# EDGAR Filing Document

**Accession Number:** 0001813783
**File Stem:** 0001104659-25-123095
**Filing Date:** 2025-12
**Character Count:** 39736
**Document Hash:** 62bb5c9b955c28689b69f27db592b71a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-123095.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0001104659-25-123095

**CONFORMED SUBMISSION TYPE**: 20-F/A

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251219

**DATE AS OF CHANGE**: 20251219

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vision Marine Technologies Inc.
- **CENTRAL INDEX KEY:** 0001813783
- **STANDARD INDUSTRIAL CLASSIFICATION:** SHIP & BOAT BUILDING & REPAIRING [3730]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A8

**FILING VALUES:**
- **FORM TYPE:** 20-F/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39730
- **FILM NUMBER:** 251587412

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 730 BOULEVARD DU CURE-BOIVIN
- **CITY:** BOISBRIAND
- **NON US STATE TERRITORY:** QUEBEC
- **PROVINCE COUNTRY:** Z4
- **ZIP:** J7G 2A7
- **BUSINESS PHONE:** 3476150188

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 730 BOULEVARD DU CURE-BOIVIN
- **CITY:** BOISBRIAND
- **NON US STATE TERRITORY:** QUEBEC
- **PROVINCE COUNTRY:** Z4
- **ZIP:** J7G 2A7

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 20-F/A**

(Amendment No. 1)

**(Mark One)**

◻ **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

⌧ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended August 31, 2025**

**OR**

◻ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

◻ **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

Date of event requiring this shell company report _______________

**For the transition period from** _______________ **to** _______________

Commission file number **000-39730**

**VISION MARINE TECHNOLOGIES INC.**

![](tm2533480d1_20faimg001.jpg)

(Exact name of Registrant specified in its charter)

**Not Applicable**

(Translation of Registrant's name into English)

**Quebec, Canada**

(Jurisdiction of incorporation or organization)

**730 Boulevard du Curé-Boivin**

**Boisbriand, Quebec J7G 2A7, Canada**

**Telephone: 450-951-7009**

(Address of principal executive offices)

**Raffi Sossoyan; 450-951-7009; rs@v-mti.com**

(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common Shares (no par value per share)** | **VMAR** | **The Nasdaq Stock Market LLC** |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act. **None**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. **None**

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of business of the period covered by the annual report. **4,907,137 Common Shares Without Par Value**

Indicate by check mark if the registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act. Yes ◻ No ⌧

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the *Securities Exchange Act of 1934.* Yes ◻ No ⌧

Indicate by check mark whether Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the *Securities Exchange Act of 1934* during the preceding 12 months (or for such shorter period that Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "accelerated filer," "large accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ◻ Accelerated Filer ◻ <br> Non Accelerated Filer ⌧ Emerging Growth Company ⌧

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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 pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ◻

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ◻

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ◻

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: ☐ U.S. GAAP ⌧ International Financial Reporting Standards as issued by the International Accounting Standards Board ◻ Other

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17 ◻ Item 18 ◻

If this is an annual report, indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b 2 of the Exchange Act): Yes ◻ No ⌧

**M&K CPAS, PLLC**

**The Woodlands, TX**

**PCAOB ID #2738**

**EXPLANATORY NOTE**

This Amendment No. 1 to the Annual Report on Form 20-F of Vision Marine Technologies Inc. for the year ended August 31, 2025 filed with the U.S. Securities and Exchange Commission on November 27, 2025 (the "Original 20-F") is being filed solely for the purpose of filing Exhibit 97.1.

Except as specifically provided above, this Amendment No. 1 to the Annual Report on Form 20-F does not amend, update or restate any other items or sections of the Original 20-F and does not reflect events occurring after the filing of the Original 20-F on November 27, 2025. The filing of this Amendment No. 1 should not be understood to mean that any other statements contained in the Original 20-F are true and complete as of any date subsequent to the date of the Original 20-F.

This Form 20-F/A consists of a cover page, this explanatory note, Item 19, the signature page and the Exhibits (as updated).

