# EDGAR Filing Document

**Accession Number:** 0001581178
**File Stem:** 0001193125-26-038116
**Filing Date:** 2026-2
**Character Count:** 328344
**Document Hash:** 91e86323e1a1466513233ac89fa019dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-038116.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001193125-26-038116

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 24

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260204

**EFFECTIVENESS DATE**: 20260205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EUPRAXIA PHARMACEUTICALS INC.
- **CENTRAL INDEX KEY:** 0001581178
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293214
- **FILM NUMBER:** 26600102

**BUSINESS ADDRESS:**
- **STREET 1:** 201-2067 CADBORO BAY RD.
- **CITY:** VICTORIA
- **STATE:** A1
- **ZIP:** V8R 5G4
- **BUSINESS PHONE:** 250-590-3968

**MAIL ADDRESS:**
- **STREET 1:** 201-2067 CADBORO BAY RD.
- **CITY:** VICTORIA
- **STATE:** A1
- **ZIP:** V8R 5G4

**As filed with the Securities and Exchange Commission on February 4, 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***

## EUPRAXIA PHARMACEUTICALS INC.
**(Exact name of Registrant as specified in its charter)** 

---

| | |
|:---|:---|
| **British Columbia, Canada** | **Not Applicable** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. Employer**<br> **Identification No.)** |
| **201-2067 Cadboro Bay Road**<br> **Victoria, British Columbia, Canada** | **V8R 5G4** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**Eupraxia Pharmaceuticals Inc. 2025 Omnibus Incentive Plan** 

**(Full title of the plan)** 

**C T Corporation System** 

**1015 15th Street N.W., Suite 1000** 

**Washington, D.C. 20005** 

**(Name and address of agent for service)** 

**(202) 572-3133** 

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

***Copies to:***

---

| | |
|:---|:---|
| **Joseph A. Garcia**<br> **Michelle Noorani**<br> **Blake, Cassels & Graydon LLP**<br> **1133 Melville Street, Suite 3500**<br> **Vancouver, British Columbia, Canada**<br> **V6E 4E5**<br> **(604) 631-3300** | **Thomas M. Rose**<br> **Nicole A. Edmonds**<br> **Troutman Pepper Locke LLP**<br> **111 Huntington Avenue, 9th Floor**<br> **Boston, Massachusetts 02199-7613**<br> **United States**<br> **(757) 687-7715** |

---

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 | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
|  |  | 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. ☐

------

**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 United States Securities and Exchange Commission (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>.

Eupraxia Pharmaceuticals Inc. (the "**Company**") incorporates by reference in this registration statement the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [The Company's Annual Report on Form 40-F for the fiscal year ended December 31, 2024, filed with the SEC on March 20, 2025;](http://www.sec.gov/Archives/edgar/data/1581178/000119312525059352/d887586d40f.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 March 31, 2025 (except for Exhibit 99.3 thereto), furnished to the SEC on May 6, 2025](http://www.sec.gov/Archives/edgar/data/1581178/000119312525113877/d921125d6k.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 June 30, 2025 (except for Exhibit 99.3 thereto), furnished to the SEC on August 13, 2025](http://www.sec.gov/Archives/edgar/data/1581178/000119312525179135/d54647d6k.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 September 30, 2025 (except for Exhibit 99.3 thereto), furnished to the SEC on November 4, 2025](http://www.sec.gov/Archives/edgar/data/1581178/000119312525264619/d35661d6k.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [The Company's Report on Form 6-K with the management information circular for the annual general and special meeting of shareholders held on June 2, 2025, furnished to the SEC on June 2, 2025](http://www.sec.gov/Archives/edgar/data/1581178/000117184325003547/f6k_053025.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's Reports on Forms 6-K with material change reports
dated February 20, 2025 and September 25, 2025, furnished to the SEC on [September 19, 2025](http://www.sec.gov/Archives/edgar/data/1581178/000119312525209033/d82327d6k.htm) and [September 29, 2025](http://www.sec.gov/Archives/edgar/data/1581178/000119312525223295/d946448d6k.htm) ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The description of the Company's common shares contained in its Registration Statement on [Form 8-A](http://www.sec.gov/Archives/edgar/data/1581178/000119312524010298/d127454d8a12b.htm) (File No. 001-41923) filed with the SEC on January 18, 2024 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 documents filed by the Company pursuant to Sections 13(a), 13(c), 14 or 15(d) of the U.S. Exchange Act, and any document of the type referred to in the list above, as well as Form 6-Ks furnished by the Company to the SEC that include business acquisition reports, filed or furnished by the Company subsequent to the date of this registration statement and prior to the filing of a post-effective amendment to this registration statement which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this registration statement and to be a part hereof commencing on the respective dates on which such documents are filed or furnished. The Company may incorporate by reference into this registration statement any other Form 6-K that is submitted to the SEC after the date of the filing of this registration statement and prior to the filing of a post-effective amendment to this registration statement which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold. In addition to any Form 6-K furnishing the type of documents referred to in the bulleted list above (which shall be deemed to be incorporated by reference into this registration statement), any such other Form 6-K that the Company intends to so incorporate shall state in such form that it is being incorporated by reference into this registration statement.

Item 4. <u>Description of Securities</u>.

Not applicable.

Item 5. <u>Interests of Named Experts and Counsel</u>.

Not applicable.

Item 6. <u>Indemnification of Directors and Officers</u>.

The Company is subject to the provisions of the *Business Corporations Act* (British Columbia) (the "**BCBCA**").

Under Section 160 of the BCBCA, an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is or was a director or officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is or was a director or officer of another corporation at a time when the corporation is or was an affiliate of
the Company, or at the request of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at the request of the Company, is or was, or holds or held a position equivalent to that of, a director or
officer of a partnership, trust, joint venture or other unincorporated entity,

and including, subject to limited exceptions, the heirs and personal or other legal representatives of that individual (collectively, an "eligible party"), may be indemnified by the Company against a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, a proceeding (an "eligible penalty") in which, by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, the Company or an associated corporation, (a) the eligible party is or may be joined as a party, or (b) the eligible party is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding ("eligible proceeding") to which the eligible party is or may be liable. Section 160 of the BCBCA also permits the Company to pay the expenses actually and reasonably incurred by an eligible party after the final disposition of the eligible proceeding.

------

Under Section 161 of the BCBCA, the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by the eligible party in respect of that proceeding if the eligible party (a) has not been reimbursed for those expenses, and (b) is wholly successful, on the merits or otherwise, in the outcome of the proceeding or is substantially successful on the merits in the outcome of the proceeding.

Under Section 162 of the BCBCA and subject to Section 163 of the BCBCA, the Company may pay, as they are incurred in advance of the final disposition of an eligible proceeding, the expenses actually and reasonably incurred by an eligible party in respect of that proceeding; provided the Company must not make such payments unless it first receives from the eligible party a written undertaking that, if it is ultimately decided that the payment of expenses is prohibited by Section 163, the eligible party will repay the amounts advanced.

Under Section 163 of the BCBCA, the Company must not indemnify an eligible party against eligible penalties to which the eligible party is or may be liable or pay the expenses of an eligible party in respect of that proceeding under Sections 160, 161 or 162 of the BCBCA, as the case may be, if any of the following circumstances apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the indemnity or payment is made under an earlier agreement to indemnify or pay expenses and, at the time that
the agreement to indemnify or pay expenses was made, the Company was prohibited from giving the indemnity or paying the expenses by its articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the indemnity or payment is made otherwise than under an earlier agreement to indemnify or pay expenses and,
at the time that the indemnity or payment is made, the Company is prohibited from giving the indemnity or paying the expenses by its articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, in relation to the subject matter of the eligible proceeding, the eligible party did not act honestly and in
good faith with a view to the best interests of the Company or the associated corporation, as the case may be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of an eligible proceeding other than a civil proceeding, if the eligible party did not have
reasonable grounds for believing that the eligible party's conduct in respect of which the proceeding was brought was lawful.

If an eligible proceeding is brought against an eligible party by or on behalf of the Company or by or on behalf of an associated corporation, the Company must not either indemnify the eligible party against eligible penalties to which the eligible party is or may be liable in respect to the proceeding, or, after the final disposition of an eligible proceeding, pay the expenses of the eligible party under Sections 160, 161 or 162 of the BCBCA, as the case may be, in respect of the proceeding.

Under Section 164 of the BCBCA, and despite any other provision of Part 5, Division 5 of the BCBCA and whether or not payment of expenses or indemnification has been sought, authorized or declined under Part 5, Division 5 of the BCBCA, the Supreme Court of British Columbia may, on application of the Company or an eligible party, do one or more of the following things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• order the Company to indemnify an eligible party against any liability incurred by the eligible party in respect
of an eligible proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• order the Company to pay some or all of the expenses incurred by an eligible party in respect of an eligible
proceeding;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• order the enforcement of, or payment under, an agreement of indemnification entered into by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• order the Company to pay some or all of the expenses actually and reasonably incurred by any person in obtaining
an order under Section 164 of the BCBCA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any other order the court considers appropriate.

Section 165 of the BCBCA provides that the Company may purchase and maintain insurance for the benefit of an eligible party or the heirs and personal or other legal representatives of the eligible party against any liability that may be incurred by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, the Company or an associated corporation.

The foregoing description is qualified in its entirety by reference to the BCBCA.

Under the articles of the Company, subject to the provisions of the BCBCA, the Company must indemnify a current or former director, alternate director or officer of the Company and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each director, alternate director and officer is deemed to have contracted with the Company on the terms of the indemnity contained in the Company's articles.

Under the articles of the Company, subject to provisions of the BCBCA, the Company may agree to indemnify and may indemnify any person. The Company has entered into indemnity agreements with all of the Company's directors and officers.

Pursuant to the articles of the Company, the failure of a director, alternate director or officer of the Company to comply with the BCBCA or the Company's articles does not invalidate any indemnity to which he or she is entitled under the Company's articles.

Under the articles of the Company, the Company has purchased directors' and officers' liability insurance that, under certain circumstances, insures its directors and officers against the costs of defense, settlement, or payment of a judgment.

Reference is made to Item 9 for the undertakings of the Company with respect to indemnification of liabilities arising under the U.S. Securities Act.

**Insofar as indemnification for liabilities arising under the U.S. Securities Act may be permitted to directors, officers or persons controlling the registrant pursuant to the foregoing provisions, the registrant has been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the U.S. Securities Act, and is therefore unenforceable.** 

------

Item 7. <u>Exemption from Registration Claimed</u>.

Not applicable.

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

The exhibits listed under the caption "Exhibits Index" of this registration statement are incorporated by reference herein.

Item 9. <u>Undertakings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes:

&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;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in the
volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in the volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in
the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the
registration statement or any material change to such information in the registration statement;

*Provided, however,* that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the U.S. Exchange Act that are incorporated by reference in the registration statement.

&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;(2) That, for the purpose of determining any liability under the U.S. Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

------

&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;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant hereby undertakes that, for purposes of determining any liability under the U.S. Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the U.S. Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the U.S. Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Insofar as indemnification for liabilities arising under the U.S. Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the U.S. Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the U.S. Securities Act and will be governed by the final adjudication of such issue.

------

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 4.1\* | [Articles of Eupraxia Pharmaceuticals Inc. (as amended)](d21870dex41.htm) |
| 4.2 | [Eupraxia Pharmaceuticals Inc. specimen common share certificate (incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form S-8 (File No. 333-278534) filed with the SEC on April 5, 2024).](http://www.sec.gov/Archives/edgar/data/1581178/000119312524088619/d811610dex41.htm) |
| 4.3\* | [Eupraxia Pharmaceuticals Inc. 2025 Omnibus Incentive Plan.](d21870dex43.htm) |
| 4.4\* | [Form of Incentive Stock Option Grant Agreement for U.S. Optionees under the Eupraxia Pharmaceuticals Inc. 2025 Omnibus Incentive Plan.](d21870dex44.htm) |
| 4.5\* | [Form of Non-Qualified Stock Option Grant Agreement for U.S. Optionees under the Eupraxia Pharmaceuticals Inc. 2025 Omnibus Incentive Plan.](d21870dex45.htm) |
| 4.6\* | [Form of Restricted Stock Unit Award Agreement for employees and executives under the Eupraxia Pharmaceuticals Inc. 2025 Omnibus Incentive Plan.](d21870dex46.htm) |
| 4.7\* | [Form of Restricted Stock Unit Award Agreement for directors under the Eupraxia Pharmaceuticals Inc. 2025 Omnibus Incentive Plan.](d21870dex47.htm) |
| 4.8\* | [Form of Deferred Share Unit Award Agreement under the Eupraxia Pharmaceuticals Inc. 2025 Omnibus Incentive Plan.](d21870dex48.htm) |
| 5.1\* | [Opinion of Blake, Cassels & Graydon LLP.](d21870dex51.htm) |
| 23.1\* | [Consent of Blake, Cassels & Graydon LLP (contained in Exhibit 5.1 hereto).](d21870dex51.htm) |
| 23.2\* | [Consent of KPMG LLP.](d21870dex232.htm) |
| 24.1\* | [Power of Attorney (included on the signature page of this registration statement).](#sig) |
| 107\* | [Filing Fee Table](d21870dexfilingfees.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 Victoria, Province of British Columbia, Canada, on February 4, 2026.

---

| | |
|:---|:---|
| **Eupraxia Pharmaceuticals Inc.** | **Eupraxia Pharmaceuticals Inc.** |
| By: | /s/ James A. Helliwell |
|  | Name: James A. Helliwell |
|  | Title: Chief Executive Officer |

---

**POWERS OF ATTORNEY** 

Each person whose signature appears below constitutes and appoints James A. Helliwell and Alex Rothwell, 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 February 4, 2026.

---

| | |
|:---|:---|
| **Signatures** | **Title** |
| /s/ James A. Helliwell | Chief Executive Officer and Director |
| James A. Helliwell | (Principal Executive Officer) |
| /s/ Alex Rothwell | Chief Financial Officer |
| Alex Rothwell | (Principal Financial and Accounting Officer) |
| /s/ Simon Pimstone | Chairman of the Board and Director |
| Simon Pimstone |  |
| /s/ Richard Glickman | Director |
| Richard Glickman |  |
| /s/ Joseph Freedman | Director |
| Joseph Freedman |  |
| /s/ John Montalbano | Director |
| John Montalbano |  |
| /s/ Michael Wilmink | Director |
| Michael Wilmink |  |
| /s/ Paul Geyer | Director |
| Paul Geyer |  |

---

------

**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 Eupraxia Pharmaceuticals Inc. in the United States, on February 4, 2026.

---

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

---

## Exhibit 4.1

**Exhibit 4.1** 

Number: **C0940331**

***BUSINESS CORPORATIONS ACT***

**ARTICLES** 

**of** 

**EUPRAXIA PHARMACEUTICALS INC.** 

***(as amended)***

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  **PART 1 INTERPRETATION** | **1** |
|  **PART 2 SHARES AND SHARE CERTIFICATES** | **2** |
|  **PART 3 ISSUE OF SHARES** | **3** |
|  **PART 4 SHARE REGISTERS** | **4** |
|  **PART 5 SHARE TRANSFERS** | **4** |
|  **PART 6 TRANSMISSION OF SHARES** | **6** |
|  **PART 7 PURCHASE, REDEEM OR OTHERWISE ACQUIRE SHARES** | **6** |
|  **PART 8 BORROWING POWERS** | **7** |
|  **PART 9 ALTERATIONS** | **8** |
|  **PART 10 MEETINGS OF SHAREHOLDERS** | **9** |
|  **PART 11 PROCEEDINGS AT MEETINGS OF SHAREHOLDERS** | **11** |
|  **PART 12 VOTES OF SHAREHOLDERS** | **15** |
|  **PART 13 DIRECTORS** | **19** |
|  **PART 14 ELECTION AND REMOVAL OF DIRECTORS** | **20** |
|  **PART 15 ALTERNATE DIRECTORS** | **23** |
|  **PART 16 POWERS AND DUTIES OF DIRECTORS** | **24** |
|  **PART 17 INTERESTS OF DIRECTORS AND OFFICERS** | **25** |
|  **PART 18 PROCEEDINGS OF DIRECTORS** | **26** |
|  **PART 19 EXECUTIVE AND OTHER COMMITTEES** | **29** |
|  **PART 20 OFFICERS** | **30** |
|  **PART 21 INDEMNIFICATION** | **31** |
|  **PART 22 DIVIDENDS** | **32** |
|  **PART 23 ACCOUNTING RECORDS AND AUDITOR** | **34** |
|  **PART 24 NOTICES** | **35** |
|  **PART 25 SEAL** | **37** |
|  **PART 26 PROHIBITIONS** | **38** |
|  **PART 27 SPECIAL RIGHTS AND RESTRICTIONS PREFERRED SHARES** | **38** |
|  **PART 28 SPECIAL RIGHTS AND RESTRICTIONS SERIES 1 PREFERRED SHARES** | **40** |

---

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Number: **C0940331**

***BUSINESS CORPORATIONS ACT***

**ARTICLES** 

**of** 

**EUPRAXIA PHARMACEUTICALS INC.** 

**(the "Company")** 

***(as amended)***

**PART 1** 

**INTERPRETATION** 

**Definitions** 

1.1 In these Articles, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Act**" means the *Business Corporations Act* (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**board of directors**", "**directors**" and "**board**" mean the directors or sole director of the Company for the time being;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Interpretation Act**" means the *Interpretation Act* (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**legal personal representative**" means the personal or other legal representative of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**registered address**" of a shareholder means the shareholder's address as recorded in the central securities register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**seal**" means the seal of the Company, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**share**" means a share in the share structure of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**special majority**" means the majority of votes described in §11.2 which is required to pass a special resolution.

**Act and Interpretation Act Definitions Applicable** 

1.2 The definitions in the Act and the definitions and rules of construction in the Interpretation Act, with the necessary changes, so far as applicable, and except as the context requires otherwise, apply to these Articles as if they were an enactment. If there is a conflict between a definition in the Act and a definition or rule in the Interpretation Act relating to a term used in these Articles, the definition in the Act will prevail. If there is a conflict or inconsistency between these Articles and the Act, the Act will prevail.

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**PART 2** 

**SHARES AND SHARE CERTIFICATES** 

**Authorized Share Structure** 

2.1 The authorized share structure of the Company consists of shares of the class or classes and series, if any, described in the Notice of Articles of the Company.

**Form of Share Certificate** 

2.2 Each share certificate issued by the Company must comply with, and be signed as required by, the Act.

**Shareholder Entitled to Certificate or Acknowledgment** 

2.3 Each shareholder is entitled, without charge, to (a) one share certificate representing the shares of each class or series of shares registered in the shareholder's name or (b) a non-transferable written acknowledgment of the shareholder's right to obtain such a share certificate, provided that in respect of a share held jointly by several persons, the Company is not bound to issue more than one share certificate or acknowledgment and delivery of a share certificate or an acknowledgment to one of several joint shareholders or to a duly authorized agent of one of the joint shareholders will be sufficient delivery to all.

**Delivery by Mail** 

2.4 Any share certificate or non-transferable written acknowledgment of a shareholder's right to obtain a share certificate may be sent to the shareholder by mail at the shareholder's registered address and neither the Company nor any director, officer or agent of the Company is liable for any loss to the shareholder because the share certificate or acknowledgement is lost in the mail or stolen.

**Replacement of Worn Out or Defaced Certificate or Acknowledgement** 

2.5 If a share certificate or a non-transferable written acknowledgment of the shareholder's right to obtain a share certificate is worn out or defaced, the Company must, on production of the share certificate or acknowledgment, as the case may be, and on such other terms, if any, as are deemed fit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel the share certificate or acknowledgment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue a replacement share certificate or acknowledgment.

**Replacement of Lost, Stolen or Destroyed Certificate or Acknowledgment** 

2.6 If a share certificate or a non-transferable written acknowledgment of a shareholder's right to obtain a share certificate is lost, stolen or destroyed, the Company must issue a replacement share certificate or acknowledgment, as the case may be, to the person entitled to that share certificate or acknowledgment, if it receives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) proof satisfactory to it of the loss, theft or destruction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any indemnity the directors consider adequate.

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**Splitting Share Certificates** 

2.7 If a shareholder surrenders a share certificate to the Company with a written request that the Company issue in the shareholder's name two or more share certificates, each representing a specified number of shares and in the aggregate representing the same number of shares as the share certificate so surrendered, the Company must cancel the surrendered share certificate and issue replacement share certificates in accordance with that request.

**Certificate Fee** 

2.8 There must be paid to the Company, in relation to the issue of any share certificate under §2.5, §2.6 or §2.7, the amount, if any, not exceeding the amount prescribed under the Act, determined by the directors.

**Recognition of Trusts** 

2.9 Except as required by law or statute or these Articles, no person will be recognized by the Company as holding any share upon any trust, and the Company is not bound by or compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial interest in any share or fraction of a share or (except as required by law or statute or these Articles or as ordered by a court of competent jurisdiction) any other rights in respect of any share except an absolute right to the entirety thereof in the shareholder.

**PART 3** 

**ISSUE OF SHARES** 

**Directors Authorized** 

3.1 Subject to the Act and the rights, if any, of the holders of issued shares of the Company, the Company may allot, issue, sell or otherwise dispose of the unissued shares, and issued shares held by the Company, at the times, to the persons, including directors, in the manner, on the terms and conditions and for the consideration (including any premium at which shares with par value may be issued) that the directors may determine. The issue price for a share with par value must be equal to or greater than the par value of the share.

**Commissions and Discounts** 

3.2 The Company may at any time pay a reasonable commission or allow a reasonable discount to any person in consideration of that person's purchase or agreement to purchase shares of the Company from the Company or any other person's procurement or agreement to procure purchasers for shares of the Company.

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**Brokerage** 

3.3 The Company may pay such brokerage fee or other consideration as may be lawful for or in connection with the sale or placement of its securities.

**Conditions of Issue** 

3.4 Except as provided for by the Act, no share may be issued until it is fully paid. A share is fully paid when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consideration is provided to the Company for the issue of the share by one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) past services performed for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) money; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the value of the consideration received by the Company equals or exceeds the issue price set for the share under §3.1.

**Share Purchase Warrants and Rights** 

**PART 4** 

**SHARE REGISTERS** 

**Central Securities Register** 

4.1 As required by and subject to the Act, the Company must maintain in British Columbia a central securities register and may appoint an agent to maintain such register. The directors may appoint one or more agents, including the agent appointed to keep the central securities register, as transfer agent for shares or any class or series of shares and the same or another agent as registrar for shares or such class or series of shares, as the case may be. The directors may terminate such appointment of any agent at any time and may appoint another agent in its place.

**PART 5** 

**SHARE TRANSFERS** 

**Registering Transfers** 

5.1 A transfer of a share must not be registered unless the Company or the transfer agent or registrar for the class or series of shares to be transferred has received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) except as exempted by the Act, a duly signed proper instrument of transfer in respect of the share;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a share certificate has been issued by the Company in respect of the share to be transferred, that share certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if a non-transferable written acknowledgment of the shareholder's right to obtain a share certificate has been issued by the Company in respect of the share to be transferred, that acknowledgment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other evidence, if any, as the Company or the transfer agent or registrar for the class or series of share to be transferred may require to prove the title of the transferor or the transferor's right to transfer the share, the due signing of the instrument of transfer and the right of the transferee to have the transfer registered.

**Form of Instrument of Transfer** 

5.2 The instrument of transfer in respect of any share of the Company must be either in the form, if any, on the back of the Company's share certificates of that class or series or in some other form that may be approved by the directors.

**Transferor Remains Shareholder** 

5.3 Except to the extent that the Act otherwise provides, the transferor of a share is deemed to remain the holder of it until the name of the transferee is entered in a securities register of the Company in respect of the transfer.

**Signing of Instrument of Transfer** 

5.4 If a shareholder, or the shareholder's duly authorized attorney, signs an instrument of transfer in respect of shares registered in the name of the shareholder, the signed instrument of transfer constitutes a complete and sufficient authority to the Company and its directors, officers and agents to register the number of shares specified in the instrument of transfer or specified in any other manner, or, if no number is specified, all the shares represented by the share certificates or set out in the written acknowledgments deposited with the instrument of transfer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the name of the person named as transferee in that instrument of transfer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no person is named as transferee in that instrument of transfer, in the name of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered.

**Enquiry as to Title Not Required** 

5.5 Neither the Company nor any director, officer or agent of the Company is bound to inquire into the title of the person named in the instrument of transfer as transferee or, if no person is named as transferee in the instrument of transfer, of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered or is liable for any claim related to registering the transfer by the shareholder or by any intermediate owner or holder of the shares transferred, of any interest in such shares, of any share certificate representing such shares or of any written acknowledgment of a right to obtain a share certificate for such shares.

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**Transfer Fee** 

5.6 There must be paid to the Company, in relation to the registration of a transfer, the amount, if any, determined by the directors.

**PART 6** 

**TRANSMISSION OF SHARES** 

**Legal Personal Representative Recognized on Death** 

6.1 In case of the death of a shareholder, the legal personal representative of the shareholder, or in the case of shares registered in the shareholder's name and the name of another person in joint tenancy, the surviving joint holder, will be the only person recognized by the Company as having any title to the shareholder's interest in the shares. Before recognizing a person as a legal personal representative of a shareholder, the Company shall receive the documentation required by the Act.

**Rights of Legal Personal Representative** 

6.2 The legal personal representative of a shareholder has the same rights, privileges and obligations that attach to the shares held by the shareholder, including the right to transfer the shares in accordance with these Articles, provided the documents required by the Act and the directors have been deposited with the Company. This §6.2 does not apply in the case of the death of a shareholder with respect to shares registered in the name of the shareholder and the name of another person in joint tenancy.

**PART 7** 

**PURCHASE, REDEEM OR OTHERWISE ACQUIRE SHARES** 

**Company Authorized to Purchase, Redeem or Otherwise Acquire Shares** 

7.1 Subject to §7.2, the special rights or restrictions attached to the shares of any class or series and the Act, the Company may, if authorized by the directors, purchase, redeem or otherwise acquire any of its shares at the price and upon the terms determined by the directors.

**Purchase When Insolvent** 

7.2 The Company must not make a payment or provide any other consideration to purchase, redeem or otherwise acquire any of its shares if there are reasonable grounds for believing that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company is insolvent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) making the payment or providing the consideration would render the Company insolvent.

**Sale and Voting of Purchased, Redeemed or Otherwise Acquired Shares** 

7.3 If the Company retains a share redeemed, purchased or otherwise acquired by it, the Company may sell, gift or otherwise dispose of the share, but, while such share is held by the Company, it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is not entitled to vote the share at a meeting of its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must not pay a dividend in respect of the share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) must not make any other distribution in respect of the share.

