Document:

Counterpath Corporation: Exhibit 4.8 - Filed by newsfilecorp.com

COUNTERPATH CORPORATION

EMPLOYEE SHARE PURCHASE PLAN 

Adopted October 1, 2008 

Amended November 6, 2008, October 22, 2009, September 10,
2015 and November 2, 2015

COUNTERPATH CORPORATION 

EMPLOYEE SHARE PURCHASE PLAN 

Table of Contents 

	1.
      	Purpose
      of the Plan 	2
      
	 	 	 
	2.
      	Definitions
      	3
      
	 	 	 
	3.
      	Eligibility
      for Membership in the Plan 	5
      
	 	 	 
	4.
      	Contributions
      	6
      
	 	 	 
	5.
      	Dividend
      and Interest Payments and Voting Rights 	7
      
	 	 	 
	6.
      	Purchase
      of Shares 	8
      
	 	 	 
	7.
      	Vesting
      of Contributions 	8
      
	 	 	 
	8.
      	Withdrawals,
      Transfers, Sales and Suspensions 	9
      
	 	 	 
	9.
      	Distribution
      on Retirement, Termination of Employment or Death 	9
      
	 	 	 
	10.
      	Distribution
      of Benefits on Termination of Membership 	10
      
	 	 	 
	11.
      	Amendment
      or Termination of Plan 	10
      
	 	 	 
	12.
      	Trustee
      	12
      
	 	 	 
	13.
      	Administration
      	12
      
	 	 	 
	14.
      	Market
      Fluctuation and Selling of Shares 	13
      
	 	 	 
	15.
      	Miscellaneous
      Provisions 	13
      
	 	 	 
	Appendix
      A – Form of Election to Purchase Shares 	15
      
	 	 
	Appendix
      B – Form of Instrument Changing Employee Contribution Level 	16
      
	 	 
	Appendix
      C – Form of Withdrawal, Transfer or Sale of Shares 	17
      
	 	 
	Appendix
      D – Form of Instrument Suspending Contributions 	19
      
	 	 
	Appendix
      E – Form of Instrument Resuming Contributions 	20
      
	 	 
	Appendix
      F – Form of Instrument Cancelling Participation 	21
      

	1. 	
      PURPOSE OF THE PLAN

	 	 
	1.1 	
      The Company hereby establishes a share purchase plan (the
      “Plan”) for the Employees of the Company and its Subsidiaries.

	 	 
	1.2 	
      Subject to all required regulatory approvals, this Plan
      shall be effective as of and from October 1, 2008 (the “Commencement
      Date”) until the Expiry Date, unless earlier terminated as provided
      herein.

	 	 
	1.3 	
      The purpose of this plan is to give employees of the
      Company access to another equity participation vehicle by way of an
      opportunity to purchase common shares of the Company through payroll
      deductions and encourage them to use their combined best efforts on behalf
      of the Company to improve its profits through increased sales, reduction
      of costs and increased efficiency.

2 

	2. 	
      DEFINITIONS

	 	 
	2.1 	
      In this Plan, the following terms shall have the meanings
      set forth below.

	 	(a) 	
      “Account(s)” means a Cash Account or an RRSP Account or
      both created by the Trustee for a Participant, in which the assets held by
      the Trustee for such Participant under the terms of this Plan are held and
      recorded.

	 	 	 
	 	(b) 	
      “Acquirer” means the successor to all or substantially
      all of the assets or capital shares of the Company, or any other successor
      of the business of the Company as determined by the Board of Directors, in
      either case pursuant to a Change of Control, and includes the affiliated
      entities of any such successor.

	 	 	 
	 	(c) 	
      “Basic Compensation” means the base salary received by an
      Employee in the applicable Pay Period but does not include, without
      limitation, overtime pay, commissions, bonus payments, or the value of
      other benefits or amounts contributed by the Company under this
    Plan.

	 	 	 
	 	(d) 	
      “Board of Directors” means the board of directors of the
      Company, or if the Board of Directors has delegated administration of the
      Plan to a compensation committee, then “Board of Directors” shall mean
      such compensation committee.

	 	 	 
	 	(e) 	
      “Business Day” means any day other than a Saturday,
      Sunday or statutory or civic holiday on which chartered banks in
      Vancouver, British Columbia are open for business.

	 	 	 
	 	(f) 	
      “Cash Account” means an account, which is not a
      registered retirement savings plan account, created by the Trustee for a
      Participant in which the assets subject to this Plan are held and
      recorded.

	 	 	 
	 	(g) 	
      “Cessation Date” means the date that the Participant
      ceases for any reason (other than death or Retirement, but otherwise
      including, without limitation, resignation, Disability, or termination of
      employment with or without cause), to render Service to the Company or a
      Subsidiary; provided, that, notwithstanding any other term or provision of
      this Plan, in the event of the termination of the Participant’s Service
      without cause, the Cessation Date shall be the date the Participant is
      given actual notice of termination by the Company or a Subsidiary, without
      reference to any period of notice of termination to which the Participant
      may be entitled at law or pursuant to any employment agreement, whether or
      not such termination has been effected in accordance with applicable
      law.

	 	 	 
	 	(h) 	
      “Change of Control” means (i) a merger, amalgamation,
      consolidation, reorganization or arrangement of the Company with or into
      another corporation (other than a merger, amalgamation, consolidation,
      reorganization or arrangement of the Company with one or more of its
      related entities (as defined in NI 45-106); (ii) a tender offer for all or
      substantially all of the outstanding common shares of the Company; (iii)
      the sale of all or substantially all of the assets of the Company; or (iv)
      any other acquisition of the business of the Company as determined by the
      Board of Directors.

	 	 	 
	 	(i) 	
      “Commencement Date” has the meaning set forth in Section
      1.2 of this Plan.

	 	 	 
	 	(j) 	
      “Company” means CounterPath Corporation, and any
      successor company resulting from the amalgamation of the Company and any
      other company or other entity resulting from any other form of corporate
      reorganization thereof.

	 	 	 
	 	(k) 	
      “Disability” means the inability of the Participant to
      engage in substantial gainful activity by reason of a medically
      determinable physical or mental impairment (which state shall
  be determined by the Company on the basis of such medical evidence
as the Company deems warranted in the circumstances). 

3 

	 	(l) 	
      “Election to Purchase Shares” means an election,
      substantially in the form as set forth in Appendix A hereto, setting out
      the terms of an Employee’s election to participate in, and purchase Shares
      under, the Plan.

	 	 	 
	 	(m) 	
      “Employee” means a person (including a resident of the
      United States or outside of North America) under a permanent full-time or
      part-time contract of employment with the Company or a Subsidiary who
      participates in the Company’s or any of its Subsidiaries’ regular benefit
      plans (which fact shall be determined exclusively by the Board of
      Directors) including, without limitation, any such person who is also an
      officer or a director of the Company or a Subsidiary.

	 	 	 
	 	(n) 	
      “Expiry Date” means that date which is ten (10) years
      after the Commencement Date.

	 	 	 
	 	(o) 	
      “Exchange” means the Toronto Stock Exchange or any other
      share exchange upon which the Shares are then listed and traded.

	 	 	 
	 	(p) 	
      “form” means any paper-based, web-based or any other
      electronic form as determined by the Company from time to time and
      includes the forms attached hereto which may be delivered, executed or
      otherwise completed in a method determined by the Company including the
      determination that such delivery, execution or completion be by way of any
      electronic or web- based means.

	 	 	 
	 	(q) 	
      “Insider” has the meaning set forth in the Securities Act
      and includes associates and affiliates (as such terms are defined by the
      Exchange) of the Insider.

	 	 	 
	 	(r) 	
      “Market Price” means the closing trading price of the
      Shares on the Exchange on such date in question, or, if Shares were not
      traded on such date on the Exchange, then on the preceding trading day
      during which a trade occurred.

	 	 	 
	 	(s) 	
      “Matching Assets” means all dividends and other assets
      allocated to a Participant’s Account on account of the Matching
    Shares.

	 	 	 
	 	(t) 	
      “Matching Shares” means Shares issued by the Company as
      contemplated by Section 4.2 of this Plan.

	 	 	 
	 	(u) 	
      “NI 45-106” means National Instrument 45-106 – Prospectus
      Exemptions, promulgated under the Securities Act, as such instrument may
      be amended from time to time, or any successor instrument
  thereto;

	 	 	 
	 	(v) 	
      “Participant” means any eligible Employee (as determined
      solely by the Board of Directors) who has elected to participate in the
      Plan, who has submitted an Election to Purchase Shares and who has not
      subsequently withdrawn from the Plan.

	 	 	 
	 	(w) 	
      “Participant Assets” means all dividends and other assets
      allocated to a Participant’s Account on account of the Participant
      Shares.

	 	 	 
	 	(x) 	
      “Participant Shares” means Shares purchased by the
      Trustee on behalf of the Participant with monies contributed by the
      Participant.

	 	 	 
	 	(y) 	
      “Pay Period” means the normal weekly, bi-weekly or
      monthly pay period as determined by the Company from time to
  time.

4 

	 	(z) 	
      “Payroll Administrator” means, initially, ADP and
      thereafter the Payroll Administrator selected by the Company, and the
      successor or successors thereto from time to time.

	 	 	 
	 	(aa) 	
      “Purchase Price” means, on any particular day with
      reference to Shares, the volume weighted average trading price of the
      Shares on the Exchange for the five trading days immediately preceding the
      end of the month in question as determined by the Company.

	 	 	 
	 	(bb) 	
      “Retirement” means retirement at age sixty-five (65) or
      older.

	 	 	 
	 	(cc) 	
      “RRSP Account” means a registered retirement savings plan
      account.

	 	 	 
	 	(dd) 	
      “Securities Act” means the Securities Act (British
      Columbia), as the same may be amended from time to time.

	 	 	 
	 	(ee) 	
      “Service” means continuous service to the Company or any
      of its Subsidiaries as an Employee.

	 	 	 
	 	(ff) 	
      “Share Compensation Arrangement” means a plan or program
      established or maintained by the Company providing for the acquisition of
      securities of the Company as compensation or as an incentive or benefit
      for services provided to the Company.

	 	 	 
	 	(gg) 	
      “Shares” means the common shares in the capital of the
      Company as presently constituted; provided that upon any subdivision,
      consolidation or reorganization of such shares or other change in the
      corporate structure or share capital of the Company, “Shares” shall mean
      such ordinary shares as are subdivided, consolidated, reorganized or
      changed, with such adjustment in the number thereof as may be thereby
      deemed appropriate by the Company.