**ITEM 19. EXHIBITS**

The following exhibits are filed as part of this Annual Report:

---

| | |
|:---|:---|
| **Exhibit<br> Index** | **Description** |
| 2.1 | [Description of Securities Pursuant to Section 12 of the Exchange Act, filed as Exhibit 2.1 to our annual report on Form 20-F filed with the SEC on April 5, 2024.](https://www.sec.gov/Archives/edgar/data/1813783/000141057823002600/tmb-20230831xex2d1.htm) |
| 3.1 | [Certificate of Incorporation, filed as Exhibit 3.1 to our registration statement on Form F-1 filed with the SEC on July 9, 2020.](https://www.sec.gov/Archives/edgar/data/1813783/000110465920082428/tm2021376d2_ex3-1.htm) |
| 3.2 | [Certificate of Amendment, filed as Exhibit 3.2 to our registration statement on Form F-1 filed with the SEC on July 9, 2020.](https://www.sec.gov/Archives/edgar/data/1813783/000110465920082428/tm2021376d2_ex3-2.htm) |
| 3.3 | [Articles of Amendment to the Company's Articles of Incorporation, as amended, filed as Exhibit 3.1 to our report on Form 6-K filed with the SEC on September 30, 2022.](https://www.sec.gov/Archives/edgar/data/1813783/000110465922104648/tm2227118d1_ex3-1.htm) |
| 3.4 | [Vision Marine Technologies Inc. General By-Laws, filed as Exhibit 3.1 to our report on Form 6-K filed with the SEC on September 1, 2023.](https://www.sec.gov/Archives/edgar/data/1813783/000110465923097741/tm2325020d2_ex3-1.htm) |
| 3.5 | [Certificate of Modification of the Series A Convertible Preferred Stock, filed as Exhibit 99.1 to our report on Form 6-k filed with the SEC on December 22, 2023](https://www.sec.gov/Archives/edgar/data/1813783/000110465923128893/tm2333591d1_ex99-1.htm) |
| 3.6 | [Certificate of Modification of the Series B Convertible Preferred Stock, dated January 15, 2024, filed as Exhibit 99.1 to our report on Form 6-k filed with the SEC on February 8, 2024](https://www.sec.gov/Archives/edgar/data/1813783/000110465924012307/tm245552d1_ex99-1.htm) |
| 4.1 | [Share Certificate - Common Shares, filed as Exhibit 4.1 to our registration statement on Form F-1, as amended, filed with the SEC on September 22, 2020.](https://www.sec.gov/Archives/edgar/data/1813783/000110465920107403/tm2026195d3_ex4-1.htm) |
| 8.1 | [Subsidiaries List of Subsidiaries (incorporated by reference to Exhibit 21.1 to the Registrant's Form F-1, filed on August 12, 2025)](https://www.sec.gov/Archives/edgar/data/1813783/000110465925076936/tm2521356d1_ex21-1.htm) |
| 10.1 | [Commercial Lease Agreement, dated June 10, 2017, between California Electric Boat Company Inc. and the Company (as translated into English from its original text in French), filed as Exhibit 10.1 to our registration statement on Form F-1 filed with the SEC on July 9, 2020.](https://www.sec.gov/Archives/edgar/data/1813783/000110465920082428/tm2021376d2_ex10-1.htm) |
| 10.2 | [Commercial Lease Agreement, dated April 1, 2019, between California Electric Boat Company Inc. and the Company (as translated into English from its original text in French), filed as Exhibit 10.2 to our registration statement on Form F-1 filed with the SEC on July 9, 2020.](https://www.sec.gov/Archives/edgar/data/1813783/000110465920082428/tm2021376d2_ex10-2.htm) |
