# EDGAR Filing Document

**Accession Number:** 0001813783
**File Stem:** 0001104659-25-093747
**Filing Date:** 2025-9
**Character Count:** 125544
**Document Hash:** 4cf24a1d11fcb3260a3697825ce7e3d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-093747.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001104659-25-093747

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20250926

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**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:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39730
- **FILM NUMBER:** 251348917

**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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of September 2025

Commission File No. 001-39730

**<u>VISION MARINE TECHNOLOGIES INC.</u>**

(Translation of registrant's name into English)

**730 Boulevard du Curé-Boivin**

**<u>Boisbriand, Québec, J7G 2A7, Canada</u>**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F

Form 20-F ⌧ Form 40-F ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) ◻

**Entry into a Material Definitive Agreement.**

The information set forth under 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers' in this Current Report on Form 6-K is incorporated by reference herein

**Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

On September 25, 2025, Vision Marine Technologies Corp, a wholly owned subsidiary incorporated in the State of Delaware of Vision Marine Technologies Inc. (the "Company") entered into an executive employment agreement (the "Employment Agreement") with Alexandre Mongeon, the Company's Chief Executive Officer ("CEO"), effective as of September 25, 2025. The Employment Agreement renews Mr. Mongeon's employment as CEO for a five-year term ending September 24, 2030, unless terminated earlier. Pursuant to the Employment Agreement, Mr. Mongeon was granted (i) an annual base salary of US$600,000, subject to annual review; (ii) a one-time issuance of 285,000 common shares of the Company as a bonus for completing the Nautical Ventures acquisition and relocating to the State of Florida; (iii) eligibility for cash bonuses up to US$750,000 and up to 500,000 common shares of the Company upon achieving specified "market cap milestones" (US$15 million, US$25 million, and US$35 million, maintained for 10 consecutive trading days (the "Milestones")); (iv) a discretionary annual bonus target of 50% of base salary (maximum 100%); (v) six weeks of paid vacation; (vi) a one-time US$20,000 relocation payment, monthly housing allowance of US$12,000, and monthly car allowance of US$2,000; and (vii) severance, including 12 months' base salary upon termination without cause or for good reason, with enhanced severance (two times base salary) upon a change in control. The Employment Agreement includes standard non-competition, non-solicitation, and confidentiality obligations. The Employment Agreement was approved by the Compensation Committee of the board of directors of the Company (the "Board") on September 23, 2025.

Concurrently, the Company entered into a restricted share unit agreement (the "RSU Agreement") with Mr. Mongeon, granting 500,000 restricted share units ("RSUs") that gradually vest upon achieving the Milestones (150,000 at US$15 million, 150,000 at US$25 million, and 200,000 at US$35 million). The RSUs are governed by the Company's Restricted Share Unit Plan (the "RSU Plan"), and was adopted by the Board of Directors on September 12, 2025. The RSU Plan limits issuances to 10% of the Company's issued and outstanding common shares (subject to other security-based compensation plans) and restricts any Company participant from receiving more than 70% of available common shares in any 12-month period, unless disinterested shareholder approval is obtained and the Company intends to seek such approval at its next annual general meeting. The RSU Agreement and RSU Plan were also approved by the Compensation Committee of the Board.

These arrangements align management incentives with shareholder value creation and are material compensatory plans for a named executive officer.

The foregoing descriptions of the Employment Agreement and RSU Agreement are not complete and are qualified in their entirety by references to the full text of the form of the Employment Agreement and RSU Agreement which are filed as Exhibit 10.1, and Exhibit 10.2, respectively, to this Current Report on Form 6-K and are incorporated herein by reference.

**Other Events.**

On September 26, 2025, we issued a press release announcing the renewal of the Executive Employment Agreement with Alexandre Mongeon as Chief Executive Officer, the entry into the RSU Agreement granting 500,000 RSUs, and the adoption of the RSU Plan.

**General**

The information contained in this report on Form 6-K of the Company, except for the press release furnished herewith as Exhibit 99.1 is hereby incorporated by reference into the Company's Registration Statement on Form F-3 (File No. 333-267893) and Registration Statement on Form S-8 (File No. 333-264089).

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| Exhibit No. | Description |
| [10.1](tm2527036d1_ex10-1.htm) | [Executive Employment Agreement, dated September 25, 2025 between the Company and Mr. Alexandre Mongeon](tm2527036d1_ex10-1.htm) |
| [10.2](tm2527036d1_ex10-2.htm) | [Restricted Share Unit Agreement, dated September 25, 2025 between the Company and Mr. Alexandre Mongeon](tm2527036d1_ex10-2.htm) |
| [10.3](tm2527036d1_ex10-3.htm) | [Restricted Share Unit Plan, adopted on September 12, 2025](tm2527036d1_ex10-3.htm) |
| [99.1](tm2527036d1_ex99-1.htm) | [Press Release, dated September 26, 2025](tm2527036d1_ex99-1.htm) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **VISION MARINE TECHNOLOGIES INC.** | **VISION MARINE TECHNOLOGIES INC.** |
| Date: September 26, 2025 | By: | */s/ Raffi Sossoyan* |
|  | Name: | Raffi Sossoyan |
|  | Title: | Chief Financial Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**EXECUTIVE EMPLOYMENT AGREEMENT**

This **EXECUTIVE EMPLOYMENT AGREEMENT** (**"Agreement"**) is entered into as of this 25<sup>th</sup> day of September 2025 (the "**Effective Date**"), by Vision Marine Technologies Corp., a Delaware Corporation with an address at 2915 Ogletown Road, Newark, DE 19713, U.S.A. ("**Vision Marine US**") and Alexandre Mongeon (**"Executive"**). Executive and Vision Marine US are referred to as "**Parties**" or "**Party**" herein.

**WHEREAS**, Executive is currently employed as Chief Executive Officer ("**CEO**") of Vision Marine Technologies Inc., a Canadian Company ("**Vision Marine Canada**"), pursuant to the terms of a certain Executive Employment Agreement dated March 1, 2021, between Vision Marine Canada and the Executive (as subsequently amended, the "**Prior Agreement**"); and

**WHEREAS**, as of the Effective Date, Vision Marine US desires to engage Executive as CEO and Executive desires to continue as CEO, pursuant to the terms and conditions of this Agreement.

**NOW, THEREFORE,** in consideration of the mutual covenants and promises contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties hereto, the Parties agree as follows:

1. <u>Termination of Prior Agreement; Term</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the Effective Date, the Prior Agreement shall be terminated and of no further force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Vision Marine US shall employ Executive, and Executive shall be employed by Vision Marine US, upon the terms and conditions set forth in this Agreement. Unless terminated earlier pursuant to **Section 5** below, Executive's employment pursuant to this Agreement shall be for a period of five (5) years commencing on the Effective Date and ending on September 24, 2030 (the "**Employment Period**"). Non-renewal of this Agreement shall not constitute a termination of Executive under this Agreement for purposes of **Section 5** below.

2. <u>Title; Duties</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Executive shall be employed as Chief Executive Officer and shall report to the Board of Directors of Vision Marine Canada (the "**Vision Marine Canada Board**"), which shall have the final and exclusive authority to direct, control and supervise the activities of Executive. Executive shall perform such services consistent with his position as may be assigned to him from time to time by the Vision Marine Canada Board. Executive is employed in a fiduciary relationship with Vision Marine Canada. In addition to the foregoing, Executive shall perform duties consistent with his appointment from time to time to any other executive positions with Vision Marine US or any of Vision Marine US' related or affiliated entities including, without limitation, Vision Marine Canada (collectively, the "**Company Affiliates"**). For the avoidance of doubt, Executive may be appointed, removed, and reappointed to or from executive and directorship positions of any Company Affiliate and any such action, other than a removal of Executive as an executive of Vision Marine US shall not constitute a termination of Executive under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Executive shall carry out his duties set forth in this Agreement at the Vision Marine US' principal offices located in Fort Lauderdale, Florida.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary contained in this Agreement, in the event the Vision Marine Canada Board and the Executive shall mutually agree that it is in the best interests of Vision Marine US and its stakeholders to retain a different individual to perform the role of Chief Executive Officer, then Executive shall be offered the opportunity to continue with Vision Marine US in an alternative role, provided that his compensation, benefits and bonus opportunities shall be on terms no less favorable then set forth herein.

3. <u>Extent of Services</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Executive shall devote a substantial majority of his business time, attention, skill, and effort to the performance of his duties under this Agreement. Executive may, to the extent such activities do not impair the performance of his duties to Vision Marine US: (i) engage in personal investments and charitable, professional, and civic activities; (ii) serve on boards of directors (or other governing bodies) of non- competitive corporations (or other entities) other than Company Affiliates; and (iii) engage in such additional activities and serve on such additional boards of directors (or other governing bodies) as the Vision Marine Canada Board shall approve; <u>provided</u>, <u>however</u>, that Executive shall resign promptly from any additional boards of directors (or other governing bodies) if directed to do so by the Vision Marine Canada Board of in its sole and absolute discretion. Executive shall not serve on the board of directors (or other governing body) of any corporation (or any other entity) that engages in activities in competition with those of the Company Affiliates. Executive shall perform his duties to the best of his ability, shall adhere to the published policies and procedures of the Company Affiliates, and shall use his best efforts to promote the interests, reputation, business, and welfare of the Company Affiliates.

4. <u>Compensation and Benefits</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Salary</u>. Vision Marine US shall pay Executive a gross annual base salary ("**Base Salary**") of US$600,000. The Base Salary shall be payable in accordance with the Vision Marine US' normal payroll practice, minus such deductions as may be required by law or reasonably requested by Executive. The Vision Marine Canada Board shall review Executive's Base Salary annually in conjunction with its regular review of executives' salaries and make such increases, if any, to his Base Salary as the Vision Marine Canada Board shall deem appropriate in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Incentive Compensation</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As a material inducement for Executive to enter into this Agreement and in recognition of Executive's (a) extensive contributions to the Company Affiliates including, without limitation the Executive's leadership in sourcing, negotiating and successfully closing the Nautical Ventures acquisition and (b) in recognition of and to properly compensate Executive for moving his entire family to Southern Florida, the Vision Marine Canada Board has approved and, concurrently with the execution hereof, shall cause Vision Marine Canada to issue to Executive a total of 285,000 shares of Vision Marine Canada's common shares, without par value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to the terms of that certain Restricted Share Unit Agreement of even date herewith between Vision Marine Canada and Executive (the "**RSU Agreement**"), the Vision Marine Canada Board has approved the adoption of a Restricted Share Unit Plan and has granted to Executive, 500,000 Restricted Share Units (the "**RSUs**"). Such RSUs shall vest upon Vision Marine Canada achieving certain valuation milestones as set forth in the RSU Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Subject to Vision Marine Canada attaining a public market capitalization as set forth below (the "**Target Market Cap**") and maintaining such Target Market Cap at the close of trading on ten (10) consecutive trading days, then Vision Marine US shall pay to Executive a bonus, payable in cash as follows:

---

| | |
|:---|:---|
| <u>Target Market Cap</u> | <u>Bonus Payable</u> |
| US$15 million or more | US$200,000 |
| US$25 million or more | US$250,000 |
| US$35 million or more | US$300,000 |