	 	 	 
	 	(hh) 	
      “Subsidiary” means a corporation (located in Canada, the
      United States or outside of North America) or other entity which is
      controlled by the Company. For the purposes of this definition, the
      Company controls a body corporate or other entity
if:

	 	(i) 	
      in the case of a body
corporate:

	 	A. 	
      securities of the body corporate to which are attached
      more than 50% of the votes that may be cast to elect directors of the body
      corporate are held, other than by way of security only, by or for the
      benefit of the Company, and

	 	 	 
	 	B. 	
      the votes attached to those securities are sufficient, if
      exercised, to elect a majority of the directors of the body corporate;
      and

	 	(ii) 	
      in the case of an entity other than a body corporate,
      more than 50% of the voting or equity interests of such entity are
      controlled, directly or indirectly, by or for the benefit of the
      Company.

	 	(ii) 	
      “Trustee” means the agent or agents of the Plan appointed
      by the Company in accordance with Section 12.1 of this Plan, and the
      successor or successors thereto from time to
time.

	3. 	
      ELIGIBILITY FOR MEMBERSHIP IN THE PLAN

	 	 
	3.1 	
      The Plan is open to all eligible Employees (as determined
      solely by the Board of Directors) at any time after the Employee has
      completed his/her probationary employment period with the Company subject
      to the rules set forth below. Participation in the Plan is entirely
      voluntary.

	 	(a) 	
      Enrolment. An Employee shall become a Participant
      by duly executing and delivering to the Company an Election to Purchase
      Shares; provided that, the Participant’s participation in the Plan shall
      only be effective on the first day of the first Pay Period following the
      date that is thirty (30) days after such Election to Purchase Shares is received by the
Company. The Election to Purchase Shares authorizes the Company or a Subsidiary,
as applicable, to make regular payroll deductions for contributions to the Plan
in respect of Participants. 

5 

	 	(b) 	
      Termination of Employment. Participation in the
      Plan shall cease on the Cessation Date (in the event that the
      Participant’s Service is terminated for any reason other than death or
      Retirement) or the death or Retirement of the Employee, whichever is first
      to occur.

	 	 	 
	 	(c) 	
      Re-Employment. Except in cases of leave of absence
      approved in writing by the Company or a Subsidiary, a former Employee who
      is subsequently re-employed by the Company or a Subsidiary shall be
      considered a new Employee for the purposes of the Plan.

	 	 	 
	 	(d) 	
      Leave of Absence. A Participant who is on leave of
      absence or is absent due to illness or Disability shall not be permitted
      to make any contribution for that period of absence; during that period of
      absence, such Participant shall be deemed to remain in the employ of the
      Company or a Subsidiary for all other purposes of the Plan.

	 	 	 
	 	(e) 	
      Election to Purchase Shares. Each Employee who
      requests information about the Plan shall have delivered to him or her a
      copy of the Plan together with an Election to Purchase Shares to become a
      Participant. Execution of an Election to Purchase Shares by the Employee
      and admittance by the Company of the Employee as a Participant shall be
      deemed to be an acceptance by the Employee of the terms and forms of the
      Plan without further action or other formality.

	 	 	 
	 	(f) 	
      Plan Shares. The Participant Shares that may be
      purchased by the Trustee from the Company on behalf of the Participants,
      and, the Matching Shares that may be issued by the Company to the Trustee
      on behalf of the Participants, in accordance with the terms of the Plan at
      any time, shall be authorized and unissued Shares of the Company in an
      amount up to but not exceeding an aggregate of 120,000 Shares, and such
      number of Shares shall be set aside for the purposes of the Plan. The
      Company reserves the right to allocate Shares to Participants on a
      pro-rata basis should the number of Shares to be purchased or issued under
      the Plan exceed 120,000 Shares.

	 	 	 
	 	(g) 	
      Price of Shares. The price at which Participant
      Shares purchased from the Company and Matching Shares issued by the
      Company in accordance with the terms hereof shall be the Purchase
      Price.

	4. 	
      CONTRIBUTIONS

	 	 
	4.1 	
      Employee
Contributions.

	 	(a) 	
      Each Participant shall contribute through payroll
      deductions to the Plan in each Pay Period, at the Participant’s option as
      designated by the Participant, an amount equal to or between the following
      minimum and maximum amounts (in whole percentages
only):

	 	(i) 	
      a minimum of one percent (1%) of the Participant’s Basic
      Compensation; and

	 	 	 
	 	(ii) 	
      a maximum of six percent (6%) of the Participant’s Basic
      Compensation.

	 	(b) 	
      If a Participant is resident in Canada, a Participant
      shall be permitted to contribute Participant Shares and Matching Shares to
      such Participant’s RRSP Account. The Participant is solely responsible for
      ensuring that contributions made to the Plan do not exceed the maximum
      dollar limit under the Income Tax Act (Canada) for contributions to
      registered retirement savings plans. For greater certainty, neither the
      Company nor any Subsidiary nor the Trustee shall be responsible for any
      taxes or penalties that result from a breach of the maximum dollar limit
      under the Income Tax Act (Canada).

6 

	 	(c) 	
      The Company or a Subsidiary, as agent of the Participant,
      shall make (or direct the Payroll Administrator to make) the payroll
      deductions required by the terms of the Plan and pay (or direct the
      Payroll Administrator to pay) the Participant’s contribution to the
      Trustee in accordance with Section 4.1(e) below, and the Company, its
      Subsidiaries and each Payroll Administrator is authorized by the
      Participant to do so by such Participant’s execution of an Election to
      Purchase Shares.

	 	 	 
	 	(d) 	
      The Participant may change his or her contribution level
      twice in any 12 month period by filing a form with the Company,
      substantially in the form as set forth in Appendix B hereto (or other
      applicable form as provided by the Trustee), indicating the change to the
      Company, at least 30 days prior to the applicable effective date of such
      change.

	 	 	 
	 	(e) 	
      On the last day of each Pay Period, the Company shall (or
      shall direct the Payroll Administrator to) forward all monies deducted
      from Participants by means of payroll deductions (as provided in Section
      4.1 hereof), to the Trustee who shall hold such monies for the benefit of
      each of the Participants (subject to the provisions of Section 7 hereof).
      The Trustee shall maintain a separate Account or Accounts for each
      Participant to which shall be credited all of such Participant’s
      contributions.

	4.2 	
      Corporate Contribution. On the last Business Day
      of each month, the Company will issue to the Trustee that number of
      Matching Shares equal to fifty (50%) of the aggregate number of
      Participant Shares purchased by the Trustee on behalf of the Participants
      for such month. All Matching Shares so issued shall be immediately
      released and transferred to the Participant’s Cash Account or RRSP
      Account, as directed by the Participant, for the benefit of the
      Participant.

	 	 
	4.3 	
      Tax Treatment of Contributions. The tax
      ramifications for Participants participating in the Plan will depend on a
      number of factors, including whether or not a Participant elects to
      purchase Shares pursuant to the Plan in an RRSP, 401K, or other Account.
      Participants should note that income tax laws are subject to change and
      such changes may affect the tax treatment of the Plan and the
      Participant’s individual tax treatment. Participants should consult their
      tax advisors to determine their individual tax treatment in connection
      with their participation in the Plan. The Corporation will withhold
      appropriate income taxes and other required withholdings on the basis of
      each Participant’s actual salary.

	 	 
	4.4 	
      Costs and Expenses. The Company or its
      Subsidiaries shall pay all administration expenses in connection with the
      operation of the Plan, including, without limitation, all commissions for
      purchases of Shares. Commissions, taxes and all governmental or other
      charges in connection with sales, as well as all charges for or associated
      with any transfers, withdrawals or personal administrative requests, are
      payable by the Participant who orders the transaction for his or her
      Account.

	 	 
	5. 	
      DIVIDEND AND INTEREST PAYMENTS AND VOTING
      RIGHTS

	 	 
	5.1 	
      Dividends and Interest. Dividends on Shares will
      be allocated to the appropriate Accounts by the Trustee upon receipt of
      such amounts by the Trustee. Cash dividends are reinvested in the Shares
      as soon as possible subject to available trading volumes. Contributions
      are withheld by the Trustee without interest or benefit accruing to the
      Participant.

	 	 
	5.2 	
      Reports and Voting. The Trustee will deliver to
      each Participant, as promptly as practicable, by mail or otherwise, all
      notices of meetings, proxy statements and other material distributed by
      the Company to its shareholders. There is no charge to the Participants
      for the Trustee’s retention of share certificates, or in connection with
      the notices, proxies or other such material. The full Shares in each
      Participant’s Account shall be voted in accordance with such Participant’s
      signed proxy instructions duly delivered. In the absence of such
      instructions, the Shares will not be voted. In the alternative, the
      Trustee may sign a proxy granting a Participant a right to vote, on behalf
      of the Trustee, the Shares held by the Trustee in the Participant’s
      Account.

7 

	6. 	
      PURCHASE OF SHARES

	 	 
	6.1 	
      Purchase of Participant Shares. On the last
      Business Day of each month, the Trustee shall pool all contributions
      received from the Participants during such month and shall forthwith, at
      the written direction of the Company, either:

	 	(a) 	
      subscribe for and purchase from the Company such number
      of Participant Shares, at the Purchase Price, that those contributions can
      buy; or

	 	 	 
	 	(b) 	
      purchase through a stock broker on the open market
      through the facilities of the Exchange such number of Participant Shares,
      at the price on the open market, that those contributions can buy;
      provided that if such purchase cannot be completed within fifteen (15)
      days, then the Trustee shall purchase the Participant Shares from the
      Company as provided for in Section 6.1(a)
hereof.

		
      Such direction by the Company to the Trustee shall be and
      remain effective until the Company provides a subsequent direction to the
      Trustee. The Company shall pay all brokers’ commissions, or similar fees,
      incurred in connection with any purchases of Shares by the Trustee. The
      Company shall have no control over the timing or price of Participant
      Shares purchased on the open market in accordance with Section
    6.1(b).

	 	 
	6.2 	
      Issuance of Matching Shares. On the last Business
      Day of each month, the Company shall issue to the Trustee such number of
      Matching Shares equal to fifty (50%) of the aggregate number of
      Participant Shares purchased by the Trustee pursuant to Section 6.1
      above.

	 	 
	6.3 	
      Share Certificates. Certificates or an applicable
      book entry representing the Shares purchased, issued or otherwise received
      by the Trustee pursuant to the Plan shall be registered in the name of the
      Trustee and shall be held by the Trustee for the benefit of the Company
      and the Participants in accordance with the terms of this Plan.

	 	 
	6.4 	
      Crediting of Shares to Accounts. The monthly
      aggregate number of Shares purchased by the Trustee with the contributions
      made by the Participants shall be allocated by the Trustee to each Account
      of the Participants, in proportion to the contributions made by or on
      behalf of the Participant. The monthly aggregate number of Matching Shares
      issued by the Company to the Trustee shall be allocated by the Trustee to
      each Account of the Participants, as being attributable to the Participant
      in respect to whom such Matching Shares were issued. Allocations of
      fractional shares shall be permitted.

