# EDGAR Filing Document

**Accession Number:** 0001421642
**File Stem:** 0001104659-26-035734
**Filing Date:** 2026-3
**Character Count:** 264273
**Document Hash:** 6957d571b5886ef60ef15342b5b7a8ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-035734.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001104659-26-035734

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 30

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**EFFECTIVENESS DATE**: 20260327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Satellos Bioscience Inc.
- **CENTRAL INDEX KEY:** 0001421642
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Z4

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294666
- **FILM NUMBER:** 26801236

**BUSINESS ADDRESS:**
- **STREET 1:** ROYAL BANK PLAZA, S. TOWER, 200 BAY ST.
- **STREET 2:** SUITE 2800
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J 2J1
- **BUSINESS PHONE:** 416-708-0522

**MAIL ADDRESS:**
- **STREET 1:** ROYAL BANK PLAZA, S. TOWER, 200 BAY ST.
- **STREET 2:** SUITE 2800
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J 2J1

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ICO THERAPEUTICS INC
- **DATE OF NAME CHANGE:** 20071218

**As filed with the Securities and Exchange Commission on March 27, 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***

**SATELLOS BIOSCIENCE INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Canada** | **Not Applicable** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

**Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2800**

**Toronto, Ontario, ON M5J 2J1**

**Telephone: (647) 660-1780**

(Address of Principal Executive Offices) (Zip Code)

**Satellos Bioscience Inc. Omnibus Equity Incentive Plan**

**Satellos Bioscience Inc. Second Amended and Restated Stock Option Plan (2023)**

(Full title of the plan)

**Satellos Bioscience US, Inc.<br> 6 Liberty Square 2089**

**Boston, Massachusetts 02109**

(Name and address of agent for service)

**(647) 660-1780**

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

***Copies to:***

---

| | | |
|:---|:---|:---|
| **John Rudy<br> Allyson Wilkinson<br> Mintz, Levin, Cohn, Ferris,<br> Glovsky and Popeo, P.C.<br> One Financial Center<br> Boston, Massachusetts 02111<br> (617) 542-6000** | **Cheryl Reicin<br> Matthew Imrie<br> Mintz LLP<br> Royal Bank Plaza, South Tower,<br> 200 Bay Street, Suite 2800<br> Toronto, Ontario M5J 2J3<br> Canada<br> (647) 499-2828** | **Elizabeth Williams, CPA, CA<br> Satellos Bioscience Inc.<br> Royal Bank Plaza, South Tower,<br> 200 Bay Street, Suite 2800<br> Toronto, Ontario M5J 2J1<br> Canada<br> (647) 660-1780** |

---

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 Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| 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.

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

 **Item 1. Plan Information.**

The information required by Item 1 of Part I of this registration statement on Form S-8 (the "registration statement") will be included in documents sent or given to participants in the plans covered by this registration statement pursuant to Rule 428(b)(1) of the Securities Act of 1933, as amended (the "Securities Act"), the rules and regulations of the U.S. Securities and Exchange Commission (the "Commission"), and the instructions to Form S-8.

 **Item 2. Registrant Information and Employee Plan Annual Information.**

The written statement required by Item 2 of Part I of this registration statement will be included in documents sent or given to participants in the plans covered by this registration statement pursuant to Rule 428(b)(1) of the Securities Act, the rules and regulations of the Commission, and the instructions to Form S-8.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

Satellos Bioscience Inc. (the "Registrant") is subject to the informational and reporting requirements of Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and, in accordance therewith files reports and other information with the Commission. The Registrant hereby incorporates by reference into this registration statement the following documents that have been previously filed (not furnished) with the Commission:

(a) [The Registrant's Annual Report on Form 40-F for the fiscal year ended December 31, 2025, filed with the Commission on March 27, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/1421642/000110465926035729/msle-20251231x40f.htm) pursuant to Section 15(d) under the Exchange Act; and

(b) The description of the Registrant's common shares
contained in the Registrant's registration statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/1421642/000110465926010969/tm264479d4_8a12b.htm) (File No. 001-43107), filed with the Commission on February
5, 2026, together with any amendment thereto filed for the purpose of updating such description.

In addition, all other documents filed (not furnished) by the Registrant pursuant to Section 13(a), Section 13(c), Section 14 or Section 15(d) of the Exchange Act on or after the date of this registration statement and prior to the filing of a post-effective amendment to this registration statement that indicates that all securities offered hereby have been sold or that deregisters all securities then remaining unsold shall be deemed to be incorporated in this registration statement by reference and to be a part of this registration statement from the date of filing of such documents; provided, however, that documents or information deemed to have been furnished (except for documents or information deemed to have been specifically incorporated by reference as discussed in (b) above) to and not filed with the Commission in accordance with the rules of the Commission shall not be deemed incorporated by reference into this registration statement.

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

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

The Registrant is subject to the provisions of the *Canada Business Corporations Act*, as amended (the "*Canada Business Corporations Act*").

Section 124 of the *Canada Business Corporations Act*, provides, in part, as follows:

*Indemnification*

124 (1) A corporation may indemnify a director or officer of the corporation, a former director or officer of the corporation or another individual who acts or acted at the corporation's request as a director or officer, or an individual acting in a similar capacity, of another entity, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of that association with the corporation or other entity.

*Advance of costs*

(2) A corporation may advance moneys to a director, officer or other individual for the costs, charges and expenses of a proceeding referred to in subsection (1). The individual shall repay the moneys if the individual does not fulfil the conditions of subsection (3).

*Limitation*

(3) A corporation may not indemnify an individual under subsection (1) unless the individual

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acted honestly and in good faith with a view to the best interests of the corporation, or, as the case may be, to the best interests of the other entity for which the individual acted as director or officer or in a similar capacity at the corporation's request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the individual had reasonable grounds for believing that the individual's conduct was lawful.

*Indemnification in derivative actions*

(4) A corporation may with the approval of a court, indemnify an individual referred to in subsection (1), or advance moneys under subsection (2), in respect of an action by or on behalf of the corporation or other entity to procure a judgment in its favor, to which the individual is made a party because of the individual's association with the corporation or other entity as described in subsection (1) against all costs, charges and expenses reasonably incurred by the individual in connection with such action, if the individual fulfils the conditions set out in subsection (3).

*Right to indemnity*

(5) Despite subsection (1), an individual referred to in that subsection is entitled to indemnity from the corporation in respect of all costs, charges and expenses reasonably incurred by the individual in connection with the defence of any civil, criminal, administrative, investigative or other proceeding to which the individual is subject because of the individual's association with the corporation or other entity as described in subsection (1), if the individual seeking indemnity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) was not judged by the court or other competent authority to have committed any fault or omitted to do anything that the individual ought to have done; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fulfils the conditions set out in subsection (3).

*Insurance*

(6) A corporation may purchase and maintain insurance for the benefit of an individual referred to in subsection (1) against any liability incurred by the individual

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the individual's capacity as a director or officer of the corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the individual's capacity as a director or officer, or similar capacity, of another entity, if the individual acts or acted in that capacity at the corporation's request.

*Application to court*

(7) A corporation, an individual or an entity referred to in subsection (1) may apply to a court for an order approving an indemnity under this section and the court may so order and make any further order that it sees fit.

*Notice to director*

(8) An applicant under subsection (7) shall give the director notice of the application and the director is entitled to appear and be heard in person or by counsel.

*Other notice*

(9) On an application under subsection (7) the court may order notice to be given to any interested person and the person is entitled to appear and be heard in person or by counsel.

Nothing in the articles of incorporation, by-laws or resolutions of the Registrant limits the right of any person entitled to claim indemnity apart from the indemnity provided pursuant to Section 124 of the *Canada Business Corporations Act*.

The Registrant maintains a policy of directors' and officers' liability insurance which insures, subject to certain exclusions, directors and officers for losses as a result of claims against the directors and officers of the Registrant in their capacity as directors and officers and also reimburses the Registrant for payments made pursuant to the indemnity provisions under the by-laws of the Registrant and the Securities Act.

Insofar as indemnification for liabilities arising under the 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 Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

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| | |
|:---|:---|
| **Exhibit <br> Number** | **Exhibit Description** |
| [4.1\*](tm269531d1_ex4-1.htm) | [Articles of Amendment, Articles of Amalgamation, and By-Law No. 1](tm269531d1_ex4-1.htm) |
| [4.2\*](tm269531d1_ex4-2.htm) | [By-Law No. 2](tm269531d1_ex4-2.htm) |
| [4.3\*](tm269531d1_ex4-3.htm) | [Specimen Common Shares Certificate](tm269531d1_ex4-3.htm) |
| [5.1\*](tm269531d1_ex5-1.htm) | [Opinion of Mintz LLP](tm269531d1_ex5-1.htm) |
| [23.1\*](tm269531d1_ex5-1.htm) | [Consent of Mintz LLP (contained in Exhibit 5.1 hereto)](tm269531d1_ex5-1.htm) |
| [23.2\*](tm269531d1_ex23-2.htm) | [Consent of PricewaterhouseCoopers LLP](tm269531d1_ex23-2.htm) |
| [24.1\*](#a_001) | [Power of Attorney (included on the signature page hereto)](#a_001) |
| [99.1\*](tm269531d1_ex99-1.htm) | [Satellos Bioscience Inc. Second Amended and Restated Stock Option Plan (2023) and Forms of Agreement](tm269531d1_ex99-1.htm) |
| [99.2\*](tm269531d1_ex99-2.htm) | [Satellos Bioscience Inc. Omnibus Equity Incentive Plan and Forms of Agreement](tm269531d1_ex99-2.htm) |
| [107\*](tm269531d1_ex-filingfees.htm) | [Filing Fee Table](tm269531d1_ex-filingfees.htm) |

---

\* Filed herewith.

**Item 9. Undertakings.**

&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;(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;&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 Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 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 Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 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;&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 registration statement is on Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the 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;(2) That, for the purpose of determining any liability under the 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;(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;(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the 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;(c) Insofar as indemnification for liabilities arising under the 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 Commission such indemnification is against public policy as expressed in the 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 Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, 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 Toronto, Province of Ontario, Canada, on March 27, 2026.

---

| | |
|:---|:---|
| **SATELLOS BIOSCIENCE INC.** | **SATELLOS BIOSCIENCE INC.** |
| By: | /s/ Elizabeth Williams, CPA, CA |
|  | Name: Elizabeth Williams, CPA, CA |
|  | Title: Chief Financial Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Frank Gleeson, MBA and Elizabeth Williams, CPA, CA, and each of them, as his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this registration statement, including post-effective amendments, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorney-in-fact and agent 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 connection therewith and about the premises, as fully for all intents and purposes as they, he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or any of them, or their, his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Frank Gleeson, MBA | President Chief Executive Officer | March 27, 2026 |
| Frank Gleeson, MBA | *(Principal Executive Officer)* |  |
| /s/ Elizabeth Williams, CPA, CA | Chief Financial Officer | March 27, 2026 |
| Elizabeth Williams, CPA, CA | *(Principal Financial and Accounting Officer)* |  |
| /s/ Geoff Mackay | Chairman of the Board of Directors | March 27, 2026 |
| Geoff Mackay |  |  |
| /s/ Franklin M. Berger, CFA | Director | March 27, 2026 |
| Franklin M. Berger, CFA |  |  |
| /s/ Brian Bloom | Director | March 27, 2026 |
| Brian Bloom |  |  |
| /s/ Stephanie Brown, MBA | Director | March 27, 2026 |
| Stephanie Brown, MBA |  |  |
| /s/ Iris Loew-Friedrich, M.D., Ph.D. | Director | March 27, 2026 |
| Iris Loew-Friedrich, M.D., Ph.D. |  |  |
| /s/ Selwyn Ho, MBBS | Director | March 27, 2026 |
| Selwyn Ho, MBBS |  |  |
| /s/ Adam Mostafa | Director | March 27, 2026 |
| Adam Mostafa |  |  |
| /s/ Mark Nawacki, MBA, CPA | Director | March 27, 2026 |
| Mark Nawacki, MBA, CPA |  |  |

---

**AUTHORIZED REPRESENTATIVE**

Pursuant to the requirements of the Securities Act of 1933, as amended, the undersigned certifies that it is the duly authorized United States representative of the Registrant and has duly caused this registration statement on Form S-8 to be signed by the undersigned, thereunto duly authorized, on March 27, 2026.

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| | |
|:---|:---|
| **SATELLOS BIOSCIENCE US, INC.** | **SATELLOS BIOSCIENCE US, INC.** |
| (Authorized Representative in the United States) | (Authorized Representative in the United States) |
| By: | /s/ Frank Gleeson, MBA |
|  | Name: Frank Gleeson, MBA |
|  | Title: President and Chief Executive Officer |

---

## Exhibit 4.1

**Exhibit 4.1**

![](tm269531d1_ex4-3img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificate of Amendment Canada Business Corporations Act Certificat de modification Loi canadienne sur les sociétés par actions Satellos Bioscience Inc. Corporate name / Dénomination sociale 1326151-4 Corporation number / Numéro de société I HEREBY CERTIFY that the articles of the above-named corporation are amended under section 178 of the Canada Business Corporations Act as set out in the attached articles of amendment. JE CERTIFIE que les statuts de la société susmentionnée sont modifiés aux termes de l'article 178 de la Loi canadienne sur les sociétés par actions tel qu'il est indiqué dans les clauses modificatrices ci-jointes. Hantz Prosper Director / Directeur 2026-01-27 Date of amendment (YYYY-MM-DD) Date de modification (AAAA-MM-JJ)<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269531d1_ex4-3img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 4 Formulaire 4 Articles of Amendment Clauses modificatrices Canada Business Corporations Act (CBCA) (s. 27 or 177) Loi canadienne sur les sociétés par actions (LCSA) (art. 27 ou 177) Corporate name Dénomination sociale Satellos Bioscience Inc. 2 Corporation number Numéro de la société 1326151-4 3 The articles are amended as follows Les statuts sont modifiés de la façon suivante The corporation amends the description of classes of shares as follows: La description des catégories d'actions est modifiée comme suit : See attached schedule / Voir l'annexe ci-jointe 4 Declaration: I certify that I am a director or an officer of the corporation. Déclaration : J'atteste que je suis un administrateur ou un dirigeant de la société. Original signed by / Original signé par Elizabeth Williams Elizabeth Williams 647-660-1780 Misrepresentation constitutes an offence and, on summary conviction, a person is liable to a fine not exceeding $5000 or to imprisonment for a term not exceeding six months or both (subsection 250 (1) of the CBCA). Faire une fausse déclaration constitue une infraction et son auteur, sur déclaration de culpabilité par procédure sommaire, est passible d'une amende maximale de 5 000 $ et d'un emprisonnement maximal de six mois, ou l'une de ces peines (paragraphe 250(1) de la LCSA). You are providing information required by the CBCA. Note that both the CBCA and the Privacy Act allow this information to be disclosed to the public. It will be stored in personal information bank number IC/PPU-049. Vous fournissez des renseignements exigés par la LCSA. Il est à noter que la LCSA et la Loi sur les renseignements personnels permettent que de tels renseignements soient divulgués au public. Ils seront stockés dans la banque de renseignements personnels numéro IC/PPU-049. IC 3069 (2008/04) |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269531d1_ex4-3img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To consolidate all of the issued and outstanding Common shares in the capital of the corporation on the basis of one (1) post-consolidation Common share for every twelve (12) pre-consolidation Common shares, provided that no fractional shares will be issued in connection with the consolidation and, in the event that a shareholder would otherwise be entitled to receive a fractional share upon the consolidation, the number of Common shares to be received by such shareholder will be rounded down to the nearest whole number. |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269531d1_ex4-4img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificate of Amalgamation Canada Business Corporations Act Certificat de fusion Loi canadienne sur les sociétés par actions Satellos Bioscience Inc. Corporate name / Dénomination sociale 1326151-4 Corporation number / Numéro de société I HEREBY CERTIFY that the above-named corporation resulted from an amalgamation, under section 185 of the Canada Business Corporations Act, of the corporations set out in the attached articles of amalgamation. JE CERTIFIE que la société susmentionnée est issue d'une fusion, en vertu de l'article 185 de la Loi canadienne sur les sociétés par actions, des sociétés dont les dénominations apparaissent dans les statuts de fusion ci-joints. Raymond Edwards Director / Directeur 2021-08-13 Date of Amalgamation (YYYY-MM-DD) Date de fusion (AAAA-MM-JJ) |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269531d1_ex4-4img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 - The classes and any maximum number of shares that the corporation is authorized to issue 4 - Restrictions, if any, on share transfers 5 - Minimum and maximum number of directors Minimum number 1 Maximum number 6 - Restrictions, if any, on the business the corporation may carry on 7 - Other provisions, if any (CBCA) FORM 9 ARTICLES OF AMALGAMATION (Section 185) 8 - The amalgamation has been approved pursuant to that section or subsection of the Act which is indicated as follows: 183 - Long form : approved by special resolution of shareholders 184(1) - Vertical short-form : approved by resolution of directors 184(2) - Horizontal short-form : approved by resolution of directors 9 - Declaration I hereby certify that I am a director or an authorized officer of the following corporation: Name of the amalgamating corporations Corporation number Signature Note: Misrepresentation constitutes an offence and, on summary conviction, a person is liable to a fine not exceeding $5,000 or to imprisonment for a term not exceeding six months or to both (subsection 250(1) of the CBCA). ISED-ISDE 3190E (2020/01) Page 1 of 2 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269531d1_ex4-4img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificate of Continuance Canada Business Corporations Act Certificat de prorogation Loi canadienne sur les sociétés par actions 13260917 CANADA INC. Corporate name / Dénomination sociale 1326091-7 Corporation number / Numéro de société I HEREBY CERTIFY that the above-named corporation, the articles of continuance of which are attached, is continued under section 187 of the Canada Business Corporations Act (CBCA). JE CERTIFIE que la société susmentionnée, dont les clauses de prorogation sont jointes, est prorogée en vertu de l'article 187 de la Loi canadienne sur les sociétés par actions (LCSA). Raymond Edwards Director / Directeur 2021-08-13 Date of Continuance (YYYY-MM-DD) Date de prorogation (AAAA-MM-JJ) |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269531d1_ex4-4img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 The province or territory in Canada where the registered office is situated La province ou le territoire au Canada où est situé le siège social 3 The classes and the maximum number of shares that the corporation is authorized to issue Catégories et le nombre maximal d'actions que la société est autorisée à émettre 4 Restrictions on share transfers Restrictions sur le transfert des actions 5 Minimum and maximum number of directors Nombre minimal et maximal d'administrateurs 6 Restrictions on the business the corporation may carry on Limites imposées à l'activité commerciale de la société 7 (1) If change of name effected, previous name S'il y a changement de dénomination sociale, indiquer la dénomination sociale antérieure 8 Other Provisions Autres dispositions Form 11 Formulaire 11 Articles of Continuance Clauses de prorogation Canada Business Corporations Act (CBCA) (s. 187) Loi canadienne sur les sociétés par actions (LCSA) (art. 187) 13260917 CANADA INC. ON an unlimited number of Common shares None Min. 1 Max. 10 None iCo Therapeutics Inc. (2) Details of incorporation Détails de la constitution Incorporated in British Columbia under incorporation number BC0842499 on January 1, 2009 See attached schedule / Voir l'annexe ci-jointe 9 Declaration: I certify that I am a director or an officer of the company continuing into the CBCA. Déclaration : J'atteste que je suis un administrateur ou un dirigeant de la société se prorogeant sous le régime de la LCSA. Original signed by / Original signé par Frank Gleeson Frank Gleeson Misrepresentation constitutes an offence and, on summary conviction, a person is liable to a fine not exceeding $5000 or to imprisonment for a term not exceeding six months or both (subsection 250(1) of the CBCA). Faire une fausse déclaration constitue une infraction et son auteur, sur déclaration de culpabilité par procédure sommaire, est passible d'une amende maximale de 5 000 $ et d'un emprisonnement maximal de six mois, ou l'une de ces peines (paragraphe 250(1) de la LCSA). You are providing information required by the CBCA. Note that both the CBCA and the Privacy Act allow this information to be disclosed to the public. It will be stored in personal information bank number IC/PPU-049. Vous fournissez des renseignements exigés par la LCSA. Il est à noter que la LCSA et la Loi sur les renseignements personnels permettent que de tels renseignements soient divulgués au public. Ils seront stockés dans la banque de renseignements personnels numéro IC/PPU-049. IC 3247 (2008/04) 1 Corporate name Dénomination sociale |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269531d1_ex4-4img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule / Annexe Other Provisions / Autres dispositions The directors may, within the maximum number permitted by the articles, appoint one or more additional directors, who shall hold office for a term expiring not later than the close of the next annual meeting of the shareholders, but the total number of directors so appointed may not exceed one-third of the number of directors elected at the previous annual meeting of shareholders. |

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**AMENDED AND RESTATED**

**BY-LAW NO. 1**

A by-law relating generally

to the transaction of the business<br> and affairs of

**SATELLOS BIOSCIENCE INC.**

(hereinafter referred to as the "**Corporation**")

**DIRECTORS AND OFFICERS**

**1.** **Calling of and Notice of Meetings -** Meetings of the board shall be held at such place and time
and on such day as the chairman of the board, president, chief executive officer or a vice-president, if any, or any two directors may
determine. Notice of meetings of the board shall be given to each director not less than 48 hours before the time when the meeting is
to be held. Each newly elected board may without notice hold its first meeting for the purposes of organization and the appointment of
officers immediately following the meeting of shareholders at which such board was elected.