---

Any such bonus earned under this **Section 4(b)(iii)** shall be paid to Executive not later than five (5) business days following the satisfaction of the conditions set forth herein. Notwithstanding the foregoing, in the event the Vision Marine Canada Board determines that there is not sufficient cash to pay Executive his bonus when earned, such payment may be postponed for a period not to exceed one hundred eighty (180) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Executive shall be eligible to receive a "**Discretionary Annual Bonus**" with a target amount of fifty percent (50%) of the sum of his annual Base Salary and with a maximum of one hundred percent (100%) of the sum of his annual Base Salary. The amount, if any, of each Discretionary Annual Bonus payable to Executive shall be determined by the Vision Marine Canada Board in its sole and absolute discretion, taking into account such criteria as the Vision Marine Canada Board shall deem appropriate. The Vision Marine Canada Board shall make its determination of the amount of the Discretionary Annual Bonus (if any) payable to Executive promptly after the Vision Marine Canada Board's acceptance of the financial results for Vision Marine Canada's applicable fiscal year. Executive shall be entitled to receive the Discretionary Annual Bonus (if any) for a given fiscal year so long as he is an employee on the last day of the fiscal year for which the Discretionary Annual Bonus is given. Each such Discretionary Annual Bonus directed to be awarded to Executive shall be payable as soon as practical, but no later than December 15 following the fiscal year of performance. Subject to the foregoing, Executive may be entitled to receive a pro-rata amount of the Discretionary Annual Bonus for any partial calendar year occurring by reason of termination of this Agreement pursuant to **Section 5(b)** or **(c)** below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Executive shall be eligible to participate in any equity compensation plan under which similarly-situated senior executives of Company Affiliates are eligible to receive equity awards for service to the Company Affiliates including, without limitation, the Amended and Restated Option(s) Plan (the "**Option Plan**"). The terms and amounts of any equity awards granted to Executive under the Option Plan or otherwise, shall be determined by the Vision Marine Canada Board in its sole and absolute discretion. With respect to the RSU Plan and the Option Plan, Vision Marine Canada will use reasonable commercial efforts to file with the U.S. Securities and Exchange Commission (the "**SEC**"), a registration statement on Form S-8 (the "**Form S-8 Registration Statement**") as soon as is practicable and to cause such Form S-8 Registration Statement to remain effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Executive may be eligible to participate in such other incentive compensation programs as may be provided to senior executives of the Company Affiliates from time-to-time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Vacation</u>. Executive will be entitled to six (6) weeks' paid annual vacation per calendar year (the "**Vacation**") during the continuance of this Agreement. Executive's entitlement to any such paid Vacation during any year (including the initial year) during the continuance of this Agreement will be subject, at all times, to the Executive's entitlement to only a pro rata portion of any such paid Vacation time during any year (including the initial year) and to the effective date upon which this Agreement is terminated prior to the end of any such year for any reason whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Other Benefits</u>. In connection with the relocation of Executive to Fort Lauderdale, Florida, Executive shall be entitled to (i) a one-time relocation payment in the amount of US$20,000, payable to Executive thirty (30) days after Executive secures a residence in Fort Lauderdale, Florida, (ii) a monthly housing allowance in the amount of US$12,000, payable to Executive on the first day of each calendar month during the Employment Period, (iii) a monthly car allowance in the amount of US$2,000, payable to Executive on the first day of each calendar month during the Employment Period and (iv) participate in such life, health and disability insurance, pension, deferred compensation and incentive plans, drug and dental coverage plans and other benefits as the Company Affiliates extend, or may in the future extend, as a matter of policy, to senior executive employees of the Company Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Reimbursement of Business Expenses</u>. Vision Marine US shall reimburse Executive for all reasonable travel and other expenses incurred or paid by Executive in connection with, or related to, the performance of his duties, responsibilities or services to Vision Marine US or the Company Affiliates under this Agreement in accordance with the reimbursement policy and procedure then adopted, from time to time, by Vision Marine US and upon presentation by Executive of reasonable documentation, expense statements, vouchers and such other supporting information as Vision Marine US may reasonably request.

5. <u>Termination</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination by Vision Marine US for Cause</u>. Vision Marine US may terminate Executive's employment under this Agreement at any time for Cause upon written notice. For purposes of this Agreement, "**Cause**" for termination shall mean any of the following: (i) the conviction of Executive of, or the entry of a plea of guilty, first offender probation before judgment or *nolo contendere* by Executive to, any felony or any other crime involving dishonesty; (ii) fraud, misappropriation, embezzlement, or breach of fiduciary duty by Executive with respect to any of the Company Affiliates; (iii) Executive's willful failure, bad faith, or gross negligence in the performance of his assigned duties for Vision Marine US following Executive's receipt of written notice of such willful failure, bad faith, or gross negligence; (iv) Executive's failure to follow reasonable and lawful directives of the Vision Marine Canada Board following Executive's receipt of written notice of such failure; (v) any act or omission of Executive that that the Vision Marine Canada Board reasonably determines to be likely to have a material adverse impact on Vision Marine US' business or reputation for honesty and fair dealing; other than an act or failure to act by Executive acting reasonably, in good faith and without reason to believe that such act or failure to act would adversely impact Vision Marine US' business or reputation for honesty and fair dealing; or (vi) the breach by Executive of any material term of this Agreement following Executive's receipt of written notice of such breach. Vision Marine US shall provide Executive a period of thirty (30) days following receipt of any written Cause notification in order to allow Executive the opportunity to effectuate a cure of the acts or omissions that form the basis for the determination, but only to the extent such acts or omissions are capable of cure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination by the Vision Marine US without Cause</u>. Upon giving Executive sixty (60) days' written notice, Vision Marine US may terminate this Agreement without Cause. At Vision Marine US' sole and absolute discretion, it may substitute sixty (60) days' salary in lieu of notice. Any salary paid to Executive by Vision Marine US in lieu of notice shall not be offset against any entitlement Executive may have to the Severance Payment pursuant to **Section 6(c)(i)** below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination by Executive for Good Reason</u>. Executive may terminate his employment with Vision Marine US under this Agreement at any time for Good Reason, upon sixty (60) days' written notice by Executive to Vision Marine US. Executive may not terminate this Agreement for Good Reason hereunder unless and until he has provided Vision Marine US with written notice of the action which Executive contends to be Good Reason (which notice must specify that such action constitutes the basis for a "Good Reason" resignation hereunder), such written notice is provided within sixty (60) days of the occurrence of the event which Executive contends to be Good Reason and Vision Marine US shall have failed to reasonably remedy such action within thirty (30) days of receiving such written notice. For purposes of this Agreement, "**Good Reason**" for termination shall mean any of the following: (i) the assignment to Executive of substantial duties or responsibilities materially inconsistent with Executive's position at Vision Marine US or any other action by Vision Marine US which results in a substantial diminution of Executive's duties or responsibilities as a senior executive of Vision Marine US (for the avoidance of doubt, if Executive is removed as a director or senior executive of any Company Affiliate, such removal or resignation shall not constitute a basis for a resignation or termination of this Agreement by Executive for Good Reason); (ii) Vision Marine US' failure to pay Executive any Base Salary or other compensation or benefit to which he is entitled for a period of three (3) business days; (iii) a material reduction in Executive's Base Salary; or (iv) a breach of any material term of this Agreement or the RSU Agreement by Vision Marine US or Vision Marine Canada, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Executive's Death or Disability</u>. Executive's employment with Vision Marine US shall terminate immediately upon his death or, upon written notice as set forth below, his Disability. As used in this Agreement, "**Disability**" shall mean such permanent physical or mental impairment as would render Executive unable to perform his duties under this Agreement for more than ninety (90) days. If the Employment Period is terminated by reason of Executive's Disability, either party shall give thirty (30) days' advance written notice to that effect to the other. This **Section 5(d)** is intended to be interpreted and applied consistent with any laws, statutes, regulations, and ordinances prohibiting discrimination, harassment, or retaliation on the basis of a disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination by Executive without Good Reason</u>. Executive may terminate his employment under this Agreement at any time without Good Reason upon giving Vision Marine US sixty (60) days' written notice.

6. <u>Effect of Termination</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Regardless of the reason for any termination of this Agreement (other than terminations due to Executive's death or Disability, which are covered by **Sections 6(e)(i)** and **(ii)** below, respectively), Executive shall be entitled to receive each of the following: (i) payment of any unpaid portion of his Base Salary through the effective date of termination; (ii) reimbursement for any outstanding reasonable business expense he has incurred in performing his duties hereunder in accordance with **Section 4(e)** above; (iii) continued insurance benefits to the extent required by law; and (iv) payment of any fully vested but unpaid rights as required by the terms of any bonus or other incentive pay plan, or any other employee benefit plan or program of Vision Marine US or any Company Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination by Vision Marine US for Cause</u>. If Vision Marine US terminates Executive's employment for Cause, Executive shall have no rights or claims under this Agreement against Vision Marine US or its officers, directors, employees, or equity holders, with respect to such termination of employment, except only to receive the payments and benefits described in **Section 6(a)** above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination by Vision Marine US without Cause or by Executive for Good Reason</u>. If Vision Marine US terminates this Agreement without Cause pursuant to **Section 5(b)** above, or Executive terminates this Agreement for Good Reason pursuant to **Section 5(c)** above during the Employment Period, then Executive shall be entitled to receive, and Vision Marine US shall pay, in addition to the items referenced in **Section 6(a)** above, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) An aggregate amount equal to his Base Salary at the rate in effect on his last day of employment (the "**Severance Payment**"). The Severance Payment shall be paid in twelve (12) equal monthly installments commencing after Executive's termination of employment, subject to all legally required payroll deductions and withholdings. The twelve (12)-month period during which Severance Payments shall be tendered is the "**Severance Payment Period**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To help defray Executive's costs of procuring health, dental or drug insurance coverage, Vision Marine US shall pay Executive an additional monthly amount of US$1,000 (the "**Additional Amount**") with each Severance Payment installment during the Severance Payment Period to be paid to Executive under **Section 6(c)(1)** above. In no event shall payment of the Additional Amount to Executive extend beyond the Severance Payment Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A pro-rata share of any Discretionary Annual Bonus which Executive otherwise would have been entitled under **Section 4(b)(iii)** above for the fiscal year in which his employment terminates without Cause or for Good Reason, with such discretionary amount determined by the Vision Marine Canada Board in good faith and prorated based on the number of days Executive is employed in the fiscal year of termination. Such pro-rated bonus shall be paid to Executive within thirty (30) days following the date the financial results of such fiscal year are accepted by the Vision Marine Canada Board and in no event shall any discretionary amount be determined in a manner different than such amounts are determined for still-employed senior executives of Vision Marine US or any Company Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Executive shall maintain the right to hold any unvested Restricted Shares until such time as they vest or expire pursuant to the terms of the Restricted Share Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination by Executive without Good Reason</u>. If Executive terminates this Agreement without Good Reason, Executive shall only be entitled to receive the payments and benefits described in **Section 6(a)**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination upon Death or Disability</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If Executive's employment terminates in the event of his death, Executive's estate shall be entitled to receive (a) payment of twenty four (24) months' Base Salary following the date of his death, (b) payment of any fully vested but unpaid rights as required by the terms of any bonus or other incentive pay plan or any other employee benefit plan or program of Vision Marine US and any Company Affiliate and (c) a pro-rata share of any Discretionary Annual Bonus to which he otherwise would have been entitled under Section **4(b)(iii)** above for the fiscal year in which his death occurs at no less than the target bonus percentage, paid at the time discretionary annual bonuses are paid to still-employed executives of Vision Marine US or any Company Affiliate. Further, Vision Marine US shall pay the Additional Amount for a period of twelve (12) months following his date of death; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event Executive's employment terminates due to his Disability, he shall be entitled to receive his Base Salary for a period of twenty-four (24) months following the date he is terminated due to his Disability. Executive also shall be entitled to receive a pro-rata share of any Discretionary Annual Bonus to which he otherwise would have been entitled under **Section 4(b)(iii)** above for the fiscal year in which his employment terminates due to his Disability, paid at the time discretionary annual bonuses are paid to still-employed executives of Vision Marine US and any Company Affiliate. Further, Vision Marine US shall pay the Additional Amount for a period of twelve (12) months following the date of termination of his employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Non-Renewal of Employment</u>. If employment terminates based upon the expiration of the Employment Term, then Executive shall be entitled to receive the items referenced in Section 6(a) above and to continue to hold unvested Restricted Shares until they vest or expire as set forth in the Restricted Share Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Termination following Change in Control</u>. If a Change in Control (as defined below) occurs during the Employment Period, the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Termination without Cause or for Good Reason*. If Vision Marine US terminate Executive's employment without Cause or Executive terminates his employment for Good Reason within two (2) years following a Change in Control, the termination shall be treated as a termination pursuant to **Section 6(c)** above; <u>provided</u>, <u>however</u>, that the Severance Payment shall be increased to two times (2X) Executive's Base Salary.

