Document:

Exhibit 10.11 

 

INDEMNIFICATION AGREEMENT

 

THIS AGREEMENT
is made as of this [_______________],

 

B E T W E E N:

 

CLEMENTIA PHARMACEUTICALS INC.,
a corporation 

incorporated under the Canada Business Corporations Act

 

(the “Corporation”)

 

- and -

 

[__________________]

 

(the “Indemnified Party”)

 

RECITALS:

 

		A.	The Canada Business Corporations Act permits, and in some cases requires, the Corporation
to indemnify individuals who are or were directors and officers of the Corporation, or who act or acted at the Corporation’s
request as directors or officers, or in a similar capacity, of another entity now existing or hereafter formed (a “Body Corporate”,
a term which, for the purposes of this indemnification agreement (the “Agreement”) shall include an Unincorporated
Entity (as defined in section 6 below) and a corporation that becomes a Body Corporate in the future). In this Agreement:

 

		(i)	all such individuals are referred to as “Directors” and “Officers”, respectively,
and the phrase “Director and Officer” means an individual who is or was a Director and not an Officer, an individual
who is or was an Officer and not a Director, or an individual who is both a Director and an Officer;

 

		(ii)	the phrase “Director and Officer” will also include individuals who are or were acting
at the Corporation’s request as committee members of another entity (while not necessarily acting as directors or officers
of that entity);

 

		(iii)	unless the context otherwise requires, words importing the singular include the plural and vice
versa and words importing gender include all genders; and

 

		(iv)	unless otherwise indicated, references to sections are to sections in this Agreement.

 

		B.	It is in the best interest of the Corporation to attract and retain responsible and capable Directors
and Officers, and the entering into of an agreement containing broad indemnification provisions of the kind contained in this Agreement
is of vital importance to achieving these goals. Accordingly, the Corporation and the Indemnified Party wish to

    	 

    		- 2 -	 

    

enter into this Agreement, and
in so doing affirm that they intend that all the provisions of this Agreement be given legal effect to the full extent permitted
by applicable law.

 

		C.	[Indemnified Party has certain rights to indemnification and/or insurance provided by [__________]
which Indemnified Party and [___] intend to be secondary to the primary obligation of the Corporation or a Body Corporate to indemnify
Indemnified Party as provided herein, with the Corporation’s or a Body Corporate’s acknowledgement and agreement to
the foregoing being a material condition to Indemnified Party’s willingness to serve as a Director and Officer.]1

 

NOW THEREFORE
in consideration of the sum of $1.00 now given by the Indemnified Party to the Corporation, and of the mutual covenants and agreements
contained in this Agreement and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged),
the parties agree as follows:

 

		1.	Subject to sections 2 through 4, the Corporation agrees to indemnify and save harmless the Indemnified
Party:

 

		1.1.	from and against all costs, charges and expenses, including an amount paid to settle an action
or satisfy a judgment, reasonably incurred by the Indemnified Party in respect of any civil, criminal, administrative, investigative
or other proceeding in which the Indemnified Party is involved by reason of being or having been a Director and Officer; and

 

		1.2.	from and against all liabilities, damages, costs, charges and expenses whatsoever that the Indemnified
Party may sustain or incur as a result of serving as a Director and Officer in respect of any act, matter, deed or thing whatsoever
made, done, committed, permitted or acquiesced in by the Indemnified Party as a Director and Officer, whether in an official capacity
or not, and whether before or after the effective date of this Agreement.

 

		2.	Indemnification under section 1 shall be made only if the Indemnified Party:

 

		2.1	acted honestly and in good faith with a view to the best interests of either the Corporation or
the Body Corporate, as the case may be; and

 

		2.2	in the case of a criminal or administrative action or proceeding that is enforced by a monetary
penalty, the Indemnified Party had no reasonable grounds for believing that the Indemnified Party’s conduct was unlawful.

 

Sections 2.1 and 2.2 are referred
to in this Agreement as the “Standards of Conduct”.