	 	 
		
      Stock dividends, stock splits, or both, as applicable, in
      respect of Shares that are held in the Participant’s Account will be
      credited to the Account without charge. Distributions of other securities
      (except pursuant to a merger, consolidation or other reorganization of the
      Company) and rights to subscribe may be sold and the proceeds will be
      handled in the same manner as a cash dividend.

	 	 
	7. 	
      VESTING OF CONTRIBUTIONS

	 	 
	7.1 	
      Participant Shares. All Participant Shares,
      Participant Assets, Matching Shares and Matching Assets shall be fully
      vested immediately upon receipt of such Shares or assets, as applicable,
      by the Trustee.

	 	 
	7.2 	
      Rights of Matching Shares The Matching Shares
      shall have the same rights (including, without limitation, voting,
      dividend or liquidation rights) as the Company’s common shares and shall
      be eligible for inclusion in an RRSP.

	 	 
	7.3 	
      Termination of Service. On the termination of the
      Participant’s Service for any reason: (i) the Participant Shares and
      Participant Assets, and (ii) any and all Matching Shares and Matching
      Assets, shall be dealt with as provided in Section
9.

8 

	8. 	
      WITHDRAWALS, TRANSFERS, SALES AND
    SUSPENSIONS

	 	 
	8.1 	
      Withdrawal, Transfer or Sale. At the end of any
      month and subject to prior express notice to the Company and the Trustee
      (such notice being in a form as determined by the Company and the
      Trustee), a Participant may withdraw, transfer or sell up to 100% of the
      Shares in such Participant’s Account; provided that during the previous
      twelve (12) calendar months such Participant has not made more than one
      other withdrawal, transfer or sale from the Plan. After obtaining approval
      from the Company for such withdrawal, transfer or sale, the Trustee shall
      satisfy such withdrawal, transfer or sale request by: (i) in the case of a
      withdrawal or transfer request, delivering all Shares (other than
      fractional Shares) requested to be withdrawn or transferred by the
      Participant, held in the Participant’s Account, to the Participant or such
      third party as designated by the Participant, and (ii) in the case of a
      sale, by selling all Shares (other than fractional Shares) requested to be
      sold by the Participant, held in the Participant’s Account, and distribute
      the cash proceeds to the Participant, less any commissions or fees, as
      applicable, provided that any such sale of Shares is in accordance with
      Section 14.2. No withdrawal or transfer of any cash amount in a
      Participant’s Account shall be permitted as part of a withdrawal or
      transfer of Shares from such Account pursuant to the provisions of this
      Section 8.1. The value of any fractional Shares requested to be withdrawn,
      transferred or sold shall be converted to cash by the Trustee and
      allocated to such Participant’s Account for payment to such
      Participant.

	 	 
		
      If a Participant makes two withdrawals, transfers or
      sales from the Plan in any twelve (12) month period pursuant to the
      provisions of Section 8.1 hereof, then such Participant shall be
      prohibited from making further contributions to, or withdrawals, transfers
      or sales from, the Plan (other than a withdrawal, transfer or sale of the
      remaining assets in such Participant’s Account upon termination of such
      Participant’s membership in the Plan as set forth in Section 10 hereof)
      until the first Business Day of the month following the first anniversary
      of such second withdrawal, transfer or sale. The form to be used by a
      Participant for the withdrawal, transfer or sale of Shares shall be
      substantially in the form as set forth in Appendix C hereto, which shall
      indicate, among other things, the number of Shares such Participant wishes
      to withdraw, transfer or sell and, in the case of a withdrawal or
      transfer, the particulars relating to the registration of the Shares that
      are to be delivered, if any.

	 	 
		
      Notwithstanding the foregoing, the Company, in its sole
      discretion, has the right to vary or amend the number of withdrawals,
      transfers or sales permitted by any Participant in accordance with this
      Section 8.1 based on extenuating circumstances or compassionate grounds.
      Such variance or amendment shall only apply to the Participant in
      question.

	 	 
	8.2 	
      Suspension of Contributions. A Participant may
      elect at any time to suspend contributions to the Plan by giving at least
      thirty (30) days prior express written notice to the Company to that
      effect. During such period of suspension, the rights and obligations of
      such Participant, the Company and its Subsidiaries, and the Trustee shall
      remain in full force and effect. A Participant who has suspended
      contributions under this Section 8.2 may resume contributions to the Plan
      on a subsequent date by express written notice to the Company to that
      effect at least thirty (30) days prior to such date. The form to be used
      by a Participant for such a suspension shall be substantially in the form
      as set forth in Appendix D hereto. The form to be used by a Participant to
      resume contributions to the Plan shall be substantially in the form as set
      forth in Appendix E hereto.

	 	 
	9. 	
      DISTRIBUTION ON RETIREMENT, TERMINATION OF EMPLOYMENT
      OR DEATH

	 	 
	9.1 	
      Termination of Employment or Retirement of
      Participant. A Participant whose Service is terminated for any reason
      other than death, or a Participant who retires, must withdraw or otherwise
      transfer all of the Participant Shares, Participant Assets, Matching
      Shares and Matching Assets in the Participant’s Account within ninety (90)
      days of such termination of Service (for greater certainty, the number of
      Matching Shares to be released to the Participant under this Section 9.1
      shall be determined as of the date the actual notice of termination of
      Service is given by the Corporation to the Participant without reference
      to any “notice period” or “severance period” or any other period after the
      date that actual notice of termination of Service is given) or retirement.
      In the absence of specific instructions as to the method of distribution
      or transfer within the said ninety (90) day period, the Trustee will sell
      all of the Shares in the Participant’s Account (other than any fractional Shares), distribute the cash
proceeds to the Participant, less any commissions, fees and withholding taxes,
as applicable, provided that any such sale of Shares is in accordance with
Section 14.2, and deregister the RRSP Account, if applicable. 

9 

	9.2 	
      Death of Participant. Following the death of a
      Participant, the Shares and other assets in such Participant’s Account
      will be distributed by the Trustee to such Participant’s estate or Account
      beneficiary, if any. The distribution shall be made by the Trustee in
      accordance with the written instructions of the legal representative of
      the Participant’s estate (provided that the Trustee has been provided with
      all relevant supporting documentation that it customarily requires) or by
      the Account beneficiary by:

	 	(a) 	
      the delivery of all Shares (other than any fractional
      Shares) and any cash held in the Participant’s Account;

	 	 	 
	 	(b) 	
      the distribution of cash realized from the sale of such
      Shares by the Trustee;

	 	 	 
	 	(c) 	
      a transfer to another registered retirement savings plan,
      if permitted by law; or

	 	 	 
	 	(d) 	
      a combination thereof.

		
      The value of any fractional Shares shall be distributed
      in cash in an amount equal to the fraction multiplied by the Market Price
      on the Business Day prior to the date of payment. If the legal
      representative of the Participant’s estate or Account beneficiary fails to
      make an election within ninety (90) days of the Participant’s death, then
      the Trustee shall make delivery in accordance with the provisions set
      forth in Section 9.2(a) above.

	 	 
	9.3 	
      Notifications to Trustee. The Company shall notify
      the Trustee in writing upon the Retirement, termination of employment or
      death of a Participant.

	 	 
	10. 	
      DISTRIBUTION OF BENEFITS ON TERMINATION OF
      MEMBERSHIP

	 	 
	10.1 	
      Cancellation of Participation. A Participant may
      cancel his or her Election to Purchase Shares at any time by express
      notice of cancellation delivered to and receipted for by the Company and
      the Trustee (such notice being in a form as determined by the Company and
      the Trustee). Upon receipt of such notice of cancellation, the Trustee
      shall return to the Participant the appropriate portion of the
      Participant’s Account in the manner set out in Section 9.1 hereof. Payment
      thereof shall constitute a discharge of the Company’s and its
      Subsidiaries’ obligations to the Participant under the Plan. If a
      Participant cancels his or her Election to Purchase Shares under the Plan,
      then the Participant shall not be entitled to rejoin or otherwise
      participate in such Plan until the first anniversary of such cancellation.
      The form to be used by a Participant to cancel his or her Election to
      Purchase Shares shall be substantially in the form as set forth in
      Appendix F hereto.

	 	 
	11. 	
      AMENDMENT OR TERMINATION OF PLAN

	 	 
	11.1 	
      Amendment or Termination. The Company reserves the
      right to discontinue use of payroll deductions at any time such action is
      deemed advisable, in its sole discretion. The Plan may be amended, altered
      or discontinued by the Company at any time, subject to obtaining: (i) any
      necessary approval of any applicable regulatory authority including,
      without limitation, the Exchange if the Shares are listed on the Exchange
      or any other stock exchange or market on which the Shares are then listed
      or admitted to trading; and (ii) if required by the rules of the Exchange
      if the Shares are listed on the Exchange, the approval of the shareholders
      of the Company in accordance with the rules, regulations and policies of
      the Exchange at a duly constituted meeting of shareholders (“Shareholder
      Approval”). Notwithstanding the foregoing, the following amendments to the
      Plan may be made by the Board without Shareholder
  Approval:

	 	(a) 	
      amendments of a technical, clerical or “housekeeping”
      nature, or to clarify any provision of the Plan, including without
      limiting the generality of the foregoing, any amendment for the purpose
      of curing any ambiguity, error or omission in the Plan or to
correct or supplement any provision of the Plan that is inconsistent with any
other provision of the Plan; 

10 

	 	(b) 	
      suspension or termination of the Plan;

	 	 	 
	 	(c) 	
      amendments to respond to changes in legislation,
      regulations, instruments (including NI 45- 106), stock exchange rules
      (including the rules, regulations and policies of the Exchange) or
      accounting or auditing requirements;

	 	 	 
	 	(d) 	
      amendments respecting administration of the
  Plan;

	 	 	 
	 	(e) 	
      any amendment to the definition of “Employee”;

	 	 	 
	 	(f) 	
      any amendment to the definition of
“Subsidiary”;

	 	 	 
	 	(g) 	
      changes to the vesting provisions for any outstanding
      Matching Shares;

	 	 	 
	 	(h) 	
      amendments to the Participant contribution provisions of
      the Plan;

	 	 	 
	 	(i) 	
      amendments to the withdrawal and suspension provisions of
      the Plan;

	 	 	 
	 	(j) 	
      amendments to the number or percentage of Matching Shares
      contributed by the Company;

	 	 	 
	 	(k) 	
      amendments to the termination provisions of the
    Plan;

	 	 	 
	 	(l) 	
      adjustments to reflect stock dividends, stock splits,
      reverse stock splits, share combinations or other alterations of the
      capital stock of the Company; and

	 	 	 
	 	(m) 	
      any other amendment, whether fundamental or otherwise,
      not requiring shareholder approval under applicable law (including,
      without limitation, the rules, regulations and policies of the
      Exchange).