For purposes of this Agreement, a "**Change in Control**" means a (i) Change in Ownership of Vision Marine Canada, (ii) Change in Ownership of Assets of Vision Marine Canada, or (iii) a Change in Effective Control of the Vision Marine Canada, as described herein and construed in accordance with Section 409A of the U.S. Internal Revenue Code of 1986, as amended (the "**Code**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) A "**Change in Ownership of Vision Marine Canada**" shall occur on the date that any Person acquires, or Persons Acting as a Group acquire, ownership of the equity interests of Vision Marine Canada that, together with the stock held by such Person or Group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the equity interests of the Company. However, if any Person is, or Persons Acting as a Group are, considered to own more than fifty percent (50%) of the total fair market value or total voting power of the equity interests of Vision Marine Canada, the acquisition of additional stock by the same Person or Persons Acting as a Group is not considered to cause a Change in Ownership of Vision Marine Canada. An increase in the percentage of equity interests owned by any Person, or Persons Acting as a Group, as a result of a transaction in which Vision Marine Canada acquires its equity interests in exchange for property shall be treated as an acquisition of equity interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) A "**Change in the Ownership of Assets of the Vision Marine Canada**" shall occur on the date that any Person acquires, or Persons Acting as a Group acquire (or has or have acquired during the twelve (12)-month period ending on the date of the most recent acquisition by such Person or Persons) assets from Vision Marine Canada that have a total gross fair market value equal to or more than eighty-five percent (85%) of the total gross fair market value of all of the assets of Vision Marine Canada immediately before such acquisition or acquisitions. For this purpose, gross fair market value means the value of the assets of Vision Marine Canada, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) A "**Change in Effective Control of the Company**" shall occur on the date more than fifty percent (50%) of the members of the Vision Marine Canada Board are replaced during any twelve (12)-month period by directors whose appointment or election is not endorsed by a majority of the existing members of the Vision Marine Canada Board.

The following rules of construction apply in interpreting the definition of Change in Control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) A "**Person***"* means any individual, entity or group within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended, other than employee benefit plans sponsored or maintained by the Company and by entities controlled by Vision Marine Canada or an underwriter of the equity interests of Vision Marine Canada in a registered public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Persons shall be considered to be "**Persons Acting as a Group (or a Group)**" if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock or similar business transaction with Vision Marine Canada. If a Person owns equity interests in both Vision Marine Canada and the other corporation that enters into a merger, consolidation, purchase or acquisition of stock or similar business transaction, such holder is considered to be acting as a Group with other holders only with respect to the ownership in the entity giving rise to the change and not with respect to the ownership interest in the Vision Marine Canada. Persons shall not be considered to be acting as a Group solely because they purchase assets of the same entity at the same time or purchase or own stock of the same corporation at the same time, or as a result of the same public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) For purposes of this definition, fair market value shall be determined by the Vision Marine Canada Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) A Change in Control shall not include a transfer to a related person as described in Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) For purposes of this definition, Code Section 318(a) applies to determine ownership. Equity underlying a vested option is considered owned by the individual who holds the vested option (and the stock underlying an unvested option is not considered owned by the individual who holds the unvested option). For purposes of the preceding sentence, however, if a vested option is exercisable for equity that is not substantially vested (as defined by Treasury Regulation §§1.83-3(b) and (j)), the equity underlying the option is not treated as owned by the individual who holds the option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) A public offering of Vision Marine Canada's securities shall not constitute a Change in Control under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Separation Agreement Required for Severance Payments</u>. No post-employment payments by Vision Marine US relating to termination of employment under the provisions of **Section 6(c)**, **(d)**, **(e), or (g)** above shall commence until Executive executes and delivers a Separation and General Release Agreement (the "**Separation Agreement**") in form and substance satisfactory to Vision Marine US and releasing Vision Marine US from all claims, which must occur by no later than the thirtieth (30th) day following the termination of Executive's employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Cooperation</u>. Following the Employment Period, Executive shall assist and cooperate with Vision Marine US and the Company Affiliates in the orderly transition of work to others if so requested by Vision Marine US or the Company Affiliates. Executive shall cooperate with Vision Marine US and be responsive to requests for information by it relating to its business matters about which Executive may have information or knowledge and reasonably assist Vision Marine US and the Company Affiliates with any litigation, threatened litigation or arbitration proceeding relating to Vision Marine US' business as to which business Executive had relevant knowledge, and Vision Marine US shall reimburse Executive for reasonable costs, including attorneys' fees and expenses, actually incurred by Executive in connection with such assistance.

7. <u>Confidentiality</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Definition of Confidential Information</u>. Executive acknowledges that he may be furnished or may otherwise receive or have access to confidential information which relates to Vision Marine US or a Company Affiliates' past, present or future business activities, strategies, services or products, research and development; financial analysis and data; improvements, patents, trademarks, inventions, know-how, trade secrets, processes, techniques, designs or other technical data; profit margins and other financial information; fee arrangements; terms and contents of leases, distribution agreements and other contracts; customer and supplier lists, price lists or other compilations for marketing or development; confidential personnel and payroll information; or other information regarding administrative, management, financial, marketing, leasing or sales activities of Vision Marine US or any Company Affiliates or of a third party which provided proprietary information to either or both on a confidential basis. All such information, including any materials or documents containing such information, shall be considered by Vision Marine US, the Company Affiliates, and Executive as proprietary and confidential information of Vision Marine US and the Company Affiliates (the **"Confidential Information"**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Exclusions</u>. Notwithstanding the foregoing, Confidential Information shall not include (i) information disseminated by Vision Marine US or Company Affiliates on a non-confidential basis to third parties in the ordinary course of business; (ii) information in the public domain not as a result of a breach of any duty by Executive or any other person; or (iii) information that Vision Marine US or Company Affiliates, as the case may be, does not consider confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Obligations</u>. Both during the Employment Period and after termination of his employment for any reason, including expiration of the Employment Period (the **"Nondisclosure Restricted Period"**), Executive shall preserve and protect the confidentiality of the Confidential Information and all physical forms thereof, whether disclosed to him before this Agreement is signed or afterward. In addition, Executive shall not (i) disclose or disseminate the Confidential Information to any third party, including employees of the Company Affiliates without a legitimate business need to know; (ii) remove the Confidential Information from any Company Affiliates' premises without a valid business purpose; or (iii) use the Confidential Information for his own benefit or for the benefit of any third party, in each of the foregoing cases during the Nondisclosure Restricted Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Exceptions.</u> Notwithstanding any other provision of this Agreement, Executive may, if and solely to the extent required by law, disclose Confidential Information but, to the extent possible, shall first notify Vision Marine US in writing of each such requirement so that Vision Marine US may seek a protective order or waive compliance with this Agreement. Executive will cooperate fully with Vision Marine US at the expense of Vision Marine US in seeking any such protective order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Return of Confidential Information</u>. Executive acknowledges that all the Confidential Information pre-existing, used or generated during the course of his employment by Vision Marine US is the property of Vision Marine US and the Company Affiliates, as the case may be, and Executive holds and uses such as a trustee for Vision Marine US or the Company Affiliates and subject to Vision Marine US' and the Company Affiliates' sole control. Executive shall deliver to Vision Marine US all documents and other tangibles (including diskettes and other storage media) containing the Confidential Information (x) at any time upon request by Vision Marine US and (y) immediately upon termination of the Employment Period.

8. <u>Noncompetition and Non-Solicitation</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Restriction on Competition</u>. During the Employment Period and a period of six (6) months following the expiration, resignation or termination of Executive's employment for any reason (the "**Restricted Period**"), Executive shall not engage, directly or indirectly, either individually or through another person or entity, whether as an owner, employee, consultant, partner, principal, agent, representative, stockholder or otherwise, of, in, to or for any business that competes with the business of Vision Marine US or Company Affiliates and which is located or operating within the United States or Canada (the "**Restricted Area**"); <u>provided</u>, <u>however</u>, that Executive may own less than five percent (5%) of the outstanding stock of any publicly traded corporation that engages in a competing business. For purposes of this **Section 8(a)**, a business that competes with the business of Vision Marine US or Company Affiliates shall include, but not be limited to, any business that is engaged in the design, manufacture, assembly, sale or leasing of electric boats and/or their related products, services and components.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Non-Solicitation of Customers</u>. During the Restricted Period, Executive shall not, directly or indirectly, on his own behalf or on behalf of any other person(s), solicit any former, current or prospective customer of Vision Marine US or Company Affiliates for the purpose of selling or supplying goods, products or services which are competitive to the goods, products and services supplied by Vision Marine US or Company Affiliates at the time of your termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Non-Solicitation of Employees</u>. During the Restricted Period, Executive shall not, directly or indirectly, solicit or employ or cause any business to solicit or employ any person who is then or was at any time during the two (2)-year period prior to Executive's termination as an employee of Vision Marine US or Company Affiliates, except to the extent that such action is undertaken in the ordinary course of hiring practices (e.g., an employment solicitation that is transmitted generally to the public or in the industry, rather than one that is targeted directly to any such employee of Vision Marine US).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Acknowledgement</u>. Executive acknowledges that he will acquire much Confidential Information concerning the past, present and future business of Vision Marine US and Company Affiliates as the result of his employment with Vision Marine US, as well as access to the relationships between Vision Marine US, and the Company Affiliates and their respective clients and employees. Executive further acknowledges that the business of Vision Marine US and the Company Affiliates is very competitive and that competition by him in that business during the Employment Period and the Restricted Period would severely injure Vision Marine US and the Company Affiliates, as the case may. Executive understands that the restrictions contained in this **Section 8** are reasonable and are required for Vision Marine US' and the Company Affiliates' legitimate protection, and do not unduly limit his ability to earn a livelihood.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Severability</u>. If any court determines that any provision of this **Section 8** is invalid or unenforceable, the remainder of this **Section 8** shall not thereby be affected and shall be given full effect, without regard to the invalid portion. In addition, if any court or arbitrator construes any portion of this **Section 8** to be unenforceable because of the duration of such provision or the area covered thereby, such court shall have the power to reduce the duration or area of such provision and, in its reduced form, such provision shall then be enforceable and shall be enforced. This **Section 8**, as so amended, shall be valid and binding as though any invalid or unenforceable provision had not been included herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Breach of Restrictive Covenants</u>. Notwithstanding any arbitration provisions contained in this Agreement, Vision Marine US shall have the right and remedy to have the provisions of this **Section 8** specifically enforced by a court of competent jurisdiction without any requirement to first seek a remedy through arbitration, including by temporary or permanent injunction, it being acknowledged and agreed that any such violation may cause irreparable injury to Vision Marine US and that money damages will not provide an adequate remedy to Vision Marine US. Vision Marine US shall also have the right to seek damages for any breach of this **Section 8**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Successors and Assigns</u>. Vision Marine US and its successors and assigns may enforce these restrictive covenants.