 

		3.	[If (i) Indemnified Party is or was affiliated with one or more venture capital funds that has
invested in the Corporation or a Body Corporate (an “Appointing Stockholder”), (ii)

 

 

 

1 Only for directors and officers
affiliated with the venture capital funds

    	 

    		- 3 -	 

    

the Appointing Stockholder is,
or is threatened to be made, a party to or a participant in any action or proceeding, and (iii) the Appointing Stockholder’s
involvement in the action or proceeding results from any claim based on the Indemnified Party’s service to the Corporation
or a Body Corporate as a Director and Officer fiduciary of the Corporation or a Body Corporate, the Appointing Stockholder will
be entitled to indemnification hereunder for costs, charges and expenses to the same extent as Indemnified Party, and the terms
of this Agreement as they relate to procedures for indemnification of Indemnified Party and Expense Advances under section 9 shall
apply to any such indemnification of Appointing Stockholder.]2

 

		4.	In respect of an action by or on behalf of the Corporation or a Body Corporate to obtain a judgment
in its favour to which the Indemnified Party is made a party by reason of being or having been a Director and Officer of the Corporation
or the Body Corporate, indemnification under section 1, including the making of Expense Advances under section 9, shall be made
only after obtaining approval of the court having jurisdiction.

 

		5.	For the purposes of this Agreement:

 

		5.1	“action or proceeding” shall include, without limitation, a claim, demand, suit, proceeding,
investigation, arbitration, alternate dispute resolution mechanism, inquiry, administrative hearing, whether anticipated, threatened,
pending, commenced, continuing or completed, and any appeal or appeals therefrom, or any other actual, threatened or completed
proceeding, whether brought by or in the right of the Corporation or a Body Corporate or otherwise and whether civil, criminal,
administrative or investigative in which the Indemnified Party was, is or will be involved as a party or otherwise, by reason of
being or having been a Director and Officer, by reason of any action taken by the Indemnified Party or of any inaction on the Indemnified
Party’s part while acting in his or her capacity as a Director and Officer; in each case whether or not the Indemnified Party
is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided
under this Agreement; including one pending on or before the date of this Agreement, but excluding one initiated by an Indemnified
Party to enforce the Indemnified Party’s rights under this Agreement;

 

		5.2	“costs, charges and expenses” shall include, without limitation:

 

		5.2.1	an amount paid to settle an action or satisfy a judgment;

 

		5.2.2	a fine, penalty, levy or charge paid to any domestic or foreign government (federal, provincial,
municipal or otherwise) or to any regulatory authority, agency, commission or board of any domestic or foreign government, or imposed
by any court or any other law, regulation or rule-making entity having jurisdiction in the relevant circumstances (collectively,
a “Governmental Authority”), including as a result of a breach or alleged

 

 

 

2 Only for directors
and officers affiliated with the venture capital funds

    	 

    		- 4 -	 

    

breach of any
statutory or common law duty imposed on directors or officers or of any law, statute, rule or regulation or of any provision of
the articles, by-laws or any resolution of the Corporation or a Body Corporate;

 

		5.2.3	an amount paid to satisfy a liability arising as a result of the failure of the Corporation or
a Body Corporate to pay wages, vacation pay and any other amounts that may be owing to employees or to make contributions that
may be required to be made to any pension plan, retirement income plan or other benefit plan for employees or to remit to any Governmental
Authority payroll deductions, income taxes or other taxes, or any other amounts payable by the Corporation or a Body Corporate;
and

 

		5.2.4	all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees
and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing
to prosecute or defend, investigating, participating, or being or preparing to be a witness in an action or proceeding, or responding
to, or objecting to, a request to provide discovery in any action or proceeding, including those incurred in enforcing the Indemnified
Party’s rights under this Agreement and those incurred in connection with any appeal resulting from any action or proceeding.

 

		6.	The indemnities in section 1 shall also apply in respect of offices held or functions performed
by the Indemnified Party, at the Corporation’s request, similar to those held or performed by a Director and Officer, for
a partnership, trust, joint venture or other unincorporated entity of which the Corporation is or was a creditor or in which the
Corporation has or had an interest (an “Unincorporated Entity”).