**2.** **Quorum -** Subject to the residency requirements contained in the Canada Business Corporations Act,
the quorum for the transaction of business at any meeting of the board shall consist of a majority of the number of directors or minimum
number of directors required by the articles or such greater or lesser number of directors as the board may from time to time determine.

**3.** **Place of Meeting -** Meetings of the board may be held at any place in or outside Canada.

**4.** **Votes to Govern -** At all meetings of the board every question shall be decided by a majority of
the votes cast on the question; and in case of an equality of votes the chairman of the meeting shall not be entitled to a second or casting
vote.

**5.** **Audit Committee -** When required by the Canada Business Corporation Act the board shall, and at
any other time the board may, appoint annually from among its number an Audit Committee to be composed of not fewer than three (3) directors
of whom a majority shall not be officers or employees of the Corporation or its affiliates. The Audit Committee shall have the powers
and duties provided in the Canada Business Corporation Act and any other powers delegated by the board.

**6.** **Interest of Directors and Officers Generally in Contracts -** No director or officer shall be disqualified
by his office from contracting with the Corporation nor shall any contract or arrangement entered into by or on behalf of the Corporation
with any director or officer or in which any director or officer is in any way interested be liable to be voided nor shall any director
or officer so contracting or being so interested be liable to account to the Corporation for any profit realized by any such contract
or arrangement by reason of such director or officer holding that office or of the fiduciary relationship thereby established; provided
that the director or officer shall have complied with the provisions of the Canada Business Corporations Act.

**7.** **Appointment of Officers -** Subject to the articles and any unanimous shareholder agreement, the
board may from time to time appoint a president, chief executive officer, chief financial officer, one or more vice-presidents (to which
title may be added words indicating seniority or function), a secretary, a treasurer and such other officers as the board may determine,
including one or more assistants to any of the officers so appointed. The board may specify the duties of and, in accordance with this
by-law and subject to the provisions of the Canada Business Corporations Act, delegate to such officers powers to manage the business
and affairs of the Corporation. Subject to the provisions of this by-law, an officer may but need not be a director and one person may
hold more than one office.

**8.** **Chairman of the Board -** The board may from time to time also appoint a chairman of the board who
shall be a director. If appointed, the board may assign to him any of the powers and duties that are by any provisions of this by-law
assigned to the managing director or to the president; and he shall, subject to the provisions of the Canada Business Corporations Act,
have such other powers and duties as the board may specify. During the absence or disability of the chairman of the board, his duties
shall be performed and his powers exercised by the managing director, if any, or by the president.

**9.** **Managing Director -** The board may from time to time appoint a managing director who shall be a
resident Canadian and a director. If appointed, he shall have such powers and duties as the board may specify.

**10.** **President -** If appointed, the president shall be the chief operating officer and, subject to the
authority of the board, shall have general supervision of the business of the Corporation; and he shall have such other powers and duties
as the board may specify. During the absence or disability of the president, or if no president has been appointed, the managing director
shall also have the powers and duties of that office.

**11.** **Vice-President -** A vice-president shall have such powers and duties as the board or the chief executive
officer may specify.

**12.** **Secretary -** The secretary shall attend and be the secretary of all meetings of the board, shareholders
and committees of the board and shall enter or cause to be entered in records kept for that purpose minutes of all proceedings thereat;
he shall give or cause to be given, as and when instructed, all notices to shareholders, directors, officers, auditors and members of
committees of the board; he shall be the custodian of the stamp or mechanical device generally used for affixing the corporate seal of
the Corporation and of all books, papers, records, documents and instruments belonging to the Corporation, except when some other officer
or agent has been appointed for that purpose; and he shall have such other powers and duties as the board or the chief executive officer
may specify.

**13.** **Treasurer -** The treasurer shall keep proper accounting records in compliance with the Canada Business
Corporations Act and shall be responsible for the deposit of money, the safekeeping of securities and the disbursement of the funds of
the Corporation; he shall render to the board whenever required an account of all his transactions as treasurer and of the financial position
of the Corporation; and he shall have such other powers and duties as the board or the chief executive officer may specify.

**14.** **Agents and Attorneys -** The board shall have the power from time to time to appoint agents and attorneys
for the Corporation in or outside Canada with such powers as the board sees fit.

**SHAREHOLDERS' MEETINGS**

**15.** **Quorum -** Subject to the requirements of the Canada Business Corporations Act, a quorum for the
transaction of business at any meeting of shareholders shall consist of at least two persons holding or representing by proxy not less
than ten (10%) percent of the outstanding shares of the Corporation entitled to vote at the meeting.

**16.** **Votes to Govern -** At any meeting of shareholders, every question shall, unless otherwise required
by the Canada Business Corporations Act, be determined by the majority of votes cast on the question. In case of an equality of votes
either upon a show of hands or upon a poll, the chairman of the meeting shall not be entitled to a second or casting vote.

**17.** **Show of Hands -** Subject to the provisions of the Canada Business Corporations Act, any question
at a meeting of shareholders shall be decided by a show of hands unless a ballot thereon is required or demanded as hereinafter provided.
Upon a show of hands every person who is present and entitled to vote shall have one vote. Whenever a vote by show of hands shall have
been taken upon a question, unless a ballot thereon is so required or demanded, a declaration by the chairman of the meeting that the
vote upon the question has been carried or carried by a particular majority or not carried and an entry to that effect in the minutes
of the meeting shall be prima facie evidence of the fact without proof of the number or proportion of the votes recorded in favour of
or against any resolution or other proceeding in respect of the said question, and the result of the vote so taken shall be the decision
of the shareholders upon the said question.

**18.** **Ballots -** On any question proposed for consideration at a meeting of shareholders, and whether
or not a show of hands has been taken thereon, any shareholder or proxyholder entitled to vote at the meeting may require or demand a
ballot. A ballot so required or demanded shall be taken in such manner as the chairman shall direct. A requirement or demand for a ballot
may be withdrawn at any time prior to the taking of the ballot. If a ballot is taken each person present shall be entitled, in respect
of the shares which he is entitled to vote at the meeting upon the question, to that number of votes provided by the Canada Business Corporations
Act or the articles, and the result of the ballot so taken shall be the decision of the shareholders upon the said question.

**SHAREHOLDER MEETING BY ELECTRONIC MEANS**

**19.** **Holding Meetings -** If a meeting of shareholders of the Corporation is called by the directors or
shareholders of the Corporation pursuant to the Canada Business Corporations Act, such directors or shareholders calling the meeting may
determine that the meeting shall be held, in accordance with the regulations, if any, entirely by means of a telephonic, electronic or
other communication facility that permits all participants to communicate adequately with each other during the meeting. The Corporation
is under no obligation to provide telephonic, electronic or other communication facility for any shareholder to participate in a meeting
and the board may provide such telephonic, electronic or other communication facility in its sole and absolute discretion.

**20.** **Electronic Voting -** If the Corporation chooses to make available a telephonic, electronic or other
communication facility, in accordance with the Canada Business Corporations Act and the regulations, that permits shareholders to vote
by means of such facility then, notwithstanding any other provision of this by-law, any vote may be held, in accordance with the Canada
Business Corporations Act and the regulations, entirely by means of such facility.

**21.** **Shortened Period for Sending Notice of Meeting -** If the Corporation is not a "distributing
corporation" as defined in the Canada Business Corporations Act, a notice of meeting may be sent within a shorter period than is
prescribed under the Canada Business Corporations Act and regulations if the directors so determine.

**INDEMNIFICATION**

**22.** **Indemnification of Directors and Officers -** The Corporation shall indemnify a director or officer
of the Corporation, a former director or officer of the Corporation or a person who acts or acted at the Corporation's request as a director
or officer of a body corporate of which the Corporation is or was a shareholder or creditor, and his heirs and legal representatives to
the extent permitted by the Canada Business Corporations Act.

**23.** **Indemnity of Others -** Except as otherwise required by the Canada Business Corporations Act and
subject to paragraph 22, the Corporation may from time to time indemnify and save harmless any person who was or is a party or is threatened
to be made a party to any threatened, pending or contemplated action, suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of the Corporation) by reason of the fact that he is or was an employee or agent of the Corporation,
or is or was serving at the request of the Corporation as a director, officer, employee, agent of or participant in another body corporate,
partnership, joint venture, trust or other enterprise, against expenses (including legal fees), judgments, fines and any amount actually
and reasonably incurred by him in connection with such action, suit or proceeding if he acted honestly and in good faith with a view to
the best interests of the Corporation and, with respect to any criminal or administrative action or proceeding that is enforced by a monetary
penalty, had reasonable grounds for believing that his conduct was lawful. The termination of any action, suit or proceeding by judgment,
order, settlement or conviction shall not, of itself, create a presumption that the person did not act honestly and in good faith with
a view to the best interests of the Corporation and, with respect to any criminal or administrative action or proceeding that is enforced
by a monetary penalty, had no reasonable grounds for believing that his conduct was lawful.

**24.** **Right of Indemnity Not Exclusive -** The provisions for indemnification contained in the by-laws
of the Corporation shall not be deemed exclusive of any other rights to which any person seeking indemnification may be entitled under
any agreement, vote of shareholders or directors or otherwise, both as to action in his official capacity and as to action in another
capacity, and shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit
of the heirs and legal representatives of such a person.

**25.** **No Liability of Directors or Officers for Certain Matters -** To the extent permitted by law, no
director or officer for the time being of the Corporation shall be liable for the acts, receipts, neglects or defaults of any other director
or officer or employee or for joining in any receipt or act for conformity or for any loss, damage or expense happening to the Corporation
through the insufficiency or deficiency of title to any property acquired by the Corporation or for or on behalf of the Corporation or
for the insufficiency or deficiency of any security in or upon which any of the moneys of or belonging to the Corporation shall be placed
out or invested or for any loss or damage arising from the bankruptcy, insolvency or tortious act of any person, firm or body corporate
with whom or which any moneys, securities or other assets belonging to the Corporation shall be lodged or deposited or for any loss, conversion,
misapplication or misappropriation of or any damage resulting from any dealings with any moneys, securities or other assets belonging
to the Corporation or for any other loss, damage or misfortune whatever which may happen in the execution of the duties of his respective
office or trust or in relation thereto unless the same shall happen by or through his failure to act honestly and in good faith with a
view to the best interests of the Corporation and in connection therewith to exercise the care, diligence and skill that a reasonably
prudent person would exercise in comparable circumstances. If any director or officer of the Corporation shall be employed by or shall
perform services for the Corporation otherwise than as a director or officer or shall be a member of a firm or a shareholder, director
or officer of a body corporate which is employed by or performs services for the Corporation, the fact of his being a director or officer
of the Corporation shall not disentitle such director or officer or such firm or body corporate, as the case may be, from receiving proper
remuneration for such services.

**DIVIDENDS**

**26.** **Dividends -** Subject to the provisions of the Canada Business Corporations Act, the board may from
time to time declare dividends payable to the shareholders according to their respective rights and interests in the Corporation. Dividends
may be paid in money or property or by issuing fully paid shares of the Corporation.

**27.** **Payment of Dividends -** A dividend payable in cash shall be paid by wire transfer, electronic funds
transfer or cheque drawn on the Corporation's bankers or one of them to the order of each registered holder of shares of the class or
series in respect of which it has been declared and mailed by prepaid ordinary mail to such registered holder at his recorded address,
unless such holder otherwise directs. In the case of joint holders the cheque shall, unless such joint holders otherwise direct, be made
payable to the order of all of such joint holders and mailed to them at their recorded address. The wire transfer, electronic funds transfer
or mailing of such cheque as aforesaid, unless the same is not paid on due presentation, shall satisfy and discharge the liability for
the dividend to the extent of the sum represented thereby plus the amount of any tax which the Corporation is required to and does withhold.

**28.** **Non-Receipt of Cheques -** In the event of non receipt of any dividend cheque by the person to whom
it is sent as aforesaid, the Corporation shall issue to such person a replacement cheque for a like amount on such terms as to indemnity,
reimbursement of expenses and evidence of non receipt and of title as the board may from time to time prescribe, whether generally or
in any particular case.

**29.** **Unclaimed Dividends -** Any dividend unclaimed after a period of 6 years from the date on which the
same has been declared to be payable shall be forfeited and shall revert to the Corporation.

**BANKING ARRANGEMENTS, CONTRACTS, DIVISIONS, ETC.**

**30.** **Banking Arrangements -** The banking business of the Corporation, or any part thereof, shall be transacted
with such banks, trust companies or other financial institutions as the board may designate, appoint or authorize from time to time by
resolution and all such banking business, or any part thereof, shall be transacted on the Corporation's behalf by such one or more officers
and/or other persons as the board may designate, direct or authorize from time to time by resolution and to the extent therein provided.

**31.** **Execution of Instruments -** Contracts, documents or instruments in writing requiring execution by
the Corporation may be signed by any one director or officer and all contracts, documents or instruments in writing so signed shall be
binding upon the Corporation without any further authorization or formality. The board is authorized from time to time by resolution to
appoint any officer or officers or any other person or persons on behalf of the Corporation to sign and deliver either contracts, documents
or instruments in writing generally or to sign either manually or by facsimile signature and/or counterpart signature and deliver specific
contracts, documents or instruments in writing. The term "contracts, documents or instruments in writing" as used in this by-law
shall include deeds, mortgages, charges, conveyances, powers of attorney, transfers and assignments of property of all kinds (including
specifically, but without limitation, transfers and assignments of shares, warrants, bonds, debentures or other securities), share certificates,
warrants, bonds, debentures and other securities or security instruments of the Corporation and all paper writings.

**32.** **Voting Rights in Other Bodies Corporate -** The signing officers of the Corporation may execute and
deliver proxies and arrange for the issuance of voting certificates or other evidence of the right to exercise the voting rights attaching
to any securities held by the Corporation. Such instruments shall be in favour of such persons as may be determined by the officers executing
or arranging for the same. In addition, the board may from time to time direct the manner in which and the persons by whom any particular
voting rights or class of voting rights may or shall be exercised.

**33.** **Creation and Consolidation of Divisions -** The board may cause the business and operations of the
Corporation or any part thereof to be divided or to be segregated into one or more divisions upon such basis, including without limitation,
character or type of operation, geographical territory, product manufactured or service rendered, as the board may consider appropriate
in each case. The board may also cause the business and operations of any such division to be further divided into sub units and the business
and operations of any such divisions or sub units to be consolidated upon such basis as the board may consider appropriate in each case.

**34.** **Name of Division -** Any division or its sub units may be designated by such name as the board may
from time to time determine and may transact business, enter into contracts, sign cheques and other documents of any kind and do all acts
and things under such name. Any such contracts, cheque or document shall be binding upon the Corporation as if it had been entered into
or signed in the name of the Corporation.

**35.** **Officers of Divisions -** From time to time the board or a person designated by the board, may appoint
one or more officers for any division, prescribe their powers and duties and settle their terms of employment and remuneration. The board
or a person designated by the board, may remove at its or his pleasure any officer so appointed, without prejudice to such officers rights
under any employment contract. Officers of divisions or their sub units shall not, as such, be officers of the Corporation.

**MISCELLANEOUS**

**36.** **Invalidity of Any Provisions of This By-Law -** The invalidity or unenforceability of any provision
of this by-law shall not affect the validity or enforceability of the remaining provisions of this by-law.

**37.** **Omissions and Errors -** The accidental omission to give any notice to any shareholder, director,
officer or auditor or the non-receipt of any notice by any shareholder, director, officer or auditor or any error in any notice not affecting
the substance thereof shall not invalidate any action taken at any meeting held pursuant to such notice or otherwise founded thereon.

**INTERPRETATION**

**38.** **Interpretation -** In this by-law and all other by-laws of the Corporation words importing the singular
number only shall include the plural and vice versa; words importing the masculine gender shall include the feminine and neuter genders;
words importing persons shall include an individual, partnership, association, body corporate, executor, administrator or legal representative
and any number or aggregate of persons; "articles" include the original or restated articles of incorporation, articles of amendment,
articles of amalgamation, articles of continuance, articles of reorganization, articles of arrangement and articles of revival; "board"
shall mean the board of directors of the Corporation; "Canada Business Corporations Act" shall mean the  ***Canada Business Corporations Act,*** as amended from time to time, or any Act that may hereafter be substituted therefor; "meeting of shareholders"
shall mean and include an annual meeting of shareholders and a special meeting of shareholders of the Corporation; and "signing officers"
means any person authorized to sign on behalf of the Corporation pursuant to paragraph 31.

**AMENDMENT AND RESTATEMENT**

**39.** **Amendment and Restatement –** This Amended and Restated By-Law No. 1 of the Corporation
hereby amends and restates the previous By-Law No. 1 of the Corporation, being By-Law No. 1 of 13260917 Canada Inc. (formerly, Ico
Therapeutics Inc.) dated August 13, 2021.

CERTIFIED to be a true copy of Amended and Restated By-Law No. 1 of the Corporation, as enacted by the directors of the Corporation by resolution dated April 10, 2024.

Dated the 10<sup>th</sup> day of April, 2024.

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| |
|:---|
| /s/ Elizabeth Williams |
| Elizabeth Williams, Corporate Secretary |

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## Exhibit 4.2

**Exhibit 4.2**

**SatELLOS BIOSCIENCE INC.**<br> **(the "Corporation")**

**BY-LAW NO. 2**

The Corporation is committed to: (i) facilitating an orderly and efficient annual or, where the need arises, special meeting, process; (ii) ensuring that all shareholders receive adequate notice of director nominations and sufficient information with respect to all nominees; (iii) allowing the Corporation and shareholders to evaluate all nominees' qualifications and suitability as a director of the Corporation; and (iv) allowing shareholders to cast an informed vote.

The purpose of this By-Law No. 2 is to provide shareholders, directors and management of the Corporation with guidance on the nomination of directors. This By-Law No. 2 is the framework by which the Corporation seeks to fix a deadline by which holders of record of common shares of the Corporation must submit director nominations to the Corporation prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to the Corporation for the notice to be in proper written form.

It is the position of the Corporation that this By-Law No. 2 is beneficial to shareholders and other stakeholders. This By-Law No. 2 will be subject to an annual review, and will reflect changes as required by securities regulatory agencies or stock exchanges, or so as to meet industry standards.

**1.**  **<u>Interpretation</u>** 

1.01 <u>Conflicts between By-Laws</u> – This By-Law No. 2 amends By-Law No.1 (as amended or amended
 and restated) to the extent necessary to give effect to this By-Law No. 2. In the case
 of an inconsistency between By-Law No. 2 and By-Law No.1, the provisions of By-Law No. 2
 shall prevail over the inconsistent provisions in By-Law No.1.

1.02 <u>Definitions</u> – In By-Law No. 2, unless the context otherwise requires:

"**Act**" shall mean the *Canada Business Corporations Act*, and any statute that may be substituted therefore, as from time to time amended.

"**Affiliate**", when used to indicate a relationship with a person, shall mean a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such specified person.

"**Applicable Securities Laws**" shall mean the *Securities Act* (Ontario) and the equivalent legislation in the other provinces and in the territories of Canada, as amended from time to time, the rules, regulations and forms made or promulgated under any such statute and the published national instruments, multilateral instruments, policies, bulletins and notices of the securities commissions and similar regulatory authorities of each of the applicable provinces and territories of Canada, and if the Corporation's shares are listed on a nationally recognized securities exchange in the United States, the applicable United States federal and state securities laws, including without limitation, the United States Securities Act of 1933, the United States Securities Exchange Act of 1934, each as amended from time to time, and the rules and regulations promulgated thereunder.

"**Associate**", when used to indicate a relationship with a specified person, shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 corporation or trust of which such person owns beneficially, directly or indirectly, voting
 securities carrying more than 10% of the voting rights attached to all voting securities
 of such corporation or trust for the time being outstanding,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 partner of that person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 trust or estate in which such person has a substantial beneficial interest or as to which
 such person serves as trustee or in a similar capacity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 spouse of such specified person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 person of either sex with whom such specified person is living in conjugal relationship outside
 marriage, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 relative of such specified person or of a person mentioned in clauses (d) or (e) of
 this definition if that relative has the same residence as the specified person.

"**Derivatives Contract**" shall mean a contract between two parties (the "**Receiving Party**" and the "**Counterparty**") that is designed to expose the Receiving Party to economic benefits and risks that correspond substantially to the ownership by the Receiving Party of a number of shares in the capital of the Corporation or securities convertible into such shares specified or referenced in such contract (the number corresponding to such economic benefits and risks, the "**Notional Securities**"), regardless of whether obligations under such contract are required or permitted to be settled through the delivery of cash, shares in the capital of the Corporation or securities convertible into such shares or other property, without regard to any short position under the same or any other Derivatives Contract. For the avoidance of doubt, interests in broad-based index options, broad-based index futures and broad-based publicly traded market baskets of stocks approved for trading by the appropriate governmental authority shall not be deemed to be Derivatives Contracts.

"**Meeting of Shareholders**" shall mean such annual shareholders meeting or special meeting at which one or more persons are nominated for election to the board by a Nominating Shareholder.

"**Nominating Shareholder**" shall mean any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) who,
 at the close of business on the date of the giving of the notice provided for below in this
 By-Law and on the record date for notice of such meeting, is entered in the securities register
 as a holder of one or more shares carrying the right to vote at such meeting or who beneficially
 owns shares that are entitled to be voted at such meeting, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) who
 complies with the notice procedures set forth below in this By-Law.