9. <u>Ownership of Intellectual Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Definition of Inventions</u>. For purposes of this Agreement, "**Inventions**" means, collectively, all (i) discoveries, inventions, ideas, suggestions, reports, documents, designs, technology, methodologies, compilations, concepts, procedures, processes, products, protocols, treatments, methods, tests, improvements, work product and computer programs (including all source code, object code, compilers, libraries and developer tools, and any manuals, descriptions, data files, resource files and other such materials relating thereto), and (ii) each and every part of the foregoing that are conceived, developed, reduced to practice or otherwise made by the Executive either alone or with others or, in any way, relate to the present or proposed programs, services, products or business of Vision Marine US or a Company Affiliate, or to tasks assigned to the Executive in connection with the Executive's duties or in connection with any research or development carried on or planned by Vision Marine US or a Company Affiliate, whether or not such Inventions are conceived, developed, reduced to practice or otherwise made during the Executive's employment or during regular working hours and whether or not the Executive is specifically instructed to conceive, develop, reduce to practice or otherwise make same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Exclusive Property</u>. The Executive agrees that all Inventions, and any and all services and products which embody, emulate or employ any such Invention, shall be the sole property of Vision Marine US and the Company Affiliates and all copyrights, patents, patent rights, trademarks, service marks, reproduction rights and all other proprietary title, rights and interest in and to each such Invention, whether or not registrable (collectively, the "**Intellectual Property Rights**"), shall belong exclusively to Vision Marine US or the Company Affiliates, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Work for Hire</u>. For purposes of all applicable copyright laws to the extent, if any, that such laws are applicable to any such Invention or any such service or product, it shall be considered a work made for hire and Vision Marine US or the Company Affiliates shall be considered the author thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Disclosure</u>. The Executive will promptly disclose to Vision Marine US, or any persons designated by it, all Inventions and all such services or products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Assignment</u>. The Executive hereby assigns and further agrees to, from time to time as such Inventions arise, assign to Vision Marine US or its nominees (or its respective successors or assigns) all of the Executive's right, title and interest in and to the Inventions and the Intellectual Property Rights without further payment by Vision Marine US or any Company Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Moral Rights</u>. The Executive hereby waives and further agrees to, from time to time as such Inventions arise, waive for the benefit of Vision Marine US and its successors or assigns all the Executive's moral rights in respect of the Inventions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Further Assistance</u>. The Executive agrees to assist Vision Marine US and the Company Affiliates in every proper way (but at the expense of Vision Marine US or the Company Affiliate) to obtain and, from time to time, enforce the Intellectual Property Rights and to the Inventions in any and all countries, and to that end will execute all documents for use in applying for, obtaining and enforcing the Intellectual Property Rights in and to such Inventions as Vision Marine US may desire, together with any assignments of such Inventions to Vision Marine US or persons designated by it. The Executive's obligation to assist Vision Marine US or a Company Affiliate in obtaining and enforcing such Intellectual Property Rights in any and all countries shall continue beyond the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Representations and Warranties</u>. The Executive hereby represents and warrants that the Executive is subject to no contractual or other restriction or obligation that will in any manner limit the Executive's obligations under this Agreement or activities on behalf of Vision Marine US. The Executive hereby represents and warrants to Vision Marine US that the Executive has no continuing obligations to any person (a) with respect to any previous invention, discovery or other item of intellectual property or (b) that require the Executive not to disclose the same.

10. <u>Arbitration</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Matters for Arbitration</u>. Except with respect to any claim for breach of the restrictive covenants contained in **Sections 7 and 8** of this Agreement, including any request for injunctive relief to enforce compliance with the terms of **Sections 7 and 8**, the Parties agree that all questions or matters in dispute with respect to this Agreement shall be submitted to arbitration pursuant to the terms hereof. This provision shall not prejudice a Party from seeking a Court order or assistance to garnish or secure sums.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice</u>. It shall be a condition precedent to the right of any Party to submit any matter to arbitration pursuant to the provisions hereof that any Party intending to refer any matter to arbitration shall have given not less than five (5) business days' prior written notice of its intention to do so to the other Party together with particulars of the matter in dispute. On the expiration of such five (5) business days the Party who gave such notice may proceed to refer the dispute to arbitration as provided for herein. This provision shall not prejudice a Party from seeking a Court order or assistance to garnish or secure sums or to seek summary remedy for such matters as counsel may consider amenable to summary proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Appointments</u>. The Party desiring arbitration shall appoint one arbitrator, and shall notify the other Party of such appointment, and the other Party shall, within five (5) business days after receiving such notice, appoint an arbitrator, and the two arbitrators so named, before proceeding to act, shall, within five (5) business days of the appointment of the last appointed arbitrator, unanimously agree on the appointment of a third arbitrator, to act with them and be chairperson of the arbitration herein provided for. If the other Party shall fail to appoint an arbitrator within five (5) business days after receiving notice of the appointment of the first arbitrator, or if the two arbitrators appointed by the Parties shall be unable to agree on the appointment of the chairperson, such arbitrators shall be appointed in accordance with the provisions of the American Arbitration Association (AAA) Commercial Arbitration Rules (the "**Rules**"). Except as specifically otherwise provided in this section, the arbitration herein provided for shall be conducted in accordance with such Rules. The chairperson, or in the case where only one arbitrator is appointed, the single arbitrator, shall fix a time and place in Miami, State of Florida for the purpose of hearing the evidence and representations of the Parties, and the chairperson shall preside over the arbitration and determine all questions of procedure not provided for by the Rules or this section. After hearing any evidence and representations that the Parties may submit, the single arbitrator, or the arbitrators, as the case may be, shall make an award and reduce the same to writing, and deliver one copy thereof to each of the Parties. The expense of the arbitration shall be paid as specified in the award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Award</u>. The Parties agree that the award of a majority of the arbitrators, or in the case of a single arbitrator, of such arbitrator, shall be final and binding upon each of them.

11. <u>Miscellaneous</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Waivers and Amendments</u>. This Agreement may be amended, modified, superseded, cancelled, renewed or extended, only by a written agreement between the Parties. Failure or delay by either Party to enforce compliance with any term or condition of this Agreement shall not constitute a waiver of such term or condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Representation or Claims</u>. The Executive agrees that the Executive has not been induced to enter into this Agreement by reason of any statement, representation, understanding or promise not expressly set out in this Agreement. The Executive has no claim against Vision Marine US or any Company Affiliate arising from any services provided by the Executive in any capacity prior to the Effective Date of this Agreement including, without limitation, any claims under the Prior Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notices</u>. All notices required or permitted under this Agreement shall be in writing and will be sufficiently given if delivered personally, or if transmitted by facsimile transmission (with original to follow by mail) or other form of recorded communication, tested prior to transmission, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If to Vision Marine US, to:

Vision Marine Technologies, Inc.

730 Boulevard du Curé-Boivin

Boisbriand, Quebec, Canada J7G 2A7

Attention: Chief Financial Officer

with a copy to:

Dentons Canada LLP

1 Place Ville Marie Suite 3900

Montreal, QC H3B 4M7

Attention: Charles R. Spector

Email: charles.spector@dentons.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If to Executive, to:

Alexandre Mongeon

Address on File or to such other address or addresses as either party shall designate to the other in writing from time to time by like notice. Any notice so delivered will be deemed to have been given and received on the day it is so delivered at such address; provided that such day is not a Business Day (as herein defined) then the notice will be deemed to have been given and received on the Business Day next following the day it is so delivered. Any notice so transmitted by form of recorded communication will be deemed to have been given and received on the day of its confirmed transmission (as confirmed by the transmitting medium), provided that if such day is not a Business Day then the notice will be deemed to have been given and received on the Business Day next following such day. "**Business Day**" means any day that is not a Saturday, Sunday or civic or statutory holiday in the State of Florida, USA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Pronouns</u>. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine, or neuter forms, and the singular forms of nouns and pronouns shall include the plural, and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Entire Agreement</u>. This Agreement constitutes the entire agreement between the Parties and supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter of this Agreement. The Prior Employment Agreement is declared null and void as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Independent Legal Advice</u>. The Executive acknowledges that Visiosn Marine US has recommended that the Executive obtain independent legal advice with respect to this Agreement, and that the Executive has had a reasonable opportunity to do so prior to executing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Governing Law</u>. For all purposes this Agreement will be governed exclusively by and construed and enforced in accordance with the laws prevailing in the State of Florida, USA and the federal laws of the United States of America applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Successors and Assigns; Change in Control</u>. This Agreement shall be binding upon and inure to the benefit of both parties and each of its successors and assigns, including any entity with which or into which Vision Marine US may be merged or which may succeed to its assets or business or any entity to which Vision Marine US may assign its rights and obligations under this Agreement; <u>provided</u>, <u>however</u>, that the obligations of Executive are personal and shall not be assigned or delegated by him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Personal Information</u>. The Executive acknowledges that the Vision Marine US is obligated to comply with privacy legislation in the State of Florida and with any other applicable legislation governing the collection, use, storage and disclosure of personal information. The Executive agrees to comply with all personal information protection policies and with other policies, controls and practices as they may exist, from time to time, in ensuring that the Executive and Vision Marine US engage only in lawful collection, storage, use and disclosure of personal information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Captions</u>. The captions appearing in this Agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of any section of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Severability</u>. In case any provision of this Agreement shall be held by a court or arbitrator with jurisdiction over the parties to this Agreement to be invalid, illegal or otherwise unenforceable, such provision shall be restated to reflect as nearly as possible the original intentions of the parties in accordance with applicable law, and the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Counterparts</u>. This Agreement may be executed in one (1) or more counterparts, each of which shall be deemed an original but all of which together shall constitute one (1) and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Survival</u>. The provisions of **Sections 7** through **11** of this Agreement shall survive any termination of Executive's employment.