Shareholder Approval will be required
for the following types of amendments: 

	 	(i) 	
      amendments to the number of Shares issuable under the
      Plan, including an increase to the fixed maximum number of Shares or a
      change from a fixed maximum number of Shares to a fixed maximum
      percentage; and

	 	 	 
	 	(ii) 	
      amendments required to be approved by shareholders under
      applicable law (including, without limitation, the rules, regulations and
      policies of the Exchange).

In the event of any conflict between
subsections (a) to (m) and subsections (i) to (ii), above, the latter shall
prevail to the extent of any conflict. 

In the event of any amendment or
termination of the Plan in accordance with this Section 11, such amendment or
termination will not result in the forfeiture of any funds deducted from the
Basic Compensation of any Participant, or any dividends or other distributions
in respect of the Participant Shares, effective before the effective date of
amendment or termination of the Plan. In the event of any termination, each
Participant shall be entitled to 100% of the Participant Shares, Participant
Assets, Matching Shares and Matching Assets in the Participant’s Account as of
the date of such termination, which shall be distributed to each Participant
within ninety (90) days following termination of the Plan. 

11 

	12. 	
      TRUSTEE

	 	 
	12.1 	
      The Company shall designate the Trustee to open and
      maintain Accounts for the benefit of the Participants and to arrange for
      purchases of the Participant Shares and receipt of the Matching Shares.
      The Company may, in its discretion, substitute another corporation as
      Trustee under the Plan and the Trustee may terminate its services,
      provided such substitution or termination, as the case may be, shall be on
      ninety (90) days notice given by the party effecting the action.

	 	 
	12.2 	
      The Trustee is authorized and directed by the Company and
      the Participants to purchase Participant Shares and receive Matching
      Shares, provided that the Trustee has been provided with the contributions
      and necessary payroll information. The Trustee agrees to make such
      purchases of Participant Shares as soon as such contributions are
      received, and if such Participant Shares are being purchased on the open
      market subject to the trading volume of the Shares. Participant Shares
      shall be allocated absolutely, and Matching Shares shall be allocated
      subject to the terms and provisions of the Plan (including without
      limitation Section 7.2 hereof) by the Trustee to such Participant’s
      Account.

	 	 
	12.3 	
      The Trustee shall maintain an Account for each
      Participant showing a record of the assets held in each such Participant’s
      Account under the Plan, and the interest accrued thereon, if any. The
      Trustee shall furnish to the Participants a summary by way of a
      password-protected web-page containing the following
  information:

	 	(a) 	
      the total amount of the contributions made by such
      Participant; and

	 	 	 
	 	(b) 	
      the number of Shares in such Participant’s
  Account.

		
      Each such statement shall be deemed to have been accepted
      by the Participant as correct unless written notice to the contrary shall
      have been received by the Trustee within three (3) months of the date of
      such statement.

	 	 
	12.4 	
      The Trustee shall be protected in acting and relying upon
      any written notice, certificate, confirmation, request, waiver, consent,
      receipt, statutory declaration or other paper or document (collectively
      referred to as the “Documents”) furnished to it and signed by any person
      required to or entitled to execute and deliver to the Trustee any such
      Documents in connection with any action or omission of the Trustee
      hereunder, not only as to its due execution and the validity and
      effectiveness of the Documents’ provisions, but also as to the truth and
      accuracy of any information therein contained, which the Trustee in good
      faith believes to be genuine.

	 	 
	12.5 	
      No amendment, change or modification to the Plan shall be
      made which will, without the Trustee’s consent, alter the duties of the
      Trustee under the Plan.

	 	 
	13. 	
      ADMINISTRATION

	 	 
	13.1 	
      The Trustee shall act on behalf of the Company and its
      Subsidiaries in the day-to-day administration of the Plan.

	 	 
	13.2 	
      Subject to the provisions of the Plan, the Company shall
      be authorized to interpret the Plan and to establish, amend and rescind
      any rules and regulations relating to the Plan and to make all other
      determinations necessary or advisable for the administration of the Plan.
      The Company may correct any defect, supply any omission and reconcile any
      inconsistency in the Plan and, to the extent it shall be deemed desirable
      by the Company, to carry it into effect. The determinations of the Company
      in the administration of the Plan, as described herein, shall be final and
      conclusive. The Company shall provide the Trustee with written notice of
      any amendments or changes to the Plan as described
  herein.

12 

	14. 	
      MARKET FLUCTUATION AND SELLING OF SHARES

	 	 
	14.1 	
      THERE IS NO GUARANTEE UNDER THE PLAN AGAINST LOSS OF
      VALUE OF THE SHARES. IN SEEKING THE BENEFITS OF PARTICIPATION IN THE PLAN,
      AN EMPLOYEE MUST ACCEPT THE RISK OF A DECLINE IN THE MARKET PRICE OF THE
      SHARES AND THE TOTAL LOSS OF HIS OR HER INVESTMENT IN THE SHARES.
      Neither the Company nor its Subsidiaries nor the Trustee will bear any
      responsibility for any loss that may occur as a result of such market
      fluctuation or otherwise. Neither the Company nor its Subsidiaries nor the
      Trustee makes any representation or warranty that the Shares are suitable
      investments for any particular eligible Employee. Subject to Section 6,
      any purchase or sale of the Shares or any other security by the Trustee
      provided for in this Plan may be at such price or prices and at such time
      or times for the purchase or sale of such Shares or securities, as are
      readily available on the Exchange. Subject to Section 6, neither the
      Trustee nor the Company nor its Subsidiaries shall be liable for the
      failure to purchase or sell the Shares or any other securities at any
      particular price, time or at all.

	 	 
	14.2 	
      Issuance and Selling of Shares. No Shares issued
      to the Participant, or on behalf of the Participant, may be sold by the
      Participant, or on behalf of the Participant, unless such sale is in
      accordance with all applicable securities laws and the Company’s insider
      trading policy in effect from time to time. Accordingly, the Trustee shall
      obtain the approval of the Company for each sale by or on behalf of a
      Participant to ensure compliance with all applicable securities laws and
      the Company’s insider trading policy.

	 	 
	15. 	
      MISCELLANEOUS PROVISIONS

	 	 
	15.1 	
      The fiscal year of the Plan shall coincide with the
      Company’s fiscal year end.

	 	 
	15.2 	
      Subject to Section 12.5, the Company reserves the right,
      at any time, to make rules regarding the interpretation, implementation
      and organization of the Plan, to prescribe, modify, amend or rescind the
      provisions of this Plan or to suspend this Plan; provided that no
      prescription, modification, amendment, rescission or suspension shall
      deprive a Participant of benefits vested in the Participant under the Plan
      or divert the use of the funds in the Accounts for purposes other than the
      exclusive benefit of the Participants.

	 	 
	15.3 	
      Participants shall provide to the Company, its
      Subsidiaries and the Trustee any information that might be required of
      them in the administration of this Plan.

	 	 
	15.4 	
      Neither this Plan nor any Trustee agreement entered into
      between the Company and the Trustee pursuant to this Plan shall give any
      Employee the right to be employed, or to continue to be employed, by the
      Company or any of its Subsidiaries.

	 	 
	15.5 	
      No right or interest of any Participant in or under this
      Plan shall be subject to assignment, sale, transfer, pledge, encumbrance
      or charge, in whole or in part, either directly or by operation of law or
      otherwise in any manner otherwise than by death or mental incompetency,
      and shall be exercisable, during the Participant’s lifetime, only by the
      Participant. No attempted assignment, sale, transfer, pledge, encumbrance
      or charge thereof shall be effective and any attempt to do so shall be
      void. Any attempt to violate the provisions of this Section 15.5 shall be
      deemed a decision by the Participant to terminate participation in this
      Plan whereupon all of the Employee’s contributions credited to a violating
      Participant’s Account shall be immediately refunded to the Participant and
      the Participant shall no longer be considered a participant in the Plan.
      The Company shall notify the Trustee in writing of the need for such a
      refund.

	 	 
	15.6 	
      Reserved.

	 	 
	15.7 	
      No Participant or any other person shall have any right
      in or to any part of the corpus or income of the Accounts of the Plan, or
      any part of the assets thereof (including, without limitation, the
      assignment of any part of the Plan as a pledge or collateral for any loan
      or debt), except as and when and to the extent expressly provided by the
      Plan.

13 

	15.8 	
      Participation in the Plan will not give any Participant
      any right or claim to any payment except as such payment is provided for
      under the provisions of the Plan and only to the extent that assets are
      available in the hands of the Trustee for the making of such payment and
      to the extent provided for in the Plan.

	 	 
	15.9 	
      Any act or matter to be taken or decided by the Company
      under the Plan may be taken by or decided by the Board of Directors or the
      Company unless otherwise expressly set forth in this Plan.

	 	 
	15.10 	
      The laws of the Province of British Columbia shall apply
      to this Plan, any amendments thereto, and the administration thereof, and
      all rights and obligations thereunder shall be determined in accordance
      with such laws and according to such Province.

	 	 
	15.11 	
      Any purchase, sale or offering of Shares under the Plan
      shall be made on the express condition that an application to purchase
      Shares may not be made, nor may the purchase of any Shares thereunder be
      effected, under circumstances which would constitute a violation of any
      applicable securities or other law or regulation or any listing
      requirement, by-law or regulation of the Exchange or any other stock
      exchange on which the Shares are listed. The operation of the Plan may be
      suspended at any time, in the discretion of the Company, if necessary to
      ensure compliance with any applicable securities or other law or
      regulation or any listing requirement, by-law or regulation of the
      Exchange or any other stock exchange on which the Shares are listed or
      proposed to be listed. The Shares under the Plan may not be offered, sold,
      transferred, pledged hypothecated or otherwise assigned in the United
      States or any other jurisdiction unless pursuant to an available exemption
      under applicable securities laws. The Shares under the Plan have not been
      registered under the United States Securities Act of 1933, as amended, nor
      qualified under or pursuant to the securities or “Blue Sky” laws of any
      state. The Company’s obligation to issue and deliver Shares is subject to
      the availability, on terms and conditions reasonably satisfactory to the
      Company, of an exemption from prospectus and registration requirements in
      respect of the issuance, sale and delivery of such Shares under applicable
      securities and “Blue Sky” laws.