"**owned beneficially**", "**owns beneficially**", and "**beneficially owns**" means, in connection with the ownership of shares in the capital of the Corporation by a person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 such shares as to which such person or any of such person's Affiliates or Associates owns
 at law or in equity, or has the right to acquire or become the owner at law or in equity,
 where such right is exercisable immediately or after the passage of time and whether or not
 on condition or the happening of any contingency or the making of any payment, upon the exercise
 of any conversion right, exchange right or purchase right attaching to any securities, or
 pursuant to any agreement, arrangement, pledge or understanding whether or not in writing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 such shares as to which such person or any of such person's Affiliates or Associates has
 the right to vote, or the right to direct the voting, where such right is exercisable immediately
 or after the passage of time and whether or not on condition or the happening of any contingency
 or the making of any payment, pursuant to any agreement, arrangement, pledge or understanding
 whether or not in writing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 such shares which are beneficially owned, directly or indirectly, by a Counterparty (or any
 of such Counterparty's Affiliates or Associates) under any Derivatives Contract (without
 regard to any short or similar position under the same or any other Derivatives Contract)
 to which such person or any of such person's Affiliates or Associates is a Receiving Party;
 provided, however that the number of shares that a person owns beneficially pursuant to this
 clause (iii) in connection with a particular Derivatives Contract shall not exceed the
 number of Notional Securities with respect to such Derivatives Contract; provided, further,
 that the number of securities owned beneficially by each Counterparty (including their respective
 Affiliates and Associates) under a Derivatives Contract shall for purposes of this clause
 be deemed to include all securities that are owned beneficially, directly or indirectly,
 by any other Counterparty (or any of such other Counterparty's Affiliates or Associates)
 under any Derivatives Contract to which such first Counterparty (or any of such first Counterparty's
 Affiliates or Associates) is a Receiving Party and this proviso shall be applied to successive
 Counterparties as appropriate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 such shares which are owned beneficially within the meaning of this definition by any other
 person with whom such person is acting jointly or in concert with respect to the Corporation
 or any of its securities.

"**public announcement**" shall mean disclosure in a press release reported by a national news service in Canada (and/or the United States, if the Corporation's shares are listed on a nationally recognized securities exchange in the United States), or in a document publicly filed by the Corporation or its agents under its profile on SEDAR+ at <u>www.sedarplus.ca</u> (and/or filed with the United States Securities and Exchange Commission and available under the Corporation's profile on the Electronic Data Gathering, Analysis and Retrieval system (EDGAR), if the Corporation's shares are listed on a nationally recognized securities exchange in the United States)).

**2.**  **<u>Nomination of Directors</u>** 

2.01 <u>Eligibility</u> - Subject only to the Act, only persons who are nominated in accordance with the following
 procedures shall be eligible for election as directors of the Corporation. Nominations of
 persons for election to the board may be made at any annual meeting of shareholders, or at
 any special meeting of shareholders (but only if the election of directors is a matter specified
 in the notice of meeting given by or at the direction of the person calling such special
 meeting):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 or at the direction of the board or an authorized officer of the Corporation, including pursuant
 to a notice of meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 or at the direction or request of one or more shareholders pursuant to a proposal made in
 accordance with the provisions of the Act or a requisition of the shareholders made in accordance
 with the provisions of the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 any Nominating Shareholder.

**3.**  **<u>Nominations of Directors by Nominating Shareholders</u>** 

3.01 Formal
 Requirements – In addition to any other applicable requirements, for a nomination to
 be made by a Nominating Shareholder, such person must have given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) timely
 notice thereof in proper written form to the chief executive officer of the Corporation at
 the principal executive offices of the Corporation in accordance with this By-Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 representation and agreement with respect to each candidate for nomination as required by,
 and within the time period specified in, section 4.01.

3.02 <u>Timely Notice</u> – To be timely under section 3.01(a), a Nominating Shareholder's notice
 to the chief executive officer of the Corporation must be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of an annual meeting of shareholders, not less than 30 nor more than 65 days prior
 to the date of the annual meeting of shareholders; provided, however, that in the event that
 the annual meeting of shareholders is called for a date that is less than 50 days after the
 date (the "**Notice Date**") on which the first public announcement of the date
 of the annual meeting was made, notice by the Nominating Shareholder may be made not later
 than the tenth (10th) day following the Notice Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of a special meeting (which is not also an annual meeting) of shareholders called
 for the purpose of electing directors (whether or not called for other purposes), not later
 than the fifteenth (15th) day following the day on which the first public announcement of
 the date of the special meeting of shareholders was made. Notwithstanding the foregoing,
 the board may, in its sole discretion, waive any requirement in this section 3.02.

3.03 <u>Proper Written Form for Notice</u> – To be in proper written form, a Nominating Shareholder's
 notice to the chief executive officer of the Corporation, under section 2.01(a), must set
 forth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 to each person whom the Nominating Shareholder proposes to nominate for election as a director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 name, age, business address and residence address of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 principal occupation or employment of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 class or series and number of shares in the capital of the Corporation which are controlled
 or which are owned beneficially or of record by the person as of the record date for the
 Meeting of Shareholders (if such date shall then have been made publicly available and shall
 have occurred) and as of the date of such notice,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 statement as to whether such person would be "independent" of the Corporation (within
 the meaning of sections 1.4 and 1.5 of National Instrument 52-110 - Audit Committees of the
 Canadian Securities Administrators, as such provisions may be amended from time to time,
 and pursuant to any other Applicable Securities Laws and any applicable stock exchange rules)
 if elected as a director at such meeting and the reasons and basis for such determination,
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any
 other information relating to the person that would be required to be disclosed in a dissident's
 proxy circular or other filings required to be made in connection with solicitations of proxies
 for election of directors pursuant to the Act and Applicable Securities Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as
 to the Nominating Shareholder giving the notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 information relating to such Nominating Shareholder that would be required to be made in
 a dissident's proxy circular or other filings required to be made in connection with solicitations
 of proxies for election of directors pursuant to the Act and Applicable Securities Laws,
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 class or series and number of shares in the capital of the Corporation which are controlled
 or which are owned beneficially or of record by the Nominating Shareholder as of the record
 date for the Meeting of Shareholders (if such date shall then have been made publicly available
 and shall have occurred) and as of the date of such notice.

**4.**  **<u>Eligibility Requirements for Nominated Candidates</u>** 

4.01 <u>Written Consent, Representation of Qualifications and Agreement to Comply</u> – To be eligible
 to be a candidate for election as a director of the Corporation and to be duly nominated,
 a candidate must be nominated in the manner prescribed in this By-Law and the candidate for
 nomination, whether nominated by the board or otherwise, must have previously delivered to
 the chief executive officer of the Corporation at the principal executive offices of the
 Corporation, not less than 5 days prior to the date of the Meeting of Shareholders, a written
 consent to act as a director of the Corporation, a representation in form acceptable to the
 Corporation that the candidate for nomination is not disqualified from acting as a director
 as provided in the Act, and agreement (in form provided by the Corporation) that such candidate
 for nomination, if elected as a director of the Corporation will comply with all applicable
 corporate governance, conflict of interest, confidentiality, share ownership, and insider
 trading policies and other policies and guidelines of the Corporation applicable to directors
 and in effect during such person's term in office as a director (and, if requested by any
 candidate for nomination, the chief executive officer of the Company shall provide to such
 candidate for nomination all such policies and guidelines then in effect).

4.02 <u>Effect of Non-Compliance</u> – No person shall be eligible for election as a director of the
 Corporation unless nominated in accordance with the provisions of this By-Law; provided,
 however, that nothing in this By-Law shall be deemed to preclude discussion by a shareholder
 (as distinct from nominating directors) at a meeting of shareholders of any matter in respect
 of which it would have been entitled to submit a proposal pursuant to the provisions of the
 Act. The chairperson of the meeting shall have the power and duty to determine whether a
 nomination was made in accordance with the procedures set forth in the foregoing provisions
 and, if any proposed nomination is not in compliance with such foregoing provisions, to declare
 that such defective nomination shall be disregarded.

4.03 <u>Delivery of Notice</u> - Notwithstanding any other provision of this By-Law, notice or any delivery
 given to the chief executive officer of the Corporation pursuant to this By-Law may only
 be given by personal delivery, facsimile transmission or by email (provided that the chief
 executive officer of the Corporation has stipulated an email address for purposes of this
 notice, at such email address as stipulated from time to time), and shall be deemed to have
 been given and made only at the time it is served by personal delivery, email (at the address
 as aforesaid) or sent by facsimile transmission (provided that receipt of confirmation of
 such transmission has been received) to the chief executive officer at the address of the
 principal executive offices of the Corporation; provided that if such delivery or electronic
 communication is made on a day which is a not a business day or later than 5:00 p.m. (Toronto
 time) on a day which is a business day, then such delivery or electronic communication shall
 be deemed to have been made on the subsequent day that is a business day.

4.04 <u>No Extension of Notice Period</u> – In no event shall any adjournment or postponement
 of a meeting of shareholders or the announcement thereof commence a new time period for the
 giving of a Nominating Shareholder's notice as described in section 3.03(a) or the delivery
 of a consent, representation and agreement as described in section 4.01.

**5.**  **<u>Board Discretion</u>** 

5.01 <u>Waiver</u> – Notwithstanding the foregoing, the board may in its sole discretion, waive any requirement
 of this By-Law.

MADE by the board on April 10<sup>th</sup>, 2024.

---

| |
|:---|
| /s/ Elizabeth Williams |
| Elizabeth Williams, Corporate Secretary |

---

## Exhibit 4.3

**Exhibit 4.3**

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269531d1_ex4-5img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CANADA BUSINESS CORPORATIONS ACT SEE REVERSE FOR CERTAIN DEFINITIONS in the Authorized share structure of the above named Company subject to the Articles of the Company transferable on the Central Securities Register of the Company by the registered holder in person or by attorney duly authorized in writing upon surrender of this certificate properly endorsed. This certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company. IN WITNESS WHEREOF the Company has caused this certificate to be signed on its behalf by the facsimile signatures of its duly authorized officers, at Vancouver, British Columbia. C0000000230 \| M \*\*SPECIMEN80401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*SPECIMEN80401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*SPECIMEN80401 L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*SPECIMEN80401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*SPECIMEN80401L80300000000Sat ellos\*Bioscience\*Inc.zero\*\*\*\*SPECIMEN80401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*SPECIMEN80401L80300000000Satellos\*Bioscienc e\*Inc.zero\*\*\*\*SPECIMEN80401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*SPECIMEN80401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*S PECIMEN80401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*SPECIMEN80401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*SPECIMEN80401L80 300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*SPECIMEN80401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*SPECIMEN80401L80300000000Satell os\*Bioscience\*Inc.zero\*\*\*\*SPECIMEN80401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*SPECIMEN80401L80300000000Satellos\*Bioscience\*I nc.zero\*\*\*\*SPECIMEN80401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*SPECIMEN80401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*SPEC IMEN80401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*SPECIMEN80401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*SPECIMEN80401L80300 000000Satellos\*Bioscience\*Inc.zero\*\*\*\*SPECIMEN80401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*SPECIMEN80401L80300000000Satellos\* Bioscience\*Inc.zero\*\*\*\*SPECIMEN80401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*SPECIMEN80401L80300000000Satellos\*Bioscience\*Inc. SPECIMEN \*\*080401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*080401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*080401L80300000000Satellos\* Bioscience\*Inc.zero\*\*\*\*080401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*080401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*080401 L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*080401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*080401L80300000000Satellos\*Bioscien ce\*Inc.zero\*\*\*\*080401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*080401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*080401L8030000 0000Satellos\*Bioscience\*Inc.zero\*\*\*\*080401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*080401L80300000000Satellos\*Bioscience\*Inc.z ero\*\*\*\*080401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*080401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*080401L80300000000Sate llos\*Bioscience\*Inc.zero\*\*\*\*080401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*080401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*0 80401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*080401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*080401L80300000000Satellos\*Bio science\*Inc.zero\*\*\*\*080401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*080401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*080401L80 300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*080401L80300000000Satellos\*Bioscience\*Inc.zero\*\*\*\*080401L80300000000Satellos\*Bioscience\* \* \* \* 0 \* \* \* Jan 23, 2026 00000000 Number Shares FULLY PAID AND NON-ASSESSABLE COMMON SHARES WITHOUT PAR VALUE IN THE CAPITAL OF IS THE REGISTERED HOLDER OF THIS CERTIFIES THAT Dated: The shares represented by this certificate are transferable at the offices of Computershare Investor Services Inc. in Vancouver, BC and Toronto, ON, or at the offices of Computershare Trust Company, N.A. in Canton, MA and Jersey City, NJ. Satellos Bioscience Inc. COUNTERSIGNED AND REGISTERED COMPUTERSHARE TRUST COMPANY, N.A. (CANTON, MA AND JERSEY CITY, NJ) TRANSFER AGENT AND REGISTRAR COUNTERSIGNED AND REGISTERED COMPUTERSHARE INVESTOR SERVICES INC. (VANCOUVER) (TORONTO) TRANSFER AGENT AND REGISTRAR OR By _____________________________ Authorized Officer By ____________________________ Authorized Officer Director, President and Chief Executive Officer Director \* \* \* \* 0 \* \* \* \* \* \* \* \* \* \* \* \* \* \* 0 \* \* \* \* \* \* \* \* \* \* \* \* \* \* 0 \* \* \* \* \* \* \* \* \* \* \* \* \* \* 0 \* \* \* \* \* \* \* \* \* \* \* \* \* \* 0 \* \* \* \* \* CUSIP 80401L803 ISIN CA80401L8033 Satellos Bioscience Inc. CSAE_WIP_BCQQ_C04.mtl.pulls/000001/000001/i |

---

&nbsp;&nbsp;![GRAPHIC](tm269531d1_ex4-5img002.jpg)<br>

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](tm269531d1_ex5-1img001.jpg) | 200 Bay Street, South Tower<br> Suite 2800<br> Toronto, ON<br> 647 499 2828<br> mintz.com |

---

March 27, 2026

**Satellos Bioscience Inc.**

Royal Bank Plaza, South Tower, 200 Bay Street,

Suite 2800

Toronto, Ontario M5J 2J1

Dear Sirs/Mesdames:

---

| | |
|:---|:---|
| **Re:** | **Satellos Bioscience Inc. (the "Corporation")** |

---

We have acted as counsel to the Corporation in connection with the filing on the date hereof of a Registration Statement on Form S-8 (the "**Form S-8**") with respect to the registration pursuant to the United States Securities Act of 1933, as amended, of 3,124,679 common shares of the Corporation (the "**Common Shares**") issuable pursuant to: (i) the Corporation's omnibus equity incentive plan dated April 10, 2024 (the "**Omnibus Plan**"), and (ii) the Corporation's second amended and restated stock option plan, as amended on June 29, 2023 (the "**Option Plan**"). We have made such investigations and examined originals or copies certified or otherwise identified to our satisfaction of documents, records and certificates of the Corporation as we have considered necessary or relevant for the purposes of this opinion including:

(a) the articles of amalgamation, as amended to date, and by-laws of the Corporation, as amended to date;

(b) the Omnibus Plan;

(c) the Option Plan; and

(d) resolutions of the directors and the shareholders of the Corporation authorizing the Omnibus Plan and
the Option Plan.

We have also made such investigations and examined originals or copies, certified or otherwise identified to our satisfaction, of such certificates of public officials and of such other certificates, documents and records as we considered necessary or relevant for purposes of the opinion expressed below, including a certificate signed by the Chief Financial Officer of the Corporation addressed to our firm, certifying certain additional corporate information of a factual nature, which we have relied upon as to questions of fact material to our opinion set forth below.

In giving this opinion, with regard to all documents examined by us, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to authentic original documents of all documents submitted to us as duplicates, certified, conformed, telecopied or photostatic copies and the authenticity of the originals of such latter documents.

Boston Los Angeles MIAMI New York San Diego San Franciscotoronto Washington

MINTZ LLP

**MINTZ**

---

| | |
|:---|:---|
| Page 2 | ![](tm269531d1_ex5-1img002.jpg) |

---

We have also assumed that all Common Shares issued under the Omnibus Plan will be issued for consideration in property or past services that is not less in value than the fair equivalent of the money that the Corporation would have received if the Common Shares had been issued for money.

Based upon and subject to the foregoing we are of the opinion that, subject to the due and valid exercise of options in accordance with the terms of the Option Plan or Omnibus Plan, as applicable, and receipt by the Corporation of the applicable exercise price pursuant to the terms of the Option Plan or Omnibus Plan, as applicable, the Common Shares so issued pursuant to the Option Plan or Omnibus Plan, as applicable, will be validly issued and outstanding as fully paid and non-assessable shares of the Corporation.

The foregoing opinion is limited to the laws of Ontario and the federal laws of Canada applicable therein.

Our opinion is given as of the date hereof and we do not in any event undertake to advise you of any facts or circumstances occurring or coming to our attention subsequent to the date hereof.

We consent to the filing of this opinion as an exhibit to the Form S-8. 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 United States Securities Act of 1933 or the rules and regulations of the Securities and Exchange Commission thereunder.

Yours truly,

*(signed) "Mintz LLP"*

## Exhibit 23.2

**Exhibit 23.2**

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Satellos Bioscience Inc. (the Company) of our report dated March 27, 2026, relating to the consolidated financial statements of the Company, which appears in Exhibit 99.2 to the Company's Annual Report on Form 40-F for the year ended December 31, 2025.

We also consent to reference to us under the heading "Interests of Experts" in the Annual Information Form, which appears as Exhibit 99.1 to the Company's Annual Report on Form 40-F for the year ended December 31, 2025, which is incorporated by reference in this Registration Statement.

**/s/PricewaterhouseCoopers LLP**

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Canada

March 27, 2026

## Exhibit 99.1

**Exhibit 99.1**

**SATELLOS BIOSCIENCE INC.**

**(FORMERLY, ICO THERAPEUTICS INC.)**

**SECOND AMENDED AND RESTATED STOCK OPTION**

**PLAN (2023)**

SECTION **1**

**GENERAL** PROVISIONS

**1.1 Definitions**

For the purpose of this Plan, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **"Acceleration Event"** has the meaning ascribed thereto in Section 2.8(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **"Administrative Guidelines"** means the administrative guidelines relating to this Plan,
which may include guidelines regarding the terms, limitations, restrictions and conditions for the grant of Options, as may be approved
by the Board from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **"Administrator"** means, initially, the chief financial officer of the Company and thereafter
shall mean such director, officer or employee of the Company as may be designated from time to time, as Administrator by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **"Award Date"** means, in respect of a particular Option, the date on which the Board grants
the Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **"Blackout Period"** means any period during which a policy of the Company prohibits or
prevents any Optionholder from exercising an Option or trading in securities of the Company;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **"business day"** means a day other than Saturday, Sunday or any other day which is a statutory
holiday in British Columbia or on which the Common Shares are not available for trading on the facilities of the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **"Cause"** has (i) the meaning ascribed thereto in the written employment agreement
between the Company and the Optionholder or (ii) in the event that there is no such written agreement or Cause is not defined in
such agreement, the usual meaning of just cause under the laws (including the common law) of the jurisdiction in which the Optionholder
is employed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **"Common Shares"** means the common shares of the Company as currently constituted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **"Company"** means Satellos Bioscience Inc. (formerly, iCo Therapeutics Inc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **"Consultant"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an individual (an **"Individual Consultant")** other than a director, officer or employee
of the Company or a subsidiary of the Company that (a) is engaged to provide, on an ongoing basis, consulting, technical or other
services to the Company or a subsidiary of the Company, other than services provided in relation to a distribution, (b) provides
the services under a written contract with the Company or a subsidiary of the Company, (c) in the reasonable opinion of the Board,
spends or will spend a significant amount of time and attention on the affairs and business of the Company or any of its subsidiaries
and (d) has a relationship with the Company that enables such person to be
knowledgeable about the business and affairs of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any corporation of which an Individual Consultant is an employee or shareholder or any partnership of
which an Individual Consultant is an employee or partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **"Discounted Market Price"** has the meaning ascribed thereto in the TSXV Corporate Finance
Manual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **"Effective Date"** means the date that this Plan is adopted by the Company pursuant to
a resolution of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **"Eligible Person"** means, subject to all applicable laws, any director, officer, employee
(whether part-time or full-time) or Consultant of the Company or a subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **"Exchange"** means the TSX Venture Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **"Exchange Hold Period"** means a four month resale restriction imposed by the Exchange
on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Common Shares issued upon the exercise of an Option held by an Insider; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Options granted under this Plan with an exercise price that is less than the applicable Market Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **"Exercise Notice"** means the notice to be delivered to the Administrator in connection
with the exercise of all or any portion of an Option, in the form set out as Schedule **"B"** hereto, duly executed by the
holder thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **"Exercise Price"** means the price at which an Option may be exercised as determined in
accordance with Section 2.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **"Insider"** means (i) a director or senior officer of the Company, (ii) a director
or senior officer of a company that is an Insider or subsidiary of the Company, (iii) a person that beneficially owns or controls,
directly or indirectly, voting shares carrying more than 10% of the voting rights attached to all outstanding voting shares of the Company;
or (iv) the Company itself if it holds any of its own securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) **"Investor Relations Activities"** has the meaning ascribed to such term in the TSXV Corporate
Finance Manual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) **"ISO"** has the meaning ascribed to such term in Section 2.9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **"Market Price"** has the meaning ascribed to such term in the TSXV Corporate Finance Manual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) **"Option"** means an option to purchase Common Shares granted to an Eligible Person pursuant
to the terms of this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) **"Option Certificate"** means, with respect to any Option, a certificate evidencing such
Option in the form set out as Schedule "A" hereto or such other form as may be approved by the Board at the time of the grant
of the Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) **"Optionholders"** means the holders of Options granted under this Plan and "Optionholder"
means any one of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) **"Original Plan"** has the meaning ascribed to such term in Section 1.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) **"Personal Representative"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of a deceased Optionholder, the executor or administrator of the deceased duly appointed by
a court or public authority having jurisdiction to do so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of an Optionholder who for any reason is unable to manage his or her affairs, the person entitled
by law to act on behalf of such Optionholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) **"Plan"** means this stock option plan, as it
may be amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) **"Share Capital Event"** has the meaning ascribed
to such term in Section 2.8(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) **"subsidiary"** of any issuer means a person that is controlled by the issuer or is controlled
by the same person that controls the issuer, where a person shall be considered to control another a person as such expression is interpreted
in Part 2, Division 4 of National Instrument 45-106 — Prospectus and Registration Exemptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) **"U.S. Participant"** means an Eligible Person who is a citizen or resident of the United
States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) **"U.S. Tax Code"** means the Internal Revenue Code of 1986, as amended, of the United States.