12. <u>Approvals</u> 

The effectiveness of this Agreement is subject to the approval of the Vision Marine Canada Board and by the board of directors of Vision Marine US. Delivery of this Agreement executed by Vision Marine US to Executive shall be deemed conclusive evidence of such approval and upon such approval this Agreement shall be deemed effective as of the Effective Date.

**IN WITNESS WHEREOF,** the parties have executed this Agreement as of the Agreement Date.

---

| | | |
|:---|:---|:---|
| **EXECUTIVE:VISION** | **MARINE TECHNOLOGIES CORP.** | **MARINE TECHNOLOGIES CORP.** |
| /s/ ALEX MONGEON |  |  |
| ALEX MONGEON | By: | /s/ Raffi Sossoyan |
|  |  | Name: Raffi Sossoyan |
|  |  | Title: Chief Financial Officer |

---

## Exhibit 10.2

**Exhibit 10.2**

**VISION MARINE TECHNOLOGIES INC. RESTRICTED SHARE UNIT AGREEMENT**

**1. Adoption of a Restricted Share Unit Plan**. Effective as of the date hereof, the Board of Directors (the "<u>Board</u>") of Vision Marine Technologies Inc., a Canadian company (together with any successor thereto, the "<u>Corporation</u>") has approved the adoption of a Restricted Share Unit Plan (the "RSU Plan"), a copy of which is attached hereto as Exhibit A. Unless otherwise defined herein, capitalized terms used herein shall have the meaning ascribed to them in the RSU Plan.

**2. Issuance of RSUs**. Effective as of the date hereof, and subject to the various terms and conditions set forth herein, the Board has approved, and the Corporation hereby issues to Alexandre Mongeon ("<u>you</u>" or the "<u>Recipient</u>"), **500,000** Restricted Share Units (the "<u>RSUs</u>") for the issuance by the Corporation to the Recipient of an equal number of the Corporation's common shares, without par value ("<u>Underlying Common Shares</u>").

2. Vesting of RSUs; Effect of Termination of Employment and Change in Control .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Vesting</u>. Subject to the terms contained herein and in that certain Executive
Employment Agreement of even date herewith between the Corporation, Vision Marine Technologies Corp., a Delaware corporation and the Recipient
(the " <u>Employment Agreement</u> "), upon the Corporation attaining a public market capitalization as set forth below (the
 " <u>Target Market Cap</u> ") and maintaining such Target Market Cap at the close of trading on ten (10) consecutive trading
days, then the number of RSUs that vest shall be as follows:

---

| | |
|:---|:---|
| <u>Target Market Cap</u> | <u>Number of RSUs Vesting</u> |
| US$15 million or more | 150000 |
| US$25 million or more | 150000 |
| US$35 million or more | 200000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination of Employment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Termination for Cause; Resignation other than for Good Reason*. If the Recipient experiences a termination of employment for Cause (as defined in the Recipient's Employment Agreement) or due to the Recipient's voluntary resignation other than for Good Reason (as defined in the Recipient's Employment Agreement), all RSUs that have not vested as set forth above, shall immediately be forfeited and canceled effective as of the effective date of the Recipient's Termination of Employment.

&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) *Termination without Cause*; *Resignation with Good Reason; Termination upon Death or Disability.* If the Recipient experiences a termination of employment without Cause (as defined in the Recipient's Employment Agreement) or due to the Recipient's voluntary resignation for Good Reason (as defined in the Recipient's Employment Agreement), then all non-vested RSUs will remain outstanding and subject to vesting in accordance with Section 2(a) above, as if the Recipient remained employed through the Expiry Date (as hereinafter defined). In the event Recipient's employment is terminated by result of his death or Disability (as defined in Recipient's Employment Agreement) then all non-vested RSUs will remain outstanding and subject to vesting in accordance with Section 2(a) above, as if the Recipient remained employed for a period of two years following his termination for death or Disability.

&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) *Acceleration of Vesting Upon Change in Control*. In the event of a Change in Control of the Corporation (as defined in the Recipient's Employment Agreement), all unvested RSUs shall vest immediately prior to the closing of the transaction giving rise to the Change in Control and the corresponding Underlying Common Shares shall be deemed issued and outstanding shares of the Corporation immediately prior to the closing of any such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Board Discretion</u>. Notwithstanding anything contained in this Agreement to the contrary, subject to applicable law, the Board, in its sole discretion, may accelerate the vesting with respect to any RSUs under this Agreement, at such times and upon such terms and conditions as the Board shall determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Expiry of Unvested RSUs</u>. All RSUs that have not vested on or before the tenth anniversary date of this Agreement (the "<u>Expiry Date</u>") shall be forfeited and such RSUs shall be canceled on the Corporation's books and records.

3. Settlement of RSUs .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Form and Time of Settlement</u>. Upon RSUs vesting in accordance with Section
2 of this Agreement, the Corporation shall promptly, but in no event later than three (3) business days following the date
on which RSUs vest, instruct its transfer agent to deliver to Recipient, the corresponding number of Underlying Common Shares that have
vested, duly registered in Recipient's name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Settlement of RSUs in Cash In Lieu of Underlying Common Shares</u>. The Corporation
and the Recipient acknowledge that the adoption of the RSU Plan and the delivery of Underlying Common Shares upon the vesting of the RSUs
granted hereunder is subject to approval by the Corporation's shareholders, but that there can be no assurances that such shareholder
approval will be obtained. In addition, the Corporation and the Recipient acknowledge that even if the RSU Plan is approved by the Corporation's
shareholders, it is possible that given certain limitations regarding the total number of securities that can be issued under the RSU
Plan or security based compensation plans at various points in time, the Corporation may be prohibited from delivering all or a portion
of the Underlying Common Shares required to be delivered to Recipient upon the vesting of RSUs as set forth herein. Accordingly, the Corporation
and the Recipient expressly agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *If Vesting Occurs Prior to Shareholder Approval of RSU Plan*. In the
 event that any RSUs granted hereunder vest in accordance with Section 2 hereof prior to the date on which approval of the RSU Plan
 by the Corporation's shareholders is obtained, then
in lieu of delivering the corresponding number of Underlying Common Shares to the Recipient, the Corporation shall be required to deliver
a cash payment to the Recipient in an amount equal to the product of (x) the number of RSUs vesting under Section 2 hereof and (y) the
closing price of the Corporation's common shares as quoted on the Nasdaq on the date such RSUs vest. Such cash payment shall be
made no later than three (3) business days following the date on which the RSUs vest. Notwithstanding the foregoing, in the event the
Board determines that there is not sufficient cash to pay the Recipient the cash payment set forth above, such payment may be postponed
for a period not to exceed one hundred eighty (180) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *If Vesting Occurs Following Shareholder Approval but Number of Underlying Common Shares to be Delivered is Limited*. In the event the Corporation's shareholders approve the RSU Plan but the number of Underlying
Common Shares to be delivered to the Recipient upon the vesting of RSUs under Section 2 hereof exceeds the maximum number of Underlying
Common Shares that are then permitted to be delivered to the Recipient under the RSU Plan, then the Corporation shall: FIRST deliver to
the Recipient, the maximum number of Underlying Common Shares that it is permitted to deliver under the RSU Plan and SECOND deliver a
cash payment to the Recipient in an amount equal to the product of (x) the difference between the number of RSUs vesting under Section
2 hereof and the number of Underlying Common Shares actually delivered to Recipient and (y) the closing price of the Corporation's
common shares as quoted on the Nasdaq on the date such RSUs vest. Both the delivery of Underlying Common Shares and the cash payment shall
be made no later than five (5) business days following the date on which the RSUs vest. Notwithstanding the foregoing, in the event the
Board determines that there is not sufficient cash to pay the Recipient the cash payment set forth above, such payment may be postponed
for a period not to exceed one hundred eighty (180) days.

**4. Tax Withholding**. You agree as a condition of this grant of RSUs that you will make acceptable arrangements to pay any withholding or other taxes that may be due as a result of the vesting of the RSUs and the issuance of the Underlying Common Shares. In the event that the Corporation determines that any federal, state, local or foreign tax or withholding payment is required relating to the Underlying Common Shares, the Corporation will have the right to require such payments from you or withhold the delivery of a portion of the vested Underlying Common Shares otherwise deliverable under this Agreement to cover any such withholding taxes.

**5. Securities Law Compliance**. Notwithstanding any other provision of this Agreement, the Participant may not sell the Underlying Common Shares acquired upon vesting of the RSUs unless such shares are registered under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), or, if such Shares are not then so registered, such sale would be exempt from the registration requirements of the Securities Act. The sale of Underlying Common Shares must also comply with other applicable laws and regulations governing the Underlying Common Shares and the Recipient may not sell such shares if the Corporation determines in good faith that such sale would not be in material compliance with such laws and regulations or the Corporation's insider trading policy or similar policies or practices that the Corporation adopts or amends from time to time.

**6. Recipient's Rights with Respect to RSUs**. Holders of unvested RSUs do not have any right to vote nor attend the Corporation's Annual or Special Shareholder Meetings until such time that Underlying Common Shares have vested and are issued. Similarly, the holder of unvested RSUs shall not be entitled to receive any dividends declared or paid on the Corporation's common shares. Any stock distributions you receive with respect to unvested RSUs as a result of any stock split, stock dividend, combination of shares, or other similar transaction shall be deemed to be a part of the RSUs and subject to the same conditions and restrictions applicable thereto. Any cash dividends paid on unvested RSUs you hold on the record date for such dividend shall be held by the Corporation and subject to the same conditions and restrictions applicable to your unvested RSUs; provided that, within thirty (30) days after the date on which the applicable RSUs vest in accordance with the terms of this Agreement, such dividends shall be paid to you, without interest. You will immediately and automatically forfeit such dividends to the extent that you forfeit the corresponding unvested RSUs.

**7. Adjustments**. The number, class or other terms of any outstanding RSUs may be adjusted by the Board to reflect any extraordinary dividend, stock dividend, stock split or share combination or any recapitalization, business combination, merger, consolidation, spin-off, exchange of shares, liquidation or dissolution of the Corporation or other similar transaction affecting all of the Corporation's common shares in such manner as the Board determines in its sole discretion.

**8. Section 409A.** The grant of RSUs under this Agreement is intended to comply with Code Section 409A ("<u>Section 409A</u>") to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement will be interpreted and administered to be in compliance with Section 409A. Notwithstanding anything to the contrary in this Agreement, neither the Corporation nor the Board will have any obligation to take any action to prevent the assessment of any excise tax or penalty on you under Section 409A, and neither the Corporation nor the Board will have any liability to you for such tax or penalty.

**10. Recoupment.** The RSUs granted hereunder shall be subject to any Corporation clawback, recoupment or similar policy as permitted or mandated by applicable law, rules or regulations, or any Corporation policy as enacted, adopted or modified from time to time.

**11. Successor.** All obligations of the Corporation under this Agreement, with respect to the RSUs granted hereunder, shall be binding on any successor to the Corporation, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business or assets of the Corporation.