| 10.3 | [Amended and Restated Share Option Plan.\*\*](https://www.sec.gov/Archives/edgar/data/1813783/000110465925116945/vmar-20250831xex10d3.htm) |
| 10.4 | [Manufacturing and Supply Agreement, dated October 21, 2021, between the Company and Linamar Corporation, filed as Exhibit 10.9 to our annual report on Form 20-F filed with the SEC on December 30, 2021.](https://www.sec.gov/Archives/edgar/data/1813783/000141057821000616/tmb-20210831xex10d9.htm) |
| 10.5 | [Summary translation of Mac Engineering Agreement with the Company, dated February 16, 2021 filed as Exhibit 10.10 to our annual report on Form 20-F filed with the SEC on December 30, 2021.](https://www.sec.gov/Archives/edgar/data/1813783/000141057821000616/tmb-20210831xex10d10.htm) |
| 10.6 | [Form of Warrant, dated as of December 21, 2023, filed as Exhibit 99.2 to our report on Form 6-k filed with the SEC on December 22, 2023](https://www.sec.gov/Archives/edgar/data/1813783/000110465923128893/tm2333591d1_ex99-2.htm) |
| 10.7 | [Form of Securities Purchase Agreement, dated as of December 21, 2023, filed as Exhibit 99.3 to our report on Form 6-k filed with the SEC on December 22, 2023](https://www.sec.gov/Archives/edgar/data/1813783/000110465923128893/tm2333591d1_ex99-3.htm) |
| 10.8 | [Form of Registration Rights Agreement, dated as of December 21, 2023, filed as Exhibit 99.4 to our report on Form 6-k filed with the SEC on December 22, 2023](https://www.sec.gov/Archives/edgar/data/1813783/000110465923128893/tm2333591d1_ex99-4.htm) |
| 10.9 | [Form of Placement Agent Agreement, filed as Exhibit 99.5 to our report on Form 6-k filed with the SEC on December 22, 2023](https://www.sec.gov/Archives/edgar/data/1813783/000110465923128893/tm2333591d1_ex99-5.htm) |
| 10.10 | [Form of Warrant, dated as of January 17, 2024, filed as Exhibit 99.2 to our report on Form 6-k filed with the SEC on February 8, 2024](https://www.sec.gov/Archives/edgar/data/1813783/000110465924012307/tm245552d1_ex99-2.htm) |
| 10.11 | [Form of Subscription Agreement, dated as of January 17, 2024, filed as Exhibit 99.3 to our report on Form 6-k filed with the SEC on February 8, 2024](https://www.sec.gov/Archives/edgar/data/1813783/000110465924012307/tm245552d1_ex99-3.htm) |
| 10.12 | [Form of Registration Rights Agreement, dated as of January 17, 2024, filed as Exhibit 99.4 to our report on Form 6-k filed with the SEC on February 8, 2024](https://www.sec.gov/Archives/edgar/data/1813783/000110465924012307/tm245552d1_ex99-4.htm) |
| 10.13 | [Form of Agency Agreement with iA Private Wealth Inc., filed as Exhibit 99.5 to our report on Form 6-k filed with the SEC on February 8, 2024](https://www.sec.gov/Archives/edgar/data/1813783/000110465924012307/tm245552d1_ex99-5.htm) |
| 10.14 | [Form of Placement Agent Warrant Agreement, filed as Exhibit 4.1 to our report on Form 6-k filed with the SEC on September 16, 2024](https://www.sec.gov/Archives/edgar/data/1813783/000110465924100242/tm2424159d1_ex4-1.htm) |
| 10.15 | [Placement Agency Agreement with ThinkEquity LLC, dated September 13, 2024, filed as Exhibit 10.1 to our report on Form 6-k filed with the SEC on September 16, 2024](https://www.sec.gov/Archives/edgar/data/1813783/000110465924100242/tm2424159d1_ex10-1.htm) |