**1.2 Interpretation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Words importing the singular number only shall include the plural and vice versa and words importing the
masculine shall include the feminine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Plan is established under and the provisions of this Plan shall be interpreted and construed in accordance
with the laws of British Columbia.

**1.3 Purpose**

The purpose of this Plan is to promote the interests of the Company by (i) providing Optionholders with additional incentive, (ii) increasing the proprietary interest of Optionholders in the success of the Company, (iii) encouraging the Optionholders to continue to act as a director, officer, employee or Consultant, as the case may be, of the Company or a subsidiary of the Company and (iv) attracting new directors, officers, employees and Consultants.

**1.4 Amended and Restated**

This Plan amends and restates in its entirety, as of the Effective Date, the previous amended and restated option plan of the Company dated effective as of December 30, 2020 (the "**Previous Plan**"), last approved by the Company's shareholders on June 16, 2022, which amended and restated the 2012 stock option plan of the Company, approved by the Company's shareholders on May 11, 2012 (the **"Original Plan").** Any reference to "Plan" in the Original Plan or the Previous Plan and any document delivered in connection therewith, or pursuant thereto, will mean this Plan, as amended and restated hereby.

**1.5 Administration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Plan shall be administered by the Board or a committee of the Board consisting of not less than three
directors duly authorized by the Board to administer this Plan; provided, however, that a committee of the Board shall not have the authority
to terminate or amend this Plan in accordance with Section 3.1. If a committee is authorized for this purpose, all references to
the Board (except references to the Board in Section 3.1) will be deemed to be references to such committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the limitations of this Plan, the Board shall have the authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to grant Options to purchase Common Shares to Eligible Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to determine the terms, limitations, restrictions and conditions respecting such Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to interpret this Plan and to adopt, amend and rescind such Administrative Guidelines and other rules and
regulations relating to this Plan as it shall from time to time deem advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to construe and interpret this Plan and the Options granted thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to make all other determinations and to take all other actions in connection with the implementation and
administration of this Plan as it may deem necessary or advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The interpretation by the Board of any of the provisions of this Plan and any determination by it pursuant
thereto shall be final and conclusive and shall be binding on all Optionholders, the Company and any subsidiary of the Company and shall
not be subject to any dispute by any Optionholder or Eligible Person. No member of the Board or any person acting pursuant to authority
delegated by the Board hereunder shall be liable for any action or determination in connection with this Plan made or taken in good faith
and each member of the Board and each such person shall be entitled to indemnification by the Company in respect of any claim, loss, damage
or expense (including legal fees and disbursements) arising with respect to any such action or determination to the fullest extent permitted
by law.

**1.6 Compliance with Legislation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Plan, the grant and exercise of Options hereunder and the Company's obligation to sell and deliver
Common Shares upon exercise of Options shall be subject to all applicable federal, provincial, territorial and foreign laws, rules and
regulations, including all applicable corporate, securities and income tax laws (including any applicable provisions of the *Income Tax Act* (Canada), the U.S. Tax Code and income tax legislation of any other jurisdiction (including any jurisdiction within Canada
or the United States, such as a province, state or territory) and the regulations thereunder), in each case as the same may from time
to time be amended, the rules and regulation of any stock exchange on which the Common Shares are listed for trading and to such
approvals by any regulatory authority or governmental agency as may, in the opinion of counsel to the Company, be required. The Company
shall not be obliged by any provision of this Plan or the grant of any Option hereunder to issue or sell Common Shares in violation of
such laws, rules and regulations or any condition of such approvals.
No Option shall be granted and no Common Shares issued or sold hereunder where such grant, issue or sale would require registration of
this Plan or of Common Shares under the securities laws of any foreign jurisdiction and any purported grant of any Option or issue or
sale of Common Shares hereunder in violation of this provision shall be void. In addition, the Company shall have no obligation to issue
any Common Shares pursuant to this Plan unless such Common Shares shall have been duly listed, upon official notice of issuance, with
all stock exchanges on which the Common Shares are listed for trading. Common Shares issued and sold to Optionholders pursuant to the
exercise of Options may be subject to limitations on sale or resale under applicable securities laws and, if deemed necessary or expedient
by the Board, the certificates representing the Options or Common Shares issued upon the exercise of Options shall have a legend pertaining
to such restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the generality of the foregoing or any other provision hereof, (i) the Company may
take such steps and require such documentation from Optionholders as the Board may from time to time in good faith determine are necessary
or desirable to ensure compliance with all applicable laws and the terms of this Plan and (ii) in taking any action under this Plan,
or in relation to any rights or benefits hereunder, the Company and each Optionholder shall comply with all provisions and requirements
of any income tax legislation or regulations of any jurisdiction which may be applicable to the Company or holder, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company may withhold and deduct, or cause to be withheld and deducted, any amount the Company is required
by applicable law to withhold or deduct on account of income taxes or other deductions required by any Canadian or foreign, federal, provincial,
territorial, state or local taxing authorities or other amounts required by law to be withheld in relation to the grant or exercise of
any Option under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall have the right to require, in connection with exercise of any Option, payment by the
applicable Optionholder of any amount the Company is required to withhold or deduct as contemplated in Section 1.6(c) in order
to satisfy all tax obligations, including withholding obligations, in connection with such exercise and any payment or benefit under this
Plan in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall have the right to sell, or arrange for the sale, in the market or as the Company may
determine, on behalf of any Optionholder, such portion of any Common Shares issuable to such Optionholder on exercise of any Option as
the Company may determine, in order to realize net cash proceeds sufficient to permit the Company to pay any amount the Company is required
to withhold or deduct as contemplated in Section 1.6(c) (the **"Tax Withholding Amount")** and shall have the right
to withhold, or cause to be withheld, or deduct, or cause to be deducted, from such proceeds any or all of such Tax Withholding Amount.
Unless the Board otherwise determines, such Optionholder shall be responsible for paying all transaction costs, including brokerage commissions
or similar fees (collectively, the **"Transaction Costs"),** in connection with such sales and the Company may authorize
any investment bank or other person selling Common Shares on behalf of such Optionholder to sell additional Common Shares on behalf of
such Optionholder in order to realize sufficient proceeds to pay such Transaction Costs and such investment bank or other person shall
be entitled to so sell such additional shares on behalf of the such Optionholder and deduct from the proceeds of such sale such Transaction
Costs. If any investment bank or other person sells any Common Shares on behalf of an Optionholder as contemplated in this Section 1.6(e),
any net amount after deduction of the Tax Withholding Amount and Transaction Costs shall be paid to the Optionholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company may take such other action as the Board may consider advisable to enable the Company and any
Optionholder to satisfy obligations for the payment of withholding or other tax obligations in connection with the grant or exercise of
any Option under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each Optionholder (or the Optionholder's legal representatives) shall bear and be responsible for any
and all income or other tax imposed in respect of the grant and exercise of any Option under this Plan and in respect of any amount payable
to or benefit received or deemed to be received by such Optionholder (or legal representative) under this Plan. Each Optionholder shall
be responsible for reporting and paying all income and other taxes applicable to or payable in respect of any Option granted to the Optionholder,
any exercise of such Option, and any transactions involving Common Shares which may be issued on exercise of any Option, and any dividends
or distributions in respect thereof, or proceeds from any sale or disposition thereof, including, without limitation, any taxes payable
in respect of any sale or disposition of Common Shares made by or on behalf of the holder (including as contemplated in Section 1.6(e)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If the Company does not withhold any amount or require payment of an amount by an Optionholder (or legal
representative) sufficient to satisfy all income tax obligations referred to in Section 1.6(c), the Optionholder (or legal representative)
shall forthwith make reimbursement, on demand, in cash, of any amount paid by the Company in satisfaction of any such obligation.

**1.7 Effective Date**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Plan is effective on the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 1.7(a), this Plan is subject to the approval of the Exchange and the affirmative
vote of a majority of the votes attached to the Common Shares of the Company held by disinterested shareholders entitled to vote and represented
and voted at an annual or special meeting of the holders of such Common Shares held, among other things, to consider and approve this
Plan, and, until such approvals are obtained, Options granted under this Plan shall not be exercisable.

**1.8 No Fractional Shares**

No fractional Common Shares shall be issued upon the exercise of Options and, accordingly, if an Optionholder would otherwise become entitled to a fractional Common Share upon the exercise of an Option, such Optionholder shall only have the right to purchase the next lowest whole number of Common Shares and no payment or other adjustment will be made with respect to the fractional interest so disregarded.

**1.9 Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation
arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing contained in this Plan or any Option granted hereunder shall be deemed to give any Optionholder
any interest or title in or to any Common Shares of the Company or any rights as a shareholder of the Company or any other legal or equitable
right against the Company whatsoever other than as set forth in this Plan and pursuant to the exercise of any Option granted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Participation in this Plan is voluntary and this Plan does not give any Eligible Person the right or obligation
to or to continue to serve as a director, officer, employee or Consultant, as the case may be, of the Company or any subsidiary of the
Company. The granting of Options to any Eligible Person is a matter to be determined in the discretion of the Board. This Plan shall not
in any way fetter, limit, obligate, restrict or constrain the Board with regard to the allotment or issue of any Common Shares or any
other securities in the capital of the Company or any of its subsidiaries other than as specifically provided for in this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The grant of any Option shall be conditional upon the Eligible Person to whom such Option is granted completing,
signing and delivering to the Company all documents as may be required by any regulatory authorities having jurisdiction over the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Board shall have the authority to adopt such sub-plans, procedures and guidelines as may be necessary
or desirable to comply with provisions of the laws of any country in which the Company or its subsidiaries may operate to assure the viability
of the benefits from Options granted to Optionholder performing services in such country to meet the objectives of this Plan.

**SECTION 2<br> OPTIONS**

**2.1 Previously Granted Options**

All the outstanding stock options that were previously granted by the Company pursuant to the Original Plan and the Previous Plan shall, effective as of the Effective Date, be governed by and subject to the terms of this Plan.

**2.2 Grants and Eligibility**

Options may be granted under this Plan to any Eligible Person. Subject to the provisions of this Plan, the Board shall have the authority to determine the limitations, restrictions and conditions, if any, in addition to or in variation of those set forth in Section 2.5, applicable to the exercise of an Option. The Company may grant Options under this Plan to an Eligible Person on more than one occasion. In the case of Options granted to employees or Consultants of the Company, the Company must represent in the applicable Option Certificate that such employee or Consultant is a bona fide employee or Consultant of the Company or a subsidiary of the Company.

**2.3 Exercise Price**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The exercise price of any Option granted under this Plan shall be determined by the Board at the time
of grant; provided, however, that the exercise price of any Option granted under this Plan shall not be less than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at any time during which the Common Shares are listed and posted for trading on the Exchange, the Discounted
Market Price (as calculated on the date of grant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at any other time, the fair market value of the Common Shares as determined by the Board in its sole discretion,
subject to the rules and regulations of any regulatory authority, including any organized trading facility on which the Common Shares
are listed and posted for trading, having jurisdiction over the Company.

**2.4 Number of Common Shares Reserved for Issuance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to adjustment pursuant to section 2.8(a), the maximum number of Common Shares issuable under this
Plan shall not exceed 18,300,000 Common Shares. Notwithstanding the foregoing, the number of Common Shares underlying Options that have
been settled in cash, cancelled, terminated, surrendered, forfeited or expired without being exercised, and pursuant to which no Common
Shares have been issued, shall not reduce the number of Common Shares issuable under this Plan and shall again be available for issuance
hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the generality of Section 2.4(a):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The total number of Options awarded to any one individual in any twelve month period shall not exceed
5% of the issued and outstanding Common Shares of the Company at the Award Date unless the Company has obtained disinterested shareholder
approval as required by the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The total number of Options awarded to any one Consultant of the Company in any twelve month period shall
not exceed 2% of the issued and outstanding Common Shares of the Company at the Award Date unless consent is obtained from the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The total number of Options awarded to all persons retained by the Company to provide Investor Relations
Activities shall not exceed 2% of the issued and outstanding Common Shares of the Company, in any twelve month period, calculated at the
Award Date unless consent is obtained from the Exchange. Options granted to persons retained to provide Investor Relations Activities
will vest in stages over not less than 12 months with no more than one quarter of the Options vesting in any 3 month period.

**2.5 Expiry Date and Vesting Schedule**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board shall establish the expiry date of an Option at the time each Option is granted, subject to
the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Option will expire upon the occurrence of any event set out in Sections 2.6(a) to 2.6(d) and at the time period set
out therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Option can be exercisable for a maximum of 10 years from the Award Date, unless prohibited by the Exchange's
policies or rules and regulations of the applicable regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any additional terms, conditions and limitations relating to the exercise of any Option granted under
this Plan, including terms, conditions and limitations providing that an Option may not be exercised except in accordance with terms,
condition and limitations based on the passage of time, the satisfaction of performance criteria relating to the Company or holder of
such Option or any combination thereof, shall be determined by the Board at the time of grant; provided, however, that all Options must
vest in stages over a period of at least 18 months, with no more than 1/4 of any such Options vesting in any three month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the requirement set forth in Section 2.5(b) that all Options must vest in stages
over a period of at least 18 months, with no more than 1/4 of any such Options vesting in any three month period, the Board may, in its
sole discretion (and notwithstanding any terms, conditions or limitations relating to an Option previously imposed by the Board), allow
any Optionholder to purchase all or any of the Common Shares reserved for issuance in connection with the exercise of an Option if the
Board determines to permit the holder of such Option to exercise certain of its rights to acquire Common Shares under such Option.

**2.6 Termination of Options**

An Option granted under this Plan will terminate on the earlier of (i) the expiry date established with respect to such Option pursuant to Section 2.5 or (ii) the date, if applicable, established by Sections 2.6(a) to 2.6(d) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Death

If an Optionholder dies prior to the expiry of any Option granted to such Optionholder, the termination date for any vested portion or portions of such Options will be the date that is one year after the date of the Optionholder's death. The termination date for any unvested portion of such Options will be the date of the Optionholder's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Disability

If an Optionholder becomes permanently disabled prior to the expiry of any Option granted to such Optionholder and ceases to be an Eligible Person as a consequence of such disability, the termination date for any vested portion or portions of such Options will be the date that is six months after the Optionholder ceases to be an Eligible Person. The termination date for any unvested portion of such Options will be the date on which the Optionholder ceases to be an Eligible Person.

(c) Ceasing to be an Eligible Person

If an Optionholder ceases to be an Eligible Person prior to the expiry of any Option granted to such Optionholder for reasons other than death or permanent disability, the termination date for any vested portion of such Options will be the date that is 90 days after the date on which the Optionholder ceases to be an Eligible Person; provided, however, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the termination date for any Options granted to an Eligible Person employed to provide Investor Relation
Activities will be the date that is 30 days after the date on which the Optionholder ceases to be an Eligible Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. if the Optionholder ceases to be an Eligible Person as a result of being terminated for Cause, in the
case of an employee, ceasing to meet the qualifications for such position under applicable law or being removed from office in accordance
with applicable law, in the case of a director or officer, the termination date will be the date on which the Optionholder ceases to be
an Eligible Person.

The termination date for any unvested portion of such Options will be the date on which the Optionholder ceases to be an Eligible Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) An Optionholder shall be considered to have ceased to be an Eligible Person on (x) the actual date
of termination of employment, in the case of an employee, (y) on the date the Optionholder ceases to hold office, in the case of
a director or officer and (z) on the termination date of the Optionholder's contract as a consultant, in the case of a Consultant;
provided, however, that if an Optionholder gives notice of resignation as a director, officer, employee or Consultant of the Company or
a subsidiary of the Company or is given notice of termination of employment or engagement by the Company or a subsidiary of the Company,
the Optionholder shall be considered to have ceased to be an Eligible Person on the date on which the Optionholder ceases actually to
actively perform the duties of the Optionholder's position as a director, officer or employee, or provide services as a Consultant, as
applicable, and for greater certainty, such date shall not be extended or deemed to be extended to take into account any period during
which the Optionholder is in receipt or eligible to receive any statutory, contractual or common law notice or compensation in lieu thereof
or severance payment following the date the Optionholder ceases actively to provide duties for or provide services to the Company or a
subsidiary of the Company. A change in the duties, title or office of an Optionholder, in the case of a director, officer or employee,
or an amendment, renewal or expiry of the contract which governs the provision of services by an Optionholder, in the case of a Consultant,
shall not constitute that Optionholder ceasing to be an Eligible Person, except as may be otherwise determined by the Board.

(d) Black-Out Periods

Notwithstanding anything to the contrary in this Section 2.6(d), should the expiry date for an Option fall within a Blackout Period, or within nine (9) business days following the expiration of a Blackout Period, such expiry date shall be automatically extended without any further act or formality to that day which is the tenth (10th) business day after the end of the Blackout Period, such tenth business day to be considered the expiry date for such Option for all purposes under the Plan.

**2.7 Additional Terms**

Subject to all applicable securities laws and the rules and regulations of any regulatory authority, including any organized trading facility on which the Common Shares are listed and posted for trading, having jurisdiction over the Company, the Board may attach such other terms, conditions and limitations to any Option granted under this Plan as the Board may deem appropriate at the time of grant.

**2.8 Adjustments and Change of Control**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If at any time the Common Shares are consolidated, subdivided, converted, exchanged, reclassified or in
any way substituted for (any of the foregoing events, a **"Share Capital Event"**), then the number and kind of shares available
for issuance under this Plan and any Option that remains unexercised with respect to any Common Shares underlying the Option (including
the number and kind of shares subject to outstanding Options and the Exercise Price of such Options), shall be adjusted by the Board in
accordance with such Share Capital Event in the manner the Board in its sole discretion deems appropriate as equitably necessary to prevent
dilution or enlargement of the rights of Eligible Holders under the Plan that otherwise would result from such Share Capital Event (subject
to applicable laws and regulatory requirements). No fractional shares shall be issued upon the exercise of the Options and accordingly,
if as a result of the Share Capital Event, an Optionholder would become entitled to a fractional share, such Optionholder shall have the
right to purchase only the next lowest whole number of shares and no payment or other adjustment will be made with respect to the fractional
interest so disregarded. Additionally, no lots of Common Shares in an amount less than 100 Common Shares shall be issued upon the exercise
of the Options unless such amount of Shares represents the balance left to be exercised under the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time when an Option remains unexercised with respect to any Common Shares underlying the Option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company seeks approval from its shareholders for a transaction which, if completed, would constitute an Acceleration Event; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a third party makes a bona fide formal offer or proposal to the Company or its shareholders which, if
accepted, would constitute an Acceleration Event;

the Company shall notify the Optionholder in writing of such transaction, offer or proposal as soon as practicable and: (i) the Board may permit the Optionholder to exercise the Option, as to all or any of the Common Shares in respect of which such Option has not previously been exercised (regardless of any vesting restrictions), during the period specified in the notice (but in no event later than the expiry date of the Option), so that the Optionholder may participate in such transaction, offer or proposal; and (ii) the Board may require the acceleration of the time for the exercise of the Option and of the time for the fulfilment of any conditions or restrictions on such exercise. Any proposed acceleration of vesting provisions is subject to the policies and necessary approvals of the Exchange, if applicable.

For the purposes of this Plan an **"Acceleration Event"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the acquisition by any person or any persons acting jointly or in concert, directly or indirectly, of
beneficial ownership of more than 50% of the outstanding voting securities of the Company, by means of a take-over bid or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any plan of arrangement, amalgamation, consolidation, merger or other business combination of the Company
in which the Company is not the continuing or surviving corporation or pursuant to which shares of the Company would be converted into
cash, securities or other property, other than a merger of the Company in which shareholders immediately prior to the merger have the
same proportionate ownership of stock of the surviving corporation immediately after the merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any sale, lease exchange or other transfer (in one transaction or a series of related transactions) of
all or substantially all of the assets of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the approval by the shareholders of the Company of any plan of liquidation or dissolution of the Company;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any other transaction that is deemed to be an "Acceleration Event" for the purposes of this
Plan by the Board in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provision of this Plan or the terms of any Option, if at any time when an Option
remains unexercised with respect to any Common Shares underlying the Option and the Company completes any transaction which constitutes
an Acceleration Event, all outstanding unvested Options shall automatically vest.