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**Company Entitled to Purchase, Redeem or Otherwise Acquire Share Fractions** 

7.4 The Company may, without prior notice to the holders, purchase, redeem or otherwise acquire for fair value any and all outstanding share fractions of any class or kind of shares in its authorized share structure as may exist at any time and from time to time. Upon the Company delivering the purchase funds and confirmation of purchase or redemption of the share fractions to the holders' registered or last known address, or if the Company has a transfer agent then to such agent for the benefit of and forwarding to such holders, the Company shall thereupon amend its central securities register to reflect the purchase or redemption of such share fractions and if the Company has a transfer agent, shall direct the transfer agent to amend the central securities register accordingly. Any holder of a share fraction, who upon receipt of the funds and confirmation of purchase or redemption of same, disputes the fair value paid for the fraction, shall have the right to apply to the court to request that it set the price and terms of payment and make consequential orders and give directions the court considers appropriate, as if the Company were the "acquiring person" as contemplated by Division 6, Compulsory Acquisitions, Section 300 under the Act and the holder were an "offeree" subject to the provisions contained in such Division, *mutatis mutandis.*

**PART 8** 

**BORROWING POWERS** 

8.1 The Company, if authorized by the directors, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) borrow money in the manner and amount, on the security, from the sources and on the terms and conditions that they consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue bonds, debentures and other debt obligations either outright or as security for any liability or obligation of the Company or any other person and at such discounts or premiums and on such other terms as the directors consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) guarantee the repayment of money by any other person or the performance of any obligation of any other person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) mortgage, charge, whether by way of specific or floating charge, grant a security interest in, or give other security on, the whole or any part of the present and future assets and undertaking of the Company.

8.2 The powers conferred under this Part 8 shall be deemed to include the powers conferred on a company by Division VII of the *Special Corporations Powers Act* being chapter P-16 of the Revised Statutes of Quebec, 1988, and every statutory provision that may be substituted therefor or for any provision therein.

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**PART 9** 

**ALTERATIONS** 

**Alteration of Authorized Share Structure** 

9.1 Subject to §9.2 and the Act, the Company may by special resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) create one or more classes or series of shares or, if none of the shares of a class or series of shares are allotted or issued, eliminate that class or series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) increase, reduce or eliminate the maximum number of shares that the Company is authorized to issue out of any class or series of shares or establish a maximum number of shares that the Company is authorized to issue out of any class or series of shares for which no maximum is established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company is authorized to issue shares of a class of shares with par value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) decrease the par value of those shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if none of the shares of that class of shares are allotted or issued, increase the par value of those shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) change all or any of its unissued, or fully paid issued, shares with par value into shares without par value or any of its unissued shares without par value into shares with par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) alter the identifying name of any of its shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) otherwise alter its shares or authorized share structure when required or permitted to do so by the Act, and, if applicable, alter its Notice of Articles and Articles accordingly.

**Consolidations and Subdivisions** 

9.1.1 Subject to §9.2 and the Act, the Company may, by resolution of the directors, consolidate or subdivide all or any of its unissued, or fully paid issued, shares and, if applicable, alter its Notice of Articles and Articles accordingly.

**Special Rights or Restrictions** 

9.2 Subject to the Act and in particular those provisions of the Act relating to the rights of holders of outstanding shares to vote if their rights are prejudiced or interfered with, the Company may by special resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) create special rights or restrictions for, and attach those special rights or restrictions to, the shares of any class or series of shares, whether or not any or all of those shares have been issued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) vary or delete any special rights or restrictions attached to the shares of any class or series of shares, whether or not any or all of those shares have been issued,

and alter its Notice of Articles and Articles accordingly.

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**Change of Name** 

9.3 The Company may

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company is a public company, by directors' resolution, authorize an alteration to its Notice of Articles, in order to change its name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company is not a public company, by special resolution, authorize an alteration to its Notice of Articles, in order to change its name, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by ordinary or directors' resolution, authorize an alteration to its Notice of Articles, in order to adopt or change any translation of that name.

**Other Alterations** 

9.4 If the Act does not specify the type of resolution and these Articles do not specify another type of resolution, the Company may by special resolution alter these Articles.

**PART 10** 

**MEETINGS OF SHAREHOLDERS** 

**Annual General Meetings** 

10.1 Unless an annual general meeting is deferred or waived in accordance with the Act, the Company must hold its first annual general meeting within 18 months after the date on which it was incorporated or otherwise recognized, and after that must hold an annual general meeting at least once in each calendar year and not more than 15 months after the last annual reference date at such time and place as may be determined by the directors.

**Resolution Instead of Annual General Meeting** 

10.2 If all the shareholders who are entitled to vote at an annual general meeting consent in writing by a unanimous resolution to all of the business that is required to be transacted at that annual general meeting, the annual general meeting is deemed to have been held on the date of the unanimous resolution. The shareholders must, in any unanimous resolution passed under this §10.2, select as the Company's annual reference date a date that would be appropriate for the holding of the applicable annual general meeting.

**Calling of Meetings of Shareholders** 

10.3 The directors may, at any time, call a meeting of shareholders.

**Notice for Meetings of Shareholders** 

10.4 The Company must send notice of the date, time and location of any meeting of shareholders (including, without limitation, any notice specifying the intention to propose a resolution as an exceptional resolution, a special resolution or a special separate resolution, and any notice to consider approving an amalgamation into a foreign jurisdiction, an arrangement or the adoption of an amalgamation agreement, and any notice of a general meeting, class meeting or series meeting), in the manner provided in these Articles, or in such other manner, if any, as may be prescribed by ordinary resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless these Articles otherwise provide, at least the following number of days before the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company is a public company, 21 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, 10 days.

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**Record Date for Notice** 

10.5 The directors may set a date as the record date for the purpose of determining shareholders entitled to notice of any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Act, by more than four months. The record date must not precede the date on which the meeting is held by fewer than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company is a public company, 21 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, 10 days.

If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

**Record Date for Voting** 

10.6 The directors may set a date as the record date for the purpose of determining shareholders entitled to vote at any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Act, by more than four months. If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

**Failure to Give Notice and Waiver of Notice** 

10.7 The accidental omission to send notice of any meeting of shareholders to, or the non-receipt of any notice by, any of the persons entitled to notice does not invalidate any proceedings at that meeting. Any person entitled to notice of a meeting of shareholders may, in writing or otherwise, waive that entitlement or may agree to reduce the period of that notice. Attendance of a person at a meeting of shareholders is a waiver of entitlement to notice of the meeting unless that person attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called.

**Notice of Special Business at Meetings of Shareholders** 

10.8 If a meeting of shareholders is to consider special business within the meaning of §11.1, the notice of meeting must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) state the general nature of the special business; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the special business includes considering, approving, ratifying, adopting or authorizing any document or the signing of or giving of effect to any document, have attached to it a copy of the document or state that a copy of the document will be available for inspection by shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the Company's records office, or at such other reasonably accessible location in British Columbia as is specified in the notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during statutory business hours on any one or more specified days before the day set for the holding of the meeting.

**Place of Meetings** 

10.9 In addition to any location in British Columbia, any general meeting may be held in any location outside British Columbia approved by a resolution of the directors.

**PART 11** 

**PROCEEDINGS AT MEETINGS OF SHAREHOLDERS** 

**Special Business** 

11.1 At a meeting of shareholders, the following business is special business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at a meeting of shareholders that is not an annual general meeting, all business is special business except business relating to the conduct of or voting at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at an annual general meeting, all business is special business except for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) business relating to the conduct of or voting at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consideration of any financial statements of the Company presented to the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consideration of any reports of the directors or auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the setting or changing of the number of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the election or appointment of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the appointment of an auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the setting of the remuneration of an auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) business arising out of **a** report of the directors not requiring the passing of a special resolution or an exceptional resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any other business which, under these Articles or the Act, may be transacted at a meeting of shareholders without prior notice of the business being given to the shareholders.

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**Special Majority** 

11.2 The majority of votes required for the Company to pass a special resolution at a general meeting of shareholders is two-thirds of the votes cast on the resolution.

**Quorum** 

11.3 Subject to the special rights or restrictions attached to the shares of any class or series of shares, and to §11.4, the quorum for the transaction of business at a meeting of shareholders is at least one person who is, or who represents by proxy, one or more shareholders who, in the aggregate, holds at least 5% of the issued shares entitled to be voted at the meeting.

**One Shareholder May Constitute Quorum** 

11.4 If there is only one shareholder entitled to vote at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the quorum is one person who is, or who represents by proxy, that shareholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that shareholder, present in person or by proxy, may constitute the meeting.

**Persons Entitled to Attend Meeting** 

11.5 In addition to those persons who are entitled to vote at a meeting of shareholders, the only other persons entitled to be present at the meeting are the directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the Company, the auditor of the Company, any persons invited to be present at the meeting by the directors or by the chair of the meeting and any persons entitled or required under the Act or these Articles to be present at the meeting; but if any of those persons does attend the meeting, that person is not to be counted in the quorum and is not entitled to vote at the meeting unless that person is a shareholder or proxy holder entitled to vote at the meeting.

**Requirement of Quorum** 

11.6 No business, other than the election of a chair of the meeting and the adjournment of the meeting, may be transacted at any meeting of shareholders unless a quorum of shareholders entitled to vote is present at the commencement of the meeting, but such quorum need not be present throughout the meeting.

**Lack of Quorum** 

11.7 If, within one-half hour from the time set for the holding of a meeting of shareholders, a quorum is not present:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a general meeting requisitioned by shareholders, the meeting is dissolved, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any other meeting of shareholders, the meeting stands adjourned to the same day in the next week at the same time and place.

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**Lack of Quorum at Succeeding Meeting** 

11.8 If, at the meeting to which the meeting referred to in §11.7(b) was adjourned, a quorum is not present within one-half hour from the time set for the holding of the meeting, the person or persons present and being, or representing by proxy one or more shareholders, entitled to attend and vote at the meeting shall be deemed to constitute a quorum.

**Chair** 

11.9 The following individual is entitled to preside as chair at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the chair of the board, if any; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the chair of the board is absent or unwilling to act as chair of the meeting, the president, if any.

**Selection of Alternate Chair** 

11.10 If, at any meeting of shareholders, there is no chair of the board or president present within 15 minutes after the time set for holding the meeting, or if the chair of the board and the president are unwilling to act as chair of the meeting, or if the chair of the board and the president have advised the secretary, if any, or any director present at the meeting, that they will not be present at the meeting, the directors present may choose either one of their number or the lawyer of the Company to be chair of the meeting. If all of the directors present decline to take the chair or fail to so choose or if no director is present or the lawyer of the Company declines to take the chair, the shareholders entitled to vote at the meeting who are present in person or by proxy may choose any person present at the meeting to chair the meeting.

**Adjournments** 

11.11 The chair of a meeting of shareholders may, and if so directed by the meeting must, adjourn the meeting from time to time and from place to place, but no business may be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.

**Notice of Adjourned Meeting** 

11.12 It is not necessary to give any notice of an adjourned meeting of shareholders or of the business to be transacted at an adjourned meeting of shareholders except that, when a meeting is adjourned for 30 days or more, notice of the adjourned meeting must be given as in the case of the original meeting.

**Decisions by Show of Hands or Poll** 

11.13 Subject to the Act, every motion put to a vote at a meeting of shareholders will be decided on a show of hands unless a poll, before or on the declaration of the result of the vote by show of hands, is directed by the chair or demanded by any shareholder entitled to vote who is present in person or by proxy.

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**Declaration of Result** 

11.14 The chair of a meeting of shareholders must declare to the meeting the decision on every question in accordance with the result of the show of hands or the poll, as the case may be, and that decision must be entered in the minutes of the meeting. A declaration of the chair that a resolution is carried by the necessary majority or is defeated is, unless a **poll** is directed by the chair or demanded under §11.13, conclusive evidence without proof of the number or proportion of the votes recorded in favour of or against the resolution.

**Motion Need Not be Seconded** 

11.15 No motion proposed at a meeting of shareholders need be seconded unless the chair of the meeting rules otherwise, and the chair of any meeting of shareholders is entitled to propose or second a motion.

**Casting Vote** 

11.16 In case of an equality of votes, the chair of a meeting of shareholders does not, either on a show of hands or on a poll, have a second or casting vote in addition to the vote or votes to which the chair may be entitled as a shareholder.

**Manner of Taking Poll** 

11.17 Subject to §11.18, if a poll is duly demanded at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the poll must be taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the meeting, or within seven days after the date of the meeting, as the chair of the meeting directs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the manner, at the time and at the place that the chair of the meeting directs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the result of the poll is deemed to be the decision of the meeting at which the poll is demanded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the demand for the poll may be withdrawn by the person who demanded it.

**Demand for Poll on Adjournment** 

11.18 A poll demanded at a meeting of shareholders on a question of adjournment must be taken immediately at the meeting.

**Chair Must Resolve Dispute** 

11.19 In the case of any dispute as to the admission or rejection of a vote given on a poll, the chair of the meeting must determine the dispute, and the determination of the chair made in good faith is final and conclusive.

**Casting of Votes** 

11.20 On a poll, a shareholder entitled to more than one vote need not cast all the votes in the same way.

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**No Demand for Poll on Election of Chair** 

11.21 No poll may be demanded in respect of the vote by which a chair of a meeting of shareholders is elected.

**Demand for Poll Not to *Prevent* Continuance of Meeting** 

11.22 The demand for a poll at a meeting of shareholders does not, unless the chair of the meeting so rules, prevent the continuation of a meeting for the transaction of any business other than the question on which a poll has been demanded.

**Retention of Ballots and Proxies** 

11.23 The Company must, for at least three months after a meeting of shareholders, keep each ballot cast on a poll and each proxy voted at the meeting, and, during that period, make them available for inspection during normal business hours by any shareholder or proxy holder entitled to vote at the meeting. At the end of such three month period, the Company may destroy such ballots and proxies.

**PART 12** 

**VOTES OF SHAREHOLDERS** 

**Number of Votes by Shareholder or by Shares** 

12.1 Subject to any special rights or restrictions attached to any shares and to the restrictions imposed on joint shareholders under §12.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on a vote by show of hands, every person present who is a shareholder or proxy holder and entitled to vote on the matter has one vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on a poll, every shareholder entitled to vote on the matter has one vote in respect of each share entitled to be voted on the matter and held by that shareholder and may exercise that vote either in person or by proxy.

**Votes of Persons in Representative Capacity** 

12.2 A person who is not a shareholder may vote at a meeting of shareholders, whether on a show of hands or on a poll, and may appoint a proxy holder to act at the meeting, if, before doing so, the person satisfies the chair of the meeting, or the directors, that the person is a legal personal representative or a trustee in bankruptcy for a shareholder who is entitled to vote at the meeting.

**Votes by Joint Holders** 

12.3 If there are joint shareholders registered in respect of any share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any one of the joint shareholders may vote at any meeting of shareholders, personally or by proxy, in respect of the share as if that joint shareholder were solely entitled to it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if more than one of the joint shareholders is present at any meeting of shareholders, personally or by proxy, and more than one of them votes in respect of that share, then only the vote of the joint shareholder present whose name stands first on the central securities register in respect of the share will be counted.

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**Legal Personal Representatives as Joint Shareholders** 

12.4 Two or more legal personal representatives of a shareholder in whose sole name any share is registered are, for the purposes of §12.3, deemed to be joint shareholders registered in respect of that share.

**Representative of a Corporate Shareholder** 

12.5 If a corporation, that is not a subsidiary of the Company, is a shareholder, that corporation may appoint a person to act as its representative at any meeting of shareholders of the Company, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for that purpose, the instrument appointing a representative must be received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the registered office of the Company or at any other place specified, in the notice calling the meeting, for **the** receipt of proxies, at least the number of business days specified in the notice for the receipt of proxies, or if no number of days is specified, two business days before the day set for the holding of the meeting or any adjourned meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the meeting or any adjourned meeting, by the chair of the meeting or adjourned meeting or by a person designated by the chair of the meeting or adjourned meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a representative is appointed under this §12.5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the representative is entitled to exercise in respect of and at that meeting the same rights on behalf of the corporation that the representative represents as that corporation could exercise if it were a shareholder who is an individual, including, without limitation, the right to appoint a proxy holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the representative, if present at the meeting, is to be counted for the purpose of forming a quorum and is deemed to be a shareholder present in person at the meeting.

Evidence of the appointment of any such representative may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages.

**Proxy Provisions Do Not Apply to All Companies** 

12.6 If and for so long as the Company is a public company or a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply, then §12.7 to §12.15 are not mandatory, however the directors of the Company are authorized to apply all or part of such sections or to adopt alternative procedures for proxy form, deposit and. revocation procedures to the extent that the directors deem necessary in order to comply with securities laws applicable to the Company.

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**Appointment of Proxy Holders** 

12.7 Every shareholder of the Company, including a corporation that is a shareholder but not a subsidiary of the Company, entitled to vote at a meeting of shareholders may, by proxy, appoint one or more (but not more than five) proxy holders to attend and act at the meeting in the manner, to the extent and with the powers conferred by the proxy.

**Alternate Proxy Holders** 

12.8 A shareholder may appoint one or more alternate proxy holders to act in the place of an absent proxy holder.

**Proxy Holder Need Not Be Shareholder** 

12.9 A person must not be appointed as a proxy holder unless the person is a shareholder, although a person who is not a shareholder may be appointed as a proxy holder if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the person appointing the proxy holder is a corporation or a representative of a corporation appointed under §12.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company has at the time of the meeting for which the proxy holder is to be appointed only one shareholder entitled to vote at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the shareholders present in person or by proxy at and entitled to vote at the meeting for which the proxy holder is to be appointed, by a resolution on which the proxy holder is not entitled to vote but in respect of which the proxy holder is to be counted in the quorum, permit the proxy holder to attend and vote at the meeting.

**Deposit of Proxy** 

12.10 A proxy for a meeting of shareholders must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be received at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice, or if no number of days is specified, two business days before the day set for the holding of the meeting or any adjourned meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless the notice provides otherwise, be received, at the meeting or any adjourned meeting, by the chair of the meeting or adjourned meeting or by a person designated by the chair of the meeting or adjourned meeting.

A proxy may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages, including through Internet or telephone voting or by email, if permitted by the notice calling the meeting or the information circular for the meeting.

**Validity of Proxy Vote** 

12.11 A vote given in accordance with the terms of a proxy is valid notwithstanding the death or incapacity of the shareholder giving the proxy and despite the revocation of the proxy or the revocation of the authority under which the proxy is given, unless notice in writing of that death, incapacity or revocation is received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the registered office of the Company, at any time up to and including the last business day before the day set for the holding of the meeting or any adjourned meeting at which the proxy is to be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the meeting or any adjourned meeting by the chair of the meeting or adjourned meeting, before any vote in respect of which the proxy has been given has been taken.

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**Form of Proxy** 

12.12 A proxy, whether for a specified meeting or otherwise, must be either in the following form or in any other form approved by the directors or the chair of the meeting:

[name of company]

(the "Company")

The undersigned, being a shareholder of the Company, hereby appoints [name] or, failing that person, [name], as proxy holder for the undersigned to attend, act and vote for and on behalf of the undersigned at the meeting of shareholders of the Company to be held on [month, day, year] and at any adjournment of that meeting.

Number of shares in respect of which this proxy is given (if no number is specified, then this proxy is given in respect of all shares registered in the name of the undersigned): _____________________

---

| |
|:---|
| Signed [month, day, year] |
| [Signature of shareholder] |
| [Name of shareholder—printed] |

---

**Revocation of Proxy** 

12.13 Subject to §12.14, every proxy may be revoked by an instrument in writing that is received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the registered office of the Company at any time up to and including the last business day before the day set for the holding of the meeting or any adjourned meeting at which the proxy is to be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the meeting or any adjourned meeting, by the chair of the meeting or adjourned meeting, before any vote in respect of which the proxy has been given has been taken.

**Revocation of Proxy Must Be Signed** 

12.14 An instrument referred to in §12.13 must be signed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the shareholder for whom the proxy holder is appointed is an individual, the instrument must be signed by the shareholder or the shareholder's legal personal representative or trustee in bankruptcy;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the shareholder for whom the proxy holder is appointed is a corporation, the instrument must be signed by the corporation or by a representative appointed for the corporation under §12.5.

**Production of Evidence of Authority to Vote** 

12.15 The chair of any meeting of shareholders may, but need not, inquire into the authority of any person to vote at the meeting and may, but need not, demand from that person production of evidence as to the existence of the authority to vote.

**PART 13** 

**DIRECTORS** 

**First Directors; Number of Directors** 

13.1 The first directors are the persons designated as directors of the Company in the Notice of Articles that applies to the Company when it is recognized under the Act. The number of directors, excluding additional directors appointed under §14.8, is set at:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to §(b) and §(c), the number of directors that is equal to the number of the Company's first directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company is a public company, the greater of three and the most recently set of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the number of directors set by ordinary resolution (whether or not previous notice of the resolution was given); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of directors in office pursuant to §14.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company is not a public company, the most recently set of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the number of directors set by ordinary resolution (whether or not previous notice of the resolution was given); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of directors in office pursuant to §14.4.

**Change in Number of Directors** 

13.2 If the number of directors is set under §13.1(b)(i) or §13.1(c)(i):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the shareholders may elect or appoint the directors needed to fill any vacancies in the board of directors up to that number; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the shareholders do not elect or appoint the directors needed to fill any vacancies in the board of directors up to that number then the directors, subject to §14.8, may appoint directors to fill those vacancies.

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**Directors' Acts Valid Despite Vacancy** 

13.3 An act or proceeding of the directors is not invalid merely because fewer than the number of directors set or otherwise required under these Articles is in office.

**Qualifications of Directors** 

13.4 A director is not required to hold a share in the share structure of the Company as qualification for his or her office but must be qualified as required by the Act to become, act or continue to act as a director.

**Remuneration of Directors** 

13.5 The directors are entitled to the remuneration for acting as directors, if any, as the directors may from time to time determine. If the directors so decide, the remuneration of the directors, if any, will be determined by the shareholders.

**Reimbursement of Expenses of Directors** 

13.6 The Company must reimburse each director for the reasonable expenses that he or she may incur in and about the business of the Company.

**Special Remuneration for Directors** 

13.7 If any director performs any professional or other services for the Company that in the opinion of the directors are outside the ordinary duties of a director, he or she may be paid remuneration fixed by the directors, or at the option of the directors, fixed by ordinary resolution, and such remuneration will be in addition to any other remuneration that he or she may be entitled to receive.

**Gratuity, Pension or Allowance on Retirement of Director** 

13.8 Unless otherwise determined by ordinary resolution, the directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any director who has held any salaried office or place of profit with the Company or to his or her spouse or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

**PART 14** 

**ELECTION AND REMOVAL OF DIRECTORS** 

**Election at Annual General Meeting** 

14.1 At every annual general meeting and in every unanimous resolution contemplated by §10.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the shareholders entitled to vote at the annual general meeting for the election of directors must elect, or in the unanimous resolution appoint, a board of directors consisting of the number of directors for the time being set under these Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all the directors cease to hold office immediately before the election or appointment of directors under §(a), but are eligible for re-election or re-appointment.

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**Consent to be a Director** 

14.2 No election, appointment or designation of an individual as a director is valid unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that individual consents to be a director in the manner provided for in the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that individual is elected or appointed at a meeting at which the individual is present and the individual does not refuse, at the meeting, to be a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to first directors, the designation is otherwise valid under the Act.

**Failure to Elect or Appoint Directors** 

14.3 If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company fails to hold an annual general meeting, and all the shareholders who are entitled to vote at an annual general meeting fail to pass the unanimous resolution contemplated by §10.2, on or before the date by which the annual general meeting is required to be held under the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the shareholders fail, at the annual general meeting or in the unanimous resolution contemplated by §10.2, to elect or appoint any directors;

then each director then in office continues to hold office until the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) when his or her successor is elected or appointed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) when he or she otherwise ceases to hold office under the Act or these Articles.

**Places of Retiring Directors Not Filled** 

14.4 If, at any meeting of shareholders at which there should be an election of directors, the places of any of the retiring directors are not filled by that election, those retiring directors who are not re-elected and who are asked by the newly elected directors to continue in office will, if willing to do so, continue in office to complete the number of directors for the time being set pursuant to these Articles but their term of office shall expire when new directors are elected at a meeting of shareholders convened for that purpose. If any such election or continuance of directors does not result in the election or continuance of the number of directors for the time being set pursuant to these Articles, the number of directors of the Company is deemed to be set at the number of directors actually elected or continued in office.

**Directors May Fill Casual Vacancies** 

14.5 Any casual vacancy occurring in the board of directors may be filled by the directors.

**Remaining Directors Power to Act** 

14.6 The directors may act notwithstanding any vacancy in the board of directors, but if the Company has fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the directors may only act for the purpose of appointing directors up to that number or of calling a meeting of shareholders for the purpose of filling any vacancies on the board of directors or, subject to the Act, for any other purpose.

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**Shareholders May Fill Vacancies** 

14.7 If the Company has no directors or fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the shareholders may elect or appoint directors to fill any vacancies on the board of directors.

**Additional Directors** 

14.8 Notwithstanding §13.1 and §13.2, between annual general meetings or by unanimous resolutions contemplated by §10.2, the directors may appoint one or more additional directors, but the number of additional directors appointed under this §14.8 must not at any time exceed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one-third of the number of first directors, if, at the time of the appointments, one or more of the first directors have not yet completed their first term of office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other case, one-third of the number of the current directors who were elected or appointed as directors other than under this §14.8.

Any director so appointed ceases to hold office immediately before the next election or appointment of directors under §14.1(a), but is eligible for re-election or re-appointment.

**Ceasing to be a Director** 

14.9 A director ceases to be a director when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the term of office of the director expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the director dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the director resigns as a director by notice in writing provided to the Company or a lawyer for the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the director is removed from office pursuant to §14.10 or §14.11.

**Removal of Director by Shareholders** 

14.10 The Company may remove any director before the expiration of his or her term of office by special resolution. In that event, the shareholders may elect, or appoint by ordinary resolution, a director to fill the resulting vacancy. If the shareholders do not elect or appoint a director to fill the resulting vacancy contemporaneously with the removal, then the directors may appoint or the shareholders may elect, or appoint by ordinary resolution, a director to fill that vacancy.

**Removal of Director by Directors** 

14.11 The directors may remove any director before the expiration of his or her term of office if the director is convicted of an indictable offence, or if the director ceases to be qualified to act as a director of a company and does not promptly resign, and the directors may appoint a director to fill the resulting vacancy.