	 	 
	15.12 	
      The Plan is effective beginning on the Commencement Date
      and will terminate on the Expiry Date.

	 	 
	15.13 	
      Nothing contained in this Plan shall restrict or limit or
      be deemed to restrict or limit the rights or power of the Board of
      Directors in connection with any allotment and issuance of any securities
      of the Company.

	 	 
	15.14 	
      Any word contained herein importing gender shall include
      the masculine and feminine and neuter. All references in this Plan to the
      words “herein”, “hereby”, “hereto”, “hereof”, and words of similar import
      refer to this Plan as a whole and not to any particular Section, schedule
      or appendix unless otherwise stated or the context otherwise
    requires.

ADOPTED as of October 1, 2008, as amended November 6, 2008,
October 22, 2009, September 10, 2015 and November 2, 2015. 

14 

	Appendix A – Form of Election to Purchase Shares
    
	Employee Share Purchase Plan 
	effective                       , 2008 

	To: 	COUNTERPATH CORPORATION (the “Company”)
    
	  	Attention: Trustee, Employee Share Purchase
      Plan 

The undersigned employee acknowledges
that he/she has been advised by the Company of the Company’s employee share
purchase plan (the “Plan”) that the undersigned is eligible to participate in
the Plan and that the undersigned has received a copy of the Plan and has read
and understands the terms of the Plan. 

The undersigned irrevocably accepts
the terms, conditions and forms of the Plan and hereby elects to participate in
the Plan and hereby directs and authorizes the Company to deduct from the
undersigned’s salary, by way of payroll deduction on each Pay Period, the amount
(the “Employee Contribution”) of _____% of the undersigned’s Participant’s Basic
Compensation (minimum of 1% of the undersigned’s Participant’s Basic
Compensation, maximum 6% of the undersigned’s Participant’s Basic Compensation,
in whole percentages only). The Employee Contribution shall be used by the
Trustee to purchase common shares (“Shares”) in the capital of the Company in
accordance with the terms and subject to the conditions of the Plan. 

The undersigned hereby authorizes and
directs the Trustee to purchase Shares on behalf of the undersigned in
accordance with the terms of the Plan, and directs that the Shares be allocated
by the Trustee to the Participant’s Account. In consideration of the Company
establishing the Plan, the undersigned hereby irrevocably directs and authorizes
the Trustee to carry out and perform the trusts created by the Plan and to hold
the Shares purchased by the Trustee on behalf of the undersigned in accordance
with the terms of the Plan and all of the rights, privileges and benefits
conferred by the Plan for the benefit of the undersigned, on the terms and
subject to the conditions contained in the Plan. 

In case of the undersigned’s death,
the undersigned hereby designates that all assets then contained in the
undersigned’s Account shall be distributed to ______________________as my
beneficiary for such assets. The name of the trustee, if any, in the event such
beneficiary is a minor child is _______________________. 

Whenever used herein, any words or
terms not otherwise defined in this Election to Purchase Shares, but defined in
the Plan, shall have the meanings ascribed thereto in the Plan. 

DATED as of the ______day of ______________, 20_____. 

 

	(Witness) 	 	(Signature of Employee) 
	 	 	 
	 	 	 
	  	 	(Please Print Name) 
	 	 	 
	 	 	 
	  	 	(Please Print Address) 

15 

	Appendix B – Form of Instrument Changing Employee
      Contribution Level 
	Employee Share Purchase Plan 
	effective                 , 2008 

	To: 	COUNTERPATH CORPORATION (the “Company”)
    
	  	Attention: Trustee, Employee Share Purchase
      Plan 

The undersigned employee hereby gives
notice to, and directs, the Company to change the undersigned’s contribution to
the Company’s employee share purchase plan (the “Plan”) to _______% of the
undersigned’s Participant’s Basic Compensation (minimum of 1% of the
undersigned’s Participant’s Basic Compensation, maximum 6% of the undersigned’s
Participant’s Basic Compensation, in whole percentages only), to be calculated
accordingly and deducted per Pay Period pursuant to the terms of such Plan. 

Whenever used herein, any words or
terms not otherwise defined in this Instrument Changing Employee Contribution
Level, but defined in the Plan, shall have the meanings ascribed thereto in the
Plan. 

DATED as of the ______day of ______________, 20_____. 

 

	(Witness) 	 	(Signature of Employee) 
	 	 	 
	 	 	 
	(Account Number) 	 	(Please Print Name) 
	 	 	 
	 	 	 
	  	 	(Please Print Address) 

16 

	Appendix C – Form of Withdrawal, Transfer or Sale of
      Shares 
	Employee Share Purchase Plan 
	effective                      , 2008 

	To: 	COUNTERPATH CORPORATION (the “Company”),
    
	 	Attention: Trustee, Employee Share Purchase
      Plan  

In connection with the Company’s employee share purchase plan
(the “Plan”) and pursuant to the terms of the Plan, the undersigned employee
hereby requests to: 

		[  ]	(1) 	
      withdraw ___________ Shares from the undersigned’s
      account and register such Shares in the undersigned’s name and delivered
      to the undersigned’s address below; 

	 	  	  	
      

		[  ]	(2) 	
      transfer ___________ Shares from the undersigned’s
      account to ____________________________, registered as follows
      _______________________________________________;

	 	  	  	
      

		[  ]	(3) 	
      sell ___________ Shares from the undersigned’s account
      and forward the proceeds (net of fees, commissions and withholding taxes)
      to the undersigned by cheque at the address below; 

	 	  	  	
      

		[  ]	(4) 	
      sell ___________ Shares from the undersigned’s account
      and transfer the proceeds (net of fees and commissions) to another RRSP
      Account as set out below; and 

	 	  	  	
      

		[  ]	(5) 	
      transfer ___________ Shares from the undersigned’s
      account to another RRSP Account as set out below.

For requests to transfer Shares or cash to another financial
institution: 

	 	Institution Name: 	 
	 	 	 
	 	Institution Address: 	 
	 	 	 
	 	Contact Name: 	 
	 	 	 
	 	Contact Phone Number: 	 
	 	 	 
	 	CUID: 	 
	 	 	 
	 	RRSP Account Details: 	 
	 	 	 
	 	Account Number: 	 

In the past 12 months, this withdrawal, transfer or sale is my:

	 	First 	  
	 	  	  
		Second 	
      (I understand that I am restricted from making further
      contributions to, or withdrawals, transfers or sales from, the Plan for a
      period of 12 months from the date of this withdrawal, transfer or sale)
      

	 	  	  
		Third 	(I understand that I must terminate my
      membership in the Plan with this withdrawal, transfer or sale)
  

17 

Whenever used herein, any words or terms not otherwise defined
in this Withdrawal, Transfer or Sale of Shares, but defined in the Plan, shall
have the meanings ascribed thereto in the Plan. 

DATED as of the ______day of ______________, 20_____. 

 

	(Witness) 	 	(Signature of Employee) 
	 	 	 
	 	 	 
	(Account Number) 	 	(Please Print Name) 
	 	 	 
	 	 	 
	  	 	(Please Print Address) 

The Company hereby authorizes the above withdrawal, transfer or
sale by the Trustee. 

	COUNTERPATH CORPORATION 
	  	 	 
	  	 	 
	Per: 	 	 
		Name: 	 
		Title: 	 

18 

	Appendix D – Form of Instrument Suspending
      Contributions 
	Employee Share Purchase Plan 
	effective                 , 2008 

	To: 	COUNTERPATH CORPORATION (the “Company”)
    
	  	Attention: Trustee, Employee Share Purchase
      Plan (the “Plan”) 

The undersigned employee hereby elects
to suspend the undersigned’s contributions to the Plan until further notice,
pursuant to the terms of the Plan. 

DATED as of the ______day of ______________, 20_____. 

 

	(Witness) 	 	(Signature of Employee) 
	 	 	 
	 	 	 
	(Account Number) 	 	(Please Print Name) 
	 	 	 
	 	 	 
	  	 	(Please Print Address) 

19 

	Appendix E – Form of Instrument Resuming
      Contributions 
	Employee Share Purchase Plan 
	effective                  , 2008 

	To: 	COUNTERPATH CORPORATION (the “Company”)
    
	  	Attention: Trustee, Employee Share Purchase
      Plan (the “Plan”) 

The undersigned employee hereby
requests to resume the undersigned’s contribution to the Company’s employee
share purchase plan (the “Plan”) in an the amount of ______% of the
undersigned’s Participant’s Basic Compensation (minimum of 1% of the
undersigned’s Participant’s Basic Compensation, maximum 6% of the undersigned’s
Participant’s Basic Compensation, in whole percentages only), pursuant to the
Plan. 

Whenever used herein, any words or
terms not otherwise defined in this Instrument Resuming Contributions, but
defined in the Plan, shall have the meanings ascribed thereto in the Plan. 

DATED as of the ______day of ______________, 20_____. 

 

	(Witness) 	 	(Signature of Employee) 
	 	 	 
	 	 	 
	(Account Number) 	 	(Please Print Name) 
	 	 	 
	 	 	 
	  	 	(Please Print Address) 

20 

	Appendix F – Form of Instrument Cancelling
      Participation 
	Employee Share Purchase Plan 
	effective                    , 2008 

	To: 	COUNTERPATH CORPORATION (the “Company”)
    
	  	Attention: Trustee, Employee Share Purchase
      Plan (the “Plan”) 

The undersigned employee hereby gives
notice to, and directs, the Company to cancel the undersigned’s Election to
Purchase Shares and the undersigned’s participation in the Plan, pursuant to the
terms of the Plan. 

The undersigned hereby directs the
Company and the Trustee to forward the assets in my account to which I am
entitled pursuant to the terms of the Plan as follows: 

		[    ]	(1) 	
      Please forward a share certificate to me, registered in
      my name as set forth below, for all of the Shares in my Account to which I
      am entitled. I understand that any fractional shares in my account will be
      converted to cash and forwarded to me, with any cash in my account, by
      cheque. 

	 	 	  	
       

		[    ]	(2) 	
      Please transfer all of the Shares in my account to which
      I am entitled to
      ______________________________________________________________, at the
      following address,
      _____________________________________________________________________________________registered
      as follows ___________________________________________. I understand that
      any fractional shares in my account will be converted to cash and
      forwarded to me, with any cash in my account, by cheque. 

	 	 	  	
       

		[    ]	(3) 	
      Please sell all of the Shares in my account to which I am
      entitled and forward the proceeds (net of fees and commissions) to me by
      cheque. 

DATED as of the ______day of ______________, 20_____. 