**2.9 U.S. Participants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Option granted under this Plan to a U.S. Participant may be an incentive stock option within the meaning
of the Section 422 of the U.S. Tax Code (an **"ISO"),** but only if so designated by the Company in the Option Certificate.
No provision of this Plan, as it may be applied to a U.S. Participant with respect to Options which are designated as ISOs, shall be construed
so as to be inconsistent with any provision of Section 422 of the Code or the Treasury Regulations thereunder. Grants of Options
to U.S. Participants which are not designated as or otherwise do not qualify as ISOs will be treated as nonstatutory stock options for
U.S. federal tax purposes. Notwithstanding anything in this Plan contained to the contrary, the following provisions shall apply to ISOs
granted to each U.S. Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ISOs shall only be granted to individual U.S. Participants who are, at the time of grant, employees of
the Company within the meaning of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any director of the Company who is a U.S. Participant shall be ineligible to vote with respect to the
granting of such Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate fair market value (determined as of the time an ISO is granted) of the Common Shares subject
to ISOs exercisable for the first time by a U.S. Participant during any calendar year under this Plan and all other stock option plans,
within the meaning of Section 422 of the Code, of the Company shall not exceed One Hundred Thousand Dollars in U.S. funds (U.S.$100,000);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the exercise price of an ISO granted to a U.S. Participant pursuant to this Plan shall be not less than
fair market value of the Common Shares at the time such ISO is granted (unless such ISO is granted pursuant to an assumption or substitution
for another option in a manner satisfying the provisions of Section 424(a) of the Code);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if any U.S. Participant to whom an ISO is to be granted under this Plan at the time of the grant of such
ISO is the owner of shares possessing more than ten percent (10%) of the total combined voting power of all classes of shares of the Company,
then the following special provisions shall be applicable to the ISO granted to such individual:

&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;· the exercise price of such ISO shall not be less
than 110% of the fair market value of one Common Share at the time of grant; and

&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;· the ISO shall expire no later than five years
after the date of grant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) no ISO may be granted to a U.S. Participant following the date which is 10 years after the earlier of
(i) the Effective Date and (ii) the date on which this Plan is approved by the shareholders of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) no ISO granted to a U.S. Participant under this Plan shall become exercisable unless and until this Plan
shall have been approved by the shareholders of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the maximum number of Common Shares which may be issued under this Plan as ISOs shall not exceed 5% of
the total number of Common Shares issued and outstanding (on a non-diluted basis) at the time of any grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Options may be granted under this Plan to Consultants in the United States only if such Consultants are
natural persons providing bona fide services to the Company or a majority-owned subsidiary of the Company and such services are not in
connection with the offer or sale of securities in a capital-raising transaction, and do not directly or indirectly promote or maintain
a market for the Company's securities.

**2.10 Incorporation of Terms of Stock Option Plan**

Subject to specific variations approved by the Board, all terms and conditions set out herein will be deemed to be incorporated into and form part of each Option granted under this Stock Option Plan.

**2.11 Exercise of Options**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Option may be exercised only by the Optionholder or the Personal Representative of such Optionholder.
An Option may be exercised, in whole or in part (subject to any applicable exercise restrictions), at any time or from time to time up
to 5:00 p.m. (Vancouver time) on its expiry date by delivering to the Administrator an Exercise Notice, the applicable Option Certificate
and a cheque or bank draft payable to the Company in an amount equal to the aggregate Exercise Price of the Common Shares to be purchased
pursuant to the exercise of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As soon as practicable following the receipt of the Exercise Notice, the Administrator shall cause to
be delivered to the Optionholder (or the Personal Representative of such Optionholder) a share certificate for the Common Shares so purchased.
If the number of Common Shares so purchased is less than the number of Common Shares subject to the Option Certificate surrendered, the
Administrator shall forward a new Option Certificate to the Optionholder (or the Personal Representative of such Optionholder) concurrently
with delivery of the aforesaid share certificate for the balance
of the Common Shares available under the Option.

**2.12 Exchange Hold Period's and Resale Restrictions**

If required by the policies of the Exchange, the certificate representing the Options and any certificate representing Common Shares issued upon the exercise of such Options (if exercised prior to the expiry of the Exchange Hold Period) will bear the following Exchange Hold Period legend:

"Without prior written approval of TSX Venture Exchange and compliance with all applicable securities legislation, the securities represented by this certificate may not be sold, transferred, hypothecated or otherwise traded on or through the facilities of TSX Venture Exchange or otherwise in Canada or to or for the benefit of a Canadian resident until *[insert date that is four months and a day after the distribution date]."*

**2.13 Assignment of Options**

Options shall not be transferable or assignable; provided, however, that the Personal Representative of an Optionholder may exercise an Option in accordance with its terms.

**SECTION 3**

**AMENDMENT AND TERMINATION**

**3.1 Amendment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraphs (b) and (c) and any applicable regulatory approval, the Board may from
time to time amend this Plan and the terms and conditions of any Option previously awarded or thereafter to be awarded, without consent
or approval from any Optionholder or shareholder of the Company, and, without limiting the generality of the foregoing, may make such
amendments for the purpose of complying with any changes in any relevant law, Exchange policy, rule or regulation applicable to this
Plan, any Option or the Common Shares, or for any other purpose which the Board may deem desirable or necessary and may be permitted by
all relevant laws, rules and regulations, provided always that any such amendment shall not materially impair any right of any Optionholder
pursuant to any Option awarded prior to such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any provisions to the contrary, the Board may only amend the provisions of this Plan relating
to the following if the Board obtains the approval of the shareholders of the Company in respect thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) persons eligible to be granted Options under this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the maximum number or percentage of Common Shares reserved for issuance upon exercise of Options available
under this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the limitations on grants of Options to any one person, Insiders, Consultants, or persons involved
in Investor Relations Activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the method for determining the Exercise Price for Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the maximum term of Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the expiry and termination provisions applicable to Options; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any
amendment to this section 3.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If required by exchange policies, the Company will obtain disinterested shareholder approval of Options
if this Plan, together with any other share-based compensation arrangement, could result at any time in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate number of Common Shares reserved for issued under Options granted to Insiders (as a group)
exceeding 10% of the issued Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the grant to Insiders (as a group), within a 12-month period, of an aggregate number of Options exceeding
10% of the issued Common Shares, calculated at the date an option is granted to any Insider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the issuance to any one Optionholder, within a 12-month period, of a number of Common Shares reserved
for issuance under Options exceeding 5% of the issued Common Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Company is decreasing the Exercise Price of Options previously granted to Insiders, extending the
term of an Option previously granted to Insiders or is otherwise amending an Option in a manner that results in a benefit to an Insider.

**3.2 Shareholder Approval**

This Plan must be approved by the Company's shareholders as set forth in Section 1.7(b).

**3.3 Termination**

The Board may terminate this Plan at any time provided that such termination shall not alter the terms or conditions of any Option or impair any right of any Optionholder pursuant to any Option awarded prior to the date of such termination and notwithstanding such termination, the Company, such Options and such Optionholders shall continue to be governed by the provisions of this Plan.

**SCHEDULE A**

**OPTION CERTIFICATE**

This Certificate is issued pursuant to the provisions of the Second Amended and Restated Stock Option Plan (2023) (the **"Plan")** of Satellos Bioscience Inc. (the **"Company")** and evidences that __________________ (the **"Optionholder")** is the holder of an option (the **"Option")** to purchase up to _______ common shares (the "**Common Shares**") in the capital stock of the Company at a purchase price of $______ per Common Share (the **"Exercise Price").** The Award Date of this Option is __________. Subject to the provisions of this Plan, the expiry date of this Option is ___________ (the **"Expiry Date").** All capitalized terms used but not defined herein shall have the meaning ascribed thereto in this Plan.

<u>Additional Terms</u>

The Option will vest as follows:

____% immediately upon grant, allowing the holder of the Option to purchase up to __________________ Common Shares at the Exercise Price;

____% on _______________________, allowing the holder of the Option to purchase up to __________________ additional Common Shares at the Exercise Price;

____% on _______________________, allowing the holder of the Option to purchase up to __________________ additional Common Shares at the Exercise Price; and

____% on _______________________, allowing the holder of the Option to purchase up to __________________ Common Shares at the Exercise Price.

Other than as disclosed above, this Option may be exercised at any time up to 5:00 p.m. (Vancouver time) on the Expiry Date, by delivering to the Administrator of this Plan (i) an Exercise Notice, (ii) this Certificate and (iii) a cheque or bank draft payable to "Satellos Bioscience Inc." in an amount equal to the aggregate of the Exercise Price of the Common Shares in respect of which this Option is being exercised.

**[The Company hereby represents that the Optionholder is a bona fide [director/employee/consultant] of the Company.]**

This Certificate and the Option evidenced hereby is not assignable, transferable or negotiable and is subject to the detailed terms and conditions contained in this Plan. This Certificate is issued for convenience only and in the case of any dispute with regard to any matter in respect hereof, the provisions of this Plan and the records of the Company shall prevail.

**SATELLOS BIOSCIENCE INC.**

By:   Dated:   <br> Name: <br> Title:

**SCHEDULE B**

**EXERCISE NOTICE**

To: Administrator of the Stock Option Plan

Satellos Bioscience Inc.

200 Bay Street, Suite 2800

Toronto, Ontario

M5J 2J1

Pursuant to the an option (the **"Option")** to acquire common shares of Satellos Bioscience Inc. (the **"Company")** granted to the undersigned by the Company on _______________ pursuant to the Second Amended and Restated Stock Option Plan (2023) (the **"Plan")** of the Company, the undersigned hereby gives notice to the Company of the exercise by the undersigned of the option to acquire and hereby subscribes for *(cross out applicable item):*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all of the Common Shares which may be purchased under the Option; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ______________ of the Common Shares which may be purchased under the Option.

Calculation of Total Exercise Price:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) number of Common Shares to be acquired on exercise:________ Common Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) times the Exercise Price per Common Share: $

TOTAL EXERCISE PRICE, enclosed herewith: $

The undersigned tenders herewith a cheque or bank draft (circle one) in the amount of $___________ payable to Satellos Bioscience Inc. in an amount equal to the total exercise price for the Common Shares being purchased, as calculated above, and directs the Company to issue the share certificate evidencing such Common Shares in the name of the undersigned to be mailed to the undersigned at the following address:

DATED the__________day of _______________________, ________

---

| | |
|:---|:---|
| Signature of Witness | Signature of Optionholder |
| Name of Witness (please print) | Name of Optionholder (please print) |

---

## Exhibit 99.2

**Exhibit 99.2**

**SATELLOS BIOSCIENCE INC.**

**OMNIBUS EQUITY INCENTIVE PLAN**

April 10, 2024

**TABLE OF CONTENTS**

**<u>Page</u>**

---

| | | |
|:---|:---|:---|
| ARTICLE 1 |  |  |
| PURPOSE | PURPOSE | 3.0 |
| **1.1** | Purpose | 3.0 |
| ARTICLE 2 |  |  |
| INTERPRETATION | INTERPRETATION | 3.0 |
| **2.1** | Definitions | 3.0 |
| **2.2** | Interpretation | 10.0 |
| ARTICLE 3 |  |  |
| ADMINISTRATION | ADMINISTRATION | 10.0 |
| **3.1** | Administration | 10.0 |
| **3.2** | Delegation to Committee or Officer | 11.0 |
| **3.3** | Determinations Binding | 12.0 |
| **3.4** | Eligibility | 12.0 |
| **3.5** | Plan Administrator Requirements | 12.0 |
| **3.6** | Total Shares Subject to Awards | 12.0 |
| **3.7** | Limits on Grants of Awards | 13.0 |
| **3.8** | Award Agreements | 13.0 |
| **3.9** | Non-Transferability of Awards | 14.0 |
| ARTICLE 4 |  |  |
| OPTIONS | OPTIONS | 14.0 |
| **4.1** | Granting of Options | 14.0 |
| **4.2** | Exercise Price | 14.0 |
| **4.3** | Term of Options; Blackout Period | 14.0 |
| **4.4** | Vesting and Exercisability | 14.0 |
| **4.5** | Payment of Exercise Price | 15.0 |
| ARTICLE 5 |  |  |
| RESTRICTED SHARE UNITS | RESTRICTED SHARE UNITS | 16.0 |
| **5.1** | Granting of RSUs | 16.0 |
| **5.2** | RSU Account | 16.0 |
| **5.3** | Vesting of RSUs | 16.0 |
| **5.4** | Settlement of RSUs | 16.0 |
| ARTICLE 6 |  |  |
| ADDITIONAL AWARD TERMS | ADDITIONAL AWARD TERMS | 17.0 |
| **6.1** | Dividend Equivalents | 17.0 |
| **6.2** | Withholding Taxes | 17.0 |
| **6.3** | Recoupment | 18.0 |
| ARTICLE 7 |  |  |
| TERMINATION OF EMPLOYMENT OR SERVICES | TERMINATION OF EMPLOYMENT OR SERVICES | 18.0 |
| **7.1** | Termination of Employee, Consultant or Director | 18.0 |
| **7.2** | Discretion to Permit Acceleration | 19.0 |

---

i

---

| | | |
|:---|:---|:---|
| ARTICLE 8 |  |  |
| EVENTS AFFECTING THE CORPORATION | EVENTS AFFECTING THE CORPORATION | 19.0 |
| **8.1** | General | 19.0 |
| **8.2** | Change in Control | 19.0 |
| **8.3** | Reorganization of Corporation's Capital | 21.0 |
| **8.4** | Other Events Affecting the Corporation | 21.0 |
| **8.5** | Immediate Acceleration of Awards | 21.0 |
| **8.6** | Issue by Corporation of Additional Shares | 21.0 |
| **8.7** | Fractions | 21.0 |
| ARTICLE 9 |  |  |
| U.S. TAXPAYERS | U.S. TAXPAYERS | 22.0 |
| **9.1** | Granting of Options to U.S. Taxpayers | 22.0 |
| **9.2** | ISOs | 22.0 |
| **9.3** | ISO Grants to 10% Shareholders | 22.0 |
| **9.4** | Limitation on Yearly Vesting for ISOs | 22.0 |
| **9.5** | Disqualifying Dispositions | 22.0 |
| **9.6** | Section 409A of the Code | 23.0 |
| **9.7** | Section 83(b) Election | 23.0 |
| **9.8** | Application of Article 9 to U.S. Taxpayers | 24.0 |
| ARTICLE 10 |  |  |
| AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN | AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN | 24.0 |
| **10.1** | Amendment, Suspension, or Termination of the Plan | 24.0 |
| **10.2** | Shareholder Approval | 24.0 |
| **10.3** | Permitted Amendments | 25.0 |
| ARTICLE 11 |  |  |
| MISCELLANEOUS | MISCELLANEOUS | 26.0 |
| **11.1** | Legal Requirement | 26.0 |
| **11.2** | No Other Benefit | 26.0 |
| **11.3** | Rights of Participant | 26.0 |
| **11.4** | Corporate Action | 26.0 |
| **11.5** | Conflict | 27.0 |
| **11.6** | Participant Information | 27.0 |
| **11.7** | Participation in the Plan | 27.0 |
| **11.8** | International Participants | 27.0 |
| **11.9** | Successors and Assigns | 27.0 |
| **11.10** | General Restrictions or Assignment | 28.0 |
| **11.11** | Severability | 28.0 |
| **11.12** | Notices | 28.0 |
| **11.13** | Indemnity | 28.0 |
| **11.14** | Governing Law | 28.0 |
| **11.15** | Submission to Jurisdiction | 28.0 |
| **11.16** | Unfunded Obligations; No Trust or Fund Created | 28.0 |

---

ii

**OMNIBUS EQUITY INCENTIVE PLAN**

**ARTICLE 1<br> PURPOSE**

**1.1** **Purpose** 

The purpose of this Omnibus Equity Incentive Plan (this "**Plan**") is to attract, retain and reward those employees, directors and other individuals who are expected to contribute significantly to the success of Satellos Bioscience Inc. (the "**Corporation**") and its Subsidiaries (as defined below), to incentivize such individuals to perform at the highest level, to strengthen the mutuality of interests between such individuals and the Corporation's shareholders and, in general, to further the best interests of the Corporation and its shareholders. This Plan is intended to comply with Section 409A and Section 422 of the Code (as defined below), with respect to U.S. Taxpayers participating in this Plan, if and when applicable.

**ARTICLE 2<br> INTERPRETATION**

**2.1** **Definitions** 

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

"**Affiliate**" means any entity that is an "affiliate" for the purposes of *National Instrument 45-106 — Prospectus Exemptions*, as amended from time to time;

"**Award**" means any Option or Restricted Share Unit granted under this Plan and pursuant to an Award Agreement;

"**Award Agreement**" means a signed, written agreement between a Participant and the Corporation, in physical or electronic format in the form or any one of the forms approved by the Plan Administrator from time to time, evidencing the terms and conditions on which an Award has been granted under this Plan and which need not be identical to any other such agreements;

"**Blackout Period**" means the period of time when, pursuant to any policies or determinations of the Corporation, securities of the Corporation may not be traded by Insiders or other specified persons, including any period in which Insiders or other specified persons are in possession of material undisclosed information, but excluding any period during which a regulator has halted trading in the Corporation's securities;

"**Board**" means the board of directors of the Corporation as it may be constituted from time to time;

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

"**Canadian Exchange**" means the TSX or such other national securities exchange or trading system on which the Corporation's shares are listed in Canada;

"**Canadian Taxpayer**" means a Participant that is resident of Canada for purposes of the Tax Act;

"**Cashless Exercise**" has the meaning set forth in Subsection 4.5(b);

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "cause" (or any similar term) as such term is defined in the employment or other written agreement between the Corporation or a Subsidiary and Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the event there is no written or other applicable employment or other agreement between the Corporation or a Subsidiary and the Participant or "cause" (or any similar term) is not defined in such agreement, "cause" as such term is defined in the Award Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event neither (a) nor (b) apply, then, to the extent applicable to the Participant, the statutory definition of just cause as defined under applicable employment standards or labour standards legislation as amended from time to time ("**Employment Standards**") in the province or territory in which the Participant is employed or engaged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the event neither (a), (b) nor (c) apply in respect of a Participant, then "cause" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Participant's willful failure to perform any of the Participant's material duties owed
to the Corporation or a Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Participant's material violation of an applicable Corporation or Subsidiary's policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any act of dishonesty, theft, misappropriation of the property of the Corporation or a Subsidiary by the
Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) fraud committed by the Participant that results in material harm to the Corporation or a Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Participant's gross misconduct in the performance of the Participant's duties owed to
the Corporation or a Subsidiary that results in material harm to the Corporation or Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Participant's conviction of, or plead of guilty or no contest (or its equivalent) to, a felony
or a criminal offence which the Plan Administrator determines is relevant to Participant's position with the Corporation or any
Subsidiary or is damaging to the reputation or business of the Corporation or any Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Participant's material breach of the Participant's employment agreement or other written
agreement with the Corporation or a Subsidiary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other conduct that would be treated by the courts of the jurisdiction in which the Participant is
employed or otherwise providing services to constitute cause for termination of employment or service, as applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any individual, entity or group of individuals or entities acting jointly or in concert (other than the Corporation, its Affiliates or an employee benefit plan or trust maintained by the Corporation or its Affiliates, or any company owned, directly or indirectly, by the shareholders of the Corporation in substantially the same proportions as their ownership of Shares of the Corporation) acquiring beneficial ownership, directly or indirectly, of more than 50% of the combined voting power of the Corporation's then outstanding securities (excluding any "person" who becomes such a beneficial owner in connection with a transaction described in paragraph (b) of this definition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the consummation of a merger or consolidation of the Corporation with any other corporation, other than a merger or consolidation which would result in the voting securities of the Corporation outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving entity or any parent thereof) more than 50% of the combined voting power or the total fair market value of the securities of the Corporation or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation; provided, however, that a merger or consolidation effected to implement a recapitalization of the Corporation (or similar transaction) in which no person (other than those covered by the exceptions in paragraph (a) of this definition) acquires more than 50% of the combined voting power of the Corporation's then outstanding securities shall not constitute a Change in Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a complete liquidation or dissolution of the Corporation or the consummation of any sale, lease, exchange or other transfer (in one transaction or a series of transactions) of all or substantially all of the assets of the Corporation; other than such liquidation, sale or disposition to a person or persons who beneficially own, directly or indirectly, more than 50% of the combined voting power of the outstanding voting securities of the Corporation at the time of the sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a change in the composition of the Board, as a result of which fewer than a majority of the directors are Incumbent Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other transaction or series of transactions that is determined by the Board to be substantially similar to any of the events noted above.