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**PART 15** 

**ALTERNATE DIRECTORS** 

**Appointment of Alternate Director** 

15.1 Any director (an "appointor") may by notice in writing received by the Company appoint any person (an "appointee") who is qualified to act as a director to be his or her alternate to act in his or her place at meetings of the directors or committees of the directors at which the appointor is not present unless (in the case of an appointee who is not a director) the directors have reasonably disapproved the appointment of such person as an alternate director and have given notice to that effect to his or her appointor within a reasonable time after the notice of appointment is received by the Company.

**Notice of Meetings** 

15.2 Every alternate director so appointed is entitled to notice of meetings of the directors and of committees of the directors of which his or her appointor is a member and to attend and vote as a director at any such meetings at which his or her appointor is not present.

**Alternate for More Than One Director Attending Meetings** 

15.3 A person may be appointed as an alternate director by more than one director, and an alternate director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will be counted in determining the quorum for a meeting of directors once for each of his or her appointors and, in the case of an appointee who is also a director, once more in that capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has a separate vote at a meeting of directors for each of his or her appointors and, in the case of an appointee who is also a director, an additional vote in that capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will be counted in determining the quorum for a meeting of a committee of directors once for each of his or her appointors who is a member of that committee and, in the case of an appointee who is also a member of that committee as a director, once more in that capacity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) has a separate vote at a meeting of a committee of directors for each of his or her appointors who is a member of that committee and, in the case of an appointee who is also a member of that committee as a director, an additional vote in that capacity.

**Consent Resolutions** 

15.4 Every alternate director, if authorized by the notice appointing him or her, may sign in place of his or her appointor any resolutions to be consented to in writing.

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**Alternate Director Not an Agent** 

15.5 Every alternate director is deemed not to be the agent of his or her appointor.

**Revocation or Amendment of Appointment of Alternate Director** 

15.6 An appointor may at any time, by notice in writing received by the Company, revoke or amend the terms of the appointment of an alternate director appointed by him or her.

**Ceasing to be an Alternate Director** 

15.7 The appointment of an alternate director ceases when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his or her appointor ceases to be a director and is not promptly re-elected or reappointed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the alternate director dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the alternate director resigns as an alternate director by notice in writing provided to the Company or a lawyer for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the alternate director ceases to be qualified to act as a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the term of his appointment expires, or his or her appointor revokes the appointment of the alternate director.

**Remuneration and Expenses of Alternate Director** 

15.8 The Company may reimburse an alternate director for the reasonable expenses that would be properly reimbursed if he or she were a director, and the alternate director is entitled to receive from the Company such proportion, if any, of the remuneration otherwise payable to the appointor as the appointor may from time to time direct.

**PART 16** 

**POWERS AND DUTIES OF DIRECTORS** 

**Powers of Management** 

16.1 The directors must, subject to the Act and these Articles, manage or supervise the management of the business and affairs of the Company and have the authority to exercise all such powers of the Company as are not, by the Act or by these Articles, required to be exercised by the shareholders of the Company.

**Appointment of Attorney of Company** 

16.2 The directors may from time to time, by power of attorney or other instrument, under seal if so required by law, appoint any person to be the attorney of the Company for such purposes, and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the directors under these Articles and excepting the power to fill vacancies in the board of directors, to remove a director, to change the membership of, or fill vacancies in, any committee of the directors, to appoint or remove officers appointed by the directors and to declare dividends) and for such period, and with such remuneration and subject to such conditions as the directors may think fit. Any such power of attorney may contain such provisions for the protection or convenience of persons dealing with such attorney as the directors think fit. Any such attorney may be authorized by the directors to sub-delegate all or any of the powers, authorities and discretions for the time being vested in him or her.

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**PART 17** 

**INTERESTS OF DIRECTORS AND OFFICERS** 

**Obligation to Account for Profits** 

17.1 A director or senior officer who holds a disclosable interest (as that term is used in the Act) in a contract or transaction into which the Company has entered or proposes to enter is liable to account to the Company for any profit that accrues to the director or senior officer under or as a result of the contract or transaction only if and to the extent provided in the Act.

**Restrictions on Voting by Reason of Interest** 

17.2 A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter is not entitled to vote on any directors' resolution to approve that contract or transaction, unless all the directors have a disclosable interest in that contract or transaction, in which case any or all of those directors may vote on such resolution.

**Interested Director Counted in Quorum** 

17.3 A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter and who is present at the meeting of directors at which the contract or transaction is considered for approval may be counted in the quorum at the meeting whether or not the director votes on any or all of the resolutions considered at the meeting.

**Disclosure of Conflict of Interest or Property** 

17.4 A director or senior officer who holds any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual's duty or interest as a director or senior officer, must disclose the nature and extent of the conflict as required by the Act.

**Director Holding Other Office in the Company** 

17.5 A director may hold any office or place of profit with the Company, other than the office of auditor of the Company, in addition to his or her office of director for the period and on the terms (as to remuneration or otherwise) that the directors may determine.

**No Disqualification** 

17.6 No director or intended director is disqualified by his or her office from contracting with the Company either with regard to the holding of any office or place of profit the director holds with the Company or as vendor, purchaser or otherwise, and no contract or transaction entered into by or on behalf of the Company in which a director is in any way interested is liable to be voided for that reason.

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**Professional Services by Director or Officer** 

17.7 Subject to the Act, a director or officer, or any person in which a director or officer has an interest, may act in a professional capacity for the Company, except as auditor of the Company, and the director or officer or such person is entitled to remuneration for professional services as if that director or officer were not a director or officer.

**Director or Officer in Other Corporations** 

17.8 A director or officer may be or become a director, officer or employee of, or otherwise interested in, any person in which the Company may be interested as a shareholder or otherwise, and, subject to the Act, the director or officer is not accountable to the Company for any remuneration or other benefits received by him or her as director, officer or employee of, or from his or her interest in, such other person.

**PART 18** 

**PROCEEDINGS OF DIRECTORS** 

**Meetings of Directors** 

18.1 The directors may meet together for the conduct of business, adjourn and otherwise regulate their meetings as **they** think fit, and meetings of the directors held at regular intervals may be held at the place, at the time and on the notice, if any, as the directors may from time to time determine.

**Voting at Meetings** 

18.2 Questions arising at any meeting of directors are to be decided by a majority of votes and, in the case of an equality of votes, the chair of the meeting does not have a second or casting vote.

**Chair of Meetings** 

18.3 The following individual is entitled to preside as chair at a meeting of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the chair of the board, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the absence of the chair of the board, the president, if any, if the president is a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other director chosen by the directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) neither the chair of the board nor the president, if a director, is present at the meeting within 15 minutes after the time set for holding the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the chair of the board nor the president, if a director, is willing to chair the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the chair of the board and the president, if a director, have advised the secretary, if any, or any other director, that they will not be present at the meeting.

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**Meetings by Telephone or Other Communications Medium** 

18.4 A director may participate in a meeting of the directors or of any committee of the directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by telephone or by other communications medium if all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other.

A director who participates in a meeting in a manner contemplated by this §18.4 is deemed for all purposes of the Act and these Articles to be present at the meeting and to have agreed to participate in that manner.

**Calling of Meetings** 

18.5 A director may, and the secretary or an assistant secretary of the Company, if any, on the request of a director must, call a meeting of the directors at any time.

**Notice of Meetings** 

18.6 Other than for meetings held at regular intervals as determined by the directors pursuant to §18.1, reasonable notice of each meeting of the directors, specifying the place, day and time of that meeting must be given to each of the directors and the alternate directors by any method set out in §24.1 or orally or by telephone.

**When Notice Not Required** 

18.7 It is not necessary to give notice of a meeting of the directors to a director or an alternate director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the meeting is to be held immediately following a meeting of shareholders at which that director was elected or appointed, or is the meeting of the directors at which that director is appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the director or alternate director has waived notice of the meeting.

**Meeting Valid Despite Failure to Give Notice** 

18.8 The accidental omission to give notice of any meeting of directors to, or the non-receipt of any notice by, any director or alternate director, does not invalidate any proceedings at that meeting.

**Waiver of Notice of Meetings** 

18.9 Any director or alternate director may send to the Company a document signed by him or her waiving notice of any past, present or future meeting or meetings of the directors and may at any time withdraw that waiver with respect to meetings held after that withdrawal. After sending a waiver with respect to all future meetings and until that waiver is withdrawn, no notice of any meeting of the directors need be given to that director and all meetings of the directors so held are deemed not to be improperly called or constituted by reason of notice not having been given to such director. Attendance of a director or alternate director at a meeting of the directors is a waiver of notice of the meeting unless that director or alternate director attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called.

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**Quorum** 

18.10 The quorum necessary for the transaction of the business of the directors may be set by the directors and, if not so set, is deemed to be a majority of the directors or, if the number of directors is set at one, is deemed to be set at one director, and that director may constitute a meeting.

**Validity of Acts Where Appointment Defective** 

18.11 Subject to the Act, an act of a director or officer is not invalid merely because of an irregularity in the election or appointment or a defect in the qualification of that director or officer.

**Consent Resolutions in Writing** 

18.12 A resolution of the directors or of any committee of the directors may be passed without a meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in all cases, if each of the directors entitled to vote on the resolution consents to it in writing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a resolution to approve a contract or transaction in respect of which a director has disclosed that he or she has or may have a disclosable interest, if each of the other directors who have not made such a disclosure consents in writing to the resolution.

A consent in writing under this §18.12 may be by signed document, fax, email or any other method of transmitting legibly recorded messages. A consent in writing may be in two or more counterparts which together are deemed to constitute one consent in writing. A resolution of the directors or of any committee of the directors passed in accordance with this §18.12 is effective on the date stated in the consent in writing or on the latest date stated on any counterpart and is deemed to be a proceeding at a meeting of directors or of the committee of the directors and to be as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors that satisfies all the requirements of the Act and all the requirements of these Articles relating to meetings of the directors or of a committee of the directors.

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**PART 19** 

**EXECUTIVE AND OTHER COMMITTEES** 

**Appointment and Powers of Executive Committee** 

19.1 The directors may, by resolution, appoint an executive committee consisting of the director or directors that they consider appropriate, and this committee has, during the intervals between meetings of the board of directors, all of the directors' powers, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the power to fill vacancies in the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the power to remove a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the power to change the membership of, or fill vacancies in, any committee of the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other powers, if any, as may be set out in the resolution or any subsequent directors' resolution.

**Appointment and Powers of Other Committees** 

19.2 The directors may, by resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) appoint one or more committees (other than the executive committee) consisting of the director or directors that they consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) delegate to a committee appointed under §(a) any of the directors' powers, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the power to fill vacancies in the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the power to remove a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the power to change the membership of, or fill vacancies in, any committee of the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the power to appoint or remove officers appointed by the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make any delegation referred to in §(b) subject to the conditions set out in the resolution or any subsequent directors' resolution.

**Obligations of Committees** 

19.3 Any committee appointed under §19.1 or §19.2, in the exercise of the powers delegated to it, must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) conform to any rules that may from time to time be imposed on it by the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) report every act or thing done in exercise of those powers at such times as the directors may require.

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**Powers of Board** 

19.4 The directors may, at any time, with respect to a committee appointed under §19.1 or §19.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) revoke or alter the authority given to the committee, or override a decision made by the committee, except as to acts done before such revocation, alteration or overriding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) terminate the appointment of, or change the membership of, the committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) fill vacancies in the committee.

**Committee Meetings** 

19.5 Subject to §19.3(a) and unless the directors otherwise provide in the resolution appointing the committee or in any subsequent resolution, with respect to a committee appointed under §19.1 or §19.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the committee may meet and adjourn as it thinks proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the committee may elect a chair of its meetings but, if no chair of a meeting is elected, or if at a meeting the chair of the meeting is not present within 15 minutes after the time set for holding the meeting, the directors present who are members of the committee may choose one of their number to chair the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a majority of the members of the committee constitutes a quorum of the committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) questions arising at any meeting of the committee are determined by a majority of votes of the members present, and in case of an equality of votes, the chair of the meeting does not have a second or casting vote.

**PART 20** 

**OFFICERS** 

**Directors May Appoint Officers** 

20.1 The directors may, from time to time, appoint such officers, if any, as the directors determine and the directors may, at any time, terminate any such appointment.

**Functions, Duties and Powers of Officers** 

20.2 The directors may, for each officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine the functions and duties of the officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) entrust to and confer on the officer any of the powers exercisable by the directors on such terms and conditions and with such restrictions as the directors think fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) revoke, withdraw, alter or vary all or any of the functions, duties and powers of the officer.

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**Qualifications** 

20.3 No person may be appointed as an officer unless that person is qualified in accordance with the Act. One person may hold more than one position as an officer of the Company. Any person appointed as the chair of the board or as a managing director must be a director. Any other officer need not be a director.

**Remuneration and Terms of Appointment** 

20.4 All appointments of officers are to be made on the terms and conditions and at the remuneration (whether by way of salary, fee, commission, participation in profits or otherwise) that the directors thinks fit and are subject to termination at the pleasure of the directors, and an officer may in addition to such remuneration be entitled to receive, after he or she ceases to hold such office or leaves the employment of the Company, a pension or gratuity.

**PART 21** 

**INDEMNIFICATION** 

**Definitions** 

21.1 In this Part 21:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**eligible party**", in relation to a company, means an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is or was a director, alternate director or officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or was a director, alternate director or officer of another corporation

&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;(A) at a time when the corporation is or was an affiliate of the Company, 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;&nbsp;&nbsp;&nbsp;&nbsp;(B) at the request of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at the request of the Company, is or was, or holds or held a position equivalent to that of, a director, alternate director or officer of a partnership, trust, joint venture or other unincorporated entity,

and includes, except in the definition of "eligible proceeding" and Sections 163(1)(c) and (d) and 165 of the Act, the heirs and personal or other legal representatives of that individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**eligible penalty**" means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, an eligible proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**eligible proceeding**" means a proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible party, by reason of the eligible party being or having been a director, alternate director or officer of, or holding or having held a position equivalent to that of a director or officer of, the Company or an associated corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is or may be joined as a party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**expenses**" has the meaning set out in the Act and includes costs, charges and expenses, including legal and other fees, but does not include judgments, penalties, fines or amounts paid in settlement of a proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**proceeding**" includes any legal proceeding or investigative action, whether current, threatened, pending or completed.

**Mandatory Indemnification of Eligible Parties** 

21.2 Subject to the Act, the Company must indemnify each eligible party and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each eligible party is deemed to have contracted with the Company on the terms of the indemnity contained in this §21.2.

**Indemnification of Other Persons** 

21.3 Subject to any restrictions in the Act, the Company may agree to indemnify and may indemnify any person (including an eligible party) against eligible penalties and pay expenses incurred in connection with the performance of services by that person for the Company.

**Authority to Advance Expenses** 

21.4 The Company may advance expenses to an eligible party to the extent permitted by and in accordance with the Act.

**Non-Compliance with Act** 

21.5 Subject to the Act, the failure of an eligible party of the Company to comply with the Act or these Articles or, if applicable, any former *Companies Act* or former Articles does not, of itself, invalidate any indemnity to which he or she is entitled under this Part 21.

**Company May Purchase Insurance** 

21.6 The Company may purchase and maintain insurance for the benefit of any eligible party (or the heirs or legal personal representatives of any eligible party) against any liability incurred by any eligible party.

**PART 22** 

**DIVIDENDS** 

**Payment of Dividends Subject to Special Rights** 

22.1 The provisions of this Part 22 are subject to the rights, if any, of shareholders holding shares with special rights as to dividends.

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**Declaration of Dividends** 

22.2 Subject to the Act, the directors may from time to time declare and authorize payment of such dividends as they may deem advisable.

**No Notice Required** 

22.3 The directors need not give notice to any shareholder of any declaration under §22.2.

**Record Date** 

22.4 The directors must set a date as the record date for the purpose of determining shareholders entitled to receive payment of a dividend. The record date must not precede the date on which the dividend is to be paid by more than two months.

**Manner of Paying Dividend** 

22.5 A resolution declaring a dividend may direct payment of the dividend wholly or partly in money or by the distribution of specific assets or of fully paid shares or of bonds, debentures or other securities of the Company or any other corporation, or in any one or more of those ways.

**Settlement of Difficulties** 

22.6 If any difficulty arises in regard to a distribution under §22.5, the directors may settle the difficulty as they deem advisable, and, in particular, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) set the value for distribution of specific assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) determine that money in substitution for all or any part of the specific assets to which any shareholders are entitled may be paid to any shareholders on the basis of the value so fixed in order to adjust the rights of all parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest any such specific assets in trustees for the persons entitled to the dividend.

**When Dividend Payable** 

22.7 Any dividend may be made payable on such date as is fixed by the directors.

**Dividends to be Paid in Accordance with Number of Shares** 

22.8 All dividends on shares of any class or series of shares must be declared and paid according to the number of such shares held.

**Receipt by Joint Shareholders** 

22.9 If several persons are joint shareholders of any share, any one of them may give an effective receipt for any dividend, bonus or other money payable in respect of the share.

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**Dividend Bears No Interest** 

22.10 No dividend bears interest against the Company.

**Fractional Dividends** 

22.11 If a dividend to which a shareholder is entitled includes a fraction of the smallest monetary unit of the currency of the dividend, that fraction may be disregarded in making payment of the dividend and that payment represents full payment of the dividend.

**Payment of Dividends** 

22.12 Any dividend or other distribution payable in money in respect of shares may be paid by cheque, made payable to the order of the person to whom it is sent, and mailed to the registered address of the shareholder, or in the case of joint shareholders, to the registered address of the joint shareholder who is first named on the central securities register, or to the person and to the address the shareholder or joint shareholders may direct in writing. The mailing of such cheque will, to the extent of the sum represented by the cheque (plus the amount of the tax required by law to be deducted), discharge all liability for the dividend unless such cheque is not paid on presentation or the amount of tax so deducted is not paid to the appropriate taxing authority.

**Capitalization of Retained Earnings or Surplus** 

22.13 Notwithstanding anything contained in these Articles, the directors may from time to time capitalize any retained earnings or surplus of the Company and may from time to time issue, as fully paid, shares or any bonds, debentures or other securities of the Company as a dividend representing the retained earnings or surplus so capitalized or any part thereof.

**PART 23** 

**ACCOUNTING RECORDS AND AUDITOR** 

**Recording of Financial Affairs** 

23.1 The directors must cause adequate accounting records to be kept to record properly the financial affairs and condition of the Company and to comply with the Act.

**Inspection of Accounting Records** 

23.2 Unless the directors determine otherwise, or unless otherwise determined by ordinary resolution, no shareholder of the Company is entitled to inspect or obtain a copy of any accounting records of the Company.

**Remuneration of Auditor** 

23.3 The directors may set the remuneration of the auditor of the Company.

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**PART 24** 

**NOTICES** 

**Method of Giving Notice** 

24.1 Unless the Act or these Articles provide otherwise, a notice, statement, report or other record required or permitted by the Act or these Articles to be sent by or to a person may be sent by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mail addressed to the person at the applicable address for that person as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for a record mailed to a shareholder, the shareholder's registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for a record mailed to a director or officer, the prescribed address for mailing shown for the director or officer in the records kept by the Company or the mailing address provided by the recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any other case, the mailing address of the intended recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) delivery at the applicable address for that person as follows, addressed to the person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for a record delivered to a shareholder, the shareholder's registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for a record delivered to a director or officer, the prescribed address for delivery shown for the director or officer in the records kept by the Company or the delivery address provided by the recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any other case, the delivery address of the intended recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sending the record by fax to the fax number provided by the intended recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sending the record by email to the email address provided by the intended recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) physical delivery to the intended recipient.

**Deemed Receipt of Mailing** 

24.2 A notice, statement, report or other record that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mailed to a person by ordinary mail to the applicable address for that person referred to in §24.1 is deemed to be received by the person to whom it was mailed on the day (Saturdays, Sundays and holidays excepted) following the date of mailing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) faxed to a person to the fax number provided by that person under §24.1 is deemed to be received by the person to whom it was faxed on the day it was faxed; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) emailed to a person to the e-mail address provided by that person under §24.1 is deemed to be received by the person to whom it was e-mailed on the day that it was emailed.

**Certificate of Sending** 

24.3 A certificate signed by the secretary, if any, or other officer of the Company or of any other corporation acting in that capacity on behalf of the Company stating that a notice, statement, report or other record was sent in accordance with §24.1 is conclusive evidence of that fact.

**Notice to Joint Shareholders** 

24.4 A notice, statement, report or other record may be provided by the Company to the joint shareholders of a share by providing such record to the joint shareholder first named in the central securities register in respect of the share.

**Notice to Legal Personal Representatives and Trustees** 

24.5 A notice, statement, report or other record may be provided by the Company to the persons entitled to a share in consequence of the death, bankruptcy or incapacity of a shareholder by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mailing the record, addressed to them:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by name, by the title of the legal personal representative of the deceased or incapacitated shareholder, by the title of trustee of the bankrupt shareholder or by any similar description; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the address, if any, supplied to the Company for that purpose by the persons claiming to be so entitled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if an address referred to in §24.5(a)(ii) has not been supplied to the Company, by giving the notice in a manner in which it might have been given if the death, bankruptcy or incapacity had not occurred.

**Undelivered Notices** 

24.6 If on two consecutive occasions, a notice, statement, report or other record is sent to a shareholder pursuant to §24.1 and on each of those occasions any such record is returned because the shareholder cannot be located, the Company shall not be required to send any further records to the shareholder until the shareholder informs the Company in writing of his or her new address.

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**PART 25** 

**SEAL** 

**Who May Attest Seal** 

25.1 Except as provided in §25.2 and §25.3, the Company's seal, if any, must not be impressed on any record except when that impression is attested by the signatures of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any two directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any officer, together with any director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company only has one director, that director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any one or more directors or officers or persons as may be determined by the directors.

**Sealing Copies** 

25.2 For the purpose of certifying under seal a certificate of incumbency of the directors or officers of the Company or a true copy of any resolution or other document, despite §25.1, the impression of the seal may be attested by the signature of any director or officer or the signature of any other person as may be determined by the directors.

**Mechanical Reproduction of Seal** 

25.3 The directors may authorize the seal to be impressed by third parties on share certificates or bonds, debentures or other securities of the Company as they may determine appropriate from time to time. To enable the seal to be impressed on any share certificates or bonds, debentures or other securities of the Company, whether in definitive or interim form, on which facsimiles of any of the signatures of the directors or officers of the Company are, in accordance with the Act or these Articles, printed or otherwise mechanically reproduced, there may be delivered to the person employed to engrave, lithograph or print such definitive or interim share certificates or bonds, debentures or other securities one or more unmounted dies reproducing the seal and such persons as are authorized under §25.1 to attest the Company's seal may in writing authorize such person to cause the seal to be impressed on such definitive or interim share certificates or bonds, debentures or other securities by the use of such dies. Share certificates or bonds, debentures or other securities to which the seal has been so impressed are for all purposes deemed to be under and to bear the seal impressed on them.

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**PART 26** 

**PROHIBITIONS** 

**Definitions** 

26.1 In this Part 26:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**designated security**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a voting security of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a security of the Company that is not a debt security and that carries a residual right to participate in the earnings of the Company or, on the liquidation or winding up of the Company, in its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a security of the Company convertible, directly or indirectly, into a security described in §(a) or §(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**security**" has the meaning assigned in the *Securities Act* (British Columbia); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**voting security**" means a security of the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is not a debt security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) carries a voting right either under all circumstances or under some circumstances that have occurred and are continuing.

**Application** 

26.2 §26.3 does not apply to the Company if and for so long as it is a public company, a private company which is no longer eligible to use the private issuer exemption under the *Securities Act* (British Columbia) or a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or a company to which the Statutory Reporting Company Provisions apply.

**Consent Required for Transfer of Shares or Designated Securities** 

26.3 No share or designated security may be sold, transferred or otherwise disposed of without the consent of the directors and the directors are not required to give any reason for refusing to consent to any such sale, transfer or other disposition.

**PART 27** 

**SPECIAL RIGHTS AND RESTRICTIONS** 

**PREFERRED SHARES** 

**Special Rights and Restrictions Applicable to Class and Each Series** 

27.1 The Preferred shares of the Company as a class shall have attached thereto the special rights and restrictions specified in this Part.

27.2 The Preferred shares may include one or more series of shares, and, subject to the Act, the directors may, by resolution,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine the maximum number of shares of any of those series of shares that the Company is authorized to issue, determine that there is no maximum number or, if none of the shares of that series is issued, alter any determination so made, and authorize the alteration of the notice of articles accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) alter the articles, and authorize the alteration of the notice of articles, to create an identifying name by which the shares of any of those series of shares may be identified or, if none of the shares of that series is issued, to alter any such identifying name so created;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) alter the articles, and authorize the alteration of the notice of articles accordingly, to attach special rights or restrictions to the shares of any of those series of shares, including, but without in any way limiting or restricting the generality of the foregoing, the rate or amount of dividends, whether cumulative, non-cumulative or partially cumulative, the dates, places and currencies of payment thereof, the consideration for, and the terms and conditions of, any purchase or redemption thereof, including redemption after a fixed term or at a premium, conversion or exchange rights, the terms and conditions of any share purchase plan or sinking fund, the restrictions respecting payment of dividends on, or the repayment of capital in respect of, any other shares of the Company and voting rights and restrictions but no special right or restriction so created, defined or attached shall contravene the provisions of §27.3 and §27.4, or, if none of the shares of that series is issued, to alter any such special rights or restrictions.

27.3 Holders of Preferred shares shall be entitled, on the distribution of assets of the Company on the liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, or on any other distribution of assets of the Company among its shareholders for the purpose of winding up its affairs, to receive, before any distribution shall be made to holders of Common shares or any other shares of the Company ranking junior to the Preferred shares with respect to repayment of capital on any such event, the amount required to be paid in accordance with the special rights and restrictions attached to the series of shares held by them, together with the fixed premium (if any) thereon, an amount equal to all accrued and unpaid cumulative dividends (if any and if preferential) thereon, which for such purpose shall be calculated as if such dividends were accruing on a day-to-day basis up to the date of such distribution, whether or not earned or declared, and all declared and unpaid non-cumulative dividends (if any and if preferential) thereon. After payment to holders of Preferred shares of the amounts so payable **to** them, they shall not, as such, be entitled to share in any further distribution of the property or assets of the Company except as specifically provided in the special rights and restrictions attached to any particular series.

27.4 Holders of Preferred shares shall only be entitled, as such, to receive notice of, and/or to attend and/or vote at, any general meeting of shareholders of the Company only as provided in the special rights and restrictions attached to any particular series.