 

		7.	Upon the Indemnified Party becoming aware of any action or proceeding which may give rise to indemnification
under this Agreement, the Indemnified Party shall give written notice to the Corporation, including copies of any documents served
on the Indemnified Party in connection with the applicable proceeding or any other relevant documents in the possession of the
Indemnified Party, directed to its Chief Executive Officer or President, as soon as is practicable, provided however that failure
to give notice in a timely fashion shall not disentitle the Indemnified Party to indemnification.

 

		8.	The Corporation may conduct any investigation it considers appropriate of any action or proceeding
of which it receives notice under section 7, and shall pay all costs of that investigation.

 

		9.	The parties wish to facilitate the payment by the Indemnified Party of ongoing costs in connection
with any action or proceeding for which indemnification under this Agreement is provided. Accordingly, the parties agree as follows:

    	 

    		- 5 -	 

    

		9.1	subject to section 9.2 below, the Corporation shall, upon demand, make advances (“Expense
Advances”) to the Indemnified Party of all reasonable amounts for which the Indemnified Party seeks indemnification under
this Agreement before the final disposition of the relevant action or proceeding, provided that, in connection with such demand,
the Indemnified Party shall provide the Corporation with a written affirmation of the Indemnified Party’s good faith belief
that the Indemnified Party has met the Standards of Conduct, along with sufficient particulars of the costs, charges and expenses
to be covered by the proposed Expense Advance to enable the Corporation to make an assessment of its reasonableness; and

 

		9.2	the Indemnified Party shall repay to the Corporation, upon demand, all Expense Advances if and
to the extent that it is determined, either by the Board of Directors or by a court of competent jurisdiction, that the Indemnified
Party had not met the Standards of Conduct or is otherwise not entitled to indemnification.

 

		10.	The Corporation shall ensure that all liabilities of the Corporation under this Agreement are at
all times covered by directors’ and officers’ liability insurance with a responsible insurer. In this regard, the parties
agree that:

 

		10.1	the responsibility for obtaining and maintaining directors’ and officers’ liability
insurance shall rest with a senior manager of the Corporation, who shall retain an insurance broker or other person having expertise
and experience in directors’ and officers’ liability insurance;

 

		10.2	the Corporation shall provide to the Indemnified Party a copy of each policy of insurance providing
the coverages contemplated by this section 10 promptly after such coverage is obtained, and shall promptly notify the Indemnified
Party if the insurer cancels or refuses to renew such coverage (or any part of such coverage);

 

		10.3	coverage need not be obtained for any liabilities of the Corporation under this Agreement if the
coverage is not generally available from responsible insurers, or is available from one or more responsible insurers but at a cost
which, in the opinion of the Corporation, acting reasonably and taking into account the financial condition and size of the Corporation
and the nature of its business, is excessive; and

 

		10.4	the Corporation shall not do any act or thing (including changing insurers) or fail to do any act
or thing, that could cause or result in a denial of insurance coverage or of any claim under such coverage; without limiting the
generality of the foregoing, the Corporation shall give prompt and proper notice to the insurer of any claim against the Indemnified
Party.

 

		11.	Should any payment made pursuant to this Agreement, including the payment of insurance premiums
or any payment made by an insurer under an insurance policy, be deemed to constitute a taxable benefit or otherwise be or become
subject to any tax or levy, then the Corporation shall pay any amount as may be necessary to ensure that the

    	 

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amount received
by or on behalf of the Indemnified Party, after the payment of or withholding for such tax, fully reimburses the Indemnified Party
for the actual cost, expense or liability incurred by or on behalf of the Indemnified Party.