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 constitutes a change in ownership or control of the Company, or a change in ownership of the Company's assets in accordance with Section 409A of the Code;

"**Code**" means the United States Internal Revenue Code of 1986, as amended from time to time. Any reference to a Section of the Code shall be deemed to include a reference to any regulations promulgated thereunder;

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

"**Consultant**" means (a) an individual (an "**Individual Consultant**") other than a Director or Employee that (i) is engaged to provide, on an ongoing basis, consulting, technical or other services to the Corporation or a Subsidiary, other than services provided in relation to a distribution, (ii) provides the services under a written contract with the Corporation or a Subsidiary, (iii) in the reasonable opinion of the Plan Administrator, spends or will spend a significant amount of time and attention on the affairs and business of the Corporation or any of its Subsidiaries; and (iv) has a relationship with the Corporation that enables such person to be knowledgeable about the business and affairs of the Corporation or any of its Subsidiaries, as applicable; and (b) any corporation or entity of such Individual Consultant of which an Individual Consultant is an employee or shareholder or any partnership of which an Individual Consultant is an employee or partner, in each case, as permitted;

"**Corporation**" has the meaning set forth in Section 1.1;

"**Date of Grant**" means, for any Award, the date specified by the Plan Administrator at the time it grants the Award or if no such date is specified, the date upon which the Award was granted;

"**Director**" means a director of the Corporation who is not an Employee;

"**Disability**" means (a) for U.S. Taxpayers, a Participant's permanent and total disability as defined in Section 22(e)(3) of the Code, and (b) for Canadian Taxpayers, a Participant's inability to substantially fulfill the Participant's duties to the Corporation or a Subsidiary as a result of medically determinable physical or mental impairment for a continuous period of four (4) months or more or the Participant's inability to substantially fulfill the Participant's duties owed to the Corporation or a Subsidiary for an aggregate period of six (6) months or more during any consecutive twelve (12) month period (in each case, taking into account any accommodation by the Corporation or a Subsidiary as is required under applicable law); if there is any disagreement between the Plan Administrator and the Participant as to the Participant's Disability or as to the date any such Disability began or ended, the same shall be determined by a physician mutually acceptable to the Plan Administrator and the Participant whose determination shall be conclusive evidence of any such Disability and of the date any such Disability began or ended;

"**Effective Date**" means the effective date of this Plan, being April 10, 2024, subject to the approval of the shareholders of the Corporation;

"**Employee**" means any employee of the Corporation or of a Subsidiary (including, without limitation, an employee who is also serving as an officer or director of the Corporation or a Subsidiary), designated by the Plan Administrator to be eligible to be granted one or more Awards under the Plan;

"**Exchange Act**" means the United States Securities Exchange Act of 1934, as amended;

"**Exercise Notice**" means a notice in writing in the form or any one of the forms approved by the Plan Administrator from time to time, signed by a Participant and stating the Participant's intention to exercise a particular Option;

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

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

"**Fair Market Value**" of a Share means the following, provided that with respect to a U.S. Taxpayer the Fair Market Value will be determined in a manner that complies with Section 409A of the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the common shares of the Corporation are listed on a Canadian Exchange, the closing price of the common shares on the Canadian Exchange on the applicable date, and if such applicable date is not a trading day, the last market trading day prior to such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the common shares of the Corporation are not listed on a Canadian Exchange but are listed on a U.S. Exchange, the closing price of the common shares on the U.S. Exchange on the applicable date, and if such applicable date is not a trading day, the last market trading day prior to such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the common shares of the Corporation are not listed on a U.S. Exchange or a Canadian Exchange, but are traded on the over-the-counter market and sales prices are regularly reported for the common shares, the closing or, if not applicable, the last price of the common shares on the applicable date and if such applicable date is not a trading day, the last market trading day prior to such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the common shares of the Corporation are not listed on a U.S. Exchange or a Canadian Exchange but are traded on the over-the-counter market and sales prices are not regularly reported for the common shares for the applicable trading day, and if bid and asked prices for the common shares are regularly reported, the mean between the bid and the asked price for the common shares at the close of trading in the over-the-counter market for the most recent trading day on which common shares were traded on the applicable date and if such applicable date is not a trading day, the last market trading day prior to such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the common shares of the Corporation are neither listed on a U.S. Exchange nor a Canadian Exchange nor traded in the over-the-counter market, such value as the Plan Administrator, in good faith, shall determine in compliance with applicable laws.

"**Incumbent Directors**" means directors who either (a) are directors of the Corporation as of the date this Plan was initially adopted, or (b) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination;

"**In-the-Money Amount**" has the meaning set forth in Subsection 4.5(b);

"**Insider**" means (a) a director or senior officer of the Corporation, (b) a director or officer of a person or company that is itself an insider or subsidiary of the Corporation, (c) a person that beneficially owns or controls, directly or indirectly, voting shares carrying more than 10% of the voting rights attached to all outstanding voting shares of the Corporation, or (d) the Corporation itself if it holds any of its own securities;

"**ISO**" means a stock option intended to qualify as an incentive stock option under Section 422 of the Code;

"**Non-Qualified Option**" means a stock option which is not intended to qualify as an ISO;

"**Option**" means an ISO or Non-Qualified Option granted under the Plan;

"**Option Shares**" means Shares issuable by the Corporation upon the exercise of outstanding Options;

"**Participant**" means a Director, Employee or Consultant to whom an Award has been granted under this Plan. As used herein, "Participant" shall include a Participant's survivor(s) where the context requires;

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

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

"**Plan**" has the meaning set forth in Section 1.1;

"**Plan Administrator**" means the Board, or if the administration of this Plan has been delegated by the Board to the Committee or sub-delegated to a member of the Committee or officer of the Corporation pursuant to Section 3.2, the Committee or sub-delegate, as the case may be;

"**Prior Option Plan**" means the Corporation's Second Amended and Restated Stock Option Plan;

"**Restricted Share Unit**" or "**RSU**" means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with ARTICLE 5;

"**Section 409A of the Code**" or "**Section 409A**" means Section 409A of the Code and all regulations, guidance, compliance programs, and other interpretive authority issued thereunder;

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

"**Security Based Compensation Arrangement**" means a stock option, stock option plan, employee stock purchase plan or any other compensation or incentive mechanism involving the issuance or potential issuance of Shares to Directors, officers, Employees and/or service providers of the Corporation or any Subsidiary, including, without limitation, the Prior Option Plan and a share purchase from treasury which is financially assisted by the Corporation by way of a loan, guarantee or otherwise;

"**Separation from Service**" means a separation from service within the meaning of Section 409A of the Code;

"**Share**" means one common share in the capital of the Corporation as constituted on the Effective Date or any share or shares issued in replacement of such common share in compliance with Canadian law or other applicable law, and/or one share of any additional class of common shares in the capital of the Corporation as may exist from time to time, or after an adjustment contemplated by ARTICLE 8, such other shares or securities to which the holder of an Award may be entitled as a result of such adjustment;

"**Subsidiary**" means a corporation or other entity, which, for purposes of Section 424 of the Code, is subsidiary of the Corporation (as defined in Section 424 of the Code), direct or indirect;

"**Tax Act**" has the meaning set forth in Subsection 4.5(d);

"**Termination Date**" means, subject to applicable law which cannot be waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an Employee whose employment with the Corporation or a Subsidiary terminates (for any reason), (i) the date designated by the Employee and the Corporation or Subsidiary as the "Termination Date" (or similar term) in a written agreement between the Employee and the Corporation or Subsidiary, or (ii) if no such written agreement exists or no such date is designated in such written agreement, the date designated by the Corporation or Subsidiary on which the Employee ceases to perform work for the Corporation or the Subsidiary, provided that the "Termination Date" shall be adjusted to include any statutory notice period during which the Corporation or Subsidiary is required by statute to continue and maintain the Participant's Awards, notwithstanding any pay in lieu of notice of termination, severance pay or other damages (including for wrongful dismissal) paid or payable to the Participant, but shall exclude any other period that follows, may follow or ought to have followed any required statutory notice period whether that period arises from a contractual or common law right and, for greater certainty, any such period shall not be considered a period of employment for purposes of a Participant's rights under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a Consultant whose agreement or arrangement with the Corporation or a Subsidiary terminates (for any reason), (i) the date designated as the "Termination Date" or expiry date (or similar term) in a written agreement between the Consultant and the Corporation or Subsidiary, or (ii) if no such written agreement exists or no such date is designated in such written agreement, the earlier of the date designated by the Corporation or Subsidiary on which the Consultant ceases to provide services to the Corporation or a Subsidiary or on which the Consultant's agreement or arrangement is terminated, provided that the "Termination Date" shall be determined without including any notice period or severance period (to the extent applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of a Director, the date such individual ceases to be a Director, and

in each case, unless the individual or entity continues to be a Participant in another capacity as determined by the Plan Administrator in its discretion. For purposes of the Plan, the date of death of a Participant holding outstanding Awards shall be deemed to be such Participant's Termination Date.

Notwithstanding the foregoing, in the case of a U.S. Taxpayer, a Participant's "Termination Date" will be the date the Participant experiences a Separation from Service under the requirements of Section 409A of the Code, to the extent applicable. In addition, except as required by law or as set forth in an Award Agreement, Awards shall not be affected by any change of a Participant's status within or among the Corporation and any Subsidiaries, so long as the Participant continues to be an Employee, Director or Consultant of the Corporation or any Subsidiary;

"**TSX**" means the Toronto Stock Exchange and at any time the Shares are not listed and posted for trading on the TSX, shall be deemed to mean such other stock exchange or trading platform in Canada upon which the Shares trade and which has been designated by the Plan Administrator;

"**U.S.**" or "**United States**" means the United States of America, its territories and possessions, any State of the United States, and the District of Columbia;

"**U.S. Exchange**" means the Nasdaq Stock Market, New York Stock Exchange or such other national securities exchange or trading system on which the Corporation's shares are listed in the United States;

"**U.S. Person**" shall mean a "**U.S. person**" as such term is defined in Rule 902(k) of Regulation S under the U.S. Securities Act (the definition of which includes, but is not limited to, (i) any natural person resident in the United States, (ii) any partnership or corporation organized or incorporated under the laws of the United States, (iii) any partnership or corporation organized outside of the United States by a U.S. Person principally for the purpose of investing in securities not registered under the U.S. Securities Act, unless it is organized, or incorporated, and owned, by accredited investors who are not natural persons, estates or trusts, and (iv) any estate or trust of which any executor or administrator or trustee is a U.S. Person);

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

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

**2.2** **Interpretation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Plan Administrator or the Board exercises discretion hereunder, the term "discretion" means the sole and absolute discretion of the Plan Administrator or the Board, as applicable.

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

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

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

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

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

**ARTICLE 3<br> ADMINISTRATION**

**3.1** **Administration** 

This Plan shall be administered by the Plan Administrator and the Plan Administrator has sole and complete authority, in its discretion, to:

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Awards may be granted to Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Awards shall become vested, including any conditions relating to the attainment of specified Performance Goals; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Awards may be forfeited to the Corporation, including any conditions relating to the attainment of specified Performance Goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Subject to the limitations set forth in the Plan, the number of Shares to be covered by any Award;

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

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

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

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

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

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

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

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

Any sub-plan established hereunder shall be deemed a part of the Plan, except to the extent of any inconsistency between the terms of the Plan and the terms of such sub-plan, in which event the terms of such sub-plan shall prevail. Each sub-plan shall apply only to the Participants in the jurisdiction for which the sub-plan was designed.

**3.2** **Delegation to Committee or Officer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The initial Plan Administrator shall be the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent permitted by applicable law, the Board may, from time to time, delegate to a committee of the Board (the "**Committee**") all or any of the powers conferred on the Plan Administrator pursuant to this Plan, including the power to sub-delegate to any member(s) of the Committee or any specified officer(s) of the Corporation all or any of the powers delegated by the Board. In such event, the Committee or any sub-delegate will exercise the powers delegated to it in the manner and on the terms authorized by the delegating party. Any decision made or action taken by the Committee or any sub-delegate arising out of or in connection with the administration or interpretation of this Plan in this context is final and conclusive and binding on the Corporation and all Subsidiaries, all Participants and all other Persons. The day-to-day administration of the Plan may be delegated to such officers and employees of the Corporation as the Plan Administrator determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent permitted by applicable law and the rules of the Canadian Exchange, the Board may, from time to time, delegate to one or more officers of the Corporation the authority to designate Employees and Consultants, in each case, who are not officers of the Corporation or any Subsidiary to be recipients of an Award and to determine the number of Awards to be granted to such Employee or Consultant and the terms of such Award and to grant them such Award, and upon such delegation, applicable references to "Plan Administrator" in the Plan shall be deemed to refer to the applicable delegate; provided, however, that the Board resolutions regarding such delegation will specify the total number of Shares that may be granted by such officer and that such officer may not grant any Awards to themselves. Any such Award will be granted on the form of Award Agreement most recently approved for use by the Plan Administrator, unless otherwise provided in the Board resolutions approving the delegation authority.

**3.3** **Determinations Binding** 

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

**3.4** **Eligibility** 

All Directors, Employees and Consultants are eligible to participate in the Plan. Participation in the Plan is voluntary and eligibility to participate does not confer upon any Director, Employee or Consultant any right to receive any grant of an Award pursuant to the Plan. The extent to which any Director, Employee or Consultant is entitled to receive a grant of an Award pursuant to the Plan will be determined in the discretion of the Plan Administrator.

**3.5** **Plan Administrator Requirements** 

Any Award granted under this Plan shall be subject to the requirement that, if at any time the Plan Administrator shall determine that the listing, registration or qualification of the Shares issuable pursuant to such Award upon any securities exchange or under any Securities Laws of any jurisdiction, or the consent or approval of any securities exchange or any securities commissions or similar securities regulatory bodies having jurisdiction over the Corporation is necessary as a condition of, or in connection with, the grant or exercise of such Award or the issuance or purchase of Shares thereunder, such Award may not be accepted or exercised, as applicable, in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained on conditions acceptable to the Plan Administrator. Without limiting the generality of the foregoing, all Awards shall be issued pursuant to the registration requirements of the U.S. Securities Act, or pursuant an exemption or exclusion from such registration requirements. Nothing herein shall be deemed to require the Corporation to apply for or to obtain such listing, registration, qualification, consent or approval. Participants shall, to the extent applicable, cooperate with the Corporation in complying with such legislation, rules, regulations and policies.

**3.6** **Total Shares Subject to Awards** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to adjustment as provided for in ARTICLE 8 and any subsequent amendment to this Plan, the aggregate number of Shares reserved for issuance from treasury pursuant to Awards granted under this Plan and under any other Security Based Compensation Arrangement shall not exceed 15% of the Corporation's total issued and outstanding Shares from time to time. This Plan is considered an "evergreen" plan, since the Shares covered by Awards which have been settled, exercised or terminated shall be available for subsequent grants under the Plan and the number of Awards available to grant increases as the number of issued and outstanding Shares increases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For greater certainty, to the extent any Awards (or portion(s) thereof) under this Plan terminate or are cancelled for any reason prior to exercise or settlement in full, or are surrendered, exercised, or settled, any Shares subject to such Awards (or portion(s) thereof) shall be added back to the number of Shares reserved for issuance under this Plan and will again become available for issuance pursuant to the exercise or settlement of Awards granted under this Plan. Additionally, to the extent any stock options (or portion(s) thereof) under the Prior Option Plan terminate or are cancelled for any reason prior to exercise in full, any Shares subject to such stock options (or portion(s) thereof) shall be added to the number of Shares reserved for issuance under this Plan and will become available for issuance pursuant to the exercise or settlement of Awards granted under this Plan.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any awards granted or Shares issued pursuant to an employment inducement provided by the Corporation in accordance with Subsection 613(c) of the Toronto Stock Exchange Company Manual, as amended from time to time, shall not reduce the number of Shares available for issuance pursuant to the exercise or settlement of Awards granted under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On and after shareholder approval of this Plan, no awards shall be granted under the Prior Option Plan, but all outstanding awards previously granted under the Prior Option Plan shall remain outstanding and subject to the terms of the Prior Option Plan.

**3.7** **Limits on Grants of Awards** 

Notwithstanding anything in this Plan, the aggregate number of Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to Awards granted under this Plan or under any other Security Based Compensation Arrangement during a single calendar year to any Director in connection with such Director's service as a Director, taken together with any cash fees paid by the Corporation to such Director during such calendar year for service on the Board, will not exceed $750,000 USD in total value (calculating the value of any such Awards based on the grant date fair value of such Awards for financial reporting purposes), or, with respect to the calendar year in which a Director is first appointed or elected to the Board, $1,000,000 USD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issuable to Insiders at any time, under all of the Corporation's Security Based Compensation Arrangements, shall not exceed 10% of the Corporation's issued and outstanding Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) issued to Insiders within any one-year period, under all of the Corporation's Security Based Compensation Arrangements, shall not exceed 10% of the Corporation's issued and outstanding Shares,

provided that the acquisition of Shares by the Corporation for cancellation shall be disregarded for the purposes of determining non-compliance with this Section 3.7 for any Awards outstanding prior to such purchase of Shares for cancellation.

**3.8** **Award Agreements** 

Each Award under this Plan will be evidenced by an Award Agreement. Each Award Agreement will be subject to the applicable provisions of this Plan and will contain such provisions as are required by this Plan and any other provisions that the Plan Administrator may direct. Any one officer of the Corporation is authorized and empowered to execute and deliver, for and on behalf of the Corporation, an Award Agreement to a Participant granted an Award pursuant to this Plan.

**3.9** **Non-Transferability of Awards** 

Except as permitted by the Plan Administrator and to the extent that certain rights may pass to a beneficiary or legal representative upon death of a Participant, by will or as required by law, no assignment or transfer of Awards, whether voluntary, involuntary, by operation of law or otherwise, vests any interest or right in such Awards whatsoever in any assignee or transferee and immediately upon any assignment or transfer, or any attempt to make the same, such Awards will terminate and be of no further force or effect. To the extent that certain rights to exercise any portion of an outstanding Award pass to a beneficiary or legal representative upon death of a Participant, the period in which such Award can be exercised by such beneficiary or legal representative shall not exceed one year from the Participant's death.

**ARTICLE 4<br> OPTIONS**

**4.1** **Granting of Options** 

The Plan Administrator may, from time to time, subject to the provisions of this Plan and such other terms and conditions as the Plan Administrator may prescribe, grant Options to any Participant. The terms and conditions of each Option grant shall be evidenced by an Award Agreement. ISOs cannot be granted to Canadian Taxpayers. The grant of an Option to a Participant at any time shall neither entitle such Participant to receive, nor preclude such Participant from receiving, a subsequent grant of an Option. In all cases, Options shall be in addition to, and not in substitution for or in lieu of, ordinary salary and wages payable to the Participant in respect of the Participant's services to the Corporation or a Subsidiary.

**4.2** **Exercise Price** 

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

**4.3** **Term of Options; Blackout Period** 

Subject to any accelerated termination as set forth in this Plan, each Option expires on its Expiry Date for no consideration. The term of each Option shall be fixed by the Plan Administrator, but shall not exceed 10 years from the Date of Grant. Notwithstanding any other provision in this Plan, each Option that would expire during or within 10 Business Days immediately following a Blackout Period shall expire on the date that is 10 Business Days immediately following the expiration of the Blackout Period (provided that this change in expiration date shall not apply to any Options held by a U.S. Taxpayer if it would result in any adverse consequences under Section 409A of the Code or prevent any ISO from qualifying as an ISO pursuant to Section 422 of the Code).

**4.4** **Vesting and Exercisability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Plan Administrator shall have the authority to determine the vesting terms applicable to grants of Options. Options shall become vested at such times, in such instalments, and subject to such terms and conditions (including the passage of time, the satisfaction of Performance Goals or any combination thereof) as may be determined by the Plan Administrator and set forth in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of this Plan, once an Option becomes vested, it shall remain vested and shall be exercisable until expiration or termination of the Option, unless otherwise specified by the Plan Administrator, or as may be otherwise set forth in any written employment agreement, Award Agreement or other written agreement between the Corporation or a Subsidiary and the Participant. Each vested Option may be exercised at any time or from time to time, in whole or in part, for up to the total number of Option Shares with respect to which it is then exercisable. The Plan Administrator has the right to accelerate the date upon which any Option becomes exercisable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Plan Administrator may provide at the time of granting an Option that the exercise of that Option is subject to restrictions, in addition to those specified in this Section 4.4, such as vesting conditions relating to the attainment of specified Performance Goals.

**4.5** **Payment of Exercise Price** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise specified by the Plan Administrator at the time of granting an Option and set forth in the particular Award Agreement, the Exercise Notice must be accompanied by payment of the Exercise Price. The Exercise Price must be fully paid by certified cheque, wire transfer, bank draft or money order payable to the Corporation or by such other means as might be specified from time to time by the Plan Administrator, which may include (i) through an arrangement with a broker approved by the Corporation (or through an arrangement directly with the Corporation) whereby payment of the Exercise Price is accomplished with the proceeds of the sale of Shares deliverable upon the exercise of the Option, (ii) through the cashless exercise process set out in Subsection 4.5(b), or (iii) such other consideration and method of payment for the issuance of Shares to the extent permitted by Securities Laws, or any combination of the foregoing methods of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise specified by the Plan Administrator and set forth in the particular Award Agreement, a Participant may, but only if permitted by the Plan Administrator, in lieu of exercising an Option pursuant to an Exercise Notice, elect to surrender such Option to the Corporation (a "**Cashless Exercise**") in consideration for an amount from the Corporation equal to (i) the Fair Market Value of the Shares issuable on the exercise of such Option (or portion thereof) as of the date such Option (or portion thereof) is exercised, less (ii) the aggregate Exercise Price of the Option (or portion thereof) surrendered relating to such Shares (the "**In-the-Money Amount**"), by written notice to the Corporation indicating the number of Options such Participant wishes to exercise using the Cashless Exercise, and such other information that the Corporation may require. Subject to Section 6.2, the Corporation shall satisfy payment of the In-the-Money Amount by delivering to the Participant such number of Shares (rounded down to the nearest whole number) having a fair market value equal to the In-the-Money Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Shares will be issued or transferred until full payment therefor has been received by the Corporation, or arrangements for such payment have been made to the satisfaction of the Plan Administrator. Upon receipt of payment in full, the number of Shares in respect of which the Options are exercised will be duly issued to the Participant from treasury as fully paid and non-assessable, following which the Participant shall have no further rights, title or interest with respect to such Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Participant surrenders Options through a Cashless Exercise pursuant to Subsection 4.5(b), to the extent that such Participant would be entitled to a deduction under Subparagraph 110(1)(d) of the *Income Tax Act* (Canada) (the "**Tax Act**") in respect of such surrender if the election described in Subsection 110(1.1) of the Tax Act were made and filed (and the other procedures described therein were undertaken) on a timely basis after such surrender, the Corporation will cause such election to be so made and filed (and such other procedures to be so undertaken).