---

---

| | |
|:---|:---|
| 10.16 | [Form of Placement Agent Warrant Agreement, filed as Exhibit 4.1 to our report on Form 6-k filed with the SEC on September 16, 2024](https://www.sec.gov/Archives/edgar/data/1813783/000110465924100242/tm2424159d1_ex4-1.htm) |
| 10.17 | [Summary translation of Mac Engineering Agreement with the Company, dated February 16, 2021 (incorporated by reference to Exhibit 10.10 to the Registrant's Form 20-F, filed on December 30, 2021)](https://www.sec.gov/Archives/edgar/data/1813783/000141057821000616/tmb-20210831xex10d10.htm) |
| 10.18 | [Form of Share Purchase Agreement, dated as of April 25, 2024, by and among the Company, 7858078 Canada Inc. and Stratégies Eb Inc. (incorporated by reference to Exhibit 10.13 to the Registrant's Form F-1, filed on July 1, 2024)](https://www.sec.gov/Archives/edgar/data/1813783/000110465924076432/tm2418398d1_ex10-13.htm) |
| 10.19 | [Form of Warrant Exchange Agreement, dated as of August 16, 2024 (incorporated by reference to Exhibit 10.1 to the Registrant's current report on Form 6-K, filed on August 20, 2024)](https://www.sec.gov/Archives/edgar/data/1813783/000110465924091266/tm2421827d1_ex10-1.htm) |
| 10.20 | [Executive Employment Agreement, dated March 1, 2024, between the Registrant and Raffi Sossoyan (incorporated by reference to Exhibit 10.15 to the Company's Form F-1/A filed on September 4, 2024)](https://www.sec.gov/Archives/edgar/data/1813783/000110465924096536/tm2418398d2_ex10-15.htm) |
| 10.21 | [Amending Agreement to Executive Employment Agreement, dated February 27, 2024, between the Registrant and Alexandre Mongeon (incorporated by reference to Exhibit 10.16 to the Company's Form F-1/A filed on September 4, 2024)](https://www.sec.gov/Archives/edgar/data/1813783/000110465924096536/tm2418398d2_ex10-16.htm) |
| 10.22 | [Equity Purchase Agreement, dated as of June 20, 2025, among Vision Marine Technologies Inc., NVG Holdings Inc., Roger Moore and Jeff Garcia Code of Conduct and Ethics (incorporated by reference to Exhibit 10.1 to the Registrant's Form 6-K, filed on July 1, 2025)+](https://www.sec.gov/Archives/edgar/data/1813783/000110465925064339/tm2519398d1_ex10-1.htm) |
| 10.23 | [Form of Convertible Promissory Note pursuant to the Equity Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Registrant's Form 6-K, filed on July 1, 2025)](https://www.sec.gov/Archives/edgar/data/1813783/000110465925064339/tm2519398d1_ex10-1.htm) |
| 10.24 | [Executive Employment Agreement, dated September 25, 2025 between the Company and Mr. Alexandre Mongeon (incorporated by reference to Exhibit 10.1 to the Registrant's Form 6-K, filed on September 26, 2025)](https://www.sec.gov/Archives/edgar/data/1813783/000110465925093747/tm2527036d1_ex10-1.htm) |
| 10.25 | [Restricted Share Unit Agreement, dated September 25, 2025 between the Company and Mr. Alexandre Mongeon (incorporated by reference to Exhibit 10.2 to the Registrant's Form 6-K, filed on September 26, 2025)](https://www.sec.gov/Archives/edgar/data/1813783/000110465925093747/tm2527036d1_ex10-2.htm) |
| 10.26 | [Restricted Share Unit Plan, adopted on September 12, 2025 (incorporated by reference to Exhibit 10.3 to the Registrant's Form 6-K, filed on September 26, 2025)](https://www.sec.gov/Archives/edgar/data/1813783/000110465925093747/tm2527036d1_ex10-3.htm) |
| 10.27 | [Underwriting Agreement, dated August 15, 2025 between the Company and ThinkEquity LLC (filed as Exhibit 1.1 to our report on Form 6-k filed on August 18, 2025) in connection with an August 2025 financing (the "***August 2025 Financing***")](https://www.sec.gov/Archives/edgar/data/1813783/000110465925079805/tm2523713d1_ex1-1.htm) |
| 10.28 | [Form of Underwriter Warrant in connection with the August 2025 Financing (filed as Exhibit 4.1 to our report on Form 6-k filed on August 18, 2025)](https://www.sec.gov/Archives/edgar/data/1813783/000110465925079805/tm2523713d1_ex1-1.htm) |
| 10.29 | [Form of Pre-Funded Warrant in connection with the August 2025 Financing (filed as Exhibit 4.3 to our report on Form 6-k filed on August 18, 2025)](https://www.sec.gov/Archives/edgar/data/1813783/000110465925076936/tm2521356d2_ex4-3.htm) |
| 10.30 | [Restricted Share Unit Plan, adopted September 12, 2025 (filed as Exhibit 10.3 t our report on Form 6-k filed on September 26, 2025)](https://www.sec.gov/Archives/edgar/data/1813783/000110465925093747/tm2527036d1_ex10-3.htm) |
| 10.31 | [Employment Agreement, dated June 20, 2025, between the Company and Mr. Moore \*\*](https://www.sec.gov/Archives/edgar/data/1813783/000110465925116945/vmar-20250831xex10d31.htm) |
| 10.32 | [Employment Agreement, dated August 25, 2025, between the Company and Mr. Poudrier \*\*](https://www.sec.gov/Archives/edgar/data/1813783/000110465925116945/vmar-20250831xex10d32.htm) |
| 10.33 | [Employment Agreement, dated July 16, 2025, between the Company and Mr. Rathe \*\*](https://www.sec.gov/Archives/edgar/data/1813783/000110465925116945/vmar-20250831xex10d33.htm) |
| 12.1 | [Section 302(a) Certification of CEO\*\*](https://www.sec.gov/Archives/edgar/data/1813783/000110465925116945/vmar-20250831xex12d1.htm) |
| 12.2 | [Section 302(a) Certification of CFO\*\*](https://www.sec.gov/Archives/edgar/data/1813783/000110465925116945/vmar-20250831xex12d2.htm) |
| 13.1 | [Section 906 Certifications of CEO and CFO\*\*\*](https://www.sec.gov/Archives/edgar/data/1813783/000110465925116945/vmar-20250831xex13d1.htm) |
| 23.1 | [Consent of M&K CPAS, PLLC\*\*](https://www.sec.gov/Archives/edgar/data/1813783/000110465925116945/vmar-20250831xex23d1.htm) |
| 23.2 | [Consent of Ernst & Young LLP\*\*](https://www.sec.gov/Archives/edgar/data/1813783/000110465925116945/vmar-20250831xex23d2.htm) |
| 97.1 | [Executive Officer Clawback Policy\*](tm2533480d1_ex97-1.htm) |
| 101.INS | XBRL Instance\*\* |
| 101.SCH | XBRL Taxonomy Extension Schema\*\* |
| 101.CAL | XBRL Taxonomy Extension Calculation\*\* |
| 101.DEF | XBRL Taxonomy Extension Definition\*\* |
| 101.LAB | XBRL Taxonomy Extension Labels\*\* |
| 101.PRE | XBRL Taxonomy Extension Presentation\*\* |
| 104 | Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |

---

---

| | |
|:---|:---|
| \* | Filed herewith |
| \*\* | Previously filed with Vision Marine Technologies Inc.'s Annual Report on Form 20-F for the fiscal year ended August 31, 2025, filed with the SEC on November 28, 2025. |
| \*\*\* | Previously furnished with Vision Marine Technologies Inc.'s Annual Report on Form 20-F for the fiscal year ended August 31, 2025, filed with the SEC on November 28, 2025. |
| + | Confidential Treatment has been requested for portions of this exhibit. The copy incorporated herein omits the information subject to the confidentiality request. |

---

**SIGNATURES**

The registrant certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

**Vision Marine Technologies Inc.**

Date: December 19, 2025

---

| | |
|:---|:---|
| By: | */s/ Alexandre Mongeon* |
|  | Alexandre Mongeon |
|  | Chief Executive Officer |

---

## Exhibit 97.1

Exhibit 97.1

**VISION MARINE TECHNOLOGIES INC.**

**POLICY FOR THE**

**RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION**

1. <u>Purpose</u>. The purpose of this Policy is to describe the circumstances in which Executive Officers will be required to repay or return Erroneously Awarded Compensation to the Company in accordance with the Clawback Rules (defined below). Each Executive Officer shall be required to acknowledge in writing that he or she is bound by the terms of this Policy; provided, however, that this Policy shall apply to, and be enforceable against, any Executive Officer and his or her successors (as specified in Section 11 of this Policy) regardless of whether or not such Executive Officer properly provides such written acknowledgement and regardless of whether or not such Executive Officer is aware of his or her status as such.

2. <u>Administration</u>. Except as specifically set forth herein, this Policy shall be administered by the Administrator. Any determinations made by the Administrator shall be final and binding on all affected individuals and need not be uniform with respect to each individual covered by this Policy. Subject to any limitation under applicable law, the Administrator may authorize and empower any officer or employee of the Company to take any and all actions necessary or appropriate to carry out the purpose and intent of this Policy (other than with respect to any recovery under this Policy involving such officer or employee).