 

		12.	[The Corporation hereby acknowledges that Indemnified Party has certain rights to indemnification,
advancement of expenses and/or insurance provided by [___] and certain of its affiliates (collectively, the “Fund Indemnitors”).
The Corporation hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary
and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities
incurred by Indemnitee are secondary), (ii) that it shall be required to advance the full amount of costs, charges and expenses
incurred by Indemnified Party and shall be liable for the full amount of all costs, charges and expenses, judgments, penalties,
fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement and the Certificate
of Incorporation or Bylaws of the Corporation (or any other agreement between the Company and Indemnitee), without regard to any
rights Indemnitee may have against the Fund Indemnitors, and (iii) that it irrevocably waives, relinquishes and releases the Fund
Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind
in respect thereof. The Corporation further agrees that no advancement or payment by the Fund Indemnitors on behalf of Indemnified
Party with respect to any claim for which Indemnified Party has sought indemnification from the Company shall affect the foregoing
and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to
all of the rights of recovery of Indemnified Party against the Company. The Corporation and Indemnified Party agree that the Fund
Indemnitors are express third party beneficiaries of the terms of this section 12.]3

 

		13.	Each of the provisions contained in this Agreement is distinct and severable and a declaration
of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the
validity or enforceability of any other provision hereof. Further, the invalidity or unenforceability of any provision hereof as
to either Indemnified Party or Appointing Stockholder shall in no way affect the validity or enforceability of any provision hereof
as to the other. To the extent permitted by applicable law, the parties waive any provision of law which renders any provision
of this Agreement invalid or unenforceable in any respect. The parties shall engage in good faith negotiations to replace any provision
which is declared invalid or unenforceable with a valid and enforceable provision, the economic effect of which comes as close
as possible to that of the invalid or unenforceable provision which it replaces.

 

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

 

 

 

3 Only for directors
and officers affiliated with the venture capital funds

    	 

    		- 7 -	 

    

		15.	The obligations of the Corporation under this Agreement shall continue after the Indemnified Party
ceases to be a Director or Officer and shall survive indefinitely.

 

		16.	Except as expressly provided in this Agreement, no amendment or waiver of this Agreement shall
be binding unless executed in writing by the party to be bound thereby. No waiver of any provision of this Agreement shall constitute
a waiver of any other provision nor shall any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise
expressly provided.

 

		17.	This Agreement shall enure to the benefit of the Indemnified Party and the Indemnified Party’s
heirs, administrators, executors and personal representatives and shall be binding upon the Corporation and its successors.

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement.

 

	 	CLEMENTIA PHARMACEUTICALS INC.
	 	 

	 	Per:	 

	 	Name:
	 	Title:
	 	 
	 	[_________________]Exhibit 10.12

 

AMENDED AND RESTATED

 

EMPLOYMENT AGREEMENT

 

BETWEEN

 

CLEMENTIA PHARMACEUTICALS INC.

 

AND

 

DR. CLARISSA DESJARDINS

 

MADE AS OF               , 2017

    	 

    	

    

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

THIS AGREEMENT made as of          , 2017,

 

B E T W E E N:

 

CLEMENTIA PHARMACEUTICALS INC., a corporation incorporated
under the laws of Canada, having its head office at 4150 Sainte-Catherine Street West, Suite 550, Montreal, Quebec, H3Z 2YA, Canada,
herein acting and represented by David Bonita, duly authorized for the purposes hereof as he so declares (the “Corporation”),

 

A N D:

 

DR. CLARISSA DESJARDINS, domiciled and residing at                                                

(the “Employee”),

 

WHEREAS the Employee is a founder
and one of the principal shareholders of the Corporation;

 

WHEREAS the Corporation and the Employee
are parties to an Amended and Restated Employment Agreement made as of October 9, 2014 (the “Amended and Restated Agreement”);

 

WHEREAS the Corporation wishes to
continue to employ the Employee and the Employee wishes to provide services to the Corporation on the terms and conditions set
forth in this Agreement;

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
1 - INTERPRETATION

 

		1.01	Definition of Certain Terms

 

In this Agreement, unless something in the
subject matter or context is inconsistent therewith:

 

“Affiliate” of any Person
shall mean any other Person directly or indirectly controlling, controlled by, or under common control with, such Person; provided,
that, for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled
by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the
ownership of voting securities, by contract or otherwise.

