Document:

EX-10.3

 Exhibit 10.3 

OPTION AGREEMENT 
 THIS
AGREEMENT made as of [DATE] (the “Effective Date”). BETWEEN: 
 NEPTUNE WELLNESS SOLUTIONS
INC., a corporation incorporated under the laws of the Province of Québec, 
 (the “Corporation”)

 - and - 

[EMPLOYEE] 

(the “Option Holder”) 

WHEREAS the Corporation adopted the Plan for the purpose of providing the Corporation with a share- related mechanism to attract,
retain and motivate qualified Directors, Employees and Consultants of the Corporation, or any other Subsidiary of the Corporation, to reward such of those Directors, Employees and Consultants as may be granted Options under the Plan by the Board
from time to time for their contributions toward the long term goals and success of the Corporation and to enable and encourage such Directors, Employees and Consultants to acquire Shares as long term investments and proprietary interests in the
Corporation; 
 WHEREAS pursuant to the Plan, the Board has approved the granting to the Option Holder of an Option (as hereinafter
defined) upon the terms and conditions of this option agreement (the “Option Agreement”); 
 WHEREAS all capitalized
terms used herein and not otherwise defined will have the meanings ascribed to such terms in the Plan; 
 NOW THEREFORE, for good and
valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each of the parties hereto), the Corporation and the Option Holder hereby agree as follows: 

 

	1.	 Grant of Option 

The Corporation hereby grants to the Option Holder, subject to the terms and conditions set forth in the Plan and this Option
Agreement, the right and option (the “Option”) to purchase all or any part of an aggregate of up to                Shares at an Exercise Price of
$        [CAD] per Share expiring on [DATE]. 
  

	2.	 Vesting 

Notwithstanding Section 1 above or any other provision of this Option Agreement, legal and beneficial title to the Option
granted to the Option Holder hereunder, in respect of the Shares and all rights, privileges and benefits arising and flowing therefrom or to arise or flow therefrom hereafter, shall vest in 

  
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Option Agreement –
[NAME]                     ([DATE])         

 the Option Holder and the Option Holder shall be entitled to exercise said Option to
purchase the Shares only in the proportion and on the date (the “Vesting Date”) set out below, provided that the Option Holder is a Consultant or Employee or Director of the Corporation on such Vesting Date (and has been a
Consultant or Employee or Director of the Corporation continuously from the date hereof): 
  

									
	 Vesting Date
	  	Number of Shares subject to the
Option	 	  	Exercise Price	 
		  				  			
		  				  			
		  				  			
	 Total:
	  				  			

  

	3.	 Exercise of Option 

3.1    Subject to the provisions of this Option Agreement, the Option may be exercised from time to time prior to
the Expiry Date (as hereinafter defined) by delivery to the Corporation at its registered office of an executed Exercise Notice (attached hereto as Exhibit “I”) specifying the number of Shares with respect to which the Option is being
exercised and accompanied by payment in full, by bank draft or certified cheque, of the Exercise Price of the Shares then being purchased (in addition to any withholding amounts payable to the tax authorities in accordance to section 5.2 of the
Plan) . Subject to any provisions of this Option Agreement to the contrary, certificates for such Shares shall be issued and delivered to the Option Holder within a reasonable time following the receipt of such notice and payment. 

3.2    Notwithstanding any provisions contained in this Option Agreement, the Corporation’s obligation to
issue Shares to the Option Holder pursuant to the exercise of the Option shall be subject to: (i) receipt of any required shareholder approval; (ii) completion of such registration or other qualification of such Shares or obtaining
approval of such governmental or regulatory authority as the Corporation shall determine to be necessary or advisable in connection with the authorization, issuance or sale thereof; (iii) the admission of such Shares to listing on any stock
exchange or market on which the Shares may then be listed; (iv) the receipt from the Option Holder of such representations, warranties, agreements and undertakings as the Corporation determines to be necessary or advisable in order to safeguard
against the violation of the securities laws of any jurisdictions; and (v) compliance with the terms and conditions of the Plan. Nothing contained in this Option Agreement shall be deemed to require the Corporation to apply for or obtain any
such registration, qualification, approval or listing referred to above. The Option Holder hereby acknowledges and agrees that he has had access to such information as is necessary to enable him to evaluate the merits and risks of acquiring Shares
pursuant to the exercise of the Option and that he is able to bear the economic risk of holding such Shares for an indefinite period. 
  