3. <u>Definitions</u>. For purposes of this Policy, the following capitalized terms shall have the meanings set forth below.

(a) "***Accounting Restatement***" shall mean an accounting restatement: (i) due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements (a "Big R" restatement); or (ii) that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (a "little r" restatement).

(b) "***Administrator***" shall mean the Committee (as defined below) or any other committee designated by the Board to administer the Policy, and in the absence of such designation, the Board.

(c) "***Board***" shall mean the Board of Directors of the Company.

(d) "***Clawback Eligible Incentive Compensation***" shall mean, with respect to each individual who served as an Executive Officer at any time during the applicable performance period for any Incentive-based Compensation (whether or not such individual is serving as an Executive Officer at the time the Erroneously Awarded Compensation is required to be repaid to the Company), all Incentive-based Compensation Received by such individual: (i) on or after the Effective Date; (ii) after beginning service as an Executive Officer; (iii) while the Company has a class of securities listed on the Listing Exchange; and (iv) during the applicable Clawback Period.

(e) "***Clawback Period***" shall mean, with respect to any Accounting Restatement, the three completed fiscal years of the Company immediately preceding the Restatement Date and any transition period (that results from a change in the Company's fiscal year) of less than nine months within or immediately following those three completed fiscal years.

(f) "***Clawback Rules***" shall mean Section 10D of the Exchange Act and any applicable rules or standards adopted by the SEC thereunder (including Rule 10D-1 under the Exchange Act) or the Listing Exchange pursuant to Rule 10D-1 under the Exchange Act (including Nasdaq Rule 5608 of the NASDAQ Listing Rules), in each case as may be in effect from time to time.

(g) "***Committee***" shall mean the Compensation Committee of the Board.

(h) "***Company***" shall mean Vision Marine Technologies Inc. (and as the Administrator determines is applicable, together with each of its direct and indirect subsidiaries and other consolidated entities).

(i) "***Effective Date***" shall mean September 1, 2023.

(j) "***Erroneously Awarded Compensation***" shall mean, with respect to each Executive Officer in connection with an Accounting Restatement, the amount of Clawback Eligible Incentive Compensation that exceeds the amount of Clawback Eligible Incentive Compensation that otherwise would have been Received had it been determined based on the restated amounts, computed without regard to any taxes paid.

(k) "***Executive Officer***" shall mean any individual who is or was an executive officer as determined by the Administrator in accordance with the definition of "executive officer" as set forth in the Clawback Rules and any other senior executive, employee or other personnel of the Company who may from time to time be deemed subject to the Policy by the Administrator. For the avoidance of doubt, the Administrator shall have full discretion to determine which individuals in the Company shall be considered an "Executive Officer" for purposes of this Policy. A list of "Executive Officers" for purposes of this policy is set forth in <u>Exhibit B</u>, which may be revised from time to time at the sole discretion of the Administrator.

(l) "***Exchange Act***" shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

(m) "***Financial Reporting Measures***" shall mean measures that are determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measures that are derived wholly or in part from such measures. Stock price and total shareholder return shall for purposes of this Policy be considered Financial Reporting Measures. For the avoidance of doubt, a Financial Reporting Measure need not be presented within the Company's financial statements or included in a filing with the SEC.

(n) "***Incentive-based Compensation***" shall mean any compensation that is granted, earned or vested based wholly or in part upon the attainment of a Financial Reporting Measure.

(o) "***Impracticable***" shall mean, in accordance with the good faith determination of the Committee, or if the Committee does not consist of independent directors, a majority of the independent directors serving on the Board, that either: (i) the direct expenses paid to a third party to assist in enforcing the Policy against an Executive Officer would exceed the amount to be recovered, after the Company has made a reasonable attempt to recover the applicable Erroneously Awarded Compensation, documented such reasonable attempt(s) and provided such documentation to the Listing Exchange; (ii) recovery would violate the laws of Canada, provided that, before concluding that it would be Impracticable to recover any amount of Erroneously Awarded Compensation based on violation of the laws of Canada, the Company has obtained an opinion of Canadian counsel, acceptable to the Listing Exchange, that recovery would result in such a violation and a copy of the opinion is provided to the Listing Exchange; or (iii) recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder.