    	 

    	

    

“Agreement” means this agreement, including
its recitals and schedules, as further amended from time to time.

 

“Amended and Restated Agreement” has
the meaning set forth in the recitals.

 

“Base Salary” has the meaning attributed
thereto in Section 3.01 of this Agreement.

 

“Benefit Plans” has the
meaning attributed thereto in Section 3.03 of this Agreement.

 

“Board” means the board
of directors of the Corporation in office from time to time.

 

“Business Day” means any
day other than a Saturday, Sunday or statutory or civic holiday in the Province of Quebec.

 

“Cause” means: (i) any
theft, fraud, dishonesty, or serious misconduct by the Employee involving the property, business or affairs of the Corporation
or its Affiliates or the carrying out of the Employee’s duties, (ii) any material breach or non-observance by the Employee
of any term of this Agreement, including gross negligence and failure or refusal to perform her duties or responsibilities, which
breach or non-observance is not cured, to the extent susceptible to cure, within fourteen (14) days after having been notified
of such by the Corporation, (iii) any act by the Employee constituting a criminal offence which is incompatible with the Employee’s
duties and responsibilities, whether such offence is indictable or punishable on summary conviction or otherwise involving theft,
fraud, dishonesty, misrepresentation or moral turpitude, (iv) breach of fiduciary duty, conflict of interest or self-dealing,
gross negligence, willful misconduct or willful insubordination; or (v) violation of policies or procedures of the Company
or its Affiliates, as applicable, which is detrimental to the business, reputation, character or standing of the Corporation or
any of its Affiliates; or (vi) any other action recognized as “just and sufficient cause” or “serious reason”
under applicable laws.

 

“Change in Control” has
the meaning set forth in the Corporation’s 2017 Omnibus Incentive Plan.

 

“Confidential Information”
means confidential information of the Corporation, or any Affiliate or Subsidiary thereof, including trade secrets, customer lists,
Inventions, research results, research developments, data and materials supporting research results and research developments and
other confidential information concerning the business and affairs of the Corporation or any Affiliate or Subsidiary thereof.

 

“Customer” means any Person
having purchased goods or services from the Corporation in connection with the Corporation’s business, namely the development
of RARgamma agonists or drugs for Fibrodysplasia Ossificans Progressiva (FOP) and Multiple Osteochondroma (MO), at any time during
the two years preceding the termination of the Employee’s employment with the Corporation or with whom the Corporation is
in negotiation at the time the Employee’s employment ends with a view to selling or providing goods or services, in connection
with the Corporation’s business, to such Person.

 

“Date of Termination” means:

    	2

    	

    

		(a)	if the Employee’s employment with the Corporation is terminated by the Employee in accordance with Section 7.02, or due
to the death, incapacity or retirement of the Employee, or for any other reason not otherwise contemplated by Article 7, the last
day of the Employee’s active employment with the Corporation; or

 

		(b)	if the Employee’ employment with the Corporation is terminated by the Corporation in accordance with 7.01, for any reason
whatsoever, with or without Cause, the date as specified in the Notice of Termination.

 

“Intellectual Property Rights” means all
trade secrets, copyrights, trade-marks, domain names, industrial designs, mask work rights, rights in integrated circuit topographies,
patents and other intellectual property rights recognized by the laws of any jurisdiction or country, including applications, registrations,
titles, renewals, issues, re-issues and extensions of the rights thereto.

 

“Invention” means any ideas, concepts, devices,
algorithms, information, materials, methods, processes, data, computer programs, databases, know-how, discoveries, developments,
designs, images, artwork, formulae, other copyrightable works, and techniques, including any enhancements, modifications or additions
thereto and/or to the products owned, licensed, sold, marketed or used by the Corporation, whether patentable or not, and all Intellectual
Property Rights therein.

 

“Notice of Termination” has the meaning set
forth in Section 7.01 of this Agreement.