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**PART 28** 

**SPECIAL RIGHTS AND RESTRICTIONS** 

**SERIES 1 PREFERRED SHARES** 

The Series 1 Preferred shares of the Company (the "**Series 1 Preferred Shares**") shall have attached thereto the following special rights and restrictions:

28.1 **Dividends.** The right to receive dividends on the Series 1 Preferred Shares is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall not declare, pay or set aside any dividends on the Common shares or shares of any other class or series of shares of the Company unless (in addition to the obtaining of any consents required elsewhere in the Articles), the holders of the Series 1 Preferred Shares then outstanding first receive, or simultaneously receive, a dividend on each outstanding Series 1 Preferred Share in an amount at least equal to that dividend per Series 1 Preferred Share as would equal the product of (i) the dividend payable on each share of such class or series determined, if applicable, as if all shares of such class or series had been converted into Common Shares and (ii) the number of Common Shares issuable upon conversion of a Series 1 Preferred Share, in each case, as calculated on the record date for determination of holders entitled to receive such dividend; provided that, if the Company declares, pays or sets aside, on the same date, a dividend on shares of more than one class or series of the Company, the dividend payable to the holders of Series 1 Preferred Shares pursuant to this Article 28.1 shall be calculated based upon the dividend on the class or series that would result in the highest Series 1 Preferred Share dividend. The "**Original Issue Price**" means, CAD$5.00 per share, subject to appropriate adjustment in the event of any share dividend, share subdivision, consolidation or other similar recapitalization with respect to the Series 1 Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At all times following the third anniversary of the Original Issue Date, (i) if, prior to the third anniversary of the Original Issue Date, the shareholders of the Company have approved the issuance of Common Shares on the conversion of the PIK Shares (as defined below), then each then-issued and outstanding Series 1 Preferred Share that has not been converted into Common Shares and is not a PIK Share (as defined below), shall be entitled to a quarterly dividend equal to 1.5% (6% annually) of the Original Issue Price, which dividend is payable at the end of each calendar quarter by way of the issuance of additional Series 1 Preferred Shares (the "**PIK Shares**"); and (ii) if, prior to the third anniversary of the Original Issue Date, the shareholders of the Company have not approved the issuance of Common Shares on the conversion of the PIK Shares, then any then-issued and outstanding Series 1 Preferred Shares that have not been converted into Common Shares shall be entitled to a quarterly dividend equal to 2% (8% annually) of the Original Issue Price, which dividend is payable in cash. If the issuance of any PIK Shares would result in the issuance of any fractional shares, then in lieu of any fractional shares to which the holder would otherwise be entitled, the Company shall pay cash equal to such fraction multiplied by the fair market value of a PIK Share as determined in good faith by the Board, subject to the receipt by the Company of all necessary approvals from applicable stock exchanges. Furthermore, the Company will elect, in the manner and within the time provided under the *Income Tax Act,* under subsection 191.2(1) of Part VI.1 of the *Income Tax Act,* or any successor or replacement provision of similar effect, and take all other necessary action under the *Income Tax Act,* to pay or cause payment of tax under Part VI.1 of the *Income Tax Act* at a rate such that the corporate holders of Series 1 Preferred Shares will not be required to pay tax on dividends received on the Series 1 Preferred Shares under section 187.2 of Part IV.1 of the *Income Tax Act* or any successor or replacement provision of similar effect.

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28.2 **Liquidation - Preferential Payments to Holders of Series 1 Preferred Shares.** In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of Series 1 Preferred Shares then outstanding are entitled to be paid out of the assets of the Company available for distribution to its shareholders, and in the event of a Deemed Liquidation Event (as defined below), the holders of Series 1 Preferred Shares then outstanding are entitled to be paid out of the consideration payable to shareholders in such Deemed Liquidation Event or out of the Available Proceeds (as defined below), as applicable, before any payment is made to the holders of Common Shares by reason of their ownership thereof, an amount per share equal to the greater o£ (a) one times (lx) the applicable Original Issue Price for such Series 1 Preferred Shares, plus any dividends declared but unpaid thereon; and (b) such amount per share as would have been payable had all Series 1 Preferred Shares been converted into Common Shares immediately before such event or Deemed Liquidation Event. If upon any such liquidation, dissolution or winding up of the Company or Deemed Liquidation Event, the assets of the Company available for distribution to its shareholders are insufficient to pay the holders of Series 1 Preferred Shares the full amount to which they are entitled under this Article 28.2, the holders of Series 1 Preferred Shares shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the Series 1 Preferred Shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. Following payment in full to the holders of Series 1 Preferred Shares of the amount to which they are entitled under this Article 28.2, holders of Series 1 Preferred Shares shall not be entitled to share in any remaining assets of the Company.

28.3 **Liquidation - Payments to Holders of Common Shares.** In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, after the payment in full of all amounts required to be paid to the holders of Series 1 Preferred Shares pursuant to Article 28.2, the remaining assets of the Company available for distribution to its shareholders or, in the case of a Deemed Liquidation Event, the consideration not payable to the holders of Series 1 Preferred Shares and the Common Shares pursuant to Article 28.2 or the remaining Available Proceeds, as the case may be, shall be distributed among the holders of Common Shares, pro rata based on the number of shares held by each such holder.

28.4 **Deemed Liquidation Events.** Each of the following events is a "**Deemed Liquidation Event**" unless the holders of Series 1 Preferred Shares representing at least seventy-five percent (75%) of the outstanding Series 1 Preferred Shares (voting separately and on an as-converted basis) (a "**Preferred Majority**") elect otherwise by written notice sent to the Company at least 10 days prior to the effective date of any such event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amalgamation, arrangement, merger, reorganization or similar transaction in which

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company is a constituent party, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a subsidiary of the Company is a constituent party and the Company issues shares under such amalgamation, arrangement, merger, reorganization or similar transaction,

except any such amalgamation, arrangement, merger, reorganization or similar transaction involving the Company or a subsidiary in which the shares of the Company outstanding immediately before such amalgamation, arrangement, merger, reorganization or similar transaction continue to represent, or are converted into or exchanged for shares that represent, immediately following such amalgamation, arrangement, merger, reorganization or similar transaction, at least a majority, by voting power, of the shares of (1) the surviving or resulting corporation; or (2) if the surviving or resulting corporation is a wholly-owned subsidiary of another corporation immediately following such amalgamation, arrangement, merger, reorganization, the parent corporation of such surviving or resulting corporation; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company of all or substantially all the assets of the Company and its subsidiaries taken as a whole, or the sale or disposition (whether by amalgamation, arrangement, merger, reorganization or otherwise and whether in a single transaction or a series of related transactions) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a subsidiary of the Company.

28.5 **Effecting a Deemed Liquidation Event.** The Company shall not have the power to effect a Deemed Liquidation Event referred to in Article 28.4 unless the agreement or plan of amalgamation, arrangement, merger or reorganization for such transaction (the "**Amalgamation Agreement**") provides that the consideration payable to the shareholders of the Company in such Deemed Liquidation Event shall be paid to the holders of shares of the Company in accordance with Articles 28.2 and 28.3.

28.6 **Amount Deemed Paid or Distributed.** The amount deemed paid or distributed to the shareholders of the Company upon any such amalgamation, consolidation, arrangement, merger, reorganization, sale, transfer, exclusive license, other disposition or redemption shall be the cash or the value of the property, rights or securities to be paid or distributed to such holders pursuant to such Deemed Liquidation Event. The value of such property, rights or securities shall be the fair market value as determined in good faith by the Board.

28.7 **Allocation of Escrow and Contingent Consideration.** In the event of a Deemed Liquidation Event pursuant to Article 28.4, if any portion of the consideration payable to the shareholders of the Company is placed into escrow or payable subject to contingencies (the "**Additional Consideration**"), the Amalgamation Agreement shall provide that (a) the portion of such consideration that is not Additional Consideration (such portion, the "**Initial Consideration**") shall be allocated among the shareholders of the Company in accordance with Articles 28.2 and 28.3 as if the Initial Consideration were the only consideration payable in connection with such Deemed Liquidation Event; and (b) any Additional Consideration which becomes payable to the shareholders of the Company upon satisfaction of such contingencies shall be allocated among the shareholders of the Company in accordance with Articles 28.2 and 28.3 after taking into account the previous payment of the Initial Consideration as part of the same transaction. For the purposes of this Article 28.7, consideration placed into escrow or retained as a holdback to be available for satisfaction of indemnification or similar obligations in connection with such Deemed Liquidation Event shall be deemed to be Additional Consideration.

28.8 **Non-Voting - General.** Except as otherwise provided in the Act, the holders of Series 1 Preferred Shares shall not be entitled to receive notice of or to attend or to vote at, any meeting of the shareholders of the Company.

28.9 **Optional Right to Convert.** The holders of Series 1 Preferred Shares have conversion rights as follows (the "**Conversion Rights**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Conversion Ratio.</u> Each Series 1 Preferred Share shall be convertible, at the option of its holder, at any time and from time to time, subject to the receipt by the Company of all necessary approvals from applicable stock exchanges and regulatory authorities permitting such conversion (collectively, the "**Exchange Consent**"), and without the payment of additional consideration by its holder, into such number of fully paid and non-assessable Common Shares as is determined by dividing the Original Issue Price by the Conversion Price (as defined below) in effect at the time of conversion. The "**Conversion Price**" shall initially be equal to the Original Issue Price. Such initial Conversion Price, and the rate at which Series 1 Preferred Shares may be converted into Common Shares, are subject to adjustment as provided below.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination of Conversion Rights.</u> In the event of a liquidation, dissolution or winding up of the Company or a Deemed Liquidation Event, the Conversion Rights shall terminate at the close of business on the last full day preceding the date fixed for the payment of any such amounts distributable on such event to the holders of Series 1 Preferred Shares.

28.10 **Fractional Shares.** No fractional Common Shares shall be issued upon conversion of any Series 1 Preferred Shares. In lieu of any fractional shares to which the holder would otherwise be entitled, the Company shall pay cash equal to such fraction multiplied by the fair market value of a Common Share as determined in good faith by the Board. Whether or not fractional shares would be issuable upon such conversion shall be determined on the basis of the total number of Series 1 Preferred Shares the holder is at the time converting into Common Shares and the aggregate number of Common Shares issuable upon such conversion.

28.11 **Mechanics of Conversion.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notice of Conversion.</u> In order for a holder of Series 1 Preferred Shares to voluntarily convert any such shares into Common Shares, such holder shall provide written notice to the Company that it wishes to convert such shares and, if such shares are certificated, surrender the certificate or certificates to the Company (or, if the registered holder alleges that the certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Company to indemnify the Company against any claim that may be made against the Company on account of the alleged loss, theft or destruction of the certificate). Upon receipt of such notice and certificates (or affidavit and agreement of loss), as applicable, by the Company and provided the Exchange Consent has been received with respect to such conversion, the Company shall provide written notice to the Company's transfer agent at the office of the transfer agent for the Series 1 Preferred Shares (or at the principal office of the Company if the Company has not appointed a transfer agent) that the holder elects to convert all or any number of the holder's Series 1 Preferred Shares and, if applicable, any event on which the conversion is contingent and, if the holder's shares are certificated, and, if applicable, the Company shall provide the transfer agent with the certificate or certificates for such Series 1 Preferred Shares (or, if applicable, the affidavit and agreement of loss), at the office of the transfer agent for the Series 1 Preferred Shares (or at the principal office of the Company if the Company has not appointed a transfer agent). Such notice shall state the holder's name or the names of the nominees in which the holder wishes the Common Shares to be issued. If required by the Company, any certificates surrendered for conversion shall be endorsed or accompanied by a written instrument or instruments of transfer, in form satisfactory to the Company, duly signed by the registered holder or the registered holder's attorney duly authorized in writing. The close of business on the day that the Company of such notice and, if applicable, certificates (or affidavit and agreement of loss) shall be the time of conversion (the "**Conversion Time**"), and the Common Shares issuable upon conversion of the specified shares shall be deemed to be outstanding of record as of that date. The Company shall, as soon as practicable after the Conversion Time (i) if the Company's securities are certificated, issue and deliver to the converting holder of Series 1 Preferred Shares, or to the holder's nominees, a certificate or certificates for the number of full Common Shares issuable upon such conversion in accordance with these provisions and a certificate for the number (if any) of Series 1 Preferred Shares represented by the surrendered certificate that were not converted into Common Shares, (ii) pay in cash such amount as provided in Article 28.10 in lieu of any fraction of a Common Share otherwise issuable upon such conversion and (iii) pay all declared but unpaid dividends on the Series 1 Preferred Shares converted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Reservation of Shares.</u> The Company shall at all times when Series 1 Preferred Shares are outstanding, reserve and keep available out of its authorized but unissued shares, for the purpose of effecting the conversion of the Series 1 Preferred Shares, such number of its duly authorized Common Shares as are from time to time sufficient to effect the conversion of all outstanding Series 1 Preferred Shares; and if at any time the number of authorized but unissued Common Shares is not sufficient to effect the conversion of all then outstanding Series 1 Preferred Shares, the Company shall take such corporate action as may be necessary to increase its authorized but unissued Common Shares to such number of shares as is sufficient for such purposes, including, without limitation, engaging in reasonable commercial efforts to obtain the requisite shareholder approval of any necessary amendment to the Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Effect of Conversion.</u> All Series 1 Preferred Shares duly surrendered for conversion will no longer be deemed to be outstanding and all rights with respect to such shares will immediately cease and terminate at the Conversion Time, except only the right of their holders to receive Common Shares in exchange therefor, to receive payment in lieu of any fraction of a share otherwise issuable upon such conversion as provided in Article 28.10 and to receive payment of any dividends declared but unpaid thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Further Adjustment.</u> Upon any such conversion, no adjustment to the Conversion Price shall be made for any declared but unpaid dividends on the Series 1 Preferred Shares surrendered for conversion or on the Common Shares delivered upon conversion.

28.12 **Adjustments to Conversion Price for Diluting Issues.** The following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Additional Common Shares**" means all Common Shares issued (or, pursuant to Article 28.14 below, deemed to be issued) by the Company after the Original Issue Date, other than (1) the following Common Shares; and (2) Common Shares deemed issued pursuant to the following Options and Convertible Securities (clauses (1) and (2), collectively, "**Exempted Securities**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Common Shares, Options or Convertible Securities issued as a dividend or distribution on the Series 1 Preferred Shares, including, for greater certainty, any PIK Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Common Shares, Options or Convertible Securities issued by reason of a dividend, subdivision or other distribution on Common Shares that is covered by Articles 28.19, 28.20, 28.21 or 28.22;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Common Shares or Options issued to employees or directors of, or consultants or advisors to, the Company or any of its subsidiaries pursuant to a plan, agreement or arrangement approved by the Board, including the director nominated by the holders of Series 1 Preferred Shares (the "**Preferred Director**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Common Shares or Convertible Securities actually issued upon the exercise of Options, or Common Shares actually issued upon the conversion or exchange of Convertible Securities, in each case provided such issuance is pursuant to the terms of such Option or Convertible Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Common Shares, Options or Convertible Securities issued to banks, equipment lessors or other financial institutions, or to real property lessors, pursuant to a debt financing, equipment leasing or real or immovable property leasing transaction approved by the Board, including the Preferred Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Common Shares, Options or Convertible Securities issued to suppliers or third party service providers in connection with the provision of goods or services pursuant to transactions approved by the Board, including the Preferred Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Common Shares subject to a proportional adjustment on any stock dividend, subdivision, consolidation or other similar event affecting the Common Shares issued to employees or directors of, or consultants or advisors to, the Company or any of its subsidiaries pursuant to a plan, agreement or arrangement approved by the Board, including the Preferred Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Common Shares, Options or Convertible Securities issued as acquisition consideration pursuant to the acquisition of another corporation by the Company by amalgamation, purchase of substantially all of the assets or other reorganization or to a joint venture agreement, <u>provided</u> that such issuances are approved by the Board, including the Preferred Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Common Shares, Options or Convertible Securities issued in connection with sponsored research, collaboration, technology license, development, marketing or other similar agreements or strategic partnerships approved by the Board, including the Preferred Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Common Shares issued in connection with the exercise of outstanding Options, warrants or other Convertible Securities of the Company that are issued and outstanding as of the Original Issue Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Convertible Securities**" means any evidences of indebtedness, shares or other securities directly or indirectly convertible into or exchangeable for Common Shares, but excluding Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Option**" means rights, options or warrants to subscribe for, purchase or otherwise acquire Common Shares or Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Original Issue Date**" means, for the Series 1 Preferred Shares, the date on which shares of such series are first issued by the Company.

28.13 **No Adjustment of Conversion Price.** No adjustment in the Conversion Price shall be made as the result of the issuance or deemed issuance of Additional Common Shares if the Company receives written notice from the holders of at least a Preferred Majority agreeing that no such adjustment shall be made as the result of the issuance or deemed issuance of such Additional Common Shares.

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28.14 **Deemed Issue of Additional Common Shares.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Company at any time or from time to time after the Original Issue Date issues any Options or Convertible Securities (excluding Options or Convertible Securities which are Exempted Securities) or fixes a record date for the determination of holders of any class of securities entitled to receive any such Options or Convertible Securities (excluding Options or Convertible Securities which are Exempted Securities), then the maximum number of Common Shares issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability, convertibility or exchangeability but without regard to any of its provisions for a subsequent adjustment of such number), shall be deemed to be Additional Common Shares issued as of the time of such issue or, in case such a record date shall have been fixed, as of the close of business on such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the terms of any Option or Convertible Security, the issuance of which resulted in an adjustment to the Conversion Price pursuant to the terms of Article 28.15 are revised as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase or decrease in the number of Common Shares issuable upon the exercise, conversion and/or exchange of any such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the Company upon such exercise, conversion and/or exchange, then, effective upon such increase or decrease becoming effective, the Conversion Price computed upon the original issue of such Option or Convertible Security (or upon the occurrence of a record date with respect thereto) shall be readjusted to such Conversion Price as would have been obtained had such revised terms been in effect upon the original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no readjustment pursuant to this clause (b) shall increase the Conversion Price to an amount which exceeds the lower of (i) the Conversion Price in effect immediately prior to the original adjustment made as a result of the issuance of such Option or Convertible Security, or (ii) the Conversion Price that would have resulted from any issuances of Additional Common Shares (other than deemed issuances of Additional Common Shares as a result of the issuance of such Option or Convertible Security) between the original adjustment date and such readjustment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the terms of any Option or Convertible Security (excluding Options or Convertible Securities which are themselves Exempted Securities), the issuance of which did not result in an adjustment to the Conversion Price pursuant to the terms of Article 28.15 (either because the consideration per share (determined pursuant to Article 28.16) of the Additional Common Shares subject thereto was equal to or greater than the Conversion Price then in effect, or because such Option or Convertible Security was issued before the Original Issue Date), are revised after the Original Issue Date as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase in the number of Common Shares issuable upon the exercise, conversion or exchange of any such Option or Convertible Security or (2) any decrease in the consideration payable to the Company upon such exercise, conversion or exchange, then such Option or Convertible Security, as so amended or adjusted, and the Additional Common Shares subject thereto (determined in the manner provided in Article 28.14(a)) shall be deemed to have been issued effective upon such increase or decrease becoming effective.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the expiration or termination of any unexercised Option or unconverted or unexchanged Convertible Security (or portion thereof) which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Conversion Price pursuant to the terms of Article 28.15, the Conversion Price shall be readjusted to such Conversion Price as would have obtained had such Option or Convertible Security (or portion thereof) never been issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the number of Common Shares issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Company upon such exercise, conversion and/or exchange, is calculable at the time such Option or Convertible Security is issued or amended but is subject to adjustment based upon subsequent events, any adjustment to the Conversion Price provided for in this Article 28.14 shall be effected at the time of such issuance or amendment based on such number of shares or amount of consideration without regard to any provisions for subsequent adjustments (and any subsequent adjustments shall be treated as provided in clauses (b) and (c) of this Article 28.14). If the number of Common Shares issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Company upon such exercise, conversion and/or exchange, cannot be calculated at all at the time such Option or Convertible Security is issued or amended, any adjustment to the Conversion Price that would result under the terms of this Article 28.14 at the time of such issuance or amendment shall instead be effected at the time such number of shares and/or amount of consideration is first calculable (even if subject to subsequent adjustments), assuming for purposes of calculating such adjustment to the Conversion Price that such issuance or amendment took place at the time such calculation can first be made.

28.15 **Adjustment of Conversion Price Upon Issuance of Additional Common Shares.** If the Company, at any time after the Original Issue Date, issues Additional Common Shares (including Additional Common Shares deemed to be issued pursuant to Article 28.14), without consideration or for a consideration per share less than the Conversion Price in effect immediately prior to such issue, then the Conversion Price shall be reduced, concurrently with such issue, to a price (calculated to the nearest one-hundredth of a cent) determined in accordance with the following formula:

CP2 = CP1\* (A + B) = (A + C).

For purposes of the foregoing formula, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "CP<sub>2</sub>" means the Conversion Price in effect immediately after such issue of Additional Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "CP<sub>1</sub>" means the Conversion Price in effect immediately prior to such issue of Additional Common Shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "A" means the number of Common Shares outstanding immediately prior to such issue or deemed issue of Additional Common Shares (treating for this purpose as outstanding all Common Shares issuable upon exercise of Options outstanding immediately prior to such issue or deemed issue or upon conversion or exchange of Convertible Securities (including the Series 1 Preferred Shares) outstanding (assuming exercise of any outstanding Options therefor) immediately prior to such issue);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "B" means the number of Common Shares that would have been issued if such Additional Common Shares had been issued or deemed issued at a price per share equal to CP<sub>1</sub> (determined by dividing the aggregate consideration received by the Company in respect of such issue by CPO; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "C" means the number of such Additional Common Shares issued in such transaction.

28.16 **Determination of Consideration.** For purposes of Articles 28.12 to 28.15, the consideration received by the Company for the issue or deemed issue of any Additional Common Shares shall be computed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Cash and Property.</u> Such consideration shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if it consists of cash, be computed at the aggregate amount of cash received by the Company, excluding amounts paid or payable for accrued interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if it consists of property other than cash, be computed at its fair market value at the time of such issue, as determined in good faith by the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if Additional Common Shares are issued together with other shares or securities or other assets of the Company for consideration that covers both, be the proportion of such consideration so received, computed as provided in clauses (i) and (ii) above, as determined in good faith by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Options and Convertible Securities.</u> The consideration per share received by the Company for Additional Common Shares deemed to have been issued pursuant to Article 28.14, relating to Options and Convertible Securities, shall be determined by dividing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the total amount, if any, received or receivable by the Company as consideration for the issue of such Options or Convertible Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto, without regard to any of its provision for a subsequent adjustment of such consideration) payable to the Company upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities, by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the maximum number of Common Shares (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities.

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28.17 **Multiple Closing Dates. If** the Company issues on more than one date Additional Common Shares that are a part of one transaction or a series of related transactions and that would result in an adjustment to the Conversion Price of Series 1 Preferred Shares pursuant to the terms of Article 28.15 then, upon the final such issuance, the Conversion Price shall be readjusted to give effect to all such issuances as if they occurred on the date of the first such issuance (and without giving effect to any additional adjustments as a result of any subsequent issuances within such period).

28.18 **Exchange Approvals.** Notwithstanding anything else in these Articles, the Conversion Price shall not be adjusted or in any way altered unless and until the Company receives necessary approvals from applicable stock exchanges and regulatory authorities.

28.19 **Adjustment for Subdivisions and Consolidations.** If the Company, at any time or from time to time after the Original Issue Date, subdivides the outstanding Common Shares, the Conversion Price of Series 1 Preferred Shares in effect immediately before the subdivision shall be proportionately decreased so that the number of Common Shares issuable on conversion of each such Series 1 Preferred Share shall be increased in proportion to such increase in the aggregate number of Common Shares outstanding. If the Company, at any time or from time to time after the Original Issue Date, consolidates the outstanding Common Shares, the Conversion Price of Series 1 Preferred Shares in effect immediately before the consolidation shall be proportionately increased so that the number of Common Shares issuable on conversion of each such Series 1 Preferred Share shall be decreased in proportion to such decrease in the aggregate number of Common Shares outstanding. Any adjustment under this Article 28.18 shall become effective at the close of business on the date the subdivision or consolidation becomes effective.

28.20 **Adjustment for Certain Dividends and Distributions.** If the Company, at any time or from time to time after the Original Issue Date, makes or issues, or fixes a record date for the determination of holders of Common Shares entitled to receive, a dividend or other distribution payable on the Common Shares in additional Common Shares, then and in each such event the Conversion Price of Series 1 Preferred Shares in effect immediately before such event shall be decreased as of the time of such issuance or, in the event such a record date is fixed, as of the close of business on such record date, by multiplying such Conversion Price then in effect by a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the numerator of which is the total number of Common Shares issued and outstanding immediately prior to the time of such issuance or the close of business on such record date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the denominator of which is the total number of Common Shares issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of Common Shares issuable in payment of such dividend or distribution.

Notwithstanding the foregoing (i) if such record date is fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Conversion Price of Series 1 Preferred Shares shall be recomputed accordingly as of the close of business on such record date and thereafter the Conversion Price shall be adjusted pursuant to this clause as of the time of actual payment of such dividends or distributions; and (ii) no such adjustment shall be made if the holders of the Series 1 Preferred Shares simultaneously receive a dividend or other distribution of Common Shares in a number equal to the number of Common Shares as they would have received if all outstanding Series 1 Preferred Shares had been converted into Common Shares on the date of such event.

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28.21 **Adjustments for Other Dividends and Distributions.** If the Company, at any time or from time to time after the Original Issue Date, makes or issues, or fixes a record date for the determination of holders of Common Shares entitled to receive, a dividend or other distribution payable in securities of the Company (other than a distribution of Common Shares in respect of outstanding Common Shares) or in other property and Article 28.1 and Article 28.20 do not apply to such dividend or distribution, then and in each such event the holders of Series 1 Preferred Shares shall receive, simultaneously with the distribution to the holders of Common Shares, a dividend or other distribution of such securities or other property in an amount equal to the amount of such securities or other property as they would have received if all outstanding Series 1 Preferred Shares had been converted into Common Shares on the date of such event. For the avoidance of doubt, nothing in this Article 28.21 prevents the holders of Series 1 Preferred Shares from seeking any dissent rights to which they are otherwise entitled under law in connection with an amalgamation triggering an adjustment, nor is this Article 28.21 conclusive evidence of the fair value of the Series 1 Preferred Shares in any such dissent right proceeding.

