite legal capacity and all signatures are genuine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all documents submitted to us as originals are complete and authentic and all photostatic, certified,
telecopied, notarial or other copies conform to the originals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all facts set forth in the official public records, certificates and documents supplied by public officials
or otherwise conveyed to us by public officials are complete, true and accurate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all facts set forth in the certificates supplied by the respective officers and directors, as applicable,
of the Corporation including, without limitation, the Officer's Certificate, are complete, true and accurate.

We are qualified to carry on the practice of law only in the Province of Québec and we express no opinion as to any laws, or matters governed by any laws, other than the laws of the Province of Québec and the federal laws of Canada applicable therein. Any reference to the laws of the Province of Québec includes the laws of Canada applicable therein. Our opinions are expressed with respect to the laws of the Province of Québec in effect on the date of this opinion and we do not accept any responsibility to inform the addressees of any change in law subsequent to this date that does or may affect the opinions we express.

Where our opinion below refers to the Subordinate Voting Shares to be issued as being "fully-paid and non-assessable", such opinion assumes that all required consideration (in whatever form) has been or will be paid or provided. No opinion is expressed as to the adequacy of any consideration received.

Based and relying upon and subject to the foregoing, and subject to the assumptions, qualifications and limitations set forth in this opinion, we are of the opinion at the date hereof that the Subordinate Voting Shares have been duly and validly authorized for issuance and, if and when issued in accordance with such authorization and the terms and conditions of the LTIP, will be validly issued as fully paid and non-assessable.

This opinion is rendered solely in connection with the Registration Statement and is expressed as of the date hereof. Our opinion is expressly limited to the matters set forth above and we render no opinion, whether by implication or otherwise, as to any other matters relating to Company, the Registration Statement or the Shares. This opinion may not be used or relied upon by you for any other purpose or used or relied upon by any other person.

We consent to the inclusion of this opinion as an exhibit to the Registration Statement. In giving this consent, we do not admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act or the rules promulgated thereunder.

Yours truly,

/s/ Stikeman Elliott LLP

Stikeman Elliott LLP

## Exhibit 23.2

**Exhibit 23.2**

**Consent of Independent Registered Public Accounting Firm**

The Board of Directors

Alithya Group inc.

We consent to the use of our report dated June 12, 2025 on the consolidated financial statements of Alithya Group inc. (the "Entity"), which comprise the consolidated statements of financial position as of March 31, 2025 and March 31, 2024, the related consolidated statements of operations and comprehensive income (loss), changes in shareholders' equity, and cash flows for the years ended March 31, 2025 and 2024, and the related notes, and our report dated June 12, 2025 on the effectiveness of the Entity's internal control over financial reporting as of March 31, 2025, which are incorporated by reference in the Form S-8 dated March 25, 2026 of the Entity.

/s/ KPMG LLP

March 25, 2026

Montréal, Canada

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Alithya Group inc**  |

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| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Common Shares not subject to outstanding awards | 457(a) | 8114033 | $0.98 | $7951752.34 | 0.0001381 | $1098.14 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $7951752.34  |  | $1098.14  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $1098.14  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Pursuant to Rule 416(a) under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), this registration statement also covers an indeterminate number of additional Class A subordinate voting shares, no par value (the "Shares") of Alithya Group inc. (the "Company") that may be offered and issued to prevent dilution resulting from share splits, share dividends, recapitalizations, mergers, reorganizations or similar transactions as provided in the Company's Long Term Incentive Plan (the "LTIP") and the Company's Share Purchase Plan (the "SPP"). Represents (i) 1,319,363 Shares to be issued pursuant to future awards under the LTIP and (ii) 6,794,670 Shares that may be purchased by the plan administrator from the secondary market for the account of eligible participants under the SPP. Calculated in accordance with Rule 457(c) and (h) under the U.S. Securities Act based on the average of the high and low prices for the Shares reported on the Toronto Stock Exchange on March 23, 2026, which was $0.98 per Share (converted from CAD$1.35 at an exchange rate of CAD$1.00 = $0.7290 which was the daily average exchange rate reported by the Bank of Canada on March 23, 2026).

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| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

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