 

“Person” is to be broadly interpreted and
includes an individual, a partnership, a corporation, a trust, a joint venture, any governmental authority or any incorporated
or unincorporated entity or association of any nature and the executors, administrators, or other legal representatives of an individual
in such capacity.

 

“Same or Similar Capacity” means:

 

		(a)	the same or similar capacity or function in which the Employee worked for the Corporation at any time during the last two years
of the Employee’s employment;

 

		(b)	any executive or managerial capacity; and/or

 

		(c)	a capacity of partner, trustee, lender or shareholder.

 

“Severance Period” means the period beginning
on the Date of Termination and ending after a period equal to twelve (12) months following the Date of Termination;

 

“Subsidiary” with respect to any Person,
shall mean (a) any corporation more than fifty percent (50%) of the stock of any class or classes of which having by the terms
thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time
stock of any class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency)
is owned by such Person directly or indirectly

    	3

    	

    

through one or more subsidiaries of such Person and (b) any partnership, association,
joint venture, limited liability company or other entity in which
such Person directly or indirectly through one or more subsidiaries of such Person has more than a fifty percent (50%) equity
interest.

 

“Territory” means the United States and Canada.

 

		1.02	Headings

 

The division of this Agreement into Articles
and Sections and the insertion of a table of contents and headings are for the convenience of reference only and do not affect
the construction or interpretation of this Agreement. The terms “hereof”, “hereunder” and similar expressions
refer to this Agreement and not to any particular Article, Section or other portion hereof. Unless something in the subject matter
or context is inconsistent therewith, references herein to Articles, Sections and Schedules are to Articles, Sections of and Schedules
to this Agreement.

 

		1.03	Extended Meanings

 

In this Agreement words importing the singular
number only include the plural and vice versa, words importing any gender include all genders and words importing persons include
individuals, corporations, limited and unlimited liability companies, general and limited partnerships, associations, trusts, unincorporated
organizations, joint ventures and governmental authorities. The term “including” means “including without limiting
the generality of the foregoing”.

 

		1.04	Statutory References

 

In this Agreement, unless something in the
subject matter or context is inconsistent therewith or unless otherwise herein provided, a reference to any statute is to that
statute as now enacted or as the same may from time to time be amended, re-enacted or replaced and includes any regulation made
thereunder.

 

		1.05	Currency

 

All references to currency herein are to
lawful money of Canada.

 

		1.06	Schedules

 

The following Schedule is incorporated by
reference into this Agreement and deemed to form part hereof:

 

Schedule A-Permitted Outside Duties

    	4

    	

    

ARTICLE
2 - EMPLOYMENT

 

		2.01	Employment and Term

 

(1) Subject to the terms and conditions of this Agreement, the Corporation will continue to employ the Employee in the position
of President and Chief Executive Officer.

 

(2) The term of this Agreement and the
Employee’s employment with the Corporation under this Agreement will continue for an indefinite period, subject to
termination in accordance with Article 7 of this Agreement.

 

(3) The Employee will report to the
Board or such other person as may be designated by the Board.

 

(4) In addition to the duties and
responsibilities that are inherent to the position of President and Chief Executive Officer of a corporation, the Employee
will perform such other duties and responsibilities as may be assigned to her, from time to time, by the Board, and the
Employee will have the powers and authority to perform such duties and responsibilities, subject always to the control and
direction of the Board.

 

ARTICLE
3 - REMUNERATION AND BENEFITS

 

		3.01	Annual Base Salary

 

(1) The Corporation will pay the
Employee a base salary at the gross annual rate of $490,000 (the “Base Salary”). The Base Salary will be payable
in equal installments, in accordance with the Corporation’s normal payroll schedule as in effect from time to time, in
arrears by direct deposit and subject to deductions required by law or authorized by the Employee.

 

(2) The Board will review the Base
Salary annually and may increase, but not decrease (except when decreases that are being implemented throughout the
Corporation, provided the decrease in the Employee’s Base Salary is proportional to decreases of the compensation of
the other Corporation employees), the Base Salary upon approval by the Board. The Board will be under no obligation to
increase the Base Salary.