28.22 **Adjustment for Amalgamation or Reorganization, etc.** Subject to Article 28.4, if any reorganization, recapitalization, reclassification, consolidation, amalgamation or merger occurs involving the Company in which the Common Shares (but not the Series 1 Preferred Shares) are converted into or exchanged for securities, cash or other property (other than a transaction covered by Articles 28.2, 28.12, 28.20 or 28.21), then, following any such reorganization, recapitalization, reclassification, consolidation or amalgamation, each Series 1 Preferred Share shall thereafter be convertible in lieu of the Common Shares into which it was convertible prior to such event into the kind and amount of securities, cash or other property which a holder of the number of Common Shares of the Company issuable upon conversion of one such Series 1 Preferred Share immediately prior to such reorganization, recapitalization, reclassification, consolidation, amalgamation or merger would have been entitled to receive pursuant to such transaction; and, in such case, appropriate adjustment (as determined in good faith by the Board) shall be made in the application of this Article 28.22 with respect to the rights and interests thereafter of the holders of such Series 1 Preferred Shares, to the end that this Article 28.22 (including provisions with respect to changes in and other adjustments of the Conversion Price of such Series 1 Preferred Shares) shall thereafter be applicable, as nearly as reasonably may be, in relation to any securities or other property thereafter deliverable upon the conversion of such Series 1 Preferred Shares.

28.23 **Certificate as to Adjustments.** Upon the occurrence of each adjustment or readjustment of the Conversion Price of Series 1 Preferred Shares pursuant to this Article 28.23, the Company at its expense shall, as promptly as reasonably practicable but in any event not later than 10 days thereafter, compute such adjustment or readjustment in accordance with the terms hereof and furnish to each holder of such Series 1 Preferred Shares a certificate setting forth such adjustment or readjustment (including the kind and amount of securities, cash or other property into which such Series 1 Preferred Shares are convertible) and showing in detail the facts upon which such adjustment or readjustment is based. The Company shall, as promptly as reasonably practicable after the written request at any time of any holder of Series 1 Preferred Shares (but in any event not later than 10 days thereafter), furnish or cause to be furnished to the holder a certificate setting forth (i) the Conversion Price of such Series 1 Preferred Shares then in effect, and (ii) the number of Common Shares and the amount, if any, of other securities, cash or property which then would be received upon the conversion of such Series 1 Preferred Shares.

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28.24 **Notice of Record Date.** If the Company shall take a record of the holders of Common Shares (or other shares or securities at the time issuable upon conversion of the Series 1 Preferred Shares) for the purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of any class or any other securities, or to receive any other security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of any capital reorganization of the Company, any reclassification of the Common Shares of the Company, or any Deemed Liquidation Event; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of the voluntary or involuntary dissolution, liquidation or winding-up of the Company,

then, and in each such case, the Company shall send or cause to be sent to the holders of Series 1 Preferred Shares a notice specifying, as the case may be, (i) the record date for such dividend, distribution or right, and the amount and character of such dividend, distribution or right, or (ii) the effective date on which such reorganization, reclassification, consolidation, amalgamation, transfer, dissolution, liquidation or winding-up is proposed to take place, and the time, if any is to be fixed, as of which the holders of record of Common Shares (or such other securities at the time issuable upon the conversion of the Series 1 Preferred Shares) are entitled to exchange their Common Shares (or such other securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, amalgamation, transfer, dissolution, liquidation or winding-up, and the amount per share and character of such exchange applicable to the Series 1 Preferred Shares and the Common Shares. Such notice shall be sent at least 10 days prior to the record date or effective date for the event specified in such notice provided that such notice period may be shortened or waived with the affirmative vote of a Preferred Majority.

28.25 **Mandatory Conversion.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trigger Events.</u> Upon the earliest of (a) the Company (i) having received an Exchange Consent with respect to such conversion, (ii) maintaining an average daily trading volume of at least 50,000 Common Shares, calculated by dividing the total number of Common Shares traded during the immediately preceding six months by the total number of trading days during that period, on the Toronto Stock Exchange or the Nasdaq Capital Market LLC, and (iii) having the Common Shares trade at a price above CAD$15.00 per Common Share during the same period as (ii); and (b) the date and time, or the occurrence of an event, specified by vote or written consent of the holders of at least a Preferred Majority (provided that at such date and time, or upon the occurrence of such event, the Company shall have received an Exchange Consent with respect to such conversion) (the time of such closing or the date and time specified or the time of the event specified in such vote or written consent is referred to herein as the "**Mandatory Conversion Time**"), then (i) all outstanding Series 1 Preferred Shares shall automatically be converted into Common Shares at the then effective conversion rate as calculated pursuant to Article 28.9(a) and (ii) no additional Series 1 Preferred Shares may be issued by the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Procedural Requirements.</u> All holders of record of Series 1 Preferred Shares shall be sent written notice of the Mandatory Conversion Time and the place designated for mandatory conversion of all such Series **1** Preferred Shares pursuant to this Article 28.25. Such notice need not be sent in advance of the occurrence of the Mandatory Conversion Time. Upon receipt of such notice, each holder of Series 1 Preferred Shares in certificated form, if any, shall surrender that holder's certificate or certificates for all such shares (or, if such holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Company to indemnify the Company against any claim that may be made against the Company on account of the alleged loss, theft or destruction of such certificate) to the Company at the place designated in such notice. If so required by the Company, any certificates surrendered for conversion shall be endorsed or accompanied by written instrument or instruments of transfer, in form satisfactory to the Company, duly signed by the registered holder or by the registered holder's attorney duly authorized in writing. All rights with respect to the Series 1 Preferred Shares converted pursuant to Article 28.25(a), including the rights, if any, to receive notices and vote (other than as a holder of Common Shares), will terminate at the Mandatory Conversion Time (notwithstanding the failure of the holder or holders thereof to surrender any certificates at or prior to such time), except only the rights of the holders thereof, upon surrender of any certificate or certificates of such holders (or lost certificate affidavit and agreement) therefor, to receive the items provided for in the next sentence of this Article 28.25(b). As soon as practicable after the Mandatory Conversion Time and, if applicable, the surrender of any certificate or certificates (or lost certificate affidavit and agreement) for Series 1 Preferred Shares, the Company shall pay cash as provided in Article 28.10 in lieu of any fraction of a share of Common Shares otherwise issuable upon such conversion and the payment of any declared but unpaid dividends on the Series 1 Preferred Shares converted. Such converted Series 1 Preferred Shares shall be retired and cancelled and may not be reissued as shares of the Company.

28.26 **Waiver.** Any of the rights, powers, preferences and other terms of the Series 1 Preferred Shares may be waived on behalf of all holders of Series 1 Preferred Shares by the affirmative written consent or vote of a Preferred Majority.

28.27 **Notices.** Any notice required or permitted by these provisions to be given to a holder of Series 1 Preferred Shares shall be given in accordance with Article 24.

## Exhibit 4.3

**Exhibit 4.3** 

**EUPRAXIA PHARMACEUTICALS INC. 2025 OMNIBUS INCENTIVE PLAN** 

As of the Effective Date, the Plan shall replace the Prior Plan, and no further options or incentive stock options shall be granted under the Prior Plan. All Prior Plan Awards shall be governed by the terms and conditions of the Prior Plan and any award agreements evidencing the applicable Prior Plan Award.

**Section 1. Purpose**. The purpose of the Plan is to attract, retain and reward those employees, directors and other individuals who are expected to contribute significantly to the success of the Company and its Affiliates, to incentivize such individuals to perform at the highest level, to strengthen the mutuality of interests between such individuals and the Company's shareholders and, in general, to further the best interests of the Company and its shareholders.

**Section 2. Definitions**. As used in the Plan, the following terms shall have the meanings set forth below:

"**Act**" means the *Securities Act* (British Columbia), as amended. Reference to a specific section of the Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation.

"**Affiliate**" means: (i) any entity that, directly or indirectly, controls (as well as is controlled by or under common or joint control with) the Company; or (ii) any entity in which the Company has a significant equity interest, in either case as determined by the Committee; provided that, unless otherwise determined by the Committee, the Shares subject to any Options or SAR that are granted to a service provider of an Affiliate constitutes "service recipient stock" for purposes of Section 409A of the Code or otherwise does not subject the Award to the excise tax under Section 409A of the Code.

"**Award**" means any Option, Stock Appreciation Right, award of Restricted Stock, Restricted Stock Unit, Deferred Stock Unit, annual or long-term Performance Award, Other Stock-Based Award or Cash-Based Award granted under the Plan, which may be denominated or settled in Shares, cash, equity interests in any entity with respect to which the Company holds, directly or indirectly, a controlling interest, whether such entity is a corporation, partnership or other entity, or in such other forms as provided for herein. All Awards shall be granted by an Award Agreement.

"**Award Agreement**" means the agreement (whether in written or electronic form) or other instrument or document evidencing any Award granted under the Plan, which may, but need not, be executed or acknowledged by a Participant.

"**Beneficiary**" means a person or persons entitled to receive payments or other benefits or exercise rights that are available under the Plan in the event of the Participant's death. If no such person is named by a Participant, such individual's Beneficiary shall be the individual's estate.

"**Blackout Period**" means a period when the Participant is prohibited from trading in the Company's securities pursuant to securities regulatory requirements or the Company's insider trading policy or other applicable policy or requirement of the Company.

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

"**Cash-Based Award**" means an Award granted pursuant to Section 11 of the Plan and payable in cash at such time or times and subject to such terms and conditions as determined by the Committee in its sole discretion.

"**Change in Control**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the acquisition whether directly or indirectly, by a person or company, or any persons or companies acting
jointly or in concert (as determined in accordance with the Act and the rules and regulations thereunder) of voting securities of the Company which, together with any other voting securities of the Company held by such person or company or persons
or companies, constitute, in the aggregate, more than 50% of all outstanding voting securities of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an amalgamation, arrangement or other form of business combination of the Company with another company which
results in the holders of voting securities of that other company holding, in the aggregate, 50% or more of all outstanding voting securities of the Company (including a merged or successor company) resulting from the business combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the sale, lease or exchange of all or substantially all of the property of the Company to another person, other
than in the ordinary course of business of the Company or to a related entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other transaction that is deemed to be a "Change of Control" for the purposes of this Plan by
the Board in its sole discretion.

Notwithstanding the foregoing, with respect to any Award that is characterized as "nonqualified deferred compensation" within the meaning of Section 409A of the Code, an event shall not be considered to be a Change in Control under the Plan for purposes of payment of such Award unless such event is also a "change in ownership," a "change in effective control" or a "change in the ownership of a substantial portion of the assets" of the Company within the meaning of Section 409A of the Code to the extent necessary for the Award to comply with Section 409A of the Code.

"**Code**" means the Internal Revenue Code of 1986, as amended from time to time. Any reference to any section of the Code shall also be a reference to any successor provision and any treasury regulation promulgated thereunder.

"**Committee**" means the Compensation Committee of the Board or such other committee as may be designated by the Board. If the Board does not designate the Committee, references herein to the "Committee" shall refer to the Board.

"**Company**" means Eupraxia Pharmaceuticals Inc.

"**Consultant**" means a person or corporation engaged by the Company to provide services for an initial, renewable or extended period of 12 months or more.

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"**Deferred Stock Unit**" means a right to receive a Share or at the sole discretion of the Committee, the cash value of one Share, at the end of a specified deferral period, granted under Section 9.

"**Dividend Equivalent**" means a right, granted to a Participant under the plan, to receive cash, shares, other Awards or other property equal in value to dividends paid with respect to Shares.

"**Effective Date**" means February 17, 2025, which is the date of approval of the Plan by the Board, provided that any Awards granted under the Plan prior to the Company's next Annual General Meeting following the Effective Date shall be cancelled forthwith if the Plan is not approved by the Company's shareholders.

"**Fair Market Value**" means, for purposes of the Plan, unless otherwise required by any applicable provision of the Code, any regulations issued thereunder or other applicable law, as of any date and except as provided below, the last sales price reported for the Shares on the applicable date: (i) as reported on the TSX, in the case of a Canadian Participant; or (ii) the NASDAQ in the case of a U.S. Participant or other Participant who is not a Canadian Participant; or (iii) if the Shares are not traded, listed or otherwise reported or quoted, the Committee shall determine in good faith the Fair Market Value in whatever manner it considers appropriate taking into account the requirements of Section 409A of the Code and any other applicable law. For purposes of the grant of any Award, the applicable date shall be the trading day immediately prior to the date on which the Award is granted. For purposes of the exercise of any Award, the applicable date shall be the date a notice of exercise is received by the Committee or its designee, as applicable, or, if not a day on which the applicable market is open, the next day that it is open.

"**Incentive Stock Option**" means an option representing the right to purchase Shares from the Company, granted under and in accordance with the terms of Section 6, that is intended to be and is designated as an "Incentive Stock Option" within the meaning of Section 422 of the Code.

"**Insider**" means: (i) every director or senior officer of the Company; (ii) every director or senior officer of a company that is itself an Insider or subsidiary of the Company; (iii) any person or company who beneficially owns, directly or indirectly, voting securities of the Company or who exercises control or direction over voting securities of the Company or a combination of both carrying more than 10% of the voting rights attached to all voting securities of the Company for the time being outstanding other than voting securities held by the person or company as underwriter in the course of a distribution; (iv) any associate or affiliate of the Insider; and (v) the Company where it has purchased, redeemed or otherwise acquired any of its securities, for so long as it holds any of its securities.

"**NASDAQ**" means the National Association of Securities Dealers Automated Questions.

"**Non-Qualified Stock Option**" means an option representing the right to purchase Shares from the Company, granted under and in accordance with the terms of Section 6, that is not an Incentive Stock Option.

"**Option**" means an Incentive Stock Option or a Non-Qualified Stock Option.

"**Other Stock-Based Award**" means an Award granted pursuant to Section 11 of the Plan.

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"**Participant**" means the recipient of an Award granted under the Plan.

"**Performance Award**" means an Award granted pursuant to Section 10 of the Plan.

"**Performance Goals**" means the goals established by the Committee as contingencies for Awards to vest and/or become exercisable or distributable based on one or more of the performance goals set forth in the applicable Award Agreement.

"**Performance Period**" means the period established by the Committee at the time any Performance Award is granted or at any time thereafter during which any Performance Goals specified by the Committee with respect to such Award are measured or must be satisfied.

"**Plan**" means this Eupraxia Pharmaceuticals Inc. 2025 Omnibus Incentive Plan, as the same may be amended from time to time.

"**Prior Plan**" means the Company's Amended and Restated Stock Option Plan, as amended as of the Effective Date.

"**Prior Plan Award**" means a grant of options or incentive stock options granted under the Prior Plan.

"**Restricted Stock**" means any Share granted under Section 8.

"**Restricted Stock Unit**" means a contractual right granted under Section 8 that is denominated in Shares. Each Restricted Stock Unit represents a right to receive one Share or at the sole discretion of the Committee, the cash value of one Share upon the terms and conditions set forth in the Plan and the applicable Award Agreement.

"**Rule 16b-3**" means Rule 16b-3 under Section 16(b) of the Securities Act as then in effect or any successor provision.

"**SAR**" or "**Stock Appreciation Right**" means any right granted to a Participant pursuant to Section 7 to receive, upon exercise by the Participant, the excess of (i) the Fair Market Value of one Share on the date of exercise over (ii) the grant price of the right on the date of grant, or if granted in connection with an outstanding Option on the date of grant of the related Option, as specified by the Committee in its sole discretion, which, except in the case of Substitute Awards, shall not be less than the Fair Market Value of one Share on such date of grant of the right or the related Option, as the case may be.

"**Securities Act**" means the Securities Act of 1934, as amended and all rules and regulations promulgated thereunder. Reference to a specific section of the Securities Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation.

"**Security Based Compensation Arrangement**" means any (i) stock option plans for the benefit of employees, Insiders, service providers or any one of such groups; (ii) individual stock options granted to employees, service providers or Insiders if not granted pursuant to a plan previously approved by the Company's securityholders; (iii) share purchase plans where the Company provides financial assistance or where the Company matches the whole or a portion of the securities being purchased; (iv) stock appreciation rights involving issuances of securities from treasury; (v) any other compensation or incentive mechanism involving the issuance or potential issuances of securities of the Company; and (vi) security purchases from treasury by an employee, Insider or service provider which is financially assisted by the Company by any means whatsoever.

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"**Service**" means the active performance of services for the Company or an Affiliate by a person who is an employee or director of the Company or an Affiliate. Notwithstanding the foregoing, with respect to any Award that is characterized as "nonqualified deferred compensation" within the meaning of Section 409A of the Code, an event shall not be considered to be a termination of "Service" under the Plan for purposes of payment of such Award unless such event is also a "separation from service" within the meaning of Section 409A of the Code to the extent necessary for the Award to comply with Section 409A of the Code.

"**Shares**" means shares of the common stock of the Company.

"**Subsidiary**" means any corporation of which stock representing at least 50% of the ordinary voting power is owned, directly or indirectly, by the Company.

"**Substitute Awards**" means Awards granted in assumption of, or in substitution for, outstanding awards previously granted by a company acquired by the Company or with which the Company combines.

"**Transfer**" means: (a) when used as a noun, any direct or indirect transfer, sale, assignment, pledge, hypothecation, encumbrance or other disposition (including the issuance of equity in any entity), whether for value or no value and whether voluntary or involuntary (including by operation of law), and (b) when used as a verb, to directly or indirectly transfer, sell, assign, pledge, encumber, charge, hypothecate or otherwise dispose of (including the issuance of equity in any entity) whether for value or for no value and whether voluntarily or involuntarily (including by operation of law). "Transferred" and "Transferable" shall have a correlative meaning.

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

"**U.S. Securities Act**" means the United States Securities Act of 1933, as amended.

**Section 3. Eligibility**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any employee, director, Consultant or other advisor of, or any other individual who provides services to, the
Company or any Affiliate, shall be eligible to be selected to receive an Award under the Plan. Notwithstanding the foregoing, only eligible employees of the Company, its subsidiaries and its parent (as determined in accordance with
Section 422(b) of the Code) are eligible to be granted Incentive Stock Options under the Plan. Eligibility for the grant of Awards and actual participation in the Plan shall be determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An individual who has agreed to accept employment by the Company or an Affiliate shall be deemed to be eligible
for Awards hereunder as of the date of such acceptance; provided that vesting and exercise of Awards granted to such individual are conditioned upon such individual actually becoming an employee of the Company or an Affiliate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Holders of stock options and other types of awards granted by a company acquired by the Company or with which
the Company combines are eligible for grant of Substitute Awards hereunder.

**Section 4. Administration**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Plan shall be administered by the Committee. The Committee shall be appointed by the Board and shall
consist of not less than two directors. To the extent required by applicable law, rule or regulation, it is intended that each member of the Committee shall qualify both as a "non-employee director" under Rule 16b-3. If it is later determined that one or more members of the Committee do not so qualify, actions taken by the Committee prior to such determination shall be valid despite such
failure to qualify. The Board may designate one or more directors as alternate members of the Committee who may replace any absent or disqualified member at any meeting of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 15, the Committee shall have the authority to adopt, alter and repeal such
administrative rules, guidelines and practices governing the Plan and perform all acts, including the delegation of its responsibilities (to the extent permitted by applicable law and applicable stock exchange rules), as it shall, from time to time,
deem advisable; to construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any Award Agreements relating thereto); and to otherwise supervise the administration of the Plan. The Committee may correct any
defect, supply any omission or reconcile any inconsistency in the Plan or in any agreement relating thereto in the manner and to the extent it shall deem necessary to effectuate the purpose and intent of the Plan. The Committee may adopt special
guidelines and provisions for persons who are residing in or employed in, or subject to, the taxes of, any domestic or foreign jurisdictions to comply with applicable tax and securities laws of such domestic or foreign jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the terms of the Plan and applicable law and the applicable rules of the TSX and NASDAQ and in
addition to those authorities provided in Section 4(c), the Committee (or its delegate) shall have full power and authority to: (i) designate Participants; (ii) determine the type or types of Awards (including Substitute Awards) to be
granted to each Participant under the Plan; (iii) determine the number of Shares to be covered by (or with respect to which payments, rights, or other matters are to be calculated in connection with) Awards; (iv) determine the terms and
conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder (including, but not limited to, the exercise or purchase price (if any), any restriction or limitation, any vesting schedule or acceleration thereof, or any
forfeiture restrictions or waiver thereof, regarding any Award and the Shares relating thereto, based on such factors, if any, as the Committee shall determine, in its sole discretion); (v) determine whether, to what extent, and under what
circumstances Awards may be settled or exercised in cash, Shares, other securities, or other Awards, or canceled, forfeited or suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited or suspended;
(vi) determine whether, to what extent, and under what circumstances cash, Shares, other securities, other Awards, and other amounts payable with respect to an Award under the Plan shall be deferred either automatically or at the election of
the holder thereof or of the Committee, taking into consideration the requirements of Section 409A of the Code; determine whether to require a Participant, as a condition of the granting of any Award, to not sell or otherwise dispose of shares
acquired pursuant to the exercise of an Award for a period of time as determined by the Committee, in its sole discretion, following the date of the acquisition of such Award; (viii) to determine whether an Option is intended to be an Incentive
Stock Option or Non-Qualified Stock Option; (ix) to modify, extend or renew an Award (to the extent permissible without triggering additional taxes or penalties under Section 409A of the Code, if
applicable), provided, however, that such action does not benefit an Insider; interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; establish, amend, suspend or waive such rules and regulations
and appoint such agents as it shall deem appropriate for the proper administration of the Plan; (xii) solely to the extent permitted by applicable law and the applicable rules of the TSX and NASDAQ, to determine whether, to what extent and
under what circumstances to provide loans (which may be on a recourse basis and shall bear interest at the rate the Committee shall provide) to Participants in order to exercise Options or acquire Shares under the Plan; (ix) to permit
accelerated vesting or lapse of restrictions of any Award at any time; and (x) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All decisions of the Committee shall be final, conclusive and binding upon all parties, including the Company,
the shareholders and the Participants.

**Section 5. Shares Available for Awards; Per Person Limitations**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to adjustment as provided below, the maximum number of Shares available for issuance under the Plan
shall not exceed 18.5% of the issued and outstanding Shares less the number of Shares reserved for issuance under all other Security Based Compensation Arrangements of the Company; provided that the maximum number of Shares that can be issued for
Incentive Stock Options is 6,594,575. Every three years after the Effective Date of the Plan, all unallocated Awards under the Plan shall be submitted for approval to the Board and the shareholders of the Company. If Shares issuable upon exercise,
vesting or settlement of an Award, or Shares owned by a Participant (which are not subject to any pledge or other security interest), are surrendered or tendered to the Company in payment of the purchase price of an Award or any taxes required to be
withheld in respect of an Award, in each case, in accordance with the terms and conditions of the Plan and any applicable Award Agreement, such surrendered or tendered Shares shall again be available for the grant of Awards under the Plan. For a
share-settled Stock Appreciation Right, only the net Shares actually issued upon exercise shall count against the share limitations set forth under this Section 5. If any Award under the Plan expires unexercised, or is terminated, surrendered
or forfeited, in whole or in part, the unissued Shares underlying such Award shall again be available for the grant of Awards under the Plan. Any Award under the Plan settled in cash shall not be counted against the foregoing maximum share
limitations. On exercise of any Option, Stock Appreciation Right or Other Stock-Based Awards granted under the Plan, the number of Shares underlying such Award shall again be available for the purpose of Awards under the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Shares delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares
or Shares acquired by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Shares underlying Substitute Awards and Shares underlying awards that can only be settled in cash shall not
reduce the number of Shares remaining available for issuance under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Changes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The existence of the Plan and the Awards granted hereunder shall not affect in any way the right or power of
the Board or the shareholders of the Company to make or authorize (a) any adjustment, recapitalization, reorganization or other change in the Company's capital structure or its business, (b) any merger or consolidation of the Company
or any Affiliate, (c) any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Shares (d) the dissolution or liquidation of the Company or any Affiliate, (e) any sale or transfer of all or part
of the assets or business of the Company or any Affiliate or (f) any other corporate act or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If there shall occur any such change in the capital structure of the Company by reason of any stock split,
reverse stock split, stock dividend, extraordinary dividend, subdivision, combination or reclassification of shares that may be issued under the Plan, any recapitalization, any merger, any consolidation, any spin off, any reorganization or any
partial or complete liquidation, or any other corporate transaction or event having an effect similar to any of the foregoing (a "**Corporate Event** "), then (i) the aggregate number and/or kind of shares that thereafter may be
issued under the Plan, (ii) the number and/ or kind of shares or other property (including cash) to be issued upon exercise of an outstanding Award granted under the Plan, and/or the purchase price thereof, shall be appropriately adjusted. In
addition, if there shall occur any change in the capital structure or the business of the Company that is not a Corporate Event (an "**Other Extraordinary Event** "), including by reason of any ordinary dividend (whether cash or
stock), any conversion, any adjustment, any issuance of any class of securities convertible or exercisable into, or exercisable for, any class of stock, or any sale or transfer of all or substantially all of the Company's assets or business,
then the Committee, in its sole discretion, may adjust any Award and make such other adjustments to the Plan. Any adjustment pursuant to this Section 5(b) shall be consistent with the applicable Corporate Event or the applicable Other
Extraordinary Event, as the case may be, and in such manner as the Committee may, in its sole discretion, deem appropriate and equitable to prevent substantial dilution or enlargement of the rights granted to, or available for, Participants under
the Plan. Any such adjustment determined by the Committee shall be final, binding and conclusive on the Company and all Participants and their respective heirs, executors, administrators, successors and permitted assigns. Except as expressly
provided in this Section 5(b) or in the applicable Award Agreement, a Participant shall have no rights by reason of any Corporate Event or any Other Extraordinary Event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Fractional shares of Shares resulting from any adjustment in Awards pursuant to Section 5(d)(i) or
Section 5(d)(ii) shall be aggregated until, and eliminated at, the time of exercise by rounding-down for fractions less than one-half and rounding-up for fractions
equal to or greater than one-half. No cash settlements shall be made with respect to fractional shares eliminated by rounding. Notice of any adjustment shall be given by the Committee to each Participant whose
Award has been adjusted and such adjustment (whether or not such notice is given) shall be effective and binding for all purposes of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any adjustments or changes to Awards under this Section 5(d) shall comply with the requirements of
Section 409A of the Code, to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any provision of the Plan to the contrary, if authorized but previously unissued Shares are
issued under the Plan, such Shares shall not be issued for a consideration that is less than as permitted under applicable law and the applicable rules of the TSX and NASDAQ.