**12. Undertaking.** The Corporation undertakes to include in its Management Information Circular for its Annual General Shareholders Meeting to, *inter alia,* present its Audited Consolidated Financial Statements for the Fiscal Year ended August 31, 2025, its recommendations and support for the shareholders resolutions to (i) adopt the RSU Plan and (ii) to present, recommend and support the appropriate shareholder resolutions which would permit certain derogations by way of a disinterested shareholder vote from certain limitations related to the number of RSUs to be granted to Recipient pursuant to the terms of this Agreement. The Corporation also undertakes to hold such Annual General Shareholders Meeting by no later than February 28, 2026.

13. Miscellaneous .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Successors and Assigns</u>. The Corporation may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Corporation. Subject to the restrictions on transfer set forth in this Agreement, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Entire Agreement</u>. This Agreement constitutes the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Corporation and the Recipient with respect to the subject matter hereof. For the avoidance of doubt, the restrictive covenants set forth in the Recipient's Employment Agreement shall not be superseded by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Right to Continued Employment</u>. Nothing contained in this Agreement shall be construed as giving the Recipient any right to be retained, in any position, as an employee, consultant or director of the Corporation or its affiliates or shall interfere with or restrict in any way the rights of the Corporation or its affiliates, which are hereby expressly reserved, to remove, terminate or discharge the Recipient at any time for any reason whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Applicable Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida and the federal laws of the United States of America applicable thereto regardless of the application of rules of conflicts of law that would apply the laws of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, including by way of any electronic signature, each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Agreement Severable</u>. In the event that any provision of this Agreement is held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement.

[*Signature Page to Follow*]

---

| | |
|:---|:---|
| **ALEXANDRE MONGEON** | **VISION MARINE TECHNOLOGIES INC.** |
| /s/ ALEX MONGEON | /s/ Raffi Sossoyan |
| ALEX MONGEON | By: Raffi Sossoyan |
|  | Title: Chief Financial Officer |

---

## Exhibit 10.3

**Exhibit 10.3**

**VISION mARINE tECHNOLOGIES INC.**

**<u>RESTRICTED SHARE UNIT PLAN</u>**

**Article One<br> DEFINITIONS AND INTERPRETATION**

1.1 **Definitions:** For the purposes of this Plan, unless such word or term is otherwise defined herein
or the context in which such word or term is used herein otherwise requires, the following words and terms with the initial letter or
letters thereof capitalized shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. "**Affiliate**" means any entity that is an affiliate of the Corporation as defined in National
Instrument 45-106 – *Prospectus Exemptions*, as may be amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. "**Blackout Period**" means any period imposed by the Corporation pursuant to its disclosure,
confidentiality and trading policy or otherwise, during which its officers, directors, employees and Insiders may be restricted from trading
in securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. "**Board**" means the board of directors of the Corporation, as constituted from time to
time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. "**Change of 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;&nbsp;&nbsp;&nbsp;&nbsp;(i) a consolidation, merger, amalgamation, arrangement or other reorganization or acquisition involving the
Corporation or any of its Affiliates and another corporation or other entity, as a result of which the holders of Common Shares prior
to the completion of the transaction hold less than fifty-one percent (51%) of the outstanding shares of the successor corporation after
completion of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sale, lease, exchange or other disposition, in a single transaction or a series of related transactions,
of assets, rights or properties of the Corporation and/or any of its Affiliates which have an aggregate book value greater than sixty-five
percent (65%) of the book value of the assets, rights and properties of the Corporation and its Affiliates on a consolidated basis to
any other person or entity, other than a disposition to a wholly-owned Affiliate in the course of a reorganization of the assets of the
Corporation and its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a resolution is adopted to wind-up, dissolve or liquidate the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any person, entity or group of persons or entities acting jointly or in concert (an "**Acquirer** ")
acquires or acquires control (including, without limitation, the right to vote or direct the voting) of Voting Securities which, when
added to the Voting Securities owned of record or beneficially by the Acquirer or which the Acquirer has the right to vote or in respect
of which the Acquirer has the right to direct the voting, would entitle the Acquirer and/or Affiliates of the Acquirer to cast or to direct
the casting of fifty-one percent (51%) or more of the votes attached to all of the Corporation's outstanding Voting Securities which may
be cast to elect directors of the Corporation or the successor corporation (regardless of whether a meeting has been called to elect directors);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) as a result of or in connection with: (A) a contested election of directors; or (B) a consolidation, merger,
amalgamation, arrangement or other reorganization or acquisitions involving the Corporation or any of its Affiliates and another corporation
or other entity, where none of the directors of the Corporation prior to such event shall sit on the board following completion.

For the purposes of the foregoing, "**Voting Securities**" means Common Shares and any other shares entitled to vote for the election of directors and shall include any security, whether or not issued by the Corporation, which are not shares entitled to vote for the election of directors but are convertible into or exchangeable for shares which are entitled to vote for the election of directors including any options or rights to purchase such shares or securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. "**Common Shares**" means the common shares of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. "**Consultant**" means in relation to the Corporation, an individual (other than an employee
or Director of the Corporation) or company that: (i) is engaged to provide on an ongoing *bona fide* basis, consulting, technical,
management or other services to the Corporation or to an affiliate of the Corporation, other than services provided in relation to a distribution;
(ii) provides the services under a written contract between the Corporation or an affiliate of the Corporation and the individual or the
company, as the case may be; (iii) in the reasonable opinion of the Corporation, spends or will spend a significant amount of time and
attention on the affairs and business of the Corporation or an affiliate of the Corporation; and (iv) has a relationship with the Corporation
or an affiliate of the Corporation that enables the individual to be knowledgeable about the business and affairs of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. "**Corporation**" means Vision Marine technologies Inc., a corporation existing under the *Business Corporations Act* (Québec), and includes any successor or Affiliate thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. "**Director**" means a member of the Board from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. "**Disability**" means that the Participant becomes physically or mentally disabled to such
an extent as to make him or her unable to perform his or her duties normally and adequately for a period totalling six (6) months during
a period of twelve (12) consecutive months. The Board's determination as to whether or not a Participant has incurred a Disability is
final and conclusive and binding on all persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. "**Eligible Employees**" means the full-time employees and officers of the Corporation or
of any Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. "**Insider**" means: (i) a Director or senior officer of the Corporation; (ii) a Director
or senior officer of a company that is an Insider or subsidiary of the Corporation; (iii) a person that beneficially owns or controls,
directly or indirectly, Common Shares carrying more than ten percent (10%) of the voting rights attached to all outstanding shares of
the Corporation; and (iv) the Corporation itself if it holds any of its own securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. "**Investor Relations Activities**" means any activities, by or on behalf of the Corporation
or a shareholder of the Corporation, that promote or could reasonably be expected to promote the sale of the securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. "**Market Value**" means the last closing price of the Common Shares on the Nasdaq immediately
prior to the date as at which Market Value is determined. If the Common Shares are not trading on the Nasdaq, then the Market Value shall
be determined based on the last closing price of the Common Shares on such stock exchange or over-the-counter market on which the Common
Shares are listed and posted for trading as may be selected for such purpose by the Board on the date as of which Market Value is determined.
In the event that the Common Shares are not listed and posted for trading on any stock exchange or over-the-counter market, the Market
Value shall be the fair market value of such Common Shares as determined by the Board in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. "**Nasdaq**" means the global electronic market place for buying and selling securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. "**Participant**" means each Eligible Employee, Consultant and Director to whom Restricted
Share Units are granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. "**Participant's Entitlement Date**" means the date on which a Participant's Restricted
Share Unit Award is fully vested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. "**Plan**" means this Restricted Share Unit Plan, as same may be amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. "**Resignation**" means the cessation of employment or engagement of the Participant with
the Corporation or an Affiliate as a result of resignation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. "**Restricted Share Unit**" means a unit credited by means of an entry on the books of the
Corporation to a Participant, representing the right to receive on the Participant's Entitlement Date one fully paid Share issued
from treasury of the Corporation for each Restricted Share Unit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. "**Restricted Share Unit Award**" means an award to a Participant of Restricted Share Units
under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U. "**Retirement Date**" means the date on which a Participant ceases to be an Eligible Employee
after attaining a stipulated age in accordance with the normal retirement policy of the Corporation or upon mutual agreement of the Corporation
and the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. "**RSU Grant Date**" means the date that the Restricted Share Unit is granted to a Participant
under the Plan, as evidenced by the Restricted Share Unit grant letter, and refers also to the date that the Restricted Share Unit is
credited to the Participant which must always be in the same calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. "**Termination Date**" means the actual date of termination of: (i) the office of the Participant;
(ii) the employment of the Participant; or (iii) the provision of services by the Participant, as applicable, and does not include any
period during which the Participant is in receipt of or is eligible to receive any statutory, contractual or common law notice or compensation
in lieu thereof or severance payments following the actual date of termination or resignation.

1.2 **Headings:** The headings of all articles, sections, and paragraphs in the Plan are inserted for convenience
of reference only and shall not affect the construction or interpretation of the Plan.

1.3 **Context, Construction:** Whenever the singular or masculine are used in the Plan, the same shall
be construed as being the plural or feminine or neuter or vice versa where the context so requires.

1.4 **References to this Restricted Share Unit Plan:** The words "hereto", "herein",
 "hereby", "hereunder", "hereof" and similar expressions mean or refer to this Plan as a whole and not to
any particular article, section, paragraph or other part hereof.

1.5 **Canadian Funds:** Unless otherwise specifically provided, all references to dollar amounts in the
Plan are references to Canadian dollars.

**Article Two<br> PURPOSE AND ADMINISTRATION OF THE RESTRICTED SHARE UNIT PLAN**

2.1 **Purpose of the Restricted Share Unit Plan:** The Plan provides for the payment of incentive payments
in the form of the issuance of Common Shares or cash to Participants for the purpose of advancing the interests of the Corporation and
its Affiliates through the motivation, attraction and retention of Eligible Employees, Consultants and Directors and to secure for the
Corporation and the shareholders of the Corporation the benefits inherent in the ownership of Common Shares by Eligible Employees, Consultants
and Directors, it being generally recognized that restricted share plans aid in attracting, retaining and encouraging employees, consultants
and directors due to the opportunity offered to them to acquire a proprietary interest in the Corporation.

2.2 **Administration of the Restricted Share Unit Plan:** Subject to regulatory requirements, the Plan
shall be administered by the Board and the Board shall have full discretionary authority to administer the Plan including the authority
to interpret and construe any provision of the Plan and to adopt, amend and rescind such rules and regulations for administering the Plan
as the Board may deem necessary in order to comply with the requirements of the Plan. All actions taken and all interpretations and determinations
made by the Board in good faith shall be final and conclusive and shall be binding on the Participants and the Corporation. No member
of the Board shall be personally liable for any action taken or determination or interpretation made in good faith in connection with
the Plan and all members of the Board shall, in addition to their rights as Directors, be fully protected, indemnified and held harmless
by the Corporation with respect to any such action taken or determination or interpretation made in good faith. The appropriate officers
of the Corporation are hereby authorized and empowered to do all things and execute and deliver all instruments, undertakings and applications
and writings as they, in their absolute discretion, consider necessary for the implementation of the Plan and of the rules and regulations
established for administering the Plan. All costs incurred in connection with the Plan shall be for the account of the Corporation.