 

		3.02	Performance Review; Bonus

 

The Board will formulate a procedure for
review of the Employee’s performance as well as setting performance goals for each the Corporation and the Employee. Such
review will be conducted annually by the Corporation. The Employee shall be entitled to a bonus of to up to 50% of the Base Salary
to be determined by the Board in its sole and absolute discretion based on achievement of performance goals established for the
Employee and the Corporation at the beginning of each year and in accordance with the terms of any applicable bonus plan in effect
from time to time.

    	5

    	

    

		3.03	Benefit Plans

 

The Employee will be eligible to participate
in any benefit plans (including any equity based incentive plan of the Corporation) made generally available to the Corporation’s
similarly-situated employees from time to time and based on market comparables, subject to and in accordance with the terms and
conditions of the applicable benefit plans (“Benefit Plans”). The Employee acknowledges that the Benefit Plans
may be amended or terminated from time to time, as provided in the applicable plan, fund or arrangement.

 

		3.04	Vacation

 

The Employee will be entitled to four (4)
weeks of paid vacation per calendar year, to be earned and taken in accordance with the Corporation’s policies as in effect
from time to time. The Employee will take her vacation at a time or times reasonable for each of the Corporation and the Employee
in the circumstances, taking into consideration the business needs of the Corporation.

 

		3.05	Expenses

 

The Corporation will reimburse the Employee
for all reasonable out-of-pocket expenses properly incurred by her in the course of the Employee’s employment with the Corporation
in accordance with the Corporation’s policies as in effect from time to time. The Employee will provide the Corporation with
such statements and receipts verifying such expenses as the Corporation may reasonably require.

 

ARTICLE
4 - EMPLOYEE’S COVENANTS

 

		4.01	Full Time Service

 

The Employee will devote all of her working
time, attention and effort to the business and affairs of the Corporation and will well and faithfully serve the Corporation and
will use her best efforts to promote the interests of the Corporation. The Employee may however continue to act as consultant,
director and or committee member as disclosed under Schedule A, subject to the terms and conditions of Article 5 hereof and as
long as such activities do not affect the performance of her functions as President and Chief Executive Officer of the Corporation.

 

		4.02	Duties and Responsibilities

 

The Employee will duly and diligently perform
all the duties assigned to her while in the employ of the Corporation, and will truly and faithfully account for and deliver to
the Corporation all money, securities and things of value belonging to the Corporation which the Employee may from time to time
receive for, from or on account of the Corporation.

 

		4.03	Rules and Regulations

 

The Employee will be bound by and will faithfully
observe and abide by all the rules and regulations of the Corporation from time to time in force which are brought to her notice
or of which she should reasonably be aware, as amended by the Corporation from time to time.

    	6

    	

    

Notwithstanding the foregoing, in the event of a conflict between
rules and regulations and this Agreement, the terms of this Agreement will have precedence.

 

		4.04	Conflict of Interest

 

The Employee will refrain from any situation
in which the Employee’s personal interest conflicts, or may appear to conflict, with the Employee’s duties with the
Corporation. The Employee acknowledges that if there is any doubt in this respect, the Employee will inform the Board and obtain
written authorization.

 

		4.05	Confidential Information

 

(1) The Employee acknowledges that, by
reason of her employment with the Corporation, she has and will continue to have access to Confidential Information. The
Employee agrees that, during her employment with the Corporation and for a period of 36 months following the Date of
Termination, she will not, directly or indirectly, disclose, divulge, diffuse, sell, transfer, give, publish, circulate or
distribute to any Person whomsoever or otherwise make public, except in the proper course of her employment with the
Corporation, or use for her own purposes or for any purposes other than those of the Corporation, any Confidential
Information acquired by her during her employment with the Corporation. Notwithstanding the above 36 month period, the
foregoing restrictions shall continue permanently after the termination of Employee’s employment with the Corporation
where the Confidential Information concerns the reputation and private life of another person and any commercial secret,
invention or proposed trademark of the Corporation.