(p) "***Listing Exchange***" shall mean the Nasdaq Stock Market or such other U.S. national or Canadian securities exchange or national securities association on which the Company's securities are listed.

(q) "***Method of Recovery***" shall include, but is not limited to: (i) requiring reimbursement of Erroneously Awarded Compensation; (ii) seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity-based awards; (iii) offsetting the Erroneously Awarded Compensation from any compensation otherwise owed by the Company to the Executive Officer; (iv) cancelling outstanding vested or unvested equity awards; and/or (v) taking any other remedial and recovery action permitted by applicable law, as determined by the Administrator.

(r) "***Policy***" shall mean this Policy for the Recovery of Erroneously Awarded Compensation, as the same may be amended and/or restated from time to time.

(s) "***Received***" shall, with respect to any Incentive-based Compensation, mean deemed receipt and Incentive-based Compensation shall be deemed received in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive-based Compensation award is attained, even if the payment or grant of the Incentive-based Compensation occurs after the end of that period. For the avoidance of doubt, Incentive-Based Compensation that is subject to both a Financial Reporting Measure vesting condition and a service-based vesting condition shall be considered received when the Financial Reporting Measure is achieved, even if the Incentive-Based Compensation continues to be subject to the service-based vesting condition.

(t) "***Restatement Date***" shall mean the earlier to occur of: (i) the date the Board, a committee of the Board or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement; or (ii) the date a court, regulator or other legally authorized body directs the Company to prepare an Accounting Restatement.

(u) "***SEC***" shall mean the U.S. Securities and Exchange Commission.

4. <u>Repayment of Erroneously Awarded Compensation</u>.

(a) In the event the Company is required to prepare an Accounting Restatement, the Administrator shall reasonably promptly (in accordance with the applicable Clawback Rules) determine the amount of any Erroneously Awarded Compensation for each Executive Officer in connection with such Accounting Restatement and shall reasonably promptly thereafter provide each Executive Officer with written notice containing the amount of Erroneously Awarded Compensation and a demand for repayment or return, as applicable. For Clawback Eligible Incentive Compensation based on stock price or total shareholder return where the amount of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in the applicable Accounting Restatement, the amount shall be determined by the Administrator based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or total shareholder return upon which the Clawback Eligible Incentive Compensation was Received (in which case, the Company shall maintain documentation of such determination of that reasonable estimate and provide such documentation to the Listing Exchange). The Administrator is authorized to engage, on behalf of the Company, any third-party advisors it deems advisable in order to perform any calculations contemplated by this Policy. For the avoidance of doubt, recovery under this Policy with respect to an Executive Officer shall not require the finding of any misconduct by such Executive Officer or such Executive Officer being found responsible for the accounting error leading to an Accounting Restatement.

(b) In the event that any repayment of Erroneously Awarded Compensation is owed to the Company, the Administrator shall recover reasonably promptly the Erroneously Awarded Compensation through any Method of Recovery it deems reasonable and appropriate in its discretion based on all applicable facts and circumstances and taking into account the time value of money and the cost to shareholders of delaying recovery. For the avoidance of doubt, except to the extent permitted pursuant to the Clawback Rules, in no event may the Company accept an amount that is less than the amount of Erroneously Awarded Compensation in satisfaction of an Executive Officer's obligations hereunder. Notwithstanding anything herein to the contrary, the Company shall not be required to take the actions contemplated in this Section 4(b) if recovery would be Impracticable. In implementing the actions contemplated in this Section 4(b), the Administrator will act in accordance with the listing standards and requirements of the Listing Exchange and with the applicable Clawback Rules.

(c) Subject to the discretion of the Administrator, an applicable Executive Officer may be required to reimburse the Company for any and all expenses reasonably incurred (including legal fees) by the Company in recovering Erroneously Awarded Compensation in accordance with Section 4(b).