**Section 6. Options**.

The Committee is hereby authorized to grant Options to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase price per Share under an Option shall be determined by the Committee; provided, however, that,
except in the case of Substitute Awards, such purchase price shall not be less than the 100% (or 110% in the case of an Incentive Stock Option granted to a person owning stock possessing more than ten percent (10%) of the total combined voting power
of all classes of stock of the Company, its subsidiaries or its parent, determined in accordance with Section 422(b)(6) of the Code) of the Fair Market Value of a Share on the date of grant of such Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The term of each Option shall be fixed by the Committee but shall not exceed 10 years from the date of grant
thereof. Notwithstanding the foregoing, if the term of an Option (other than an Incentive Stock Option) held by any Participant not subject to Section 409A of the Code would otherwise expire during, or within ten business days of the expiration
of a Blackout Period applicable to such Participant, then the term of such Option shall be extended to the close of business on the tenth business day following the expiration of the Blackout Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Committee shall determine the time or times at which an Option may be exercised in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent vested and exercisable, Options may be exercised in whole or in part at any time during the
Option term, by giving written notice of exercise to the Company specifying the number of Shares to be purchased. Such notice shall be accompanied by payment in full of the purchase price as follows: (i) in cash or by check, bank draft or money
order payable to the order of the Company; (ii) solely to the extent permitted by applicable law, if the Shares are traded on a national securities exchange, and the Committee authorizes, through a procedure whereby the Participant delivers
irrevocable instructions to a broker reasonably acceptable to the Committee to deliver promptly to the Company an amount equal to the purchase price; or (iii) on such other terms and conditions as may be acceptable to the Committee (including,
without limitation, having the Company withhold Shares issuable upon exercise of the Option, or by payment in full or in part in the form of Shares owned by the Participant, based on the Fair Market Value of the Shares on the payment date as
determined by the Committee). No Shares shall be issued until payment therefor, as provided herein, has been made or provided for.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The terms of any Incentive Stock Option granted under the Plan shall comply in all respects with the provisions
of Section 422 of the Code, or any successor provision thereto, and any regulations promulgated thereunder. To the extent that the aggregate Fair Market Value (determined as of the time of grant) of the Shares with respect to which Incentive
Stock Options are exercisable for the first time by a Participant during any calendar year under the Plan and/or any other stock option plan of the Company, any subsidiary or any parent exceeds $100,000, such Options shall be treated as Non-Qualified Stock Options. Should any provision of the Plan not be necessary in order for the Options to qualify as Incentive Stock Options, or should any additional provisions be required, the Committee may amend
the Plan accordingly, without the necessity of obtaining the approval of the shareholders of the Company, subject to the applicable rules of the TSX and NASDAQ. To the extent that any such Option does not qualify as an Incentive Stock Option
(whether because of its provisions or the time or manner of its exercise or otherwise), such Option or the portion thereof which does not so qualify shall constitute a separate Non-Qualified Stock Option.

**Section 7. Stock Appreciation Rights**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Committee is hereby authorized to grant Stock Appreciation Rights ()"**SARs**") to
Participants with terms and conditions as the Committee shall determine not inconsistent with the provisions of the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) SARs may be granted hereunder to Participants either alone ("freestanding") or in addition to other
Awards granted under the Plan ("tandem") and may, but need not, relate to a specific Options granted under Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any tandem SAR related to an Option may be granted at the same time such Option is granted to the Participant.
In the case of any tandem SAR related to any Option, the SAR or applicable portion thereof shall not be exercisable until the related Option or applicable portion thereof is exercisable and shall terminate and no longer be exercisable upon the
termination or exercise of the related Option, except that a SAR granted with respect to less than the full number of Shares covered by a related Option shall not be reduced until the exercise or termination of the related Option exceeds the number
of Shares not covered by the SAR. Any Option related to any tandem SAR shall no longer be exercisable to the extent the related SAR has been exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A freestanding SAR shall not have a term of greater than ten years or, unless it is a Substitute Award, an
exercise price less than 100% of Fair Market Value of the Share on the date of grant. Notwithstanding the foregoing, if the term of a SAR held by any Participant not subject to Section 409A of the Code would otherwise expire during, or within
ten business days of the expiration of a Blackout Period applicable to such Participant, then the term of such SAR shall be extended to the close of business on the tenth business day following the expiration of the Blackout Period.

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**Section 8. Restricted Stock and Restricted Stock Units**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Committee is hereby authorized to grant Awards of Restricted Stock and Restricted Stock Units to
Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Shares of Restricted Stock and Restricted Stock Units shall be subject to such restrictions as the Committee
may impose (including, without limitation, any limitation on the right to vote a Share of Restricted Stock or the right to receive any dividend or dividend equivalent or other right), which restrictions may lapse separately or in combination at such
time or times, in such installments or otherwise, as the Committee may deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any share of Restricted Stock granted under the Plan may be evidenced in such manner as the Committee may deem
appropriate including, without limitation, book-entry registration or issuance of a stock certificate or certificates. In the event any stock certificate is issued in respect of shares of Restricted Stock granted under the Plan, such certificate
shall be registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock. If stock certificates are issued in respect of shares of Restricted
Stock, the Committee may require that any stock certificates evidencing such Shares be held in custody by the Company until the restrictions thereon shall have lapsed, and that, as a condition of any grant of Restricted Stock, the Participant shall
have delivered a duly signed stock power or other instruments of assignment (including a power of attorney), each endorsed in blank with a guarantee of signature if deemed necessary or appropriate by the Company, which would permit transfer to the
Company of all or a portion of the shares subject to the Restricted Stock Award in the event that such Award is forfeited in whole or part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Committee may in its discretion, when it finds that a waiver would be in the best interests of the Company,
waive in whole or in part any or all restrictions with respect to Shares of Restricted Stock or Restricted Stock Units and with respect to Restricted Stock Units at the sole discretion of the Committee, deviating from the vesting conditions set out
in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Committee, in its discretion, may award Dividend Equivalents in the form of additional Awards of Restricted
Stock Units. The entitlements on such Dividend Equivalents will not be available until the vesting of the underlying Award of Restricted Stock Units.

**Section 9. Deferred Stock Units**. The Committee is authorized to grant Deferred Stock Units to Participants, subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Deferred Stock Units shall be settled upon expiration of the deferral period specified for an Award of Deferred
Stock Units by the Committee (or, if permitted by the Committee, as elected by the Participant). In addition, Deferred Stock Units shall be subject to such restrictions on transferability, risk of forfeiture and other restrictions, if any, as the
Committee may impose, which restrictions may lapse at the expiration of the deferral period or at earlier specified times (including based on achievement of performance goals and/or future service requirements), separately or in combination, in
installments or otherwise, and under such other circumstances as the Committee may determine at the date of grant or thereafter. Deferred Stock Units may be satisfied by delivery of Shares or in cash or combination thereof, as determined by the
Committee at the date of grant or thereafter.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Committee, in its discretion, may award Dividend Equivalents with respect to Awards of Deferred Stock
Units. The entitlements on such Dividend Equivalents will not be available until the expiration of the deferral period for the Award of Deferred Stock Units.

**Section 10. Performance Awards**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Committee may grant a Performance Award to a Participant payable upon the attainment of specific
Performance Goals. The Committee may grant a Performance Award to a Participant payable upon the attainment of specific Performance Goals. If the Performance Award is payable in cash, it may be paid upon the attainment of the relevant Performance
Goals either in cash or in Shares (based on the then current Fair Market Value of such Shares), as determined by the Committee, in its sole and absolute discretion. Each Performance Award shall be evidenced by an Award Agreement in such form that is
not inconsistent with the Plan and that the Committee may from time to time approve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Terms and Conditions</u>. Performance Awards awarded pursuant to this Section 10 shall be subject to
the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Earning of Performance Award</u>. At the expiration of the applicable Performance Period, the Committee
shall determine the extent to which the Performance Goals established pursuant to Section 10(b) are achieved and the percentage of each Performance Award that has been earned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Non-Transferability</u>. Subject to the applicable provisions of the
Award Agreement and the Plan, Performance Awards may not be Transferred during the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Performance Goals, Formulae or Standards</u>. The Committee shall establish the Performance Goals for the
earning of Performance Awards based on a Performance Period applicable to each Participant or class of Participants as determined by the Committee. Such Performance Goals may incorporate provisions for disregarding (or adjusting for) the impact of any of the following that the Committee determines to be appropriate: (i) corporate transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances,
(ii) restructurings, discontinued operations, extraordinary items or events, and other unusual or non-recurring charges as described in Accounting Principles Board Opinion No. 30 and/or
management's discussion and analysis of financial condition and results of operations appearing or incorporated by reference in the Company's Annual Report for the applicable year; (iii) an event either not directly related to the
operations of the Company or any of its Affiliates or not within the reasonable control of the Company's management, (iv) a change in tax law or accounting standards required by generally accepted accounting principles, or (v) such
other exclusions or adjustments as the Committee determines.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Dividends</u>. The Committee may, in its discretion, award Dividend Equivalents with respect to Performance
Awards. Except as otherwise specified in a Performance Award Agreement, the entitlements on such Dividend Equivalents shall be subject to the same vesting conditions and shall be settled at the same times that apply with respect to the underlying
Performance Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Payment</u>. Following the Committee's determination in accordance with Section 10(b)(i) the
Company shall settle Performance Awards, in such form (including, without limitation, in Shares or in cash) as determined by the Committee, in an amount equal to such Participant's earned Performance Awards. Notwithstanding the foregoing, the
Committee may, in its sole discretion, award an amount less than the earned Performance Awards and/or subject the payment of all or part of any Performance Award to additional vesting, forfeiture and deferral conditions as it deems appropriate.

**Section 11. Other Stock-Based and Cash Based Awards**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to prior approval of the TSX, the Committee is authorized, subject to limitations under applicable law
and the applicable rules of the TSX and NASDAQ, to grant to Participants such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares or factors that may influence
the value of Shares, including, without limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, purchase rights for Shares, Awards with value and payment contingent upon performance of the
Company or business units thereof, Shares awarded purely as a bonus and not subject to restrictions or conditions, equity interests in any entity with respect to which the Company holds, directly or indirectly, a controlling interest, whether such
entity is a corporation, partnership or other entity, or any other factors designated by the Committee. The Committee shall determine the terms and conditions of such Awards. Shares delivered pursuant to an Award in the nature of a purchase right
granted under this Section 11 shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without limitation, cash, Shares, other Awards, notes, or other property, as the Committee shall
determine. Unless otherwise determined by the Committee in an Award Agreement, the recipient of an Award under this Section 11 shall not be entitled to receive, currently or on a deferred basis, dividends or Dividend Equivalents in respect of
the number of Shares covered by the Award. In all cases, such dividends or Dividend Equivalents would not become payable until the expiration of any applicable performance period. An Other Stock-Based Award that is in the form of a grant of an
equity interest in any entity with respect to which the Company holds, directly or indirectly, a controlling interest, may be granted in exchange for, replacement of, or substitution for an Award previously granted under the Plan (or any predecessor
plan) or Substitute Award; provided, that, if such Award or Substitute Award is a stock option or a stock appreciation right, then the Other Stock-Based Award granted in exchange, replacement, or substitution thereof, may not have the economic
effect of reducing the exercise price or term of such Award or Substitute Award.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Committee may from time to time grant Cash-Based Awards to Participants in such amounts, on such terms and
conditions, and for such consideration, including no consideration or such minimum consideration as may be required by applicable law, as it shall determine in its sole discretion. Cash-Based Awards may be granted subject to the satisfaction of
vesting conditions or may be awarded purely as a bonus and not subject to restrictions or conditions, and if subject to vesting conditions, the Committee may accelerate the vesting of such Awards at any time in its sole discretion. The grant of a
Cash-Based Award shall not require a segregation of any of the Company's assets for satisfaction of the Company's payment obligation thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provision of the Plan, when an Award with an exercise price is granted under the Plan
and the exercise of the Award by the Participant may result in the issuance of Shares to the Participant, the exercise price (taking into account any conversion, exchange or other substitutions) of the Award may not be less than the Fair Market
Value of a Share on the date of grant of the Award.

**Section 12. Effect of Termination of Service on Awards**. The Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, the circumstances in which Awards shall be exercised, vested, paid or forfeited in the event a Participant ceases to provide Service to the Company or any Affiliate prior to the end of a performance period or exercise or settlement of such Award.

**Section 13. Change in Control Provisions**. In the event of a Change in Control, and except as otherwise provided by the Committee in an Award Agreement, a Participant's Award shall be treated in accordance with one of the following methods as determined by the Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All outstanding and unexercised Options, Stock Appreciation Rights, or any Other Stock-Based Award that provide
for a Participant elected exercise shall, as determined by the Committee, be terminated, effective as of the date of the Change in Control, by: (i) cashing-out such Awards upon the date of the Change in
Control, or (ii) delivering notice of termination to each Participant at least five days prior to the date of consummation of the Change in Control, in which case during the period from the date on which such notice of termination is delivered
to the consummation of the Change in Control, each such Participant shall have the right to exercise in full all of such Participant's Awards that are then outstanding (without regard to any limitations on exercisability otherwise contained in
the Award Agreements), but any such exercise shall be contingent on the occurrence of the Change in Control, and, provided that, if the Change in Control does not take place within a specified period after giving such notice for any reason
whatsoever, the notice and exercise pursuant thereto shall be null and void.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Awards, whether or not then vested, shall be continued, assumed, or have new rights substituted therefor, as
determined by the Committee, and restrictions to which shares of Restricted Stock or any other Award granted prior to the Change in Control are subject shall not lapse upon a Change in Control and the Restricted Stock or other Award shall, where
appropriate in the sole discretion of the Committee, receive the same distribution as other Shares on such terms as determined by the Committee; provided that the Committee may decide to award additional Restricted Stock or other Awards in lieu of
any cash distribution. Notwithstanding anything to the contrary herein, for purposes of Incentive Stock Options, any assumed or substituted Option shall comply with the requirements of Sections 422 and 424 of the Code, and for purposes of Non-Qualified Stock Options that are subject to Section 409A of the Code, any assumed or substituted Option shall comply with the requirements of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Committee, in its sole discretion, may provide for the purchase of any Awards by the Company or an
Affiliate for an amount of cash (either on a current basis or, to the extent such right does not subject the Award to additional taxes or penalties under Section 409A of the Code, a deferred basis) equal to the excess of the Change in Control
Price (as defined below) of the Shares covered by such Awards, over the aggregate exercise price of such Awards. For purposes of this Section 13(c), "**Change in Control Price**" shall mean the highest price per Share paid in any
transaction related to a Change in Control of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If and to the extent that the approach chosen by the Committee results in an acceleration or potential
acceleration of the exercisability, vesting or settlement of any Award, the Committee may impose such conditions upon the exercise, vesting and/or settlement of the Award (including without limitation a requirement that some or all of the proceeds
from the accelerated portion of the Award be held in escrow and/or remain subject to risks of forfeiture or other conditions) as it shall determine; provided that those risks of forfeiture or other conditions are not in the good faith judgment of
the Committee more restrictive than those under the original terms of the Award Agreement and do not result in any violation of Section 409A of the Code (to the extent applicable). The Committee shall give written notice of any proposed
transaction referred to in this Section 13(d) at a reasonable period of time prior to the closing date for such transaction (which notice may be given either before or after the approval of such transaction), in order that Participants may have
a reasonable period of time prior to the closing date of such transaction within which to exercise any Awards that are then exercisable (including any Awards that may become exercisable upon the closing date of such transaction). A Participant may
condition their exercise of any Awards upon the consummation of the transaction.

**Section 14. General Provisions Applicable to Awards**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Awards may be granted for no cash consideration or for such minimal cash consideration as may be required by
applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Awards may, in the discretion of the Committee, be granted either alone or in addition to or in tandem with any
other Award or any award granted under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with awards granted under any other plan of the Company, may be granted either at the
same time as or at a different time from the grant of such other Awards or awards.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the terms of the Plan, payments or transfers to be made by the Company upon the grant, exercise or
payment of an Award may be made in the form of cash, Shares, other securities or other Awards, or any combination thereof, as determined by the Committee in its discretion, and may be made in a single payment or transfer, in installments, or on a
deferred basis, in each case in accordance with rules and procedures established by the Committee and in compliance with Section 409A of the Code, to the extent applicable. Such rules and procedures may include, without limitation, provisions
for the payment or crediting of reasonable interest (or no interest) on installment or deferred payments or the grant or crediting of dividend equivalents in respect of installment or deferred payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as may be permitted by the Committee or as specifically provided in an Award Agreement, (i) no
Award or other benefit payable under the Plan shall, except as otherwise specifically provided by law or permitted by the Committee, be Transferable in any manner other than by will or the law of descent, and any attempt to Transfer any such benefit
shall be void, and any such benefit shall not in any manner be liable for or subject to the debts, contracts, liabilities, engagements or torts of any person who shall be entitled to such benefit, nor shall it be subject to attachment or legal
process for or against such person, and (ii) each Award, and each right under any Award, shall be exercisable during the Participant's lifetime only by the Participant or, if permissible under applicable law, by the Participant's
guardian or legal representative. The provisions of this paragraph shall not apply to any Award which has been fully exercised, earned or paid, as the case may be, and shall not preclude forfeiture of an Award in accordance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Participant may designate a Beneficiary or change a previous beneficiary designation at such times prescribed
by the Committee by using forms and following procedures approved or accepted by the Committee for that purpose. If no Beneficiary designated by the Participant is eligible to receive payments or other benefits or exercise rights that are available
under the Plan at the Participant's death, the Beneficiary shall be the Participant's estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All certificates for Shares and/or Shares or other securities delivered under the Plan pursuant to any Award or
the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock
exchange upon which such Shares or other securities are then listed, and the Act and any applicable federal, provincial or state securities laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate
reference to such restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Committee may impose restrictions on any Award with respect to non-competition, confidentiality and other restrictive covenants, as it deems necessary in its sole discretion and/or for the clawing back of any rights or benefits under any Awards as a result of any breaches
of any of the foregoing covenants and/or for any reasons specified in the Award Agreement or in any employment or other agreement between the Company or any Affiliate and the Participant, and/or for clawing back any rights or benefits under any
Awards to the extent provided under any Company policies (including without limitation any policies adopted or amended to comply with applicable securities or other laws or stock exchange requirements, whether those policies were adopted or amended
before or after the date on which the Award was granted).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any Award granted pursuant to the Plan will be subject to mandatory repayment or forfeiture, as applicable, by
the Participant to the Company to the extent the Participant is, or in the future becomes, subject to (1) any Company "clawback" or recoupment policy adopted by the Board or the Committee, or (2) any law, rule or regulation
which imposes mandatory recoupment, under the circumstances set forth in any such law, rule or regulation.

In addition, the Committee may reserve the right in an Award Agreement to cause a forfeiture of the gain realized by a Participant with respect to an award on account of actions taken by, or failed to be taken by, such Participant in violation or breach of, or in conflict with, any employment agreement, non-competition agreement, agreement prohibiting solicitation of employees or clients of the Company or any affiliate, confidentiality obligation with respect to the Company or any Affiliate, Company policy or procedure (including the Company's Code of Business Conducts and Ethics and Insider Trading Policy), other agreement, or any other obligation of such Participant to the Company or any Affiliate. The Committee may annul an outstanding Award if the Participant is terminated for "Cause" as defined in any applicable Award Agreement or as defined in any other agreement between the Company or such Affiliate and such Participant, as applicable.

**Section 15. Amendments and Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may amend, alter, suspend, discontinue or terminate the Plan and any outstanding Awards granted
hereunder, in whole or in part, at any time without notice to or approval by the shareholders of the Company, for any purpose whatsoever, provided that all material amendments to the Plan shall require the prior approval of the shareholders of the
Company and must comply with the applicable rules of the TSX and NASDAQ. Examples of the types of amendments that are not material that the Board is entitled to make without shareholder approval include, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ensuring continuing compliance with applicable law, the applicable rules of the TSX and NASDAQ or other
applicable stock exchange rules and regulations or accounting or tax rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) amendments of a "housekeeping" nature, which include amendments to correct any defect, supply any
omission, or reconcile any inconsistency in the Plan or any Award Agreement in the manner and to the extent it shall deem desirable to carry the Plan into effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) changing the vesting provision of the Plan or any Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) waiving any conditions or rights under any Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) changing the termination provisions of any Award that does not entail an extension beyond the original
expiration date thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) adding a cashless exercise feature payable in securities, where such feature provides for a full deduction of
the number of underlying securities from the Plan reserve, and any amendment to a cashless exercise provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) adding a form of financial assistance and any amendment to a financial assistance provision which is adopted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) changing the process by which a Participant who wishes to exercise their Award can do so, including the
required form of payment for the Shares being purchased, the form of written notice of exercise provided to the Company and the place where such payments and notices must be delivered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) delegating any or all of the powers of the Committee to administer the Plan to officers of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything contained herein to the contrary, no amendment to the Plan requiring the approval of
the shareholders of the Company under any applicable securities laws or requirements shall become effective until such approval is obtained. In addition to the foregoing, the approval of the holders of a majority of the Shares present and voting in
person or by proxy at a meeting of shareholders shall be required for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an increase in the maximum number of Shares that may be made the subject of Awards under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any adjustment (other than in connection with a stock dividend, recapitalization or other transaction where an
adjustment is permitted or required under Section 5(a)) or amendment that reduces or would have the effect of reducing the exercise price of an Option or Stock Appreciation Right previously granted under the Plan, whether through amendment,
cancellation or replacement grants, or other means (provided that, in such a case, Insiders of the Company who benefit from such amendment are not eligible to vote their Shares in respect of the approval);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an extension of the term of an outstanding Option or Stock Appreciation Right beyond the expiry date thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) permitting Options granted under the Plan to be Transferrable other than for normal estate settlement purposes;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any amendment to the plan amendment provisions set forth in this Section 15 which is not an amendment
within the nature of Section 15(a)(i) or Section 15(a)(ii), unless the change results from application of Section 5(d)(i) or Section 5(d)(ii).

Furthermore, except as otherwise permitted under the Plan, no change to an outstanding Award that will adversely impair the rights of a Participant may be made without the consent of the Participant except to the extent that such change is required to comply with applicable law, stock exchange rules and regulations or accounting or tax rules and regulations.

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**Section 16. Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Plan is intended to constitute an "unfunded" plan for incentive and deferred compensation. With
respect to any payment as to which a Participant has a fixed and vested interest but which are not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any right that is greater than those of a general
unsecured creditor of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No employee, Participant or other person shall have any claim to be granted any Award under the Plan, and there
is no obligation for uniformity of treatment of employees, Participants, or holders or beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient. Any Award granted under the Plan
shall be a one-time Award which does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall have the right to deduct from any payment to be made pursuant to the Plan, or to otherwise
require, prior to the issuance or delivery of Shares or the payment of any cash hereunder, payment by the Participant of, any federal, state or local taxes required by law to be withheld. Upon the vesting of Restricted Stock (or other Award that is
taxable upon vesting), or upon making an election under Section 83(b) of the Code, a Participant shall pay all required withholding to the Company. Any statutorily required withholding obligation with regard to any Participant may be satisfied,
subject to the consent of the Committee, by reducing the number of Shares otherwise deliverable or by delivering Shares already owned. Any fraction of a Share required to satisfy such tax obligations shall be disregarded and the amount due shall be
paid instead in cash by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing contained in the Plan shall prevent the Company from adopting or continuing in effect other or
additional compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of,
or to continue to provide services to, the Company or any Affiliate. Further, the Company or the applicable Affiliate may at any time dismiss a Participant, free from any liability, or any claim under the Plan, unless otherwise expressly provided in
the Plan or in any Award Agreement or in any other agreement binding the parties. The receipt of any Award under the Plan is not intended to confer any rights on the receiving Participant except as set forth in such Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable
in any jurisdiction, or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so
construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder of the Plan and any
such Award shall remain in full force and effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a
fiduciary relationship between the Company and a Participant or any other person. To the extent that any person acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of any
unsecured general creditor of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall
determine whether cash or other securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated or otherwise eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Award or other benefit payable under the Plan shall, except as otherwise specifically provided by law or
permitted by the Committee, be Transferable in any manner, and any attempt to Transfer any such benefit shall be void, and any such benefit shall not in any manner be liable for or subject to the debts, contracts, liabilities, engagements or torts
of any person who shall be entitled to such benefit, nor shall it be subject to attachment or legal process for or against such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Unless otherwise determined by the Committee, as long as the Shares are listed on a national securities
exchange including the TSX, NASDAQ or system sponsored by a national securities association, the issuance of Shares pursuant to an Award shall be conditioned upon such shares being listed on such exchange or system. The Company shall have no
obligation to issue such Shares unless and until such Shares are so listed, and the right to exercise any Option or other Award with respect to such Shares shall be suspended until such listing has been effected. If at any time counsel to the
Company shall be of the opinion that any sale or delivery of Shares pursuant to an Option or other Award is or may in the circumstances be unlawful or result in the imposition of excise taxes on the Company under the statutes, rules or regulations
of any applicable jurisdiction, the Company shall have no obligation to make such sale or delivery, or to make any application or to effect or to maintain any qualification or registration under the Act, the Securities Act or otherwise, with respect
to Shares or Awards, and the right to exercise any Option or other Award shall be suspended until, in the opinion of said counsel, such sale or delivery shall be lawful or will not result in the imposition of excise taxes on the Company. A
Participant shall be required to supply the Company with certificates, representations and information that the Company requests and otherwise cooperate with the Company in obtaining any listing, registration, qualification, exemption, consent or
approval the Company deems necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) No Award granted or paid out under the Plan shall be deemed compensation for purposes of computing benefits
under any retirement plan of the Company or its Affiliates nor affect any benefit under any other benefit plan now or subsequently in effect under which the availability or amount of benefits is related to the level of compensation. The provisions
of Awards need not be the same with respect to each Participant, and such Awards to individual Participants need not be the same in subsequent years.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) All elections and transactions under the Plan by persons subject to Section 16 of the Securities Act
involving Shares are intended to comply with any applicable exemptive condition under Rule 16b-3. The Committee may establish and adopt written administrative guidelines, designed to facilitate compliance with
Section 16(b) of the Securities Act, as it may deem necessary or proper for the administration and operation of the Plan and the transaction of business thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Plan shall be binding on all successors and permitted assigns of a Participant, including, without
limitation, the estate of such Participant and the executor, administrator or trustee of such estate. Any benefit payable to or for the benefit of a minor, an incompetent person or other person incapable of receipt thereof shall be deemed paid when
paid to such person's guardian or to the party providing or reasonably appearing to provide for the care of such person, and such payment shall fully discharge the Committee, the Board, the Company, its Affiliates and their employees, agents
and representatives with respect thereto.

**Section 17. Term of the Plan**. No Award shall be granted under the Plan after ten years from the Effective Date. However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award, or to waive any conditions or rights under any such Award, and the authority of the Board to amend the Plan, shall extend beyond such date.