**ARTICLE 5<br> RESTRICTED SHARE UNITS**

**5.1** **Granting of RSUs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Plan Administrator may, from time to time, subject to the provisions of this Plan and such other terms and conditions as the Plan Administrator may prescribe, grant RSUs to any Participant, including in respect of a bonus or similar payment in respect of services rendered by the applicable Participant in a taxation year. The terms and conditions of each RSU grant shall be evidenced by an Award Agreement. Each RSU will consist of a right to receive a Share upon the settlement of such RSU. The grant of an RSU to a Participant shall neither entitle such Participant to receive, nor preclude such Participant from receiving a subsequent grant of an RSU. In all cases, RSUs shall be in addition to, and not in substitution for or in lieu of, ordinary salary and wages payable to the Participant in respect of the Participant's services to the Corporation or a Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The number of RSUs granted in respect of a bonus or similar payment at any particular time pursuant to this ARTICLE 5 will be calculated by dividing (i) the amount of any bonus or similar payment that is to be paid in RSUs, as determined by the Plan Administrator, by (ii) the greater of (A) the Fair Market Value of a Share on the Date of Grant; and (B) such amount as determined by the Plan Administrator in its discretion.

**5.2** **RSU Account** 

All RSUs received by a Participant shall be credited to an account maintained for the Participant on the books of the Corporation, as of the Date of Grant.

**5.3** **Vesting of RSUs** 

The Plan Administrator shall have the authority to determine any vesting terms applicable to the grant of RSUs, including vesting conditions relating to the attainment of specified Performance Goals, provided that the terms comply with Section 409A, with respect to a U.S. Taxpayer.

**5.4** **Settlement of RSUs** 

Subject to Section 9.6(d) below and except as otherwise provided in an Award Agreement, on the settlement date for any RSU, which shall be determined by the Plan Administrator in its discretion, the Corporation shall redeem each vested RSU for one fully paid and non-assessable Share issued from treasury to the Participant, following which the Participant shall have no further rights, title or interest with respect to such RSUs. The Plan Administrator shall have the sole authority to determine any other settlement terms applicable to the grant of RSUs, provided that with respect to a U.S. Taxpayer the terms comply with Section 409A to the extent it is applicable.

**ARTICLE 6<br> ADDITIONAL AWARD TERMS**

**6.1** **Dividend Equivalents** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise determined by the Plan Administrator in its discretion or as set forth in the particular Award Agreement, an Award of RSUs shall include the right for such RSUs be credited with dividend equivalents in the form of additional RSUs as of each dividend payment date in respect of which normal cash dividends are paid on Shares. Such dividend equivalents shall be computed by dividing: (i) the amount obtained by multiplying the amount of the dividend declared and paid per Share by the number of RSUs held by the Participant on the record date for the payment of such dividend, by (ii) the Fair Market Value at the close of the first Business Day immediately following the dividend record date, with fractions computed to three decimal places. Dividend equivalents credited to a Participant's account shall vest in proportion to the RSUs to which they relate, and shall be settled in accordance with Sections 5.4.

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

**6.2** **Withholding Taxes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other terms of this Plan, the granting, vesting, exercise or settlement of each Award under this Plan is subject to the condition that if at any time the Plan Administrator determines, in its discretion, that the satisfaction of withholding tax or other withholding liabilities is necessary or desirable in respect of such grant, vesting, exercise or settlement, such action is not effective unless such withholding has been effected to the satisfaction of the Plan Administrator. In such circumstances, the Plan Administrator may require that a Participant pay to the Corporation the maximum amount the Corporation or a Subsidiary is obliged to withhold or remit to the relevant taxing authority in respect of the granting, vesting, exercise or settlement of the Award. Any such additional payment is due no later than the date on which such amount with respect to the Award is required to be remitted to the relevant tax authority by the Corporation or a Subsidiary, as the case may be. Alternatively, and subject to any requirements or limitations under applicable law, the Corporation or any Subsidiary may (i) withhold such amount from any remuneration or other amount payable by the Corporation or any Subsidiary to the Participant, (ii) require the sale, on behalf of the applicable Participant, of a number of Shares issued upon exercise, vesting, or settlement of such Award and the remittance to the Corporation of the net proceeds from such sale sufficient to satisfy such amount, (iii) permit the Participant to surrender such number of vested Awards to the Corporation for an amount which shall be used to satisfy the applicable withholding tax and other withholding liabilities, as applicable; or (iv) enter into any other suitable arrangements for the receipt of such amount. By participating in the Plan, the Participant consents to such sale and authorizes the Plan Administrator to undertake any of the foregoing in respect of the Shares on behalf of a Participant and to remit the appropriate amount to the applicable governmental authorities. Neither the Plan Administrator, the Corporation nor any Subsidiary shall be responsible for obtaining any particular price for the Shares nor shall the Plan Administrator, Corporation or any Subsidiary be required to issue any Shares under this Plan unless the Participant has made suitable arrangements with the Plan Administrator, Corporation and any applicable Subsidiary to fund any withholding obligation. Each Participant (or the Participant's legal representatives) shall bear and be responsible for any and all income or other tax imposed in respect of the grant and exercise or settlement of any Award under this Plan and in respect of any amount payable to or benefit received or deemed to be received by such Participant (or legal representative) under this Plan.

**6.3** **Recoupment** 

Notwithstanding any other terms of this Plan, Awards may be subject to potential cancellation, recoupment, rescission, payback or other action in accordance with the terms of any clawback, recoupment or similar policy adopted by the Corporation or the relevant Subsidiary, or as set out in the Participant's employment agreement, Award Agreement or other written agreement, or as otherwise required by law or the rules of the U.S. Exchange or the Canadian Exchange. In the event of termination for Cause or as otherwise set forth in the Corporation's clawback policy, as adopted or amended or restated from time to time, the Plan Administrator may seek to recoup Shares in respect of any exercised Options or settled RSUs, or adjust or reduce any unvested or vested Options or RSUs.The Plan Administrator may at any time waive the application of this Section 6.3 to any Participant or category of Participants.

**ARTICLE 7<br> TERMINATION OF EMPLOYMENT OR SERVICES**

**7.1** **Termination of Employee, Consultant or Director** 

Subject to Section 7.2, unless otherwise determined by the Plan Administrator or as set forth in any written employment agreement, Award Agreement or other written agreement between the Corporation or a Subsidiary and the Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where a Participant's employment, services or engagement is terminated by the Corporation or a Subsidiary for Cause, then any Option and RSU held by the Participant that has not been exercised, surrendered or settled as of the Termination Date (whether vested or unvested) shall be immediately forfeited and cancelled as of the Termination Date and no consideration shall be payable to the Participant in respect thereof as compensation, damages or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where a Participant's employment, services or engagement is terminated by the Corporation or a Subsidiary without Cause (whether such termination occurs with or without any or adequate reasonable notice, or with or without any or adequate compensation in lieu of such reasonable notice), or by reason of resignation by the Participant, or on account of the Participant incurring a Disability, or by reason of the death of the Participant, there will be no further vesting of any unvested Options or RSUs after the Termination Date and any unvested Options and RSUs held by the Participant on the Termination Date shall be immediately forfeited and cancelled and no consideration shall be payable to the Participant in respect thereof as compensation, damages or otherwise, including on account of severance, payment in lieu of notice or damages for wrongful dismissal. It is understood and agreed that Participants will also have no right to damages in lieu of the opportunity to vest in their Awards after the Termination Date. Any vested Options may be exercised by the Participant (or in the event of the Participant's death, the Participant's personal legal representative) at any time during the period that terminates on the earlier of: (A) the Expiry Date of such Option; and (B)(i) in the event of a Participant's termination without Cause or resignation, the date that is three months after the Termination Date, (ii) in the event of the Participant's incurrence of a Disability, the date that is twelve months after the Termination Date, or (iii) in the event of the Participant's death, the date that is twelve months after the Termination Date. If an Option remains unexercised upon the earlier of (A) or (B), the Option shall be immediately forfeited and cancelled for no consideration upon the termination of such period. In the case of a vested RSU that is held by a Participant on the Termination Date who is not a U.S. Taxpayer, such RSU will be settled within 90 days after the Termination Date. In the case of a vested RSU that is held by a Participant on the Termination Date who is a U.S. Taxpayer, vested RSUs will be settled within 90 days after the Termination Date, provided that in all cases such RSUs will be settled by March 15th of the year following the year of the applicable vesting event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a Participant's eligibility to receive further grants of Options or RSUs under this Plan ceases on the Participant's Termination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for greater clarity, except as otherwise provided in an applicable Award Agreement, and notwithstanding any other provision of this Section 7.1, in the case of an Award (other than an Option) that is granted to a U.S. Taxpayer and that becomes vested (in whole or in part) pursuant to this Section 7.1 upon the Participant's Termination Date, such Award will, subject to Subsection 9.6(d), be settled as soon as administratively practicable following the Participant's Termination Date but in no event later than 90 days following the Participant's Termination Date, provided that if such Award is an RSU, settlement will occur no later than March 15th of the year following the year of the applicable vesting event.

**7.2** **Discretion to Permit Acceleration** 

Notwithstanding the provisions of Section 7.1, the Plan Administrator may, in its discretion, at any time prior to, or following the events contemplated in such Section, or in a written employment agreement, Award Agreement or other written agreement between the Corporation or a Subsidiary and the Participant, permit the acceleration of vesting of any or all Awards or waive termination of any or all Awards, all in the manner and on the terms as may be authorized by the Plan Administrator, taking into consideration the requirements of Section 409A of the Code, to the extent applicable, with respect to Awards of U.S. Taxpayers.

**ARTICLE 8<br> EVENTS AFFECTING THE CORPORATION**

**8.1** **General** 

The existence of any Awards does not affect in any way the right or power of the Corporation or its shareholders to make, authorize or determine any adjustment, recapitalization, reorganization or any other change in the Corporation's capital structure or its business, or any amalgamation, combination, arrangement, merger or consolidation involving the Corporation, to create or issue any bonds, debentures, Shares or other securities of the Corporation or to determine the rights and conditions attaching thereto, to effect the dissolution or liquidation of the Corporation or any sale or transfer of all or any part of its assets or business, or to effect any other corporate act or proceeding, whether of a similar character or otherwise, whether or not any such action referred to in this ARTICLE 8 would have an adverse effect on this Plan or on any Award granted hereunder.

**8.2** **Change in Control** 

Except as may be set forth in a written employment agreement, Award Agreement or other written agreement between the Corporation or a Subsidiary and the Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to this Section 8.2, but notwithstanding anything else in this Plan or any Award Agreement, the Plan Administrator may, without the consent of any Participant (except as expressly set forth below), take such steps as it deems necessary or desirable, including to cause (i) the conversion or exchange of any outstanding Awards into or for, rights or other securities of substantially equivalent value, as determined by the Plan Administrator in its discretion, in any entity participating in or resulting from a Change in Control, (ii) outstanding Awards to vest and become exercisable, realizable, or payable, or restrictions applicable to an Award to lapse, in whole or in part prior to or upon consummation of such merger or Change in Control, and, to the extent the Plan Administrator determines, terminate upon or immediately prior to the effectiveness of such merger or Change in Control, (iii) the termination of an Award in exchange for an amount of cash and/or property, if any, equal to the amount that would have been attained upon the exercise or settlement of such Award or realization of the Participant's rights as of the date of the occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction the Plan Administrator determines in good faith that no amount would have been attained upon the exercise or settlement of such Award or realization of the Participant's rights, then such Award may be terminated by the Corporation without payment), (iv) the replacement of such Award with other rights or property selected by the Board in its discretion where such replacement would not adversely affect the holder, or (v) any combination of the foregoing. Notwithstanding the foregoing, prior consent of a Participant who is a Canadian Taxpayer is required in respect of subsection (iii) above. In taking any of the actions permitted under this Subsection 8.2(a), the Plan Administrator will not be required to treat all Awards similarly in the transaction. Notwithstanding the foregoing, in the case of Options held by a Canadian Taxpayer, the Plan Administrator may not cause the Canadian Taxpayer to receive (pursuant to this Subsection 8.2(a)) any property in connection with a Change in Control other than rights to acquire shares or units of a "mutual fund trust" (as defined in the Tax Act), of the Corporation or a "qualifying person" (as defined in the Tax Act) that does not deal at arm's length (for purposes of the Tax Act) with the Corporation, as applicable, at the time such rights are issued or granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 7.1, and except as set forth in any written employment agreement, Award Agreement or other written agreement between the Corporation or a Subsidiary and the Participant, if the Participant is an Employee or Director and within 18 months following the completion of a transaction resulting in a Change in Control, the Participant's employment or directorship is terminated by the Corporation or a Subsidiary without Cause:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any unvested Awards held by such Participant at the Termination Date shall immediately vest, with any Awards that vest based on Performance Goals vesting at their specified target level of attainment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any vested Options may be exercised by the Participant at any time during the period that terminates on the earlier of: (A) the Expiry Date of such Options; and (B) the date that is three months after the Termination Date. If an Option remains unexercised upon the earlier of (A) or (B), the Option shall be immediately forfeited and cancelled for no consideration upon the termination of such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any vested RSUs held by the Participant will be settled within 90 days after the Termination Date, provided that any RSUs held by a U.S. Taxpayer will be settled by March 15th of the year following the year of the applicable vesting event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Subsection 8.2(a) and unless otherwise determined by the Plan Administrator, if, as a result of a Change in Control, the Shares will cease trading on the U.S. Exchange, the Canadian Exchange or any other exchange upon which the Shares may then be listed, then the Corporation may terminate all of the Awards, other than an Option held by a Canadian Taxpayer for the purposes of the Tax Act, granted under this Plan at the time of and subject to the completion of the Change in Control transaction by paying to each holder at or within a reasonable period of time following completion of such Change in Control transaction an amount for each Award equal to the fair market value of the Award held by such Participant as determined by the Plan Administrator, acting reasonably, provided that any vested Awards granted to U.S. Taxpayers will be settled within 90 days of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is intended that any actions taken under this Section 8.2 will comply with the requirements of Section 409A of the Code with respect to Awards granted to U.S. Taxpayers.

**8.3** **Reorganization of Corporation's Capital** 

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

**8.4** **Other Events Affecting the Corporation** 

In the event of an amalgamation, combination, arrangement, merger or other transaction or reorganization involving the Corporation and occurring by exchange of Shares, by sale or lease of assets or otherwise, that does not constitute a Change in Control and that warrants the amendment or replacement of any existing Awards in order to adjust the number and/or type of Shares that may be acquired, or by reference to which such Awards may be settled, on the vesting of outstanding Awards and/or the terms of any Award in order to preserve proportionately the rights and obligations of the Participants holding such Awards, the Plan Administrator will, subject to the prior approval of the U.S. Exchange and the Canadian Exchange, authorize such steps to be taken as it may consider to be equitable and appropriate to that end.

**8.5** **Immediate Acceleration of Awards** 

In taking any of the steps provided in Sections 8.3 and 8.4, the Plan Administrator will not be required to treat all Awards similarly and where the Plan Administrator determines that the steps provided in Sections 8.3 and 8.4 would not preserve proportionately the rights, value and obligations of the Participants holding such Awards in the circumstances or otherwise determines that it is appropriate, the Plan Administrator may, but is not required to, permit the immediate vesting of any unvested Awards, provided that any such adjustments or acceleration of vesting undertaken pursuant to Sections 8.3, 8.4 or 8.5 shall be undertaken only to the extent they will not result in adverse tax consequences under Section 409A of the Code.

**8.6** **Issue by Corporation of Additional Shares** 

Except as expressly provided in this ARTICLE 8, neither the issue by the Corporation of shares of any class or securities convertible into or exchangeable for shares of any class, nor the conversion or exchange of such shares or securities, affects, and no adjustment by reason thereof is to be made with respect to the number of, Shares that may be acquired as a result of a grant of Awards.

**8.7** **Fractions** 

No fractional Shares will be issued pursuant to an Award. Accordingly, if, as a result of any adjustment under this ARTICLE 8 or a dividend equivalent, a Participant would become entitled to a fractional Share, the Participant has the right to acquire only the next lowest whole number of Shares and no payment or other adjustment will be made with respect to the fractional Shares, which shall be disregarded.

**ARTICLE 9<br> U.S. TAXPAYERS**

**9.1** **Granting of Options to U.S. Taxpayers** 

Options granted under this Plan to U.S. Taxpayers may be Non-Qualified Options or ISOs. Each Option shall be designated in the Award Agreement as either an ISO or a Non-Qualified Option. If an Award Agreement fails to designate an Option as either an ISO or Non-Qualified Option, the Option will be a Non-Qualified Option. The Corporation shall not be liable to any Participant or to any other Person if it is determined that an Option intended to be an ISO does not qualify as an ISO. Options will be granted to a U.S. Taxpayer only if (i) such U.S. Taxpayer performs services for the Corporation or any corporation or other entity in which the Corporation has a direct or indirect controlling interest or otherwise has a significant ownership interest, as determined under Section 409A, such that the Option will constitute an option to acquire "service recipient stock" within the meaning of Section 409A, or (ii) such option otherwise is exempt from Section 409A.

**9.2** **ISOs** 

Subject to any limitations in Section 3.6, the aggregate number of Shares reserved for issuance in respect of granted ISOs shall not exceed 100,000,000 Shares, and the terms and conditions of any ISOs granted to a U.S. Taxpayer on the Date of Grant hereunder, including the eligible recipients of ISOs, shall be subject to the provisions of Section 422 of the Code, and the terms, conditions, limitations and administrative procedures established by the Plan Administrator from time to time in accordance with this Plan. At the discretion of the Plan Administrator, ISOs may only be granted to an individual who is an employee of the Corporation, or of a Subsidiary.

**9.3** **ISO Grants to 10% Shareholders** 

Notwithstanding anything to the contrary in this Plan, if an ISO is granted to a person who owns shares representing more than 10% of the voting power of all classes of shares of the Corporation or of a Subsidiary, on the Date of Grant, the term of the Option shall not exceed five years from the time of grant of such Option and the Exercise Price shall be at least 110% of the Fair Market Value of the Shares subject to the Option.

**9.4** **Limitation on Yearly Vesting for ISOs** 

To the extent that aggregate Fair Market Value (determined on the date each ISO is granted) of the Shares with respect to which ISOs are exercisable for the first time by the Participant in any calendar year (under all plans of the Corporation and any Subsidiary) exceeds US$100,000, such Options shall be treated as Non-Qualified Options even if denominated ISOs at grant.

**9.5** **Disqualifying Dispositions** 

Each person awarded an ISO under this Plan shall notify the Corporation in writing immediately after the date such person makes a disposition or transfer of any Shares acquired pursuant to the exercise of such ISO if such disposition or transfer is made (a) within two years from the Date of Grant or (b) within one year after the date such person acquired the Shares. Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by the person in such disposition or other transfer. The Corporation may, if determined by the Plan Administrator and in accordance with procedures established by it, retain possession of any Shares acquired pursuant to the exercise of an ISO as agent for the applicable person until the end of the later of the periods described in (a) or (b) above, subject to complying with any instructions from such person as to the sale of such Shares.

**9.6** **Section 409A of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Plan will be construed and interpreted to be exempt from, or where not so exempt, to comply with Section 409A of the Code to the extent required to preserve the intended tax consequences of this Plan. Any reference in this Plan to Section 409A of the Code shall also include any regulation promulgated thereunder or any other formal guidance issued by the Internal Revenue Service with respect to Section 409A of the Code. Each Award shall be construed and administered such that the Award either (i) qualifies for an exemption from the requirements of Section 409A of the Code, or (ii) satisfies the requirements of Section 409A of the Code. If an Award is subject to Section 409A of the Code, (A) distributions shall only be made in a manner and upon an event permitted under Section 409A of the Code, (B) payments to be made upon a termination of employment or service shall only be made upon a "separation from service" under Section 409A of the Code, (C) unless the Award specifies otherwise, each installment payment shall be treated as a separate payment for purposes of Section 409A of the Code, and (D) in no event shall a Participant, directly or indirectly, designate the calendar year in which a distribution is made except in accordance with Section 409A of the Code. To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Section 409A of the Code, the Award will be granted, paid, settled or deferred in a manner that will meet the requirements of Section 409A of the Code, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Section 409A of the Code. Payment of any Award that is intended to be exempt from Section 409A of the Code as a short-term deferral shall in all events be paid by no later than March 15th of the year following the year of the applicable vesting event. The Corporation reserves the right to amend this Plan to the extent it reasonably determines is necessary in order to preserve the intended tax consequences of this Plan in light of Section 409A of the Code. In no event will the Corporation or any of its Subsidiaries be liable for any tax, interest or penalties that may be imposed on a Participant under Section 409A of the Code or any damages for failing to comply with Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All terms of the Plan that are undefined or ambiguous must be interpreted in a manner that complies with Section 409A of the Code if necessary to comply with Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Plan Administrator, in its discretion, may permit the acceleration of the time or schedule of payment of a U.S. Taxpayer's vested Awards in the Plan under circumstances that constitute permissible acceleration events under Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any provisions of the Plan to the contrary, in the case of any "specified employee" within the meaning of Section 409A of the Code who is a U.S. Taxpayer, distributions of non–qualified deferred compensation under Section 409A of the Code made in connection with a "separation from service" within the meaning set forth in Section 409A of the Code may not be made prior to the date which is six months after the date of separation from service (or, if earlier, the date of death of the U.S. Taxpayer). Any amounts subject to a delay in payment pursuant to the preceding sentence shall be paid as soon practicable following such six-month anniversary of such separation from service.