	4.	 No Assignment 

The Option is personal to the Option Holder and non-assignable (whether by operation of
law or otherwise). Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of the Option contrary to the provisions of this Option Agreement, or upon the levy of any attachment or similar process upon the Option, the Option
shall, at the election of the Corporation, cease and terminate and be of no further force or effect whatsoever. 

  
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Option Agreement –
[NAME]                     ([DATE])         

	5.	 Expiration 

Subject to the terms and conditions set out in this Option Agreement, including the vesting conditions set out in
Section 2 above and the termination provisions set out in Section 6 below, the Option Holder shall have the right to exercise the Option with respect to all or any part of the Shares to the extent vested at any time or from time to time
after the date hereof and prior to the close of business on [DATE] (the “Expiry Date”). At the close of business on the Expiry Date, the Option shall forthwith expire and terminate and be of no further force or effect whatsoever
with respect to the unexercised balance of the Shares available under the Option, whether vested or not. 
  

	6.	 Termination of Employment; Death; Bankruptcy 

In the event that the Option Holder ceases to be an Employee or Consultant of the Corporation, the Expiry Date of the Option
will be governed by the terms and conditions set forth under Section 4 of the Plan. 
  

	7.	 Rights as a Shareholder 

An Option Holder shall not have any rights as a shareholder of the Corporation with respect to any of the Shares subject to the
Option until the date of issuance of a certificate for such Shares upon the exercise of the Option, in full or in part, and then only with respect to the Shares represented by such certificate or certificates. Without in any way limiting the
generality of the foregoing, no adjustment shall be made for dividends or other rights for which the record date is prior to the date such share certificate is issued. 
  

	8.	 Inconsistency with Plan 

The Option Holder acknowledges receipt of a copy of the Plan and hereby agrees that, in the event of a conflict between the
terms and provisions of this Option Agreement and the terms and conditions of the Plan, those of the Plan shall take precedence and shall govern the Options granted pursuant to this Option Agreement. 

 

	9.	 Certain Adjustments 

9.1    In the event that the Shares are at any time changed or affected as a result of the declaration of a stock
dividend thereon or their subdivision or consolidation, the number of Shares reserved for the Option shall be adjusted accordingly by the Board to such extent as they deem proper in their discretion. In such event, the number of, and the price
payable for, the Shares that are then subject to the Option may also be adjusted by the Board to such extent, if any, as they deem proper in their discretion. 

9.2    If at any time after the date of this Option Agreement and prior to the expiration of the term of the Option,
the Shares shall be reclassified, reorganized or otherwise changed, otherwise than as specified in Section 9 of this Option Agreement, or the Corporation shall consolidate, merge or amalgamate with or into another corporation (the corporation
resulting or continuing from such consolidation, merger or amalgamation being herein called the “Successor Corporation”), the Option Holder shall be entitled to receive upon the subsequent exercise of the Option in accordance with
the terms of this Option Agreement and shall accept in lieu of the number of Shares to which he was theretofore entitled upon such exercise but for the same aggregate consideration payable therefor, the aggregate number of shares of the appropriate
class and/or other securities of the Corporation or the Successor Corporation (as the case may be) and/or other consideration from the Corporation or the Successor Corporation 

  
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Option Agreement –
[NAME]                     ([DATE])         

 (as the case may be) that the Option Holder would have been entitled to receive as a result
of such reclassification, reorganization or other change or, subject to the provisions of subsection 9.1 of this Option Agreement, as a result of such consolidation, merger or amalgamation, if on the record date of such reclassification,
reorganization or other change or the effective date of such consolidation, merger or amalgamation, as the case may be, he had been the registered holder of the number of Shares to which he was theretofore entitled upon such exercise. 

 

	10.	 Notice 

All communications and payments provided for under this Option Agreement shall be in writing and shall be deemed to be given
when delivered in person or deposited in the mail, first class, certified or registered, return receipt requested, with proper postage prepaid and delivered respectively to the Corporation’s head office or the Option Holder’s address as
indicated in the Corporation’s registry, as the case may be. 
  

	11.	 Time of Essence 

Time shall be of the essence of this Option Agreement and each and every part hereof. 

 

	12.	 Binding Effect 

This Option Agreement shall inure to the benefit of and be binding upon the parties hereto, the successors of the Corporation
and the executor, administrator, heirs and personal representatives of the Option Holder. This Option Agreement shall not be assignable by the Option Holder. 
  

	13.	 Headings 

The section headings contained in this Option Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Option Agreement. 
  