**Section 18. United States Securities Laws Matters**. No Awards shall be granted in the United States and no Shares shall be issued in the United States upon exercise or settlement of or pursuant to any such Award unless such securities are registered under the U.S. Securities Act and any applicable state securities laws or an exemption or exclusion from such registration is available. Any Awards issued or made in the United States, and any Shares issued upon exercise or settlement thereof or pursuant thereto, will be "restricted securities" (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act), unless registered under the U.S. Securities Act. Any certificate or instrument representing Awards granted or made in the United States or Shares issued upon exercise or settlement of or pursuant to any such Award pursuant to an exemption from registration under the U.S. Securities Act and applicable state securities laws shall bear a legend restricting transfer under applicable United States federal and state securities laws in substantially the following form:

"THE SECURITIES REPRESENTED HEREBY [and for Awards, the following will be added: AND THE SECURITIES ISSUABLE UPON EXERCISE OR SETTLEMENT HEREOF] HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND, IN CONNECTION WITH ANY TRANSFERS PURSUANT TO (C) OR (D) ABOVE, THE SELLER HAS FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY, TO THAT EFFECT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA."

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The Committee may require that a Participant provide certain representations, warranties and certifications to the Company to satisfy the requirements of applicable securities laws, including without limitation, the registration requirements of the U.S. Securities Act and applicable state securities laws or exemptions or exclusions therefrom.

**Section 19. Section 409A of the Code**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Plan is intended to comply with the applicable requirements of Section 409A of the Code and shall be
limited, construed and interpreted in accordance with such intent. To the extent that any Award is subject to Section 409A of the Code, it shall be paid in a manner that will comply with Section 409A of the Code. Notwithstanding anything
herein to the contrary, any provision in the Plan that is inconsistent with Section 409A of the Code shall be deemed to be amended to comply with Section 409A of the Code and to the extent such provision cannot be amended to comply
therewith, such provision shall be null and void. The Company shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant with, Section 409A of the Code is not so exempt or
compliant or for any action taken by the Committee or the Company and, in the event that any amount or benefit under the Plan becomes subject to additional taxes or penalties under Section 409A of the Code, responsibility for payment of such
penalties shall rest solely with the affected Participants and not with the Company. Notwithstanding any contrary provision in the Plan or Award Agreement, any payment(s) of "nonqualified deferred compensation" (within the meaning of
Section 409A of the Code) that are otherwise required to be made under the Plan to a "specified employee" (as defined under Section 409A of the Code) as a result of such employee's separation from service (other than a
payment that is not subject to Section 409A of the Code) shall be delayed for the first six (6) months following such separation from service (or, if earlier, the date of death of the specified employee) and shall instead be paid (in a
manner set forth in the Award Agreement) upon expiration of such delay period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, the Company does not make any representation to any Participant or Beneficiary
as to the tax consequences of any Awards made pursuant to this Plan, and the Company shall have no liability or other obligation to indemnify or hold harmless the Participant or any Beneficiary for any tax, additional tax, interest or penalties that
the Participant or any Beneficiary may incur as a result of the grant, vesting, exercise or settlement of an Award under this Plan.

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**Section 20. Governing Law; Waiver of Jury Trial**. This Plan shall be governed by and construed in accordance with the laws of the Province of British Columbia and the laws of Canada applicable in the Province of British Columbia. Any suit, action or proceeding with respect to the Plan or any Award Agreement, or any judgment entered by any court of competent jurisdiction in respect of any thereof, shall be resolved only in the courts of the Province of British Columbia. In that context, and without limiting the generality of the foregoing, the Company and each Participant shall irrevocably and unconditionally (a) submit in any proceeding relating to the Plan or any Award Agreement, or for the recognition and enforcement of any judgment in respect thereof (a "**Proceeding**"), to the exclusive jurisdiction of the courts of the Province of British Columbia, and agree that all claims in respect of any such Proceeding shall be heard and determined in such British Columbia court or, to the extent permitted by law, in such federal court, (b) consent that any such Proceeding may and shall be brought in such courts and waives any objection that the Company and each Participant may now or thereafter have to the venue or jurisdiction of any such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agree not to plead or claim the same, (c) waive all right to trial by jury in any Proceeding (whether based on contract, tort or otherwise) arising out of or relating to the Plan or any Award Agreement, (d) agree that service of process in any such Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party, in the case of a Participant, at the Participant's address shown in the books and records of the Company or, in the case of the Company, at the Company's principal offices, attention General Counsel, and (e) agree that nothing in the Plan shall affect the right to effect service of process in any other manner permitted by the laws of the Province of British Columbia.

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IN WITNESS WHEREOF the Company has executed this Plan on the date first written above.

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| | |
|:---|:---|
| **EUPRAXIA PHARMACEUTICALS INC.** | **EUPRAXIA PHARMACEUTICALS INC.** |
| By: | /s/ James A. Helliwell |
|  | Name: James A. Helliwell |
|  | Title: Chief Executive Officer |

---

*[Signature Page to Eupraxia Pharmaceuticals Inc. 2025 Omnibus Incentive Plan]*

## Exhibit 4.4

**Exhibit 4.4** 

**EUPRAXIA PHARMACEUTICALS INC.** 

**Incentive Stock Option Grant Agreement for U.S. Optionee (this "Agreement")** 

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| | |
|:---|:---|
| **TO:** | **[•]** (the "**Optionee**") |
| **FROM:** | Eupraxia Pharmaceuticals Inc. (the "**Company**") |
| **DATE:** | **[•]** (the "**Effective Date**") |

---

The Company hereby notifies the Optionee as follows:

1. The Company hereby grants to the Optionee, subject to the terms and conditions set forth in this Agreement and
the Omnibus Incentive Plan of the Company (the "**Plan** "), administered by the Compensation Committee of the board of directors of the Company (the "**Plan Administrator** "), the right to purchase the following number
of common shares in the capital of the Company (the "**Shares**") at the following exercise price on or after the following vesting date(s) and prior to the close of business on the following expiry date (the "**Expiry Date** "), subject to earlier expiration in accordance with the Plan and this Agreement:

---

| | | | |
|:---|:---|:---|:---|
| **# of Shares** | **Exercise Price** | **Vesting Date(s)** | **Expiry Date** |
|  **[•]** (the "**Options**") | [•]<sup>1</sup> | [•] | [•]<sup>2</sup> |

---

2. The Options are intended to be incentive stock options as described by Section 422 of the Code.

3. On the close of business on the expiry date set forth in Paragraph 1 above (the "**Expiry Date** "), the Options granted hereby shall expire and automatically terminate and be of no further force and effect. Notwithstanding anything to the contrary in the Agreement or the Plan, in no event will the Expiry Date be extended, even if
it occurs during a Blackout Period.

4. **Termination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Disability.</u> In the event of the Optionee's termination of employment due to the Optionee's
Disability, any Options which have vested in accordance with their terms may be exercised at any time prior to the earlier of (x) one year from the date of termination due to disability and (y) the Expiry Date.
" **Disability**" means permanent and total disability, within the meaning of Section 22(e)(3) of the Code. Any Options which have not vested prior to the termination date will be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Death.</u> In the event of the Optionee's termination of employment with the Company due to the
Optionee's death, any Options which have vested in accordance with their terms may be exercised at any time prior to the earlier of (x) one year from the date of termination due to death and (y) the Expiry Date. Any Options which
have not vested prior to the termination date will be forfeited.

<sup>1</sup> **<u>NTD:</u>** Exercise price equal to Fair Market Value on the Effective Date, as defined by the Omnibus Incentive Plan, or 110% if granted to 10 percent shareholder within the meaning of the ISO rules. 

<sup>2</sup> **<u>NTD:</u>** No longer than 10 years from the Effective Date, or 5 years if granted to 10 percent shareholder within the meaning of the ISO rules. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Cause</u>. In the event of the Optionee's termination of employment with the Company due to
"cause", all Options will be immediately canceled and forfeited on the date the Optionee ceases to be an employee of the Company without any compensation to the Optionee in lieu thereof, and any Shares for which the Company has not yet
delivered share certificates will be immediately canceled and forfeited and the Company will refund to the Optionee the exercise price paid for such Shares, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Other Termination Events.</u> In the event of the Optionee's termination of employment for any reason
other than as provided in Section 4(a), 4(b) or 4(c) of this Agreement, any Options which have vested in accordance with their terms may be exercised at any time prior to the earlier of: (x) the three month anniversary from the date the
Optionee ceases to be an employee of the Company (the "**Termination Date** "), and (y) the Expiry Date. Any Options which have not vested prior to the Termination Date will be forfeited.

5. The Optionee or the legal personal representative(s) of such Optionee may elect to exercise the Option by
transferring, surrendering and disposing of a specified number of Options to the Company in exchange for a number of Shares having a fair market value equal to the intrinsic value of such Options disposed of and transferred to the Company (the
" **Net Settlement**") by completing the Notice of Net Settlement set out as Schedule "A" hereto. Upon the Net Settlement of Options (the "**Disposed Options** "), the Company shall, subject to withholding
taxes as set forth in the Plan, deliver to the Optionee, that number of fully paid and non-assessable Shares ()"**X**") equal to the number of Disposed Options ()"**Y**") multiplied
by the quotient obtained by dividing the result of the Fair Market Value of one Share, as at the date of exercise ()"**B**") less the exercise price per Share ()"**A**") by the Fair Market Value of one Share as determined
as at the date of exercise ()"**B** "). Expressed as a formula, such number of Shares shall be computed as follows:

X = (Y) x <u>(B – A)</u>

&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;(B) No fractional Shares shall be issuable upon the net settlement of Options, such Shares to be rounded down to the nearest whole number with any difference refunded to the Optionee, notwithstanding anything to the contrary in the Plan (it being understood that the Optionee will have previously elected to surrender an Option in exchange for a refund of this difference). Upon the occurrence of the foregoing, the number of Shares underlying the Options disposed of shall be deducted from the number of Shares reserved for issuance under the Plan.

6. In respect of any transfer, surrender or disposition of Options for consideration other than Shares (or
substituted shares), including for clarity any transfer, surrender or disposition pursuant to Section 5 of this Agreement, the Company will (or, if applicable, will cause its Affiliate to) file the election described in subsection 110(1.1) of
the *Income Tax Act* (Canada).

7. The Optionee acknowledges receipt of a copy of the Plan and hereby agrees that the terms and conditions of the
Plan shall govern the Options granted hereby, including all amendments or adjustments pursuant to the Plan or otherwise consented to by the Optionee.

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8. All Options granted pursuant to the Plan and reflected in this Agreement shall be personal to the Optionee and
only exercisable during the Optionee's lifetime by the Optionee, and shall not be assignable or otherwise transferable except by will or the laws of descent and distribution

9. If the Optionee disposes of any of the Shares acquired pursuant to the Options prior to the expiration of
either two (2) years from the date of grant or one (1) year from the date the Shares are transferred to the Optionee pursuant to the exercise of the Option (a "**Disqualifying Disposition** "), the Optionee shall notify the
Company within thirty (30) days after such disposition of the date and terms of such disposition. The Optionee also agrees to provide the Company with any information concerning any such dispositions as the Company requires for tax purposes

10. The Optionee acknowledges that the Company has not advised the Optionee regarding the Optionee's income
tax liability in connection with the grant of the Options and that the Company does not guarantee any particular tax treatment. The Optionee acknowledges that they have reviewed with their own tax advisors the tax treatment of these Options
(including the purchase and sale of Shares subject hereto) and is relying solely on those advisors in that regard. Notwithstanding that the Options are intended to be treated as Incentive Stock Options within the meaning of Section 422 of the
Code, the Company makes no guarantee as to the tax treatment of the Options. The Optionee understands that the Company shall not be liable or responsible for any tax liability that the Optionee incurs in connection with the Option,s including
without limitation in the event that the Internal Revenue Service determines that the Options do not qualify as Incentive Stock Options within the meaning of the Code or if the Optionee makes a Disqualifying Disposition.

------

**DATED** as of the ____ day of ______________, 202___

The Optionee, ________________________, hereby acknowledges and accepts the terms governing the grant of Options as set out above and confirms and acknowledges that the Optionee has received, read and understood the terms, conditions and restrictions of this Agreement. The Optionee also confirms and acknowledges that the Optionee has not been induced to enter into this Agreement by expectation of employment or continued employment with the Company or any affiliate of the Company.

---

| |
|:---|
| **[OPTIONEE]** |
| **EUPRAXIA PHARMACEUTICALS INC.** |
| By: James Helliwell |
|  Title: Chief Executive Officer |

---

*[Signature Page – Stock Option Grant Agreement]* 

------

**SCHEDULE "A"** 

**NOTICE OF NET SETTLEMENT** 

TO: The administrator of the Plan

The undersigned hereby elects to exercise ______________ Options and to receive, subject to the terms of the Plan and the Options, the number of Shares due pursuant to the net settlement provisions set out in Section 5 of the Stock Option Grant Agreement (the "**Net Settlement Provisions**").

The undersigned, subject to the terms of the Plan and the Options, is requesting to receive the number of Shares due pursuant to the Net Settlement Provisions.

The undersigned directs the Company to issue the certificate evidencing said Shares in the name of the undersigned to be mailed to the undersigned at the following address:

By executing this Notice of Net Settlement, the undersigned hereby confirms that the undersigned has read the Plan and agrees to be bound by the provisions of the Plan. All terms not otherwise defined in this Notice of Net Settlement will have the meanings given to them under the Plan.

**DATED** as of the ____ day of ______________, 20___.

---

| | |
|:---|:---|
| Signature of Witness | Signature of Participant |
| Name of Witness (*please print*) | Name of Participant (*please print*) |

---

## Exhibit 4.5

**Exhibit 4.5** 

**EUPRAXIA PHARMACEUTICALS INC.** 

**Non-Qualified Stock Option Grant Agreement for U.S. Optionee (this "Agreement")** 

---

| | |
|:---|:---|
| **TO:** | **[•]** (the "**Optionee**") |
| **FROM:** | Eupraxia Pharmaceuticals Inc. (the "**Company**") |
| **DATE:** | **[•]** (the "**Effective Date**") |

---

The Company hereby notifies the Optionee as follows:

1. The Company hereby grants to the Optionee, subject to the terms and conditions set forth in this Agreement and
the Omnibus Incentive Plan of the Company (the "**Plan** "), administered by the Compensation Committee of the board of directors of the Company (the "**Plan Administrator** "), the right to purchase the following number
of common shares in the capital of the Company (the "**Shares**") at the following exercise price on or after the following vesting date(s) and prior to the close of business on the following expiry date (the "**Expiry Date** "), subject to earlier expiration in accordance with the Plan and this Agreement:

---

| | | | |
|:---|:---|:---|:---|
| **# of Shares** | **Exercise Price** | **Vesting Date(s)** | **Expiry Date** |
|  **[•]** (the "**Options**") | [•]<sup>1</sup> | [•] | [•]<sup>2</sup> |

---

2. The Options are intended to be non-qualified stock options within the
meaning of the Code. They are **not** intended to be incentive stock options as described by Section 422 of the Code, or to otherwise qualify for any special tax benefits for the Optionee.

3. On the close of business on the expiry date set forth in Paragraph 1 above (the "**Expiry Date** "), the Options granted hereby shall expire and automatically terminate and be of no further force and effect. Notwithstanding anything to the contrary in the Agreement or the Plan, in no event will the Expiry Date be extended, even if
it occurs during a Blackout Period.

4. **Termination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination without Cause.</u> In the event the Optionee is terminated: (i) by the Company without
cause, or (ii) if provided for in an employment agreement between the Company and the Optionee, by the Optionee for Good Reason (as defined in such employment agreement), any Options which have vested in accordance with their terms may be
exercised at any time prior to the Expiry Date. Any Options which have not vested prior to the termination date will be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Disability.</u> In the event of the Optionee's termination due to the Optionee's Disability, any
Options which have vested in accordance with their terms may be exercised at any time prior to the Expiry Date. "**Disability**" means any medically determinable physical or mental impairment resulting in the Optionee's
inability to perform the duties of his position or any substantially similar position, where such impairment can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months. The Plan
Administrator shall determine whether the Optionee meets the definition of Disability, and the Plan Administrator's determination shall be final and binding. Any Options which have not vested prior to the termination date will be forfeited.

<sup>1</sup> **<u>NTD:</u>** Exercise price equal to Fair Market Value on the Effective Date, as defined by the Omnibus Incentive Plan. 

<sup>2</sup> **<u>NTD:</u>** No longer than 10 years from the Effective Date. 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Death.</u> In the event of the Optionee's termination with the Company due to the Optionee's
death, any Options which have vested in accordance with their terms may be exercised at any time prior to the Expiry Date. Any Options which have not vested prior to the termination date will be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Other Termination Events.</u> In the event of the Optionee's termination for any reason other than as
provided in Section 4(a), 4(b) or 4(c) of this Agreement, the Options will be immediately cancelled and forfeited on the date the Optionee ceases to be an employee, director or consultant of the Company (the "**Termination Date** "), without any compensation to the Optionee in lieu thereof.

5. The Optionee or the legal personal representative(s) of such Optionee may elect to exercise the Option by
transferring, surrendering and disposing of a specified number of Options to the Company in exchange for a number of Shares having a fair market value equal to the intrinsic value of such Options disposed of and transferred to the Company (the
" **Net Settlement**") by completing the Notice of Net Settlement set out as Schedule "A" hereto. Upon the Net Settlement of Options (the "**Disposed Options** "), the Company shall, subject to withholding
taxes as set forth in the Plan, deliver to the Optionee, that number of fully paid and non-assessable Shares ()"**X**") equal to the number of Disposed Options ()"**Y**") multiplied
by the quotient obtained by dividing the result of the Fair Market Value of one Share, as at the date of exercise ()"**B**") less the exercise price per Share ()"**A**") by the Fair Market Value of one Share as determined
as at the date of exercise ()"**B** "). Expressed as a formula, such number of Shares shall be computed as follows:

X = (Y) x <u>(B – A)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) No fractional Shares shall be issuable upon the net settlement of Options, such Shares to be rounded down to the nearest whole number with any difference refunded to the Optionee, notwithstanding anything to the contrary in the Plan (it being understood that the Optionee will have previously elected to surrender an Option in exchange for a refund of this difference). Upon the occurrence of the foregoing, the number of Shares underlying the Options disposed of shall be deducted from the number of Shares reserved for issuance under the Plan.

6. In respect of any transfer, surrender or disposition of Options for consideration other than Shares (or
substituted shares), including for clarity any transfer, surrender or disposition pursuant to Section 5 of this Agreement, the Company will (or, if applicable, will cause its Affiliate to) file the election described in subsection 110(1.1) of
the *Income Tax Act* (Canada).

------

7. The Optionee acknowledges receipt of a copy of the Plan and hereby agrees that the terms and conditions of the
Plan shall govern the Options granted hereby, including all amendments or adjustments pursuant to the Plan or otherwise consented to by the Optionee.

8. All Options granted pursuant to the Plan and reflected in this Agreement shall be personal to the Optionee and
shall not be assignable or otherwise transferable except by will or the laws of descent and distribution.

------

**DATED** as of the ____ day of ______________, 202___

The Optionee, ________________________, hereby acknowledges and accepts the terms governing the grant of Options as set out above and confirms and acknowledges that the Optionee has received, read and understood the terms, conditions and restrictions of this Agreement. The Optionee also confirms and acknowledges that the Optionee has not been induced to enter into this Agreement by expectation of employment or engagement, or continued employment or engagement with the Company or any affiliate of the Company.

---

| |
|:---|
| **[OPTIONEE]** |
| **EUPRAXIA PHARMACEUTICALS INC.** |
| By: James Helliwell |
| Title: Chief Executive Officer |

---

*[Signature Page – Stock Option Grant Agreement]* 

------

**SCHEDULE "A"** 

**NOTICE OF NET SETTLEMENT** 

TO: The administrator of the Plan

The undersigned hereby elects to exercise ______________ Options and to receive, subject to the terms of the Plan and the Options, a number of Shares due pursuant to the net settlement provisions set out in Section 5 of the Stock Option Grant Agreement (the "**Net Settlement Provisions**").

The undersigned, subject to the terms of the Plan and the Options, is requesting to receive the number of Shares due pursuant to the Net Settlement Provisions.

The undersigned directs the Company to issue the certificate evidencing said Shares in the name of the undersigned to be mailed to the undersigned at the following address:

By executing this Notice of Net Settlement, the undersigned hereby confirms that the undersigned has read the Plan and agrees to be bound by the provisions of the Plan. All terms not otherwise defined in this Notice of Net Settlement will have the meanings given to them under the Plan.

**DATED** as of the ____ day of ______________, 20___.

---

| | |
|:---|:---|
| Signature of Witness | Signature of Participant |
| Name of Witness (*please print*) | Name of Participant (*please print*) |

---

## Exhibit 4.6

**Exhibit 4.6** 

**EUPRAXIA PHARMACEUTICALS INC.** 

**2025 OMNIBUS INCENTIVE PLAN** 

**Restricted Stock Unit Award Agreement (this "Agreement")** 

Eupraxia Pharmaceuticals Inc. (the "**Company**") has granted the following Restricted Stock Units (the "**RSUs**") to the **[employee / executive]** named below (the "**Participant**"), in accordance with and subject to the terms, conditions and restrictions of this Agreement, together with the provisions of the Eupraxia Pharmaceuticals Inc. 2025 Omnibus Incentive Plan (the "**Plan**") dated February 17, 2025.

**Name of Participant: [•]** 

**Effective Date of Agreement: [•]** 

**Award Summary Table:** 

---

| | |
|:---|:---|
| **RSUs Awarded to Participant under this Agreement** | **RSUs Awarded to Participant under this Agreement** |
| **Date of Grant** | **[•]** |
| **Fair Market Value of Shares at Date of Grant** | $**[•]** |
| **Number of RSUs Awarded** | **[•]** |
| **Value of RSUs on Date of Grant** | $**[•]** |
| **Status of Shares subject to RSUs under the *Income Tax Act* (Canada)** | Pursuant to subsection 110(1.4) of the *Income Tax Act* (Canada), each Share underlying each RSU is hereby designated a "non-qualified security" for purposes of the *Income Tax Act* (Canada) |
| **Vesting Date** | [•] |

---

**By signing this Agreement, the Participant hereby acknowledges and agrees to the following:** 

1. All capitalized terms used in this Agreement will have the same meaning as in the Plan unless otherwise defined
in this Agreement. A Prospectus describing the Plan has been delivered to the Participant. The terms and conditions of the Plan are incorporated by reference in their entirety into this Agreement.

2. Pursuant to the Plan and in respect of the services provided to the Company or an Affiliate by the Participant,
effective as of the date of grant specified in the Award Summary Table (the "**Grant Date** "), the Company has granted the Participant the number of RSUs as set forth in the table above, and the value of the Participant's RSUs
is based on the Fair Market Value of a Share on the Grant Date.

------

3. Subject to Section 4(a), Section 4(b), Section 4(c) and Section 10 of this Agreement, the
RSUs granted under this Agreement, together with any Dividend Equivalent RSUs (as defined in Section 5 of this Agreement), will vest in the proportions and on the Vesting Dates specified in the Award Summary Table, provided that on the
applicable Vesting Date, the Participant's Termination Date has not occurred. Only a whole number of RSUs will become vested as of any given Vesting Date. If the number of RSUs determined as of a Vesting Date is a fractional number, the number
vesting will be rounded down to the nearest whole number with any fractional portion carried forward. Except as otherwise determined by the Committee, for purposes of this Agreement the Participant will be deemed to have ceased to be engaged or
employed in Service on the Termination Date. The "**Termination Date**" will mean the date of the Participant's cessation of Service, which for avoidance of doubt includes cessation of any employment and/or engagement with the
Company or an Affiliate (*i.e*., the Participant will have ceased to be an employee, director or Consultant of the Company or an Affiliate).

4. **Termination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination without Cause</u>. In the event the Participant's Service is terminated by the Company
without cause or by the Participant for Good Reason, any unvested RSUs (including Dividend Equivalent RSUs) that would have vested during the Notice Period will continue to vest on each scheduled Vesting Date during the Notice Period and will be
settled in accordance with Section 8 of this Agreement. Any RSUs that do not vest during the Notice Period will be immediately cancelled and forfeited on the last day of the Notice Period, without any compensation to the Participant in lieu
thereof.

**"Cause"** means, with respect to a Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Participant's willful misconduct or gross negligence in the performance of the Participant's
duties to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Participant's material breach of any written agreement or material Company policy, after written
notice and a reasonable opportunity to cure (to the extent curable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Participant's commission of fraud, embezzlement, theft, or other act of dishonesty involving the
Company or its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Participant's conviction of, or plea of guilty or no contest to, a felony or a crime involving moral
turpitude; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Participant's willful failure or refusal to substantially comply with lawful directives of the
Company or its board, after written notice and a reasonable opportunity to cure (to the extent curable),in each case as determined by the Committee in good faith.

"**Good Reason**" means, without the Participant's prior written consent, the occurrence of any one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a material reduction in the Participant's base salary (or, if the Participant does not receive a base
salary, a material reduction in the Participant's total target cash compensation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a material diminution in the Participant's title, authority, duties or responsibilities, taken as a
whole, as compared to those in effect immediately prior to the event giving rise to Good Reason;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a requirement that the Participant's principal place of employment be relocated to a location more than
fifty (50) miles from the Participant's principal place of employment immediately prior to such relocation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a material breach by the Company of any material provision of this Agreement or, if applicable, any employment
or service agreement between the Participant and the Company.

A termination by the Participant shall constitute a termination for Good Reason only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Participant provides written notice to the Company of the condition constituting Good Reason within ninety
(90) days following the initial occurrence of such condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Company fails to cure such condition within thirty (30) days following receipt of such notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Participant's termination of employment or service occurs within sixty (60) days following the
expiration of the cure period.

"**Notice Period**" means any period of notice of termination or pay in lieu of notice that the Company is required to provide to the Participant pursuant to the terms of the Participant's employment or service agreement with the Company.