**9.7** **Section 83(b) Election** 

If a Participant makes an election pursuant to Section 83(b) of the Code with respect to an Award of Shares subject to vesting or other forfeiture conditions, the Participant shall be required to promptly file a copy of such election with the Corporation.

**9.8** **Application of Article 9 to U.S. Taxpayers** 

For greater certainty, the provisions of this ARTICLE 9 shall only apply to U.S. Taxpayers.

**ARTICLE 10<br> AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN**

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

The Plan will terminate on April 10, 2034, the date which is ten years from the earlier of the date of its adoption by the Board and the date of its approval by the shareholders of the Corporation. The Plan may be terminated at an earlier date by vote of the shareholders or the Board; provided, however, that any such earlier termination shall not materially adversely affect any Award Agreements executed prior to the effective date of such termination. Termination of the Plan shall not affect any Awards theretofore granted. The Plan Administrator may from time to time, without notice, or upon notice in accordance with and limited to any applicable Employment Standards, and without approval of the holders of voting shares of the Corporation, amend, modify, change, suspend or terminate the Plan or any Awards granted pursuant to the Plan as it, in its discretion determines appropriate, provided, however, that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amendment that would cause an Award held by a U.S. Taxpayer to be subject to income inclusion under Section 409A of the Code shall be null and void *ab initio* with respect to the U.S. Taxpayer unless the consent of the U.S. Taxpayer is obtained.

**10.2** **Shareholder Approval** 

Notwithstanding Section 10.1 and subject to any rules and additional requirements of the U.S. Exchange or the Canadian Exchange, as applicable, shareholder approval shall be required for any amendment, modification or change that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) reduces the exercise price or purchase price of an Award benefiting an Insider of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) extends the term of an Award benefiting an Insider of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) increases the percentage or number of Shares reserved for issuance under the Plan, except pursuant to the provisions under ARTICLE 8, which permit the Plan Administrator to make equitable adjustments in the event of transactions affecting the Corporation or its capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) increases or removes the 10% limits on Shares issuable or issued to Insiders as set forth in Section 3.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reduces the exercise price of an Option (for this purpose, a cancellation or termination of an Option of a Participant prior to its Expiry Date for the purpose of reissuing an Option to the same Participant with a lower exercise price or any other action that is treated as a repricing under generally accepted accounting principles shall be treated as an amendment to reduce the exercise price of an Option) except pursuant to the provisions in the Plan which permit the Plan Administrator to make equitable adjustments in the event of transactions affecting the Corporation or its capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) extends the term of an Option beyond the original Expiry Date (except pursuant to Section 4.3);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) permits an Option to be exercisable beyond 10 years from its Date of Grant (except pursuant to Section 4.3);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) permits Awards to be transferred to a Person in circumstances other than those specified under Section 3.9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) permits the introduction or reintroduction of non-employee directors on a discretionary basis or that increases limits previously imposed on non-employee director participation in the Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) deletes or reduces the range of amendments which require approval of shareholders under this Section 10.2.

**10.3** **Permitted Amendments** 

Without limiting the generality of Section 10.1, but subject to Section 10.2, the Plan Administrator may, without shareholder approval, at any time or from time to time, amend the Plan for the purposes of:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) making any amendments to the provisions set out in ARTICLE 7;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) making any amendments to comply with the provisions of the applicable law or the rules, regulations and policies of the Canadian Exchange or the U.S. Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) making any amendments necessary for Awards to qualify for favorable treatment under applicable tax laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) making any amendments to include or modify a cashless exercise feature, payable in cash or Shares, which provides for a full deduction of the number of underlying Shares from the Plan maximum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) making any amendments necessary to suspend or terminate the Plan;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) making amendments of a "housekeeping" or administrative nature or such changes or corrections which are required for the purpose of curing or correcting any ambiguity or defect or inconsistent provision or clerical omission or mistake or manifest error, provided that the Plan Administrator shall be of the opinion that such changes or corrections will not be prejudicial to the rights and interests of the Participants; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) making any other amendment, whether fundamental or otherwise, not requiring shareholders' approval under applicable tax laws, Canadian Exchange rules, U.S. Exchange Rules, or any other securities exchange that are applicable to the Corporation.

**ARTICLE 11<br> MISCELLANEOUS**

**11.1** **Legal Requirement** 

This Plan, the grant and exercise or settlement of any Award hereunder and the Corporation's obligation to issue Shares hereunder shall be subject to all applicable federal, provincial, state, and foreign laws, rules and regulations, including all applicable corporate, securities and income tax laws (including any applicable provisions of the Tax Act, the Code and income tax legislation of any other jurisdiction, and the regulations thereunder), all applicable requirements of the U.S. Exchange, the Canadian Exchange or any other exchange upon which the Shares may then be listed and to such approvals by any regulatory authority or governmental agency as may, in the opinion of counsel to the Corporation, be required. The Corporation is not obligated to grant any Awards, issue any Shares or other securities, make any payments or take any other action if, in the opinion of the Plan Administrator, in its discretion, such action would constitute a violation by a Participant or the Corporation of any provision of any applicable statutory or regulatory enactment of any government or government agency or the requirements of the U.S. Exchange, the Canadian Exchange or any other exchange upon which the Shares may then be listed. Without limiting the generality of the foregoing or any other provision hereof, the Corporation may take such steps and require such documentation from Participants as the Plan Administrator may from time to time in good faith determine are necessary or desirable to ensure compliance with all applicable laws and the terms of this Plan.

**11.2** **No Other Benefit** 

No amount will be paid to, or in respect of, a Participant under the Plan to compensate for a downward fluctuation in the price of a Share, nor will any other form of benefit be conferred upon, or in respect of, a Participant for such purpose. The amount of any compensation received or deemed to be received by a Participant as a result of the Participant's participation in the Plan will not constitute compensation with respect to which any other payments or benefits of that Participant are determined, including without limitation, payments or benefits under any bonus, pension, termination, severance, profit-sharing, vacation, insurance or salary continuation plan.

**11.3** **Rights of Participant** 

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

**11.4** **Corporate Action** 

Nothing contained in this Plan or in an Award shall be construed so as to prevent the Corporation from taking corporate action which is deemed by the Corporation to be appropriate or in its best interest, whether or not such action would have an adverse effect on this Plan or any Award. Nothing contained in this Plan shall prevent the Corporation from adopting other or additional compensation arrangements. This Plan shall not in any way fetter, limit, obligate, restrict or constrain the Board with regard to the allotment or issue of any Shares or any other securities in the capital of the Corporation or any of its subsidiaries other than as specifically provided for in this Plan.

**11.5** **Conflict** 

In the event of any conflict between the provisions of this Plan and an Award Agreement, the provisions of the Plan shall govern. In the event of any conflict between or among the provisions of this Plan or any Award Agreement, on the one hand, and a Participant's written employment agreement or other written agreement with the Corporation or a Subsidiary, as the case may be, on the other hand, the provisions of this Plan and the Award Agreement shall prevail.

**11.6** **Participant Information** 

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

**11.7** **Participation in the Plan** 

The participation of any Participant in the Plan is entirely voluntary and not obligatory and shall not be interpreted as conferring upon such Participant any rights or privileges other than those rights and privileges expressly provided in the Plan. In particular, participation in the Plan does not constitute a condition of employment or engagement nor a commitment on the part of the Corporation to ensure the continued employment or engagement of such Participant. Nothing contained in the Plan or by the grant of any Award will confer upon any Participant any right to the continuation of the Participant's employment, engagement or service by the Corporation or a Subsidiary or interfere in any way with the right of the Corporation or a Subsidiary at any time to terminate a Participant's employment, engagement or service or to increase or decrease the compensation of a Participant. The Plan does not provide any guarantee against any loss which may result from fluctuations in the market value of the Shares. The Corporation does not assume responsibility for the income or other tax consequences for the Participants and they are advised to consult with their own tax advisors.

**11.8** **International Participants** 

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

**11.9** **Successors and Assigns** 

The Plan shall be binding on all successors and assigns of the Corporation and its Subsidiaries.

**11.10** **General Restrictions or Assignment** 

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

**11.11** **Severability** 

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

**11.12** **Notices** 

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

Satellos Bioscience Inc.

200 Bay Street, Suite 2800

Toronto, ON, M5J 2J1

Attention: Chief Financial Officer

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

**11.13** **Indemnity** 

Neither the Board nor the Plan Administrator, nor any members of either, nor any employees of the Corporation or any Subsidiary, shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection with their responsibilities with respect to this Plan, and the Corporation hereby agrees to indemnify the members of the Board, the members of the Committee, and the employees of the Corporation and its Subsidiaries in respect of any claim, loss, damage, or expense (including reasonable counsel fees) arising from any such act, omission, interpretation, construction or determination to the full extent permitted by law.

**11.14** **Governing Law** 

This Plan and all matters to which reference is made herein shall be governed by and interpreted in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein, without any reference to conflicts of law rules.

**11.15** **Submission to Jurisdiction** 

The Corporation and each Participant irrevocably submits to the exclusive jurisdiction of the courts of competent jurisdiction in the Province of Ontario in respect of any action or proceeding relating in any way to the Plan, including, without limitation, with respect to the grant of Awards and any issuance of Shares made in accordance with the Plan.

**11.16** **Unfunded Obligations; No Trust or Fund Created** 

The Corporation's obligations under the Plan are unfunded, and no Participant will have any right to specific assets of the Corporation in respect of any award under the Plan. Participants will be general unsecured creditors of the Corporation with respect to any amounts due or payable under the Plan. 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 Corporation or any Subsidiary and a Participant or any other person.

**Satellos Bioscience Inc.**

**OPTION AWARD AGREEMENT**

###DATE_OF_GRANT###

###PARTICIPANT_NAME###

**<u>PERSONAL AND CONFIDENTIAL</u>**

BY EMAIL

Dear ###PARTICIPANT_NAME###

I am pleased to confirm that you have been granted options ("**Options**") to purchase common shares ("**Shares**") in the capital of Satellos Bioscience Inc. (the "**Corporation**") under the Corporation's Omnibus Equity Incentive Plan, as the same may be amended or restated from time to time (the "**Plan**").

This letter agreement shall constitute an "Award Agreement" as defined under the Plan. Other than as set out herein, the Options shall be subject in all respects to the terms and conditions of the Plan. We encourage you to review the Plan in detail. Each capitalized term not otherwise defined herein, shall have the meaning attributed to such term in the Plan.

---

| | |
|:---|:---|
| Number of Shares subject to the Options: | ###TOTAL_OPTIONS### (the "**Option Shares**") |
| Type of Options: | **[ISO/Non-Qualified Option]** |
| Date of Grant: | ###GRANT_DATE### (the "**Date of Grant**") |
| Exercise Price (per Share): | ###EXERCISE_PRICE### (the "**Exercise Price**") |
| Expiry Date | ###EXPIRY_DATE### (the "**Expiry Date**") |
| Vesting: | Subject always to the right of Corporation to cancel such Options on earlier dates in accordance with the provisions of the Plan, the Options will vest and be exercisable as follows: |
| Confidentiality: | The terms of this Award Agreement are confidential, and we expect that you will maintain the confidentiality of the grant and not disclose details to other employees of the Corporation or anyone outside the Corporation. |

---

<u>General Provisions</u>:

1. [Unless the offering and sale of the Option Shares to be issued upon the particular exercise of the Options
shall have been effectively registered under the *Securities Act of 1933*, as amended (the "**Securities Act** "),
the Corporation shall be under no obligation to issue the Option Shares covered by such exercise unless the Corporation has determined
that such exercise and issuance would be exempt from the registration requirements of the Securities Act and applicable Securities Laws
and until the following conditions have been fulfilled:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The person(s) who exercise the Option shall warrant to the Corporation, at the time of such exercise,
that such person(s) are acquiring such Option Shares for their own respective accounts, for investment, and not with a view to, or
for sale in connection with, the distribution of any such Option Shares, in which event the person(s) acquiring such Option Shares
shall be bound by the provisions of the following legend which shall be endorsed upon any certificate(s) evidencing the Option Shares
issued pursuant to such exercise:

"The shares represented by this certificate have been taken for investment and they may not be sold or otherwise transferred by any person, including a pledgee, unless (1) either (a) a Registration Statement with respect to such shares shall be effective under the *Securities Act of 1933*, as amended, or (b) the Corporation shall have received an opinion of counsel satisfactory to it that an exemption from registration under such Act is then available, and (2) there shall have been compliance with all applicable state securities laws;" and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If the Corporation so requires, the Corporation shall have received an opinion of its counsel that the
Option Shares may be issued upon such particular exercise in compliance with the Securities Act without registration thereunder. Without
limiting the generality of the foregoing, the Corporation may delay issuance of the Option Shares until completion of any action or obtaining
of any consent, which the Corporation deems necessary or advisable (including without limitation state securities or "blue sky"
laws).

2. If the Options are designated as ISOs so that the Participant (or the Participant's beneficiaries)
may qualify for the favorable tax treatment provided to holders of Options that meet the standards of Section 422 of the Code then
any provision of this Award Agreement or the Plan which conflicts with the Code so that the Options would not be deemed ISOs is null and
void and any ambiguities shall be resolved so that the Options qualify as ISOs. The Participant should consult with the Participant's
own tax advisors regarding the tax effects of the Options and the requirements necessary to obtain favorable tax treatment under Section 422
of the Code, including, but not limited to, holding period requirements.

Notwithstanding the foregoing, to the extent that the Options are designated as ISOs and are not deemed to be ISOs pursuant to Section 422(d) of the Code because the aggregate Fair Market Value (determined as of the Date of Grant) of any of the Shares with respect to which the ISOs are granted becomes exercisable for the first time during any calendar year in excess of $100,000, the portion of the Options representing such excess value shall be treated as Non-Qualified Options and the Participant shall be deemed to have taxable income measured by the difference between the then Fair Market Value of the Shares received upon exercise and the price paid for such Shares pursuant to this Award Agreement.

Neither the Corporation nor any Affiliate shall have any liability to the Participant, or any other party, if the Options (or any portion thereof) that are intended to be ISOs are not ISOs or for any action taken by the Plan Administrator, including without limitation the conversion of an ISO to a Non-Qualified Option.

3. If the Option are designated as ISOs then the Participant agrees to notify the Corporation in writing
immediately after the Participant makes a Disqualifying Disposition of any of the Option Shares acquired pursuant to the exercise of the
ISOs. A Disqualifying Disposition is defined in Section 424(c) of the Code and includes any disposition (including any sale)
of such Option Shares before the later of (a) two years after the date the Participant was granted the ISO or (b) one year after
the date the Participant acquired Option Shares by exercising the ISO, except as otherwise provided in Section 424(c) of the
Code. If the Participant has died before the Option Shares are sold, these holding period requirements do not apply and no Disqualifying
Disposition can occur thereafter.]

4. The Participant specifically acknowledges and agrees that the provisions of this Award Agreement and the
Plan may take away or limit the Participant's common or civil law rights, as applicable, to his or her Options and Option Shares
and any common or civil law rights, as applicable, to damages as compensation for the loss, or continued vesting, of his or her Options
and Option Shares hereunder during any reasonable notice period.

5. By entering into this Award Agreement, the Participant: (i) authorizes the Corporation and each Affiliate,
and any agent of the Corporation or any Affiliate administering the Plan or providing Plan recordkeeping services, to disclose to the
Corporation or any of its Affiliates such information and data as the Corporation or any such Affiliate shall request in order to facilitate
the grant of the Options and the administration of the Plan; (ii) to the extent permitted by applicable law, waives any data privacy
rights he or she may have with respect to such information; and (iii) authorizes the Corporation and each Affiliate to collect, process,
store and transmit such information (including to a country outside of Canada or the United States which may not have the same level of
data protection laws in Canada or the United Staes) in electronic form for the purposes set forth in this Award Agreement and the Plan.
The Participant hereby acknowledges that he or she has the right to request a list of the names and addresses of any potential recipients
of such information and to review and correct such information by contacting his or her local human resources representation.

6. The Participant hereby acknowledges having received and reviewed a copy of the Plan and having read and
understood the meaning and importance of each of the provisions of the Plan, including the early termination and forfeiture provisions
in Article 7 of the Plan, all of which are incorporated herein by reference, and this Award Agreement, and agrees to be bound thereby.
The fact that this Award Agreement repeats some of the provisions of the Plan shall not diminish or affect the application of all provisions
of the Plan.

7. The Corporation's obligations under the Plan and this Award Agreement are unfunded, and the Participant
will have no right to specific assets of the Corporation in respect of the Option or Option Shares. The Participant will be a general
unsecured creditor of the Corporation with respect to any amounts due or payable under the Plan. Neither the Plan nor this Award Agreement
create or may be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Corporation or any Subsidiary
and the Participant or any other person.

8. The Participant hereby acknowledges and agrees that the Participant's participation in the Plan
and receipt of the Options and, if applicable, Option Shares do not create a right for the Participant to be retained in the employment
or services of the Corporation or any Subsidiary.

9. The Options evidenced by this Award Agreement are subject to acceptance by the Participant by signing
this Award Agreement where indicated below and returning same to the Corporation within **[fifteen (15) Business Days]** of receipt,
failing which the Options evidenced by this Award Agreement may be deemed, in the sole discretion of the Corporation, rejected by the
Participant and null and void.

It is through working together as a team that we can make the Satellos Bioscience Inc. a leader in our field.

Yours very truly,

SATELLOS BIOSCIENCE INC.

[Signatory Name]

[Signatory Title]

I accept the Options on the terms described in this Award Agreement and understand and agree that my Options are subject in all respects to the terms and conditions of the Award Agreement and the Plan. I have read, understood, and agree to comply with the terms of this Award Agreement and the Plan.

<u>###PARTICIPANT_NAME###</u> <u>###HOME_ADDRESS###</u> <br><u>###ACCEPTANCE_DATE###</u>

---

| | | |
|:---|:---|:---|
| Signature | Address | Accepted |

---

[*Signature Page to Option Award Agreement*]

## Ex-Filing

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Satellos Bioscience Inc.**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Common Shares, no par value per share, subject to outstanding options | Other | 1215264 | $6.61285681 | $8036366.82 | 0.0001381 | $1109.82 |
| 2 | Equity | Common Shares, no par value per share, subject to outstanding options | Other | 979189 | $6.4302 | $6296381.11 | 0.0001381 | $869.53 |
| 3 | Equity | Common Shares, no par value per share, not subject to outstanding options | Other | 930226 | $7.315 | $6804603.19 | 0.0001381 | $939.72 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $21137351.12  |  | $2919.07  |
| 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:  |  |  |  | $2919.07  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> (1) Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the "Securities Act"), this registration statement on Form S-8 (the "Registration Statement") shall also cover any additional common shares, no par value per share (the "Common Shares") of Satellos Bioscience Inc. (the "Registrant") that become issuable with respect to the securities identified in the above table under the Satellos Bioscience Inc. Omnibus Equity Incentive Plan (the "Equity Plan") by reason of any share dividend, share split, recapitalization or other similar transaction effected without the Registrant's receipt of consideration which results in an increase in the number of outstanding Common Shares. (2) Represents Common Shares reserved for issuance pursuant to stock options outstanding under the Equity Plan as of the date of this Registration Statement. (3) Estimated in accordance with Rule 457(h) of the Securities Act solely for the purpose of calculating the registration fee on the basis of CAD9.07 per share, which is the weighted-average exercise price of options to purchase Common Shares outstanding under the Equity Plan as of the date of this Registration Statement. The U.S. dollar equivalent of the maximum aggregate offering price per share has been calculated using an exchange rate as of March 23, 2026, $1.00 = CAD1.3717, as announced by the Bank of Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> (1) Pursuant to Rule 416(a) of the Securities Act, this Registration Statement shall also cover any additional Common Shares of the Registrant that become issuable with respect to the securities identified in the above table under the Satellos Bioscience Inc. Second Amended and Restated Stock Option Plan (2023) (the "2023 Plan") by reason of any share dividend, share split, recapitalization or other similar transaction effected without the Registrant's receipt of consideration which results in an increase in the number of outstanding Common Shares. (2) Represents Common Shares reserved for issuance pursuant to stock options outstanding under the 2023 Plan as of the date of this Registration Statement. (3) Estimated in accordance with Rule 457(h) of the Securities Act solely for the purpose of calculating the registration fee on the basis of CAD8.82 per share, which is the weighted-average exercise price of options to purchase Common Shares outstanding under the 2023 Plan as of the date of this Registration Statement. The U.S. dollar equivalent of the maximum aggregate offering price per share has been calculated using an exchange rate as of March 23, 2026, $1.00 = CAD1.3717, as announced by the Bank of Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>3</sup> (1) Pursuant to Rule 416(a) of the Securities Act, this Registration Statement shall also cover any additional Common Shares of the Registrant that become issuable with respect to the securities identified in the above table under the Equity Plan by reason of any share dividend, share split, recapitalization or other similar transaction effected without the Registrant's receipt of consideration which results in an increase in the number of outstanding Common Shares. (2) Represents Common Shares reserved for issuance pursuant to future awards under the Equity Plan as of the date of this Registration Statement. (3) Estimated in accordance with Rules 457(c) and 457(h) of the Securities Act solely for the purpose of calculating the registration fee on the basis of $7.315 per share, which is the average of the high and low prices for the Common Shares of the Registrant on March 23, 2026, as quoted on The Nasdaq Global Market.

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

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