 

	(Witness) 	 	(Signature of Employee) 
	 	 	 
	 	 	 
	(Account Number) 	 	(Please Print Name) 
	 	 	 
	 	 	 
	  	 	(Please Print Address) 

21Counterpath Corporation: Exhibit 4.9 - Filed by newsfilecorp.com

COUNTERPATH CORPORATION 

AMENDED 2010 STOCK OPTION PLAN 

This 2010 Stock Option Plan (the "Plan") provides for the grant
of options to acquire shares of common stock, no par value (the "Common Stock"),
of CounterPath Corporation, a Nevada company (the "Company"). For the purposes
of Eligible Employees (as defined below) who are subject to tax in the United
States, stock options granted under this Plan that qualify under Section 422 of
the United States Internal Revenue Code of 1986, as amended (the "Code"), are
referred to in this Plan as "Incentive Stock Options". Incentive Stock Options
and stock options that do not qualify under Section 422 of the Code
("Non-Qualified Stock Options") and stock options granted to non-United States
residents under this Plan are referred to collectively as "Options". 

1.           
PURPOSE 

1.1          The
purpose of this Plan is to retain the services of valued key employees and
consultants of the Company and such other persons as the Plan Administrator
shall select in accordance with Section 3 below, and to encourage such persons
to acquire a greater proprietary interest in the Company, thereby strengthening
their incentive to achieve the objectives of the shareholders of the Company,
and to serve as an aid and inducement in the hiring of new employees and to
provide an equity incentive to consultants and other persons selected by the
Plan Administrator. 

1.2         This
Plan shall at all times be subject to all legal requirements relating to the
administration of stock option plans, if any, under applicable Canadian federal
and provincial, and United States federal and state securities laws, the Code,
the rules of any applicable stock exchange or stock quotation system, and the
rules of any foreign jurisdiction applicable to Options granted to residents
therein (collectively, the "Applicable Laws"). 

2.          
ADMINISTRATION 

2.1         This
Plan shall be administered initially by the Board of Directors of the Company
(the "Board"), except that the Board may, in its discretion, establish a
committee composed of two (2) or more members of the Board to administer the
Plan, which committee (the "Committee") may be an executive, compensation or
other committee, including a separate committee especially created for this
purpose. The Board or, if applicable, the Committee is referred to herein as the
"Plan Administrator". 

2.2         If
and so long as the Common Stock is registered under Section 12(b) or 12(g) of
the United States Securities Exchange Act of 1934, as amended (the
"Exchange Act"), the Board shall consider in selecting the Plan Administrator
and the membership of any Committee, with respect to any persons subject or
likely to become subject to Section 16 of the Exchange Act, the provisions
regarding (a) "outside directors" as contemplated by Section 162(m) of the Code,
and (b) "Non-Employee Directors" as contemplated by Rule 16b-3 under the
Exchange Act. 

2.3         The
Committee shall have the powers and authority vested in the Board hereunder
(including the power and authority to interpret any provision of the Plan or of
any Option). The members of any such Committee shall serve at the pleasure of
the Board. A majority of the members of the Committee shall constitute a quorum,
and all actions of the Committee shall be taken by a majority of the members
present. Any action may be taken by a written instrument signed by all of the
members of the Committee and any action so taken shall be fully effective as if
it had been taken at a meeting. 

- 2 - 

2.4         
The Board may at any time amend, suspend or terminate the Plan, subject
to such shareholder approval as may be required by Applicable Laws, including
the rules of an applicable stock exchange or other national market system,
provided that: 

	 	(a) 	
      no Options may be granted during any suspension of the
      Plan or after termination of the Plan; and

	 	 	 
	 	(b) 	
      any amendment, suspension or termination of the Plan will
      not affect Options already granted, and such Options will remain in full
      force and affect as if the Plan had not been amended, suspended or
      terminated, unless mutually agreed otherwise between the Optionee (as
      defined below) and the Plan Administrator, which agreement will have to be
      in writing and signed by the Optionee and the
Company.

2.5         
Subject to the provisions of this Plan, and with a view to effecting
its purpose, the Plan Administrator shall have sole authority, in its absolute
discretion, to: 

	 	(a) 	
      construe and interpret this Plan;

	 	 	 
	 	(b) 	
      define the terms used in the Plan;

	 	 	 
	 	(c) 	
      prescribe, amend and rescind the rules and regulations
      relating to this Plan;

	 	 	 
	 	(d) 	
      correct any defect, supply any omission or reconcile any
      inconsistency in this Plan;

	 	 	 
	 	(e) 	
      grant Options under this Plan;

	 	 	 
	 	(f) 	
      determine the individuals to whom Options shall be
      granted under this Plan and whether the Option is an Incentive Stock
      Option or a Non-Qualified Stock Option, or otherwise;

	 	 	 
	 	(g) 	
      determine the time or times at which Options shall be
      granted under this Plan;

	 	 	 
	 	(h) 	
      determine the number of shares of Common Stock subject to
      each Option, the exercise price of each Option, the duration of each
      Option and the times at which each Option shall become
  exercisable;

	 	 	 
	 	(i) 	
      determine all other terms and conditions of the Options;
      and

	 	 	 
	 	(j) 	
      make all other determinations and interpretations
      necessary and advisable for the administration of the
  Plan.

2.6          All
decisions, determinations and interpretations made by the Plan Administrator
shall be binding and conclusive on all participants in the Plan and on their
legal representatives, heirs and beneficiaries, subject to any contrary
determination by the Board. 

3.          
ELIGIBILITY 

3.1         Incentive
Stock Options may be granted to any individual who, at the time the Option is
granted, is an employee of the Company or any Related Company (as defined below)
("Eligible Employees") subject to tax in the United States. 

- 3 - 

3.2          Non-Qualified
Stock Options may be granted to Eligible Employees, Consultants, and to such
other persons who are not Eligible Employees as the Plan Administrator shall
select, subject to any Applicable Laws.

3.3          Options
may be granted in substitution for outstanding options of another company in
connection with the merger, consolidation, acquisition of property or stock or
other reorganization between such other company and the Company or any
subsidiary of the Company. Options also may be granted in exchange for
outstanding Options.

3.4          Unless
otherwise approved by the Plan Administrator and Disinterested Shareholders (as
such term is defined in Applicable Laws), no person shall be eligible to receive
in any fiscal year Options to purchase more than 5% of the outstanding shares of
Common Stock (subject to adjustment as set forth in Section 5.1(m) hereof). Any
person to whom an Option is granted under this Plan is referred to as an
"Optionee". Any person who is the owner of an Option is referred to as a
"Holder". 

3.5          As
used in this Plan, the term "Related Company" shall mean any company (other than
the Company) that is a "Parent Company" of the Company or "Subsidiary Company"
of the Company, as those terms are defined in Sections 424(e) and 424(f),
respectively, of the Code (or any successor provisions) and the regulations
thereunder (as amended from time to time). 

4.          
STOCK 

4.1          The
maximum number of shares of Common Stock issuable under the Plan is 986,000. The
number of shares with respect to which Options may be granted hereunder is
subject to adjustment as set forth in Section 5.1(m) hereof. In the event that
any outstanding Option expires or is terminated for any reason, the shares of
Common Stock allocable to the unexercised portion of such Option may again be
subject to an Option granted to the same Optionee or to a different person
eligible under Section 3 of this Plan; provided however, that any cancelled
Options will be counted against the maximum number of shares with respect to
which Options may be granted to any particular person as set forth in Section 3
hereof. 

5.          
TERMS AND CONDITIONS OF OPTIONS 

5.1          Each
Option granted under this Plan shall be evidenced by a written agreement
approved by the Plan Administrator (the "Agreement"). Agreements may contain
such provisions, not inconsistent with this Plan, as the Plan Administrator in
its discretion may deem advisable. All Options also shall comply with the
following requirements: 

	 	(a) 	
      Number of Shares and Type of Option

	 	 	 
	 		
      Each Agreement shall state the number of shares of Common
      Stock to which it pertains and, for Optionees subject to tax in the United
      States, whether the Option is intended to be an Incentive Stock Option or
      a Non-Qualified Stock Option, provided
that:

	 	(i) 	
      in the absence of action to the contrary by the Plan
      Administrator in connection with the grant of an Option, all Options shall
      be Non-Qualified Stock Options;

	 	 	 
	 	(ii) 	
      the aggregate fair market value (determined at the Date
      of Grant, as defined below) of the stock with respect to which Incentive
      Stock Options are exercisable for the first time by an Optionee subject to
      tax in the United States during any calendar year (granted under this Plan
      and all other Incentive Stock Option plans of the Company, a Related
      Company or a predecessor company) shall not
exceed U.S.$100,000, or such other limit as may be prescribed by the
Code as it may be amended from time to time (the "Annual Limit"); and 

- 4 - 

	 	(iii) 	
      any portion of an Option which exceeds the Annual Limit
      shall not be void but rather shall be a Non-Qualified Stock
  Option.

	 	(b) 	
      Date of Grant

	 	 	 
	 		
      Each Agreement shall state the date the Plan
      Administrator has deemed to be the effective date of the Option for
      purposes of this Plan (the "Date of Grant").

	 	 	 
	 	(c) 	
      Option Price

	 	 	 
	 		
      Each Agreement shall state the price per share of Common
      Stock at which it is exercisable. The Plan Administrator shall act in good
      faith to establish the exercise price in accordance with Applicable Laws;
      provided that:

	 	(i) 	
      the per share exercise price for an Incentive Stock
      Option or any Option granted to a "covered employee" as such term is
      defined for purposes of Section 162(m) of the Code ("Covered Employee")
      shall not be less than the fair market value per share of the Common Stock
      at the Date of Grant as determined by the Plan Administrator in good
      faith;

	 	 	 
	 	(ii) 	
      with respect to Incentive Stock Options granted to
      greater-than-ten percent (>10%) shareholders of the Company (as
      determined with reference to Section 424(d) of the Code), the exercise
      price per share shall not be less than one hundred ten percent (110%) of
      the fair market value per share of the Common Stock at the Date of Grant
      as determined by the Plan Administrator in good faith;

	 	 	 
	 	(iii) 	
      Options granted in substitution for outstanding options
      of another company in connection with the merger, consolidation,
      acquisition of property or stock or other reorganization involving such
      other company and the Company or any subsidiary of the Company may be
      granted with an exercise price equal to the exercise price for the
      substituted option of the other company, subject to any adjustment
      consistent with the terms of the transaction pursuant to which the
      substitution is to occur; and

	 	 	 
	 	(iv) 	
      with respect to Non-Qualified Stock Options, the exercise
      price per share shall be determined by the Plan Administrator at the time
      the Option is granted, but such price shall not be less than the closing
      trading price of the Common Stock on the OTCBB on the last trading day
      preceding the date on which the Option is granted (or if the Common Stock
      is not then listed and posted for trading on the OTCBB, on such other
      stock exchange on which the Common Shares are listed and posted for
      trading as may be selected by the Board of Directors). In the event that
      the Common Stock is not listed and posted for trading on any stock
      exchange or other quotation systems, the exercise price shall be the fair
      market value of the Common Stock as determined by the Plan
      Administrator.