	14.	 Amendment 

This Option Agreement may be amended only by a written instrument signed by each of the parties hereto. 

 

	15.	 Governing Law 

This Option Agreement shall be governed by and construed in accordance with the laws of the Province of Québec and the
laws of Canada applicable therein. 
  

	16.	 Duplicate Originals 

It is hereby acknowledged by the parties hereto that this Option Agreement has been signed in duplicate only, one
(1) original executed copy delivered to the Option Holder and one (1) delivered to the Corporation. 
  

	17.	 Confidentiality 

The Option Holder acknowledges that the Plan and this Option Agreement and the contents thereof are confidential and agrees,
except as required by law, not to disclose the foregoing to any third parties without the written consent of the Corporation, which consent may not be unreasonably withheld. 

  
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Option Agreement –
[NAME]                     ([DATE])         

 IN WITNESS WHEREOF the parties hereto have executed this Option Agreement on the date
first above written. 
  

			
	NEPTUNE WELLNESS SOLUTIONS INC.
		
	 By:
	 	  

		 	 Name:

		 	 Title:

		
		 	  

		 	 [NAME]

  
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Option Agreement –
[NAME]                     ([DATE])EX-10.4

 Exhibit 10.4 

Award Agreement 
 Neptune
Wellness Solutions Inc. (“Us”, “Our” or “Neptune”) hereby grants the following Award(s) to you subject to the terms and conditions of this Award Agreement (the “Agreement”),
together with the provisions of Our Equity Incentive Plan (the “Plan”) in which you become a “Participant”, dated January 30, 2013, all the terms of which are hereby incorporated into this Agreement: 

Name and Address of Participant: 
 Date of Grant:

 Type of Award: 
 Total Number Granted:

 Vesting Date(s): 
 Settlement
Date: The Settlement Date shall be the date of separation from service, subject to the delay that may be required for certain U.S. taxpayers under Section 12.9 of the Plan. 

 

	1.	 The terms and conditions of the Plan are hereby incorporated by reference as terms and conditions of this
Agreement and all capitalized terms used herein, unless expressly defined in a different manner, have the meaning ascribed in the Plan. 

  

	2.	 Each notice relating to the Award must be in writing and signed by the Participant or the Participant’s
legal representative. All notices to Us must be delivered personally or by prepaid registered mail and must be addressed to Our Corporate Secretary. All notices to the Participant will be addressed to the principal address of the Participant on file
with Us. Either the Participant or Us may designate a different address by written notice to the other. Any notice given by either the participant or Us is not binding on the recipient thereof until received. 

 

	3.	 Nothing in the Plan, in this Agreement, or as a result of the grant of an Award to you, will affect Our
right, or that of any Affiliates of Ours, to terminate your employment or term of office or engagement at any time for any reason whatsoever. Upon such termination, your rights to exercise the Award will be subject to restrictions and time limits,
complete details of which are set out in the Plan. 

  

	4.	 This Agreement and all matters to which reference is made herein shall be governed by and interpreted in
accordance with the laws of the Province of Quebec and the federal laws of Canada applicable therein. 

  

	5.	 The parties confirm that it is their wish that this Agreement, as well as any other documents relating to
this Agreement, including notices, schedules and authorizations have been and shall be drawn up in English language only. Les signataires confirment leur volonté que la présente convention, de même que tous les
documents s’y rattachant, y compris tout avis, annexe et autorisation, soient rédigés en anglais seulement. 

  

					
		 	1 of 2	  	Award Agreement_[DATE]

 
			
	 NEPTUNE WELLNESS SOLUTIONS INC.

		
	 By:
	 	
                  
                                         
      

 If you fail to complete and return this Agreement within fifteen (15) days of your receipt of the Agreement,
Neptune reserves the right to revoke the crediting of the Awards granted to you under this Agreement. 
 I have read the foregoing
Agreement and hereby accept the Award in accordance with and subject to the terms and conditions of the Agreement and the Plan. I have had the opportunity to review a copy of the Plan and agree to be bound by it and the terms of this Agreement. In
the event of any conflict between the terms of the Plan and this Agreement, the terms of the Plan will govern and prevail. I understand that I am required to provide Neptune with all information (including personal information) Neptune requires to
administer the Plan and I hereby consent to the collection of all such information by Neptune. 
  

					
			
	
                  
   
	 		  	  

	 Date Accepted
	 		  	 Signature

  

					
		 	2 of 2	  	Award Agreement_[DATE]

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