2.3 **Delegation to Committee:** The Board may delegate all or such portion of its powers hereunder as
it may determine to a committee of the Board duly appointed for this purpose by the Board and consisting of not less than two (2) members
of the Board, either indefinitely or for such period of time as it may specify and thereafter such committee may exercise the powers and
discharge the duties of the Board in respect of the Plan so delegated to the same extent as the Board is hereby authorised so to do. If
a committee is appointed for this purpose, all references herein to the Board will be deemed to be references to such committee.

2.4 **Record Keeping:** The Corporation shall maintain a register in which shall be recorded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the name and address of each Participant in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the number of Restricted Share Units granted to each Participant under the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the date on which Restricted Share Units were granted or credited to a Participant.

2.5 **Determination of Participants and Participation:** The Board shall from time to time determine the
persons who may participate in the Plan. The Board shall from time to time determine the Participants to whom Restricted Share Units shall
be granted and the provisions and restrictions with respect to such grant, all such determinations to be made in accordance with the terms
and conditions of the Plan, and the Board may take into consideration the present and potential contributions of and the services rendered
by the particular Participant to the success of the Corporation and any other factors which the Board deems appropriate and relevant.
In the case of Restricted Share Units granted to Eligible Employees or Consultants, the Board will ensure and confirm that the Participant
is a *bona fide* Eligible Employee or Consultant, as the case may be.

2.6 **Maximum Number of Shares:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Subject to adjustment as provided in Section 5.6 hereof, unless the Corporation has received disinterested
shareholder approval to do so, the maximum aggregate number of Common Shares that may be issued under the Plan (or any other security-based
compensation plans, including the Corporation's stock option plan) shall be limited to the lesser of (i) 10% of the Corporation's
issued and outstanding Common Shares and (ii) such number of Common Shares as, when combined with all other share compensation arrangements
(including any RSUs) would not exceed 10% of the outstanding Common Shares. Common Shares to be issued under the Plan will be authorized
but previously unissued Common Shares from treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For purposes of this Section 2.6, the number of Common Shares covered by a Restricted Share Unit grant
shall be counted on the RSU Grant Date against the aggregate number of Common Shares available under the Plan, and the number of Common
Shares that shall be counted against the Plan shall be equal to the number of Common Shares the Participant would be entitled to receive
under Section 3.5 hereof, if the corresponding payment was made on the RSU Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. At no point in any twelve (12) month period, may the Corporation be permitted to deliver Common Shares
to any one Participant exceeding 70% of the aggregate number of Common Shares available for issuance under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The aggregate number of Common Shares issuable to any one Consultant pursuant to this Plan (or any other
security-based compensation plans, including the Corporation's amended stock option plan) in a twelve (12) month period shall not
exceed two percent (2%) of the issued and outstanding Common Shares, calculated on the RSU Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The aggregate number of Common Shares issuable to all Participants retained to provide Investor Relations
Activities pursuant to this Plan (or any other security-based compensation plans, including the Corporation's amended stock option
plan) shall not exceed two percent (2%) of the issued
and outstanding Common Shares in any twelve (12) month period, calculated at the RSU Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Unless the Corporation has received disinterested shareholder approval to do so: (i) the aggregate number
of Common Shares issuable to Insiders under this Plan (or any other security-based compensation plans, including the Corporation's
amended stock option plan) shall not exceed ten percent (10%) of the issued and outstanding Common Shares at the RSU Grant Date; (ii)
the aggregate number of Common Shares issuable to Insiders in any twelve (12)-month period under this Plan (or any other security-based
compensation plans, including the Corporation's amended stock option plan) shall not exceed ten percent (10%) of the issued and
outstanding Common Shares at the RSU Grant Date; and (iii) the aggregate number of Common Shares issuable to any one Participant pursuant
to this Plan (or any other security-based compensation plans, including the Corporation's stock option plan) in a twelve (12) month
period shall not exceed five percent (5%) of the issued and outstanding Common Shares, calculated on the RSU Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. For purposes of this Section 2.6, the number of Common Shares then outstanding shall mean the number of
Common Shares outstanding on a non-diluted basis immediately prior to the proposed grant of the applicable Restricted Share Units.

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

3.1 **Restricted Share Unit Plan:** The Plan is hereby established for Eligible Employees, Consultants
and Directors.

3.2 **Grant of Restricted Share Units:** A Restricted Share Unit Award granted to a particular Participant
in a calendar year will be an incentive payment for services rendered by the Participant to the Corporation or an Affiliate, as the case
may be, in the Corporation's or Affiliate's fiscal year ending in such year, as determined in the sole and absolute discretion
of the Board. The number of Restricted Share Units awarded will be credited to the Participant's account, effective as of the RSU
Grant Date.

3.3 **Payment of Dividends:** Subject to the absolute discretion of the Board, the Board may elect to credit
each Participant with additional Restricted Share Units upon the payout of dividends on the Common Shares. In such case, the number of
additional Restricted Share Units will be equal to the aggregate value of dividends that would have been paid to the Participant if the
Restricted Share Units in the Participant's account had been Common Shares divided by the Market Value of a Common Share on the
date on which dividends were paid by the Corporation. The additional Restricted Shares Units will vest on the Participant's Entitlement
Date of the particular Restricted Share Unit Award to which the additional Restricted Share Units relate.

3.4 **Vesting:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. A Restricted Share Unit Award granted to a Participant will entitle the Participant, subject to the
 Participant's satisfaction of any conditions, restrictions, performance objectives, vesting period or limitations imposed
 under the Plan or set out in the Restricted Share Unit grant letter, to receive a payment in: (i) fully paid Common Shares issued
 from the treasury of the Corporation on the date when the
Restricted Share Unit Award is fully vested; or (ii) subject to the approval of the Board, in its sole discretion, a cash equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Subject to the foregoing or as otherwise provided in the Restricted Share Unit grant letter, in the event
of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the death, termination without cause or Disability of a Participant, a pro rata number of the unvested
Restricted Share Units credited to the Participant, based on the portion of the applicable vesting period that has been completed as of
the Termination Date, will vest on the Termination Date, and the Common Shares underlying the Restricted Share Units credited to the Participant's
account shall be issued to the Participant (or the Participant's beneficiary in the event of death) as soon as is administratively possible;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the retirement of the Participant, a pro rata number of the unvested Restricted Share Units credited to
the Participant, based on the portion of the applicable vesting period that has been completed as of the Retirement Date, will vest on
the Retirement Date and the Common Shares underlying the Restricted Share Units credited to the Participant's account shall be issued,
or cash equivalent shall be paid, to the Participant as soon as administratively possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Board may in its sole discretion permit, at any time prior to or following the events contemplated
above, the vesting of any or all Restricted Share Units held by a Participant in the manner and on the terms authorized by the Board.

3.5 **Payment in Respect of Vested Restricted Share Units:** Subject to Sections 3.6 and 4.1, the Corporation
will at its sole discretion satisfy its payment obligation pursuant to Section 3.4 with: (i) the issue of fully paid Common Shares from
the treasury of the Corporation; or (ii) subject to the approval of the Board, cash. In the event the Corporation decides to make all
or some of the payments with regard to a Participant's Restricted Share Units in cash, subject to the provisions of the Plan, the
Corporation shall make, within five (5) Business Days after the Vesting Date, a cash payment, less applicable statutory source deductions,
to the Participant, calculated by multiplying: (i) the number of Restricted Share Units to be settled, by (ii) the Market Value of a Common
Share on the applicable vesting date.

3.6 **No Adjustment:** For greater certainty, no amount will be paid to, or in respect of, a Participant
under the Plan or pursuant to any other arrangement, and no additional Restricted Share Units will be granted to a Participant to compensate
the Participant for any downward fluctuations in the Market Value of a Common Share nor will any other form of benefit be conferred upon,
or in respect of, a Participant for such a purpose.

3.7 **Restricted Share Unit Grant Letter:** Each grant of a Restricted Share Unit under the Plan shall
be evidenced by a Restricted Share Unit grant letter of the Corporation, in the form attached as Schedule "A" hereto, and signed
in acknowledgement by the Participant. Such Restricted Share Unit grant letter shall be subject to all applicable terms and conditions
of the Plan and may include performance vesting conditions or any other terms and conditions which are not inconsistent with the Plan
and which the Board deems appropriate for inclusion in a Restricted Share Unit grant letter. The provisions of the various Restricted
Share Unit grant letters issued under the Plan need not be identical.

3.8 **Vesting Period and Term:** Concurrent with the determination to grant Restricted Share Units to a
Participant, the Board shall determine the vesting period and the term applicable to such Restricted Share Units. Unless the Board, at
its discretion, has set a shorter period of time, the Restricted Share Units will lapse ten (10) years from the RSU Grant Date.

3.9 **Eligible Employee Criteria:** The Board shall establish criteria for the grant of Restricted Share
Units to Eligible Employees, Consultants and Directors.

3.10 **Resignation or Termination with Cause Prior to Vesting:** If the employment or services of the Participant
is terminated prior to the Participant's Entitlement Date, for any reason other than death, disability, retirement or termination
without cause, then, except as provided for in the Restricted Share Unit grant letter or as determined by the Board, all Restricted Share
Units will be forfeited by the Participant, and be of no further force and effect, as of the Termination Date.

3.11 **Change of Control:** If there is a Change of Control, all Restricted Share Units outstanding shall
immediately vest on the date of such Change of Control notwithstanding any stated vesting period. In any event, upon a Change of Control,
Participants shall not be treated any more favourably than shareholders of the Corporation with respect to the consideration that the
Participants would be entitled to receive for their Common Shares.

3.12 **Necessary Approvals:** The Plan shall be subject to the approval of the shareholders of the Corporation
to be given by a resolution passed at a meeting of the shareholders of the Corporation and acceptance by the Nasdaq or any regulatory
authority or stock exchange having jurisdiction over the Corporation.

3.13 **Blackout Period:** If the date on which the Corporation shall issue or deliver Common Shares to the
Participant in accordance with Section 3.5 occurs during a Blackout Period applicable to the Participant, the Corporation shall issue
or deliver such Common Shares to the Participant on or as soon as practicable after the tenth (10<sup>th</sup>) trading day following
the end of the Blackout Period.

**Article Four<br> WITHHOLDING TAXES**

4.1 **Withholding Taxes:** The Corporation or any of its Affiliates may take such steps as are considered
necessary or appropriate for the withholding of any taxes which the Corporation or any of its Affiliates are required to withhold by any
law or regulation of any governmental authority whatsoever, and, without limiting the generality of the foregoing, may effect such withholding
through: (i) the withholding of all or any portion of any payment due to the applicable Participant; (ii) the withholding and sale, for
and on behalf of the applicable Participant, of the minimum number of Common Shares to be issued under the Plan sufficient to satisfy
such withholding obligation of the Corporation's or the Affiliate; or (iii) withholding of all or any portion of any issuance or
delivery of shares to be made to the Participant, until such time as the Participant has paid the Corporation or its Affiliates any amount
which the Corporation and its Affiliates are required to withhold with respect to such taxes.