	 	(d) 	
      Duration of Options

	 	 	 
	 		
      At the time of the grant of the Option, the Plan
      Administrator shall designate, subject to paragraph 5.1(g) below, the
      expiration date of the Option, which date shall not be later
  than ten (10) years from the Date of Grant; provided, that:
(a) the expiration date of any Incentive Stock Option granted to a
greater-than-ten percent (>10%) shareholder of the Company (as determined
with reference to Section 424(d) of the Code) shall not be later than five (5)
years from the Date of Grant, and (b) if the expiration date falls on a date
which is not a business day, then the expiration date shall be extended to the
end of the next business day. In the absence of action to the contrary by the
Plan Administrator in connection with the grant of a particular Option, and
except in the case of Incentive Stock Options as described above, all Options
granted under this Plan shall expire five (5) years from the Date of Grant. 

- 5 - 

	 	(e) 	
      Vesting Schedule

	 	 	 
	 		
      No Option shall be exercisable until it has vested. The
      vesting schedule for each Option shall be specified by the Plan
      Administrator at the time of grant of the Option prior to the provision of
      services with respect to which such Option is granted; provided
      that if no vesting schedule is specified at the time of grant, the
      Option shall vest as follows:

	 	(i) 	
      on the first anniversary of the Date of Grant, the Option
      shall vest and shall become exercisable with respect to 25% of the Common
      Stock to which it pertains;

	 	 	 
	 	(ii) 	
      on the second anniversary of the Date of Grant, the
      Option shall vest and shall become exercisable with respect to an
      additional 25% of the Common Stock to which it pertains;

	 	 	 
	 	(iii) 	
      on the third anniversary of the Date of Grant, the Option
      shall vest and shall become exercisable with respect to an additional 25%
      of the Common Stock to which it pertains; and

	 	 	 
	 	(iv) 	
      on the fourth anniversary of the Date of Grant, the
      Option shall vest and shall become exercisable with respect to balance of
      the Common Stock to which it pertains.

	 		
      The Plan Administrator may specify a vesting schedule for
      all or any portion of an Option based on the achievement of performance
      objectives established in advance of the commencement by the Optionee of
      services related to the achievement of the performance objectives.
      Performance objectives shall be expressed in terms of one or more of the
      following: return on equity, return on assets, share price, market share,
      sales, earnings per share, costs, net earnings, net worth, inventories,
      cash and cash equivalents, gross margin or the Company's performance
      relative to its internal business plan, or such other terms as determined
      and directed by the Board. Performance objectives may be in respect of the
      performance of the Company as a whole (whether on a consolidated or
      unconsolidated basis), a Related Company, or a subdivision, operating
      unit, product or product line of either of the foregoing. Performance
      objectives may be absolute or relative and may be expressed in terms of a
      progression or a range. An Option that is exercisable (in full or in part)
      upon the achievement of one or more performance objectives may be
      exercised only following written notice to the Optionee and the Company by
      the Plan Administrator that the performance objective has been
      achieved.

	 	 	 
	 	(f) 	
      Acceleration of Vesting

	 	 	 
	 		
      The vesting of one or more outstanding Options may be
      accelerated by the Plan Administrator at such times and in such amounts as
      it shall determine in its sole discretion.

- 6 - 

	 		
      The vesting of Options also shall be accelerated under
      the circumstances described in Section 5.1(m) below.

	 	 	 
	 	(g) 	
      Term of Option

	 	(i) 	
      Options that have vested as specified by the Plan
      Administrator or in accordance with this Plan, shall terminate, to the
      extent not previously exercised, upon the occurrence of the first of the
      following events:

	 	A. 	
      the expiration of the Option, as designated by the Plan
      Administrator in accordance with Section 5.1(d) above;

	 	 	 
	 	B. 	
      the date of an Optionee's termination of employment or
      contractual relationship with the Company or any Related Company for cause
      (as determined in the sole discretion of the Plan
Administrator);

	 	 	 
	 	C. 	
      the expiration of three (3) months from the date of an
      Optionee's termination of employment or contractual relationship with the
      Company or any Related Company for any reason whatsoever other than cause,
      death or Disability (as defined below); or

	 	 	 
	 	D. 	
      the expiration of one year (1) from termination of an
      Optionee's employment or contractual relationship by reason of death or
      Disability (as defined below).

	 	(ii) 	
      Upon the death of an Optionee, any vested Options held by
      the Optionee shall be exercisable only by the person or persons to whom
      such Optionee's rights under such Option shall pass by the Optionee's will
      or by the laws of descent and distribution of the Optionee's domicile at
      the time of death and only until such Options terminate as provided
      above.

	 	 	 
	 	(iii) 	
      For purposes of the Plan, unless otherwise defined in the
      Agreement, "Disability" shall mean medically determinable physical or
      mental impairment which has lasted or can be expected to last for a
      continuous period of not less than six (6) months or that can be expected
      to result in death. The Plan Administrator shall determine whether an
      Optionee has incurred a Disability on the basis of medical evidence
      acceptable to the Plan Administrator. Upon making a determination of
      Disability, the Plan Administrator shall, for purposes of the Plan,
      determine the date of an Optionee's termination of employment or
      contractual relationship.

	 	 	 
	 	(iv) 	
      Unless accelerated in accordance with Section 5.1(f)
      above, unvested Options shall terminate immediately upon the Optionee
      resigning from or the Company terminating the Optionee’s employment or
      contractual relationship with the Company or any Related Company for any
      reason whatsoever, including death or Disability.

	 	 	 
	 	(v) 	
      For purposes of this Plan, transfer of employment between
      or among the Company and/or any Related Company shall not be deemed to
      constitute a termination of employment with the Company or any Related
      Company. For purposes of this subsection, employment shall be deemed to
      continue while the Optionee is on military leave, sick leave or other
      bona fide leave of absence (as determined by the Plan
      Administrator). The foregoing notwithstanding, employment shall not be deemed to continue beyond the first
ninety (90) days of such leave, unless the Optionee's re-employment rights are
guaranteed by statute or by contract. 

- 7 - 

	 	(h) 	
      Exercise of Options

	 	(i) 	
      Options shall be exercisable, in full or in part, at any
      time after vesting, until termination. If less than all of the shares
      included in the vested portion of any Option are purchased, the remainder
      may be purchased at any subsequent time prior to the expiration of the
      Option term. No portion of any Option for less than fifty (50) shares (as
      adjusted pursuant to Section 5.1(m) below) may be exercised;
      provided, that if the vested portion of any Option is less than
      fifty (50) shares, it may be exercised with respect to all shares for
      which it is vested. Only whole shares may be issued pursuant to an Option,
      and to the extent that an Option covers less than one (1) share, it is
      unexercisable.

	 	 	 
	 	(ii) 	
      Options or portions thereof may be exercised by giving
      written notice to the Company, which notice shall specify the number of
      shares to be purchased, and be accompanied by payment in the amount of the
      aggregate exercise price for the Common Stock so purchased, which payment
      shall be in the form specified in Section 5.1(i) below. The Company shall
      not be obligated to issue, transfer or deliver a certificate of Common
      Stock to the Holder of any Option, until provision has been made by the
      Holder, to the satisfaction of the Company, for the payment of the
      aggregate exercise price for all shares for which the Option shall have
      been exercised and for satisfaction of any tax withholding obligations
      associated with such exercise.

	 	 	 
	 	(iii) 	
      During the lifetime of an Optionee, Options are
      exercisable only by the Optionee or in the case of a Non-Qualified Stock
      Option, transferee who takes title to such Option in the manner permitted
      by subsection 5.1(k) hereof.

	 	(i) 	
      Payment upon Exercise of Option

	 	 	 
	 		
      Upon the exercise of any Option, the aggregate exercise
      price shall be paid to the Company in cash or by certified or cashier's
      check. In addition, if pre-approved in writing by the Plan Administrator
      who may arbitrarily withhold consent, the Holder may pay for all or any
      portion of the aggregate exercise price by complying with one or more of
      the following alternatives:

	 	(i) 	
      by delivering to the Company shares of Common Stock
      previously held by such Holder, or by the Company withholding shares of
      Common Stock otherwise deliverable pursuant to exercise of the Option,
      which shares of Common Stock received or withheld shall have a fair market
      value at the date of exercise (as determined by the Plan Administrator)
      equal to the aggregate exercise price to be paid by the Optionee upon such
      exercise; or

	 	 	 
	 	(ii) 	
      by complying with any other payment mechanism approved by
      the Plan Administrator at the time of
exercise.

- 8 - 

	 	(j) 	
      No Rights as a Shareholder

	 	 	 
	 		
      A Holder shall have no rights as a shareholder with
      respect to any shares covered by an Option until such Holder becomes a
      record holder of such shares, irrespective of whether such Holder has
      given notice of exercise. Subject to the provisions of Section 5.1(m)
      hereof, no rights shall accrue to a Holder and no adjustments shall be
      made on account of dividends (ordinary or extraordinary, whether in cash,
      securities or other property) or distributions or other rights declared
      on, or created in, the Common Stock for which the record date is prior to
      the date the Holder becomes a record holder of the shares of Common Stock
      covered by the Option, irrespective of whether such Holder has given
      notice of exercise.

	 	 	 
	 	(k) 	
      Transfer of Option

	 	(i) 	
      Options granted under this Plan and the rights and
      privileges conferred by this Plan may not be transferred, assigned,
      pledged or hypothecated in any manner (whether by operation of law or
      otherwise) other than by will or by applicable laws of descent and
      distribution or pursuant to a qualified domestic relations order, and
      shall not be subject to execution, attachment or similar process;
      provided however that, subject to applicable
laws:

	 	A. 	
      for Incentive Stock Options, any Agreement may provide or
      be amended to provide that a Non-Qualified Stock Option to which it
      relates is transferable without payment of consideration to immediate
      family members of the Optionee or to trusts or partnerships or limited
      liability companies established exclusively for the benefit of the
      Optionee and the Optionee's immediate family members; or

	 	 	 
	 	B. 	
      for Non-Qualified Stock Options, the Optionee's heirs or
      administrators may exercise any portion of the outstanding Options within
      one year of the Optionee's death.

	 	(ii) 	
      Upon any attempt to transfer, assign, pledge, hypothecate
      or otherwise dispose of any Option or of any right or privilege conferred
      by this Plan contrary to the provisions hereof, or upon the sale, levy or
      any attachment or similar process upon the rights and privileges conferred
      by this Plan, such Option shall thereupon terminate and become null and
      void.