The Company may condition any such continued vesting on the Participant (i) providing the Company with a release of claims in such form as the Company may reasonably require and (ii) complying during the Notice Period with any applicable post-Service covenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Disability</u>. In the event the Participant's Termination Date occurs due to the Participant's
Disability, any RSUs (including Dividend Equivalent RSUs) that are vested as of the Participant's Termination Date will remain vested and be settled in accordance with Section 8 of this Agreement. Any RSUs (including Dividend Equivalent
RSUs) that are unvested as of the Participant's Termination Date will be immediately cancelled and forfeited on the Participant's Termination Date, without any compensation to the Participant in lieu thereof.
" **Disability**" means any medically determinable physical or mental impairment resulting in the Participant's inability to perform the duties of his position or any substantially similar position, where such impairment can be
expected to result in death or can be expected to last for a continuous period of not less than six (6) months. The Committee shall determine whether the Participant meets the definition of Disability, and the Committee's determination
shall be final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Death</u>. In the event the Participant's Termination Date occurs due to the Participant's
death, any RSUs (including Dividend Equivalent RSUs) that are vested as of the Participant's Termination Date will remain vested and be settled in accordance with Section 8 of this Agreement. Any RSUs (including Dividend Equivalent RSUs)
that are unvested as of the Participant's Termination Date will be immediately cancelled and forfeited on the Participant's Termination Date, without any compensation to the Participant in lieu thereof.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Other Termination Events</u>. In the event of the Participant's termination of employment by the
Company or an Affiliate for any reason other than as provided in Section 4(a), 4(b) or 4(c) of this Agreement (excluding, for clarity, any other termination of the Participant's employment by the Participant), all vested and unvested RSUs
will be immediately cancelled and forfeited on the Participant's Termination Date, without any compensation to the Participant in lieu thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Waiver of Claims</u>. The Participant waives any claim to damages in respect of any RSUs that are forfeited
under this Section 4, whether related or attributable to any contractual or common law termination entitlement or otherwise.

5. Any additional RSUs granted to the Participant as Dividend Equivalents pursuant to Section 8(e) of the
Plan ()"**Dividend Equivalent RSUs**") in respect of the Participant's then outstanding RSUs will be granted effective as of the date(s) the underlying dividends are paid in respect of Shares and, if credited in respect of
unvested RSUs, vest at the same time and in the same proportion as the unvested RSUs to which such Dividend Equivalent RSUs are attributable. The Dividend Equivalent RSUs granted to the Participant will be treated in the same manner as the RSUs
granted to the Participant under this Agreement for the purposes of Sections 3, 4, 6, 7, 8, 9, 10, 11, 12, 13, and 14 of this Agreement, and all references to RSUs therein will include the Dividend Equivalent RSUs. Fractional Dividend Equivalent
RSUs that are unable at a time of settlement to be settled in whole Shares shall be carried forward to the credit of the Participant and shall continue to be eligible to incur additional Dividend Equivalent RSUs; provided that any fractional
remainder when the last corresponding RSU or Dividend Equivalent RSU, as applicable, is settled pursuant to the terms hereof shall be rounded down to the nearest whole share. For clarity, no fractional remainder in respect of any RSU or Dividend
Equivalent RSU shall, following the final settlement of RSUs and Dividend RSUs attributable to whole Shares hereunder, be settled or otherwise compensated for in cash, and such fractional remainder shall be instead forfeited for no further
consideration.

6. The value of RSUs granted to the Participant is based on the Fair Market Value of the Shares on the Grant Date
and therefore any minimum level of future appreciation is not guaranteed.

7. No funds will be set aside by the Company to guarantee the payment of the RSUs granted to the Participant under
this Agreement. The Participant's RSUs will remain an unfunded liability recorded on the books of the Company.

8. Subject to Section 9 and Section 14, where all or a portion of the Participant's RSUs have
become vested, the value of the vested RSUs will be paid to the Participant (or the Participant's Beneficiary, if applicable) in Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Participant is deceased, as soon as reasonably practicable following the death of the Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other case, as soon as reasonably practicable following receipt by the Company of written notice from
the Participant requesting settlement of such number of vested RSUs set out in the notice.

------

9. The Participant expressly acknowledges that the settlement of the RSUs acquired hereunder may give rise to
remuneration subject to withholding. The Participant acknowledges and agrees that the Participant's right hereunder, including the right to receive Shares following the vesting of any portion of the Participant's RSUs, are subject to the
satisfaction of all taxes required to be withheld with respect to the Participant's RSUs. In such circumstances, the Company may agree that the Participant pay to the Company such amount as the Company is obliged to remit to the relevant
taxing authority with respect to the settlement of, or any other applicable taxable event with respect to, the Participant's RSUs. Any such additional payment is due no later than the date on which such amount with respect to the
Participant's RSUs is required to be remitted to the relevant tax authority by the Company. Alternately, and subject to any requirements or limitations under applicable Company policies and applicable law, the Company may (a) withhold
such amount from any remuneration or other amount payable by the Company to the Participant, (b) require the sale of a number of Shares issued upon settlement of the Participant's RSUs 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 with the Participant for the receipt of such amount. Notwithstanding the foregoing, subject to any applicable law, if requested by the
Participant, the Company shall settle such portion of the Participant's RSUs having a value equal to the withholding amount on the settlement of the Participant's RSUs in cash with such cash proceeds to be remitted by the Company to the
applicable tax authority in satisfaction of the withholding amount (with any residual cash remainder that cannot be settled in a whole Share paid to the Participant).

10. The RSUs granted to the Participant will be automatically cancelled following the tenth anniversary of the
Grant Date without any compensation to the Participant in lieu thereof.

11. The Participant consents to the holding and processing of personal data provided by the Participant to the
Company or an Affiliate to any third party service provider for all purposes relating to the operation of the Plan, including (i) administering and maintaining records of the Participant, (ii) providing information to the Company or an
Affiliate, their agents and any third party administrators of the Plan, and (iii) providing information to future purchasers of the Company, any Affiliate or the business in which the Participant works.

12. This Agreement will be binding upon the Participant (and the Participant's Beneficiary, if applicable)
and the legal representatives of the Participant's estate and any other person who acquires the Participant's rights in respect of the RSUs granted to the Participant under this Agreement. In the event of any conflict between the terms
of this Agreement and the terms of the Plan, the terms of the Plan will govern, except that, notwithstanding the definition of "Restricted Stock Unit" in the Plan, no RSUs may be settled other than by way of the issuance of Shares
without the consent of the Participant.

13. This Agreement shall be governed by and construed in accordance with the laws of the Province of British
Columbia and the laws of Canada applicable in the Province of British Columbia.

------

14. Notwithstanding any provision in this Agreement to the contrary, the following provisions will apply to any
Participant who is subject to taxation under applicable U.S. tax laws:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Settlement of vested RSUs under Section 8 shall occur as soon as administratively practicable, and not
more than sixty (60) days, after the applicable Vesting Date. For avoidance of doubt, Section 8(b) shall not apply to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For avoidance of doubt, Section 19 of the Plan applies to this Agreement.

------

DATED as of the ____ day of ______________, 202___

The Participant, ____________________, hereby acknowledges and accepts the terms governing the grant of RSUs as set out above and confirms and acknowledges that the Participant has received, read and understood the terms, conditions and restrictions of this Agreement and the provisions of the Plan. The Participant also confirms and acknowledges that the Participant has not been induced to enter into this Agreement by expectation of employment or continued employment with the Company or any Affiliate.

**[PARTICIPANT]**

*[Signature Page – Restricted Stock Unit Grant Agreement]*

## Exhibit 4.7

**Exhibit 4.7** 

**EUPRAXIA PHARMACEUTICALS INC.** 

**2025 OMNIBUS INCENTIVE PLAN** 

**Restricted Stock Unit Award Agreement (this "Agreement")** 

Eupraxia Pharmaceuticals Inc. (the "**Company**") has granted the following Restricted Stock Units (the "**RSUs**") to the director named below (the "**Participant**"), in accordance with and subject to the terms, conditions and restrictions of this Agreement, together with the provisions of the Eupraxia Pharmaceuticals Inc. 2025 Omnibus Incentive Plan (the "**Plan**") dated February 17, 2025.

**Name of Participant: [•]** 

**Effective Date of Agreement: [•]** 

**Award Summary Table:** 

---

| | |
|:---|:---|
| **RSUs Awarded to Participant under this Agreement** | **RSUs Awarded to Participant under this Agreement** |
| **Date of Grant** | [•] |
| **Fair Market Value of Shares at Date of Grant** | $**[•]** |
| **Number of RSUs Awarded** | [•] |
| **Value of RSUs on Date of Grant** | $**[•]** |
| **Status of Shares subject to RSUs under the *Income Tax Act* (Canada)** | Pursuant to subsection 110(1.4) of the *Income Tax Act* (Canada), each Share underlying each RSU is hereby designated a "non-qualified security" for purposes of the *Income Tax Act* (Canada) |
| **Vesting Date** | [•] |

---

**By signing this Agreement, the Participant hereby acknowledges and agrees to the following:** 

1. All capitalized terms used in this Agreement will have the same meaning as in the Plan unless otherwise defined
in this Agreement. A Prospectus describing the Plan has been delivered to the Participant. The terms and conditions of the Plan are incorporated by reference in their entirety into this Agreement.

2. Pursuant to the Plan and in respect of the services provided to the Company as a member of the Board by the
Participant, effective as of the date of grant specified in the Award Summary Table (the "**Grant Date** "), the Company has granted the Participant the number of RSUs as set forth in the table above, and the value of the
Participant's RSUs is based on the Fair Market Value of a Share on the Grant Date.

------

3. Subject to Section 4(a), Section 4(b), Section 4(c) and Section 10 of this Agreement, the
RSUs granted under this Agreement, together with any Dividend Equivalent RSUs (as defined in Section 5 of this Agreement), will vest in the proportions and on the Vesting Dates specified in the Award Summary Table, provided that on the
applicable Vesting Date, the Participant remains engaged in Service, which for avoidance of doubt includes service as a director or Consultant or employed as an employee by the Company or an Affiliate. Only a whole number of RSUs will become vested
as of any given Vesting Date. If the number of RSUs determined as of a Vesting Date is a fractional number, the number vesting will be rounded down to the nearest whole number with any fractional portion carried forward. Except as otherwise
determined by the Committee, for purposes of this Agreement the Participant will be deemed to have ceased to be engaged or employed in Service on the Termination Date. The "**Termination Date**" will mean the date of the
Participant's cessation of Service, which for avoidance of doubt includes cessation of any employment and/or engagement with the Company or an Affiliate (*i.e*., the Participant will have ceased to be an employee, director or Consultant
of the Company or an Affiliate).

4. **Termination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination</u>. In the event the Participant's Termination Date occurs for any reason other than as
provided in Section 4(b) or 4(c) of this Agreement, any RSUs (including Dividend Equivalent RSUs) that are vested as of the Participant's Termination Date will remain vested and be settled in accordance with Section 8 of this
Agreement. All unvested RSUs will be immediately cancelled and forfeited on the Participant's Termination Date, without any compensation to the Participant in lieu thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Disability</u>. In the event the Participant's Termination Date occurs due to the Participant's
Disability, any RSUs (including Dividend Equivalent RSUs) that are vested as of the Participant's Termination Date will remain vested and be settled in accordance with Section 8 of this Agreement. Any RSUs (including Dividend Equivalent
RSUs) that are unvested as of the Participant's Termination Date will be immediately cancelled and forfeited on the Participant's Termination Date, without any compensation to the Participant in lieu thereof.
" **Disability**" means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to
last for a continuous period of not less than 12 months. The Committee shall determine whether the Participant meets the definition of Disability, and the Committee's determination shall be final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Death</u>. In the event the Participant's Termination Date occurs due to the Participant's
death, any RSUs (including Dividend Equivalent RSUs) that are vested as of the Participant's Termination Date will remain vested and be settled in accordance with Section 8 of this Agreement. Any RSUs (including Dividend Equivalent RSUs)
that are unvested as of the Participant's Termination Date will be immediately cancelled and forfeited on the Participant's Termination Date, without any compensation to the Participant in lieu thereof.

5. Any additional RSUs granted to the Participant as Dividend Equivalents pursuant to Section 8(e) of the
Plan ()"**Dividend Equivalent RSUs**") in respect of the Participant's then outstanding RSUs will be granted effective as of the date(s) the underlying dividends are paid in respect of Shares and, if credited in respect of
unvested RSUs, vest at the same time and in the same proportion as the unvested RSUs to which such Dividend Equivalent RSUs are attributable. The Dividend Equivalent RSUs granted to the Participant will be treated in the same manner as the RSUs
granted to the Participant under this Agreement for the purposes of Sections 3, 4, 6, 7, 8, 9, 10, 11, 12, 13 and 14 of this Agreement, and all references to RSUs therein will include the Dividend Equivalent RSUs. Fractional Dividend Equivalent RSUs
that are unable at a time of settlement to be settled in whole Shares shall be carried forward to the credit of the Participant and shall continue to be eligible to incur additional Dividend Equivalent RSUs; provided that any fractional remainder
when the last corresponding RSU or Dividend Equivalent RSU, as applicable, is settled pursuant to the terms hereof shall be rounded down to the nearest whole share. For clarity, no fractional remainder in respect of any RSU or Dividend Equivalent
RSU shall, following the final settlement of RSUs and Dividend RSUs attributable to whole Shares hereunder, be settled or otherwise compensated for in cash, and such fractional remainder shall be instead forfeited for no further consideration.

------

6. The value of RSUs granted to the Participant is based on the Fair Market Value of the Shares on the Grant Date
and therefore any minimum level of future appreciation is not guaranteed.

7. No funds will be set aside by the Company to guarantee the payment of the RSUs granted to the Participant under
this Agreement. The Participant's RSUs will remain an unfunded liability recorded on the books of the Company.

8. Subject to Section 9 and Section 14, where all or a portion of the Participant's RSUs have
become vested, the value of the vested RSUs will be paid to the Participant (or the Participant's Beneficiary, if applicable) in Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Participant is deceased, as soon as reasonably practicable following the death of the Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other case, as soon as reasonably practicable following receipt by the Company of written notice from
the Participant requesting settlement of such number of vested RSUs set out in the notice.

9. The Participant expressly acknowledges that the settlement of the RSUs acquired hereunder may give rise to
remuneration subject to withholding. The Participant acknowledges and agrees that the Participant's right hereunder, including the right to receive Shares following the vesting of any portion of the Participant's RSUs, are subject to the
satisfaction of all taxes required to be withheld with respect to the Participant's RSUs. In such circumstances, the Company may agree that the Participant pay to the Company such amount as the Company is obliged to remit to the relevant
taxing authority with respect to the settlement of, or any other applicable taxable event with respect to the Participant's RSUs. Any such additional payment is due no later than the date on which such amount with respect to the
Participant's RSUs is required to be remitted to the relevant tax authority by the Company. Alternately, and subject to any requirements or limitations under applicable Company policies and applicable law, the Company may (a) withhold
such amount from any remuneration or other amount payable by the Company to the Participant, (b) require the sale of a number of Shares issued upon settlement of the Participant's RSUs 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 with the Participant for the receipt of such amount. Notwithstanding the foregoing, subject to any applicable law, if requested by the
Participant, the Company shall settle such portion of the Participant's RSUs having a value equal to the withholding amount on the settlement of the Participant's RSUs in cash with such cash proceeds to be remitted by the Company to the
applicable tax authority in satisfaction of the withholding amount (with any residual cash remainder that cannot be settled in a whole Share paid to the Participant).

------

10. The RSUs granted to the Participant will be automatically cancelled following the tenth anniversary of the
Grant Date without any compensation to the Participant in lieu thereof.

11. The Participant consents to the holding and processing of personal data provided by the Participant to the
Company or an Affiliate to any third party service provider for all purposes relating to the operation of the Plan, including (i) administering and maintaining records of the Participant, (ii) providing information to the Company or an
Affiliate, their agents and any third party administrators of the Plan, and (iii) providing information to future purchasers of the Company, any Affiliate or the business in which the Participant works.

12. This Agreement will be binding upon the Participant (and the Participant's Beneficiary, if applicable)
and the legal representatives of the Participant's estate and any other person who acquires the Participant's rights in respect of the RSUs granted to the Participant under this Agreement. In the event of any conflict between the terms
of this Agreement and the terms of the Plan, the terms of the Plan will govern, except that, notwithstanding the definition of "Restricted Stock Unit" in the Plan, no RSUs may be settled other than by way of the issuance of Shares
without the consent of the Participant.

13. This Agreement shall be governed by and construed in accordance with the laws of the Province of British
Columbia and the laws of Canada applicable in the Province of British Columbia.

14. Notwithstanding any provision in this Agreement to the contrary, the following provisions will apply to any
Participant who is subject to taxation under applicable U.S. tax laws:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Settlement of vested RSUs under Section 8 shall occur as soon as administratively practicable, and not
more than sixty (60) days, after the applicable Vesting Date. For avoidance of doubt, Section 8(b) shall not apply to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For avoidance of doubt, Section 19 of the Plan applies to this Agreement.

------

DATED as of the ____ day of ______________, 202___

The Participant, ____________________, hereby acknowledges and accepts the terms governing the grant of RSUs as set out above and confirms and acknowledges that the Participant has received, read and understood the terms, conditions and restrictions of this Agreement and the provisions of the Plan. The Participant also confirms and acknowledges that the Participant has not been induced to enter into this Agreement by expectation of employment or continued employment with the Company or any Affiliate.

**[PARTICIPANT]**

*[Signature Page – Restricted Stock Unit Grant Agreement]*

## Exhibit 4.8

**Exhibit 4.8** 

**EUPRAXIA PHARMACEUTICALS INC.** 

**2025 OMNIBUS INCENTIVE PLAN** 

**Deferred Share Unit Award Agreement (the "Agreement")** 

Eupraxia Pharmaceuticals Inc. (the "**Company**") has granted the following Deferred Share Units (the "**DSUs**") to the executive named below (the "**Participant**"), in accordance with and subject to the terms, conditions and restrictions of this Agreement, together with the provisions of the Eupraxia Pharmaceuticals Inc. 2025 Omnibus Incentive Plan (the "**Plan**").

**Name of Participant:<u> </u>** 

**Effective Date of Agreement: [Month] [Day]**, 202__

---

| | |
|:---|:---|
| **DSUs Awarded to Participant under the Agreement** | **DSUs Awarded to Participant under the Agreement** |
| **Date of Grant** | **[Month] [Day]**, 202__ |
| **Fair Market Value of Shares at Date of Grant** | $∎ |
| **Number of DSUs Awarded** | ∎ |
| **Value of DSUs on Date of Grant** | $∎ |

---

**By signing this Agreement, the Participant hereby acknowledges and agrees to the following:** 

1. All capitalized terms used in this Agreement will have the same meaning as in the Plan unless otherwise defined
in this Agreement.

2. Pursuant to the Plan and in respect of the services provided to the Company or an Affiliate by the Participant,
effective as of the date of grant, the Company has granted the Participant the number of DSUs as set forth in the table above, and the value of the Participant's DSUs is based on the Fair Market Value of a Share on the date of grant.

3. All DSUs granted to the Participant under this Agreement will be immediately vested as of the date of grant of
the DSUs. Any additional DSUs granted to the Participant as Dividend Equivalents pursuant to Section 9(b) of the Plan ()"**Dividend Equivalent DSUs**") in respect of the Participant's DSUs will be immediately vested as of
the date on which such Dividend Equivalent DSUs are granted to the Participant. The Dividend Equivalent DSUs granted to the Participant will be treated in the same manner as the DSUs granted to the Participant under this Agreement for the purposes
of paragraphs 4, 5, 6, 7, 8 and 9 of this Agreement, and all references to DSUs therein will include the Dividend Equivalent DSUs.

4. The Participant will not be permitted to redeem the DSUs granted to the Participant under this Agreement until
the Participant's "**Termination Date** ". The "**Termination Date**" will mean the earlier of (i) the date of the Participant's cessation of any employment and/or engagement with the Company or an
Affiliate (*i.e*., the Participant will have ceased to be an employee, director or consultant of the Company or an Affiliate) or (ii) the date of the Participant's death.

5. The value of DSUs granted to the Participant is based on the Fair Market Value of the Shares on the date of
grant and therefore is not guaranteed.

------

6. No funds will be set aside by the Company to guarantee the payment of the DSUs granted to the Participant under
this Agreement. The Participant's DSUs will remain an unfunded liability recorded on the books of the Company.

7. Following the Participant's Termination Date, the Participant (or the Participant's beneficiary, if
applicable) may elect (i) a single date for the redemption of the Participant's DSUs, or (ii) two separate dates for the redemption of the Participant's DSUs, specified in whole percentages or number of DSUs on each date (such
date or dates being an "**Entitlement Date** "). No Entitlement Date elected by the Participant (or the Participant's beneficiary, if applicable) will be before the Participant's Termination Date or later than
December 15 of the calendar year following the year in which the Participant's Termination Date occurs. Where the Participant (or the Participant's Beneficiary, if applicable) does not elect a particular date or dates for the
redemption of the Participant's DSUs, the Entitlement Date for the Participant's DSUs will be December 15 of the year following the year in which the Participant's Termination Date occurs.

8. The value of the DSUs redeemed by the Participant (or the Participant's beneficiary, if applicable) on an
Entitlement Date pursuant to paragraph 7 of this Agreement will, after deduction of any applicable taxes and other source deductions in accordance with Section 16(c) of the Plan, be paid to the Participant (or the Participant's
beneficiary, if applicable), as a lump sum cash payment, in Shares or a combination thereof, as determined by the Company in its sole discretion, as soon as reasonably practicable following the Entitlement Date.

9. The Participant consents to the holding and processing of personal data provided by the Participant to the
Company or an Affiliate to any third party service provider for all purposes relating to the operation of the Plan, including (i) administering and maintaining records of the Participant, (ii) providing information to the Company or an
Affiliate, their agents and any third party administrators of the Plan, and (iii) providing information to future purchasers of the Company, any Affiliate or the business in which the Participant works.

10. This Agreement will be binding upon the Participant (and the Participant's Beneficiary, if applicable)
and the legal representatives of the Participant's estate and any other person who acquires the Participant's rights in respect of the DSUs granted to the Participant under the Agreement. In the event of any conflict between the terms of
this Agreement and the terms of the Plan, the terms of the Plan will govern.

11. This Plan shall be governed by and construed in accordance with the laws of the Province of British Columbia
and the laws of Canada applicable in the Province of British Columbia.

------

DATED as of the ____ day of ______________, 202__

The Participant, **[insert name of Participant]**, hereby acknowledges and accepts the terms governing the grant of DSUs as set out above and confirms and acknowledges that the Participant has received, read and understood the terms, conditions and restrictions of the Agreement and the Provisions of the Plan. The Participant also confirms and acknowledges that the Participant has not been induced to enter into this Agreement by expectation of employment or continued employment with the Company or any Affiliate.

**[Participant]**

## Exhibit 5.1

**Exhibit 5.1** 

---

| | |
|:---|:---|
| ![LOGO](g21870g0130111525851.jpg) | ![LOGO](g21870g0130111526894.jpg) |

---

February 4, 2026

Reference: 99683/1

Eupraxia Pharmaceuticals Inc.

201 – 2067 Cadboro Bay Road

Victoria, BC

V8R 5G4

---

| | |
|:---|:---|
| **RE:** | **Eupraxia Pharmaceuticals Inc. – Registration Statement on Form S-8**  |

---

Dear Sirs/Mesdames:

We have acted as Canadian counsel to Eupraxia Pharmaceuticals Inc., a company formed under the laws of the Province of British Columbia (the "**Company**"), in connection with the preparation and filing with the United States Securities and Exchange Commission of a registration statement on Form S-8 (the "**Registration Statement**") under the United States Securities Act of 1933, as amended (the "**Act**").

The purpose of the Registration Statement is to register the offer and sale of up to 2,906,219 common shares of the Company (the "**Shares**") issuable upon the exercise or settlement of awards granted under the Company's 2025 Omnibus Incentive Plan (the "**Plan**"), including options, stock appreciation rights, restricted stock and restricted stock units, deferred stock units, performance awards and other applicable awards.

We have examined originals or copies, certified or otherwise identified to our satisfaction, of the Notice of Articles and Articles of the Company and resolutions of the directors of the Company and the shareholders of the Company with respect to the matters referred to herein. We have also examined such certificates of public officials, officers of the Company, corporate records and other documents as we have deemed necessary as a basis for the opinion expressed below. In our examination of such documents, we have assumed the authenticity of all documents submitted to us as certified copies or facsimiles thereof.

Our opinions herein are limited to the laws of British Columbia and the federal laws of Canada applicable therein.

Based upon the foregoing, and subject to the qualifications, assumptions and limitations stated herein, we are of the opinion at the date hereof that the Shares have been duly and validly authorized for issuance and, when issued and paid for in accordance with the terms of the Plan, will be validly issued, fully paid and non-assessable shares in the capital of the Company.

This opinion letter has been prepared for your use 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 the Company, the Registration Statement or the Shares.

------

---

| | |
|:---|:---|
| ![LOGO](g21870g0130111525851.jpg) | Page 2 |

---

We hereby consent to the use of our name in the Registration Statement and to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not admit that we come within the category of persons whose consent is required under Section 7 of the Act.

Yours truly,

/s/ Blake, Cassels & Graydon LLP

![LOGO](g21870g0130111526528.jpg)

## Exhibit 23.2

**Exhibit 23.2** 

**Consent of Independent Registered Public Accounting Firm** 

To the Board of Directors

Eupraxia Pharmaceuticals Inc.

We consent to the use of our report dated March 20, 2025, with respect to the consolidated financial statements of Eupraxia Pharmaceuticals Inc., which comprises the consolidated balance sheets as of December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive loss, changes in shareholders' equity and cash flows for each of the years then ended, and the related notes, which is incorporated herein by reference.

/s/ KPMG LLP

Chartered Professional Accountants

February 4, 2026

Vancouver, Canada

## Ex-Filing

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

---

| |
|:---|
| **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**EUPRAXIA PHARMACEUTICALS INC.**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Security Type**  | **Security Class Title**  | **Fee Calculation Rule**  | **Amount Registered**  | **Proposed Maximum Offering Price Per Unit**  | **Maximum Aggregate Offering Price**  | **Fee Rate**  | **Amount of Registration Fee**  |
| 1 | Equity | Common Shares not subject to outstanding awards | Other | 1025269 | $8.53 | $8745544.57 | 0.0001381 | $1207.76 |
| 2 | Equity | Common Shares subject to outstanding options | Other | 1880950 | $6.32 | $11887604.00 | 0.0001381 | $1641.68 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $20633148.57  |  | $2849.44  |
| 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:  |  |  |  | $2849.44  |

---

 **Offering Note** <br>

<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 common shares (the "Shares") of Eupraxia Pharmaceuticals 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 2025 Omnibus Incentive Plan (the "Plan"). Represents Shares to be issued pursuant to future awards under the Plan. 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 Nasdaq Capital Market on February 3, 2026, which was $8.53 per share.

<sup>2</sup> Represents Shares that may be issued upon the exercise of outstanding options granted under the Plan. Based on weighted average exercise price of CAD$8.63 of options granted under the Plan outstanding as of February 3, 2026. On February 3, 2026, the Bank of Canada average daily rate of exchange was $1.00 = CAD$1.3652.

---

| | |
|:---|:---|
| | |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---