**Article Five<br> GENERAL**

5.1 **Unfunded and Unsecured Plan:** The Plan shall be unfunded and the Corporation will not secure the
Corporation's obligations under the Plan. To the extent any Participant or his estate holds rights by virtue of an award of Restricted
Share Units under the Plan, such rights (unless otherwise determined by the Board) shall be no greater than the rights of an unsecured
creditor of the Corporation.

5.2 **Effective Time of Restricted Share Unit Plan:** The Plan shall be effective upon having received
shareholders' approval. The Plan shall remain in effect until it is terminated by the Board.

5.3 **Suspension, Termination or Amendment of Restricted Share Unit Plan:** The Board may, at any time,
suspend or terminate the Plan. The Board may also, at any time, amend or revise the terms of the Plan subject to the receipt of all necessary
regulatory and shareholders' approvals.

5.4 **Assignment:** Restricted Share Units and other rights or interest of a Participant under the Plan
are not assignable, except by testament or in accordance with legal provisions governing intestate successions, and any purported assignment
is void and of no force and effect whatsoever.

5.5 **Rights as a Shareholder, Employee or Consultant:** No holder of any Restricted Share Units shall
have any rights as a shareholder of the Corporation at any time. Nothing in the Plan shall confer on any Eligible Employee the right to
continuous employment with the Corporation or any Affiliate of the Corporation nor on any Consultant the right to provide services to
the Corporation or any Affiliate of the Corporation.

5.6 **Adjustment in Number of Shares Underlying Restricted Share Units:** In the event there is any change
in the Common Shares, whether by reason of a stock dividend, stock split, consolidation, subdivision, reclassification or otherwise, an
appropriate adjustment shall be made by the Board in the number of Common Shares subject to or underlying any Restricted Share Units.
If the foregoing adjustment shall result in a fractional Common Share, the fraction shall be disregarded. All such adjustments shall be
conclusive, final and binding for all purposes of the Plan.

5.7 **No Representation or Warranty:** The Corporation makes no representation or warranty as to the future
market value of any Common Shares issued in accordance with the provisions of the Plan.

5.8 **Compliance with Applicable Law:** If any provision of the Plan or any Restricted Share Unit contravenes
any law or any order, policy, by-law or regulation of any regulatory body having jurisdiction, including the Nasdaq then such provision
shall be deemed to be amended to the extent necessary to bring such provision into compliance therewith. Each Restricted Share Unit grant
letter will contain such provisions as in the opinion of the Board are required to ensure that no Common Shares are issued on the vesting
of a Restricted Share Unit unless the issuance of such Common Shares will be exempt from all registration, qualification and prospectus
requirements of securities laws of any jurisdiction and will be permitted under applicable law. The Corporation shall not be obliged by
any provision of the Plan or the grant of any Restricted Share Unit hereunder to issue, sell or transfer Common Shares in violation of
applicable law. No Restricted Share Unit shall be granted and no Common Shares issued or sold hereunder where such grant, issue or sale
would require registration of the Plan or of Common Shares under the securities laws of any jurisdiction and any purported grant of any
Restricted Share Unit or issue, sale or transfer of Common Shares hereunder in violation of this provision
shall be void. In addition, the Corporation shall have no obligation to issue any Common Shares pursuant to the Plan unless such Common
Shares shall have been duly listed, upon official notice of issuance, with the Nasdaq. Common Shares issued and sold to Participants pursuant
to the vesting of RSUs may be subject to limitations on sale or resale under applicable law. In particular, if required by applicable
law, a Restricted Share Unit grant letter may provide that shareholder approval to the grant of a Restricted Share Unit must be obtained
prior to the vesting of the Restricted Share Unit or to the amendment of a Restricted Share Unit grant letter.

5.9 **Interpretation:** The 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 Quebec and the federal laws of Canada applicable therein.

**SCHEDULE "A"**

**RESTRICTED SHARE UNIT GRANT LETTER**

This restricted share unit grant letter is entered into between Vision Marine Technologies Inc. Inc. (the "**Corporation**") and the Participant named below pursuant to the Corporation's restricted share unit plan (the "**Plan**"), a copy of which is incorporated by reference herein, and confirms the following Restricted Share Unit Award on the terms set out below and as further set out in the Plan:

---

| |
|:---|
| &nbsp;&nbsp;**Participant:** |
| &nbsp;&nbsp;**Address of Participant:** |
| &nbsp;&nbsp;**Restricted Share Unit Award:** |
| &nbsp;&nbsp;**Grant Date:** |
| &nbsp;&nbsp;**Vesting:** |
| &nbsp;&nbsp;**Conditions, Restrictions, Performance Objectives and/or Limitation, if any:** |

---

By receiving and accepting the Restricted Share Unit Award, the Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. confirms that he or she has read and understands the Plan and agrees to the terms and conditions of the
Plan and this restricted share unit grant letter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. consents to the collection, use and disclosure of personal information of the Participant by the Nasdaq
and all other regulatory authorities in accordance with their requirements, from time to time.

All capitalized terms used herein but not otherwise defined shall have the meaning given to them in the Plan.

Effective as of the _____ day of _______________, 20____.

---

| | | |
|:---|:---|:---|
| **VISION MARINE TECHNOLOGIES INC.** | **VISION MARINE TECHNOLOGIES INC.** | **VISION MARINE TECHNOLOGIES INC.** |
| By: |  |  |
|  | Name: | Name of Participant: |
|  | Title: |  |

---

## Exhibit 99.1

**Exhibit 99.1**

**VISION MARINE TECHNOLOGIES INC. ANNOUNCES CEO CONTRACT RENEWAL**

MONTRÉAL, Québec, September 26, 2025 (Access Newswire) – Vision Marine Technologies Inc. ("Vision Marine" or the "Company") (NASDAQ:VMAR) a company specializing in premium marine experiences and innovative propulsion solutions, today announced the renewal of the Executive Employment Agreement with Alexandre Mongeon as Chief Executive Officer of the Company, effective immediately.

Mr. Mongeon co-founded Vision Marine Technologies and has been the driving force behind its evolution into North America's first vertically integrated electric propulsion and multi-brand retail marine platform. Under his leadership, Vision Marine:

· Transitioned from boutique electric boat production to industrialized,
high-voltage propulsion systems.

· Set the world electric boat speed record at 116 mph.

· Listed on Nasdaq under ticker VMAR.

· Expanded operations through durable electric rental businesses
and strategically aligned government partnerships.

· Completed the acquisition of Nautical Ventures, awarded #1 Dealer
in the Boating Industry Top 100 Awards in 2024, giving Vision Marine a nine-location retail and service footprint across Florida, the
U.S. boating capital.

Alexandre Mongeon, CEO and Co-Founder of Vision Marine, stated: "*Since our ground-up inception in 2013, Vision Marine has built a diversified platform: durable electric boat rental operations, strategically aligned government programs, and pioneering boat design. Today, we are entering a critical inflection point: accelerating a scalable, equity-focused growth engine by integrating our proprietary propulsion technology with Nautical Ventures' expansive retail footprint. The renewal of my mandate underscores the Board's unwavering confidence in our ability to translate this blueprint into measurable shareholder value—through disciplined capital allocation, accelerated cash flow generation, and clear milestones in market expansion, technology licensing, and fleet deployments. We are laser-focused on delivering superior risk-adjusted returns, broadening our investor base, and establishing Vision Marine as the leading, sustainable propulsion platform in global maritime markets.*"

**Executive Employment Agreement**

In connection with the renewal of his appointment, the Company has entered into an Executive Employment Agreement with Mr. Mongeon that includes a bonus for the completion of the Nautical Ventures acquisition as well as Mr. Mongeon relocating to Florida to personally oversee the Company's expanded operations. Such bonus is to be paid by the issuance of 285,000 common shares of the Company. Additionally, as a long term incentive to drive shareholder value, the employment agreement provides that he is eligible to receive cash bonuses of up to US$750,000 and up to 500,000 of the Company's common shares, subject to the Company's achievement of certain defined Target Market Cap amounts. The first of these Target Market Cap milestones is achieved at $US15 million or more, the second milestone is achieved at US$25 million or more, and the third milestone is achieved at US$35 million or more. Mr. Mongeon, being an insider of the Company, the issuance of the common shares constitutes a "related party transaction" for the Company within the meaning of Multilateral Instrument 61-101 - *Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**"). The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval under MI 61-101 as the fair market value of the common shares to be issued to Mr. Mongeon does not exceed more than 25% of the market capitalization of the Company, as set forth in Sections 5.5(a) and 5.7(1)(a) of MI 61-101. The Executive Employment Agreement, the Restricted Share Unit Agreement and the issuance of common shares to Mr. Mongeon have been approved by the compensation committee of the Company, on which sits two independent directors of the Company. Furthermore, the issuance of the common shares to Mr. Mongeon remains subject to the disinterested shareholder approval.

The issuance of the bonus common shares issued to Mr. Mongeon upon the entry into his employment agreement are deemed restricted shares under U.S. Securities Laws and will be subject to the applicable holding period both in the United States and in Canada.

**Restricted Share Unit Plan**

The Board of Directors have also adopted a Restricted Share Unit Plan (the "RSU Plan") to be available to all full-time employees and officers of the Company and its affiliates as well as to Directors of the Board of the Company and to Consultants of the Company and its affiliates. As currently drafted, unless the Company has received disinterested shareholder approval to do so, the RSU Plan provides certain limitations namely, (i) the maximum aggregate number of Common Shares that may be issued under the RSU Plan (or any other security-based compensation plans, including the Corporation's stock option plan) shall be limited to the lesser of (a) 10% of the Corporation's issued and outstanding Common Shares and (b) such number of Common Shares as, when combined with all other share compensation arrangements (including any RSUs) would not exceed 10% of the outstanding Common Shares and (ii) at no point in any twelve (12) month period, may the Corporation be permitted to deliver Common Shares to any one Participant exceeding 70% of the aggregate number of Common Shares available for issuance under the Plan.

In connection with the renewal of his appointment, the Company has entered into a Restricted Share Unit Agreement with Mr. Mongeon granting him a total of 500,000 Restricted Share Units which will vest if and when the various Target Market Cap Milestones (as set forth above) are met.

The Board of Directors believes this compensation structure aligns the long-term interests of management and shareholders and appropriately incentivizes milestones that are expected to materially enhance shareholder value. The Company will seek disinterested shareholder approval for relief of the restrictions set forth in the RSU Plan in order to exceed the thresholds set forth above.

**About Vision Marine Technologies Inc.**

Vision Marine Technologies Inc. is a disruptive marine company offering premium boating experiences across both electric and internal combustion engine (ICE) segments. The Company designs, manufactures, and sells its flagship E-Motion™ 180E high-voltage electric outboard system—an industrialized, high-performance solution validated through multiple OEM integrations—while also providing consumers direct access to a wide portfolio of boats through its Nautical Ventures division. With established sales, service, and marina operations across Florida, Vision Marine delivers market-ready solutions to meet the evolving needs of recreational boaters and commercial operators.

**For further information please contact:**

Investor Relations

Bruce Nurse

Tel: (303) 919-2913

Email: bn@v-mti.com

Website: investors.visionmarinetechnologies.com

**Forward-Looking Statements:**

This press release contains forward-looking statements within the meaning of applicable securities laws. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially. Vision Marine disclaims any obligation to update forward-looking statements, except as required by law.