	 	(l) 	
      Securities Regulation and Tax
  Withholding

	 	(i) 	
      Shares shall not be issued with respect to an Option
      unless the exercise of such Option and the issuance and delivery of such
      shares shall comply with all Applicable Laws. The inability of the Company
      to obtain from any regulatory body the authority deemed by the Company to
      be necessary for the lawful issuance and sale of any Options or shares
      under this Plan, or the unavailability of an exemption from registration
      for the issuance and sale of any shares under this Plan, shall relieve the
      Company of any liability with respect to the non- issuance or sale of such
      Options or shares.

	 	 	 
	 	(ii) 	
      As a condition to the exercise of an Option, the Plan
      Administrator may require the Holder to represent and warrant in writing
      at the time of such exercise that the shares are being purchased only for
      investment and without any then- present intention to sell or distribute
      such shares. At the option of the Plan Administrator, a stop-transfer order against such shares may be
placed on the stock books and records of the Company, and a legend indicating
that the stock may not be pledged, sold or otherwise transferred unless an
opinion of counsel is provided stating that such transfer is not in violation of
any applicable law or regulation, may be stamped on the certificates
representing such shares in order to assure an exemption from registration. The
Plan Administrator also may require such other documentation as may from time to
time be necessary to comply with federal, provincial or state securities laws.
THE COMPANY HAS NO OBLIGATION TO UNDERTAKE REGISTRATION OF OPTIONS OR THE SHARES
OF STOCK ISSUABLE UPON THE EXERCISE OF OPTIONS. 

- 9 - 

	 	(iii) 	
      The Holder shall pay to the Company by certified or
      cashier's check, promptly upon exercise of an Option or, if later, the
      date that the amount of such obligations becomes determinable, all
      applicable federal, state, provincial, local and foreign withholding taxes
      that the Plan Administrator, in its discretion, determines to result upon
      exercise of an Option or from a transfer or other disposition of shares of
      Common Stock acquired upon exercise of an Option or otherwise related to
      an Option or shares of Common Stock acquired in connection with an Option.
      Upon approval of the Plan Administrator, a Holder may satisfy such
      obligation by complying with one or more of the following alternatives
      selected by the Plan Administrator:

	 	A. 	
      by delivering to the Company shares of Common Stock
      previously held by such Holder or by the Company withholding shares of
      Common Stock otherwise deliverable pursuant to the exercise of the Option,
      which shares of Common Stock received or withheld shall have a fair market
      value at the date of exercise (as determined by the Plan Administrator)
      equal to any withholding tax obligations arising as a result of such
      exercise, transfer or other disposition; or

	 	 	 
	 	B. 	
      by complying with any other payment mechanism approved by
      the Plan Administrator from time to time.

	 	(iv) 	
      The issuance, transfer or delivery of certificates of
      Common Stock pursuant to the exercise of Options may be delayed, at the
      discretion of the Plan Administrator, until the Plan Administrator is
      satisfied that the applicable requirements of the federal, provincial and
      state securities laws and the withholding provisions under Applicable Laws
      have been met and that the Holder has paid or otherwise satisfied any
      withholding tax obligation as described in paragraph 5.1(l)(iii)
    above.

	 	(m) 	
      Stock Dividend or
Reorganization

	 	(i) 	
      If: (1) the Company shall at any time be involved in a
      transaction described in Section 424(a) of the Code (or any successor
      provision) or any "corporate transaction" described in the regulations
      thereunder; (2) the Company shall declare a dividend payable in, or shall
      subdivide, reclassify, reorganize, or combine, its Common Stock; or (3)
      any other event with substantially the same effect shall occur, the Plan
      Administrator shall, subject to applicable law, with respect to each
      outstanding Option, proportionately adjust the number of shares of Common
      Stock subject to such Option and/or the exercise price per share so as to
      preserve the rights of the Holder substantially proportionate to the
      rights of the Holder prior to such event, and to the extent that such
action shall include an increase or decrease in the number of shares of Common
Stock subject to outstanding Options, the number of shares available under
Section 4 of this Plan and the exercise price for such Options shall
automatically be increased or decreased, as the case may be, proportionately,
without further action on the part of the Plan Administrator, the Company, the
Company's shareholders, or any Holder, so as to preserve the proportional rights
of the Holder. 

- 10 - 

	 	(ii) 	
      In the event that the presently authorized capital stock
      of the Company is changed into the same number of shares with a different
      par value, or without par value, the stock resulting from any such change
      shall be deemed to be Common Stock within the meaning of the Plan, and
      each Option shall apply to the same number of shares of such new stock as
      it applied to old shares immediately prior to such change.

	 	 	 
	 	(iii) 	
      If the Company shall at any time declare an extraordinary
      dividend with respect to the Common Stock, whether payable in cash or
      other property, the Plan Administrator may, subject to applicable law, in
      the exercise of its sole discretion and with respect to each outstanding
      Option, proportionately adjust the number of shares of Common Stock
      subject to such Option and/or adjust the exercise price per share so as to
      preserve the rights of the Holder substantially proportionate to the
      rights of the Holder prior to such event, and to the extent that such
      action shall include an increase or decrease in the number of shares of
      Common Stock subject to outstanding Options, the number of shares
      available under Section 4 of this Plan shall automatically be increased or
      decreased, as the case may be, proportionately, without further action on
      the part of the Plan Administrator, the Company, the Company's
      shareholders, or any Holder.

	 	 	 
	 	(iv) 	
      The foregoing adjustments in the shares subject to
      Options shall be made by the Plan Administrator, or by any successor
      administrator of this Plan, or by the applicable terms of any assumption
      or substitution document.

	 	 	 
	 	(v) 	
      The grant of an Option shall not affect in any way the
      right or power of the Company to make adjustments, reclassifications,
      reorganizations or changes of its capital or business structure, to merge,
      consolidate or dissolve, to liquidate or to sell or transfer all or any
      part of its business or assets.

6.          
EFFECTIVE DATE; SHAREHOLDER APPROVAL 

6.1        
Incentive Stock Options may be granted by the Plan Administrator from
time to time on or after the date on which this Plan is adopted (the "Effective
Date") through the day immediately preceding the tenth anniversary of the
Effective Date.

6.2        
Non-Qualified Stock Options may be granted by the Plan Administrator on
or after the Effective Date and until this Plan is terminated by the Board in
its sole discretion.

6.3        
Termination of this Plan shall not terminate any Option granted prior
to such termination.

6.4        
The approval of Disinterested Shareholders will be obtained for any
reduction in the exercise price of Options if the Optionee is an Insider of the
Company at the time of the proposed amendment. The terms "Disinterested Shareholder" and "Insider"
shall have the meanings as defined for those terms in the Applicable Laws. 

- 11 -

6.5         Any
  Options granted by the Plan Administrator prior to the approval of this Plan by
  the shareholders of the Company shall be granted subject to ratification of this
  Plan by the shareholders of the Company within twelve (12) months before or
  after the Effective Date. If such shareholder ratification is sought and not
  obtained, all Options granted prior thereto and thereafter shall be considered
  Non-Qualified Stock Options and any Options granted to Covered Employees will
  not be eligible for the exclusion set forth in Section 162(m) of the Code with
  respect to the deductibility by the Company of certain compensation. In
  addition, any such Options will remain unvested unless and until shareholder
approval is obtained. 

7.          
NO OBLIGATIONS TO EXERCISE OPTION 

7.1         The
grant of an Option shall impose no obligation upon the Optionee to exercise such
Option. 

8.          
NO RIGHT TO OPTIONS OR TO EMPLOYMENT 

8.1         Whether
or not any Options are to be granted under this Plan shall be exclusively within
the discretion of the Plan Administrator, and nothing contained in this Plan
shall be construed as giving any person any right to participate under this
Plan.

8.2         The
grant of an Option shall in no way constitute any form of agreement or
understanding binding on the Company or any Related Company, express or implied,
that the Company or any Related Company will employ or contract with an Optionee
for any length of time, nor shall it interfere in any way with the Company's or,
where applicable, a Related Company's right to terminate Optionee's employment
at any time, which right is hereby reserved. 

9.          
APPLICATION OF FUNDS 

9.1         The
proceeds received by the Company from the sale of Common Stock issued upon the
exercise of Options shall be used for general corporate purposes, unless
otherwise directed by the Board. 

10.         INDEMNIFICATION
OF PLAN ADMINISTRATOR 

10.1        In
addition to all other rights of indemnification they may have as members of the
Board, members of the Plan Administrator shall be indemnified by the Company for
all reasonable expenses and liabilities of any type or nature, including
attorneys' fees, incurred in connection with any action, suit or proceeding to
which they or any of them are a party by reason of, or in connection with, this
Plan or any Option granted under this Plan, and against all amounts paid by them
in settlement thereof (provided that such settlement is approved by independent
legal counsel selected by the Company), except to the extent that such expenses
relate to matters for which it is adjudged that such Plan Administrator member
is liable for willful misconduct; provided, that within fifteen (15) days after
the institution of any such action, suit or proceeding, the Plan Administrator
member involved therein shall, in writing, notify the Company of such action,
suit or proceeding, so that the Company may have the opportunity to make
appropriate arrangements to prosecute or defend the same. 

11.          AMENDMENT
OF PLAN 

11.1         The
Plan Administrator may, subject to Applicable Laws, at any time, modify, amend
or terminate this Plan or modify or amend Options granted under this Plan,
including, without limitation, such modifications or amendments as are necessary to maintain
compliance with applicable statutes, rules or regulations; provided
however that: 

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	 	(a) 	
      no amendment with respect to an outstanding Option which
      has the effect of reducing the benefits afforded to the Holder thereof
      shall be made over the objection of such Holder;

	 	 	 
	 	(b) 	
      the events triggering acceleration of vesting of
      outstanding Options may be modified, expanded or eliminated without the
      consent of Holders;

	 	 	 
	 	(c) 	
      the Plan Administrator may condition the effectiveness of
      any such amendment on the receipt of shareholder approval at such time and
      in such manner as the Plan Administrator may consider necessary for the
      Company to comply with or to avail the Company and/or the Optionees of the
      benefits of any securities, tax, market listing or other administrative or
      regulatory requirement; and

	 	 	 
	 	(d) 	
      the Plan Administrator may not increase the number of
      shares available for issuance on the exercise of Incentive Stock Options
      without shareholder approval.

11.2         Without
limiting the generality of Section 11.1 hereof, the Plan Administrator may
modify grants to persons who are eligible to receive Options under this Plan who
are foreign nationals or employed outside Canada and the United States to
recognize differences in local law, tax policy or custom. 

Effective Date: September 27, 2011 as amended July 10, 2014 and
September 12, 2016.

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