5. <u>Reporting and Disclosure</u>. The Company shall file all disclosures with respect to this Policy in accordance with the requirements of U.S. federal securities laws, including any disclosure required by applicable SEC rules.

6. <u>Indemnification Prohibition</u>. The Company shall not be permitted to indemnify any Executive Officer against the loss of any Erroneously Awarded Compensation that is repaid, returned or recovered pursuant to the terms of this Policy and/or pursuant to the Clawback Rules, including any payment or reimbursement for the cost of third-party insurance purchased by any Executive Officer to cover any such loss under this Policy and/or pursuant to the Clawback Rules. Further, the Company shall not enter into any agreement that exempts any Incentive-based Compensation from the application of this Policy or that waives the Company's right to recovery of any Erroneously Awarded Compensation and this Policy shall supersede any such agreement (whether entered into before, on or after the Effective Date). Any such purported indemnification (whether oral or in writing) shall be null and void.

7. <u>Interpretation</u>. The Administrator is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy. It is intended that this Policy be interpreted in a manner that is consistent with the requirements of the Clawback Rules. The terms of this Policy shall also be construed and enforced in such a manner as to comply with applicable law, including the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and any other law or regulation that the Administrator determines is applicable. In the event any provision of this Policy is determined to be unenforceable or invalid under applicable law, such provision shall be applied to the maximum extent permitted by applicable law and shall automatically be deemed amended in a manner consistent with its objectives to the extent necessary to conform to any limitations required by applicable law.

8. <u>Effective Date</u>. This Policy shall be effective as of the Effective Date.

9. <u>Amendment; Termination</u>. The Administrator may modify or amend this Policy, in whole or in part, from time to time in its discretion and shall amend any or all of the provisions of this Policy as it deems necessary, including as and when it determines that it is legally required by the Clawback Rules, or any federal securities law, SEC rule or Listing Exchange rule. The Administrator may terminate this Policy at any time, and this Policy shall remain in effect only so long as the Clawback Rules apply to the Company. Notwithstanding anything in this Section 9 to the contrary, no amendment or termination of this Policy shall be effective if such amendment or termination would (after taking into account any actions taken by the Company contemporaneously with such amendment or termination) cause the Company to violate the Clawback Rules, or any federal securities law, SEC rule or Listing Exchange rule. Furthermore, unless otherwise determined by the Administrator or as otherwise amended, this Policy shall automatically be deemed amended in a manner necessary to comply with any change in the Clawback Rules.

10. <u>Other Recoupment Rights; No Additional Payments</u>. The Administrator intends that this Policy will be applied to the fullest extent permitted by applicable law. The Administrator may require that any employment agreement, equity award agreement, or any other agreement entered into on or after the Effective Date shall, as a condition to the grant of any benefit thereunder, require an Executive Officer to agree to abide by the terms of this Policy. Executive Officers shall be deemed to have accepted continuing employment on terms that include compliance with the Policy, to the extent of its otherwise applicable provisions, and to be contractually bound by its enforcement provisions. Executive Officers who cease employment or service with the Company shall continue to be bound by the terms of the Policy with respect to Clawback Eligible Incentive Compensation. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company under applicable law, regulation or rule or pursuant to the terms of any similar policy in any employment agreement, cash-based bonus plan, equity award agreement or similar agreement and any other legal remedies available to the Company. To the extent that an Executive Officer has already reimbursed the Company for any Erroneously Awarded Compensation Received under any duplicative recovery obligations established by the Company or applicable law, it shall be appropriate for any such reimbursed amount to be credited to the amount of Erroneously Awarded Compensation that is subject to recovery under this Policy, as determined by the Administrator in its sole discretion. Nothing in this Policy precludes the Company from implementing any additional clawback or recoupment policies with respect to Executive Officers or any other service provider of the Company. Application of this Policy does not preclude the Company from taking any other action to enforce any Executive Officer's obligations to the Company, including termination of employment or institution of civil or criminal proceedings or any other remedies that may be available to the Company with respect to any Executive Officer.

11. <u>Successors</u>. This Policy shall be binding and enforceable against all Executive Officers and their beneficiaries, estates, heirs, executors, administrators or other legal representatives to the extent required by the Clawback Rules or as otherwise determined by the Administrator.