 

(2) Any breach of Section 4.05(1) by
the Employee will result in material and irreparable harm to the Corporation although it may be difficult for the Corporation
to establish the monetary value flowing from such harm. The Employee therefore agrees that the Corporation, in addition to
being entitled to the monetary damages which flow from the breach and to any other recourse or remedy available to it, will
be entitled to injunctive relief in a court of appropriate jurisdiction in the event of any breach by the Employee of Section
4.05(1) (without posting of a bond or other security).

 

ARTICLE
5 - RESTRICTIVE COVENANTS

 

		5.01	Non-Competition

 

(1) The Employee shall not, without
the prior written consent of the Corporation, at any time during the term of her employment with the Corporation, without
limitation of a geographical area, and during the Severance Period, anywhere within the Territory, directly or indirectly, in
a Same or Similar Capacity, either individually, or in partnership, jointly or in conjunction with any other Person, carry on
or be engaged, be employed by or consult with any business, undertaking or activity which competes, in whole or in part, with
the Corporation’s business, namely the development of RARgamma agonists or drugs for Fibrodysplasia Ossificans
Progressiva (FOP) and Multiple Osteochondroma (MO).

 

(2) Nothing in this Section 5.01 shall
prevent the Employee from owning not more than two percent (2%) of the issued shares of a corporation, the shares of which
are listed on a

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recognized stock exchange or traded in the over the counter
market in Canada or the United States.

 

		5.02	Non-Solicitation

 

(1) The Employee shall not, without
the prior consent of the Corporation, during the term of her employment and during the Severance Period, directly or
indirectly, either individually, or in partnership, jointly or in conjunction with any other Person:

 

		(a)	solicit or hire any employee of the Corporation or of any Affiliate or Subsidiary thereof or induce or attempt to induce any
employee of the Corporation or of any Affiliate or Subsidiary thereof to leave his employment; or

 

		(b)	solicit or interfere with the Corporation’s or any Affiliate’s or Subsidiary’s relationships with, or endeavour
to entice away from the Corporation or any Affiliate or Subsidiary any Customers of the Corporation or any Affiliate or Subsidiary.

 

		5.03	Acknowledgement and Breach

 

(1) The covenants contained in
Sections 5.01(1) and 5.02(1) are each separate and distinct covenants, severable one from the other and if any such covenant
or covenants are determined to be invalid or unenforceable, such invalidity or unenforceability will attach only to the
covenant or covenants as determined and all other such covenants will continue in full force and effect.

 

(2) The Employee confirms that all
restrictions in Sections 5.01 and 5.02 are reasonable and valid and that the Employee waives all defences to the strict
enforcement of such restrictions by the Corporation.

 

(3) Any breach of the provisions of
Sections 5.01(1) or 5.02(1) by the Employee will result in material and irreparable harm to the Corporation although it may
be difficult for the Corporation to establish the monetary value flowing from such harm. The Employee therefore agrees that
the Corporation, in addition to being entitled to the monetary damages which flow from the breach and to any other recourse
or remedy available to it, will be entitled to injunctive relief in a court of appropriate jurisdiction in the event of any
breach or threatened breach by the Employee of any of the provisions of Sections 5.01(1) or 5.02(1) (without posting of a
bond or other security).

 

(4) The provisions of
Sections 5.01(1) or 5.02(1) of this Agreement shall continue to apply and be valid notwithstanding any change in the
Employee’s duties, responsibilities, position or title.

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ARTICLE
6 - INVENTIONS
AND ASSIGNMENT OF INTELLECTUAL PROPERTY

 

		6.01	Assignment of Corporation Inventions

 

The Employee hereby covenants and agrees
that all Inventions and all Intellectual Property Rights relating thereto shall be the sole and exclusive property of the Corporation.
Where the Corporation is not by law the first and exclusive owner of the Inventions or Intellectual Property Rights relating thereto,
the Employee hereby assigns to the Corporation, without further compensation, all of her present and future rights, title, and
interest in and to any and all present and future Inventions (and all Intellectual Property Rights with respect thereto throughout
the world) made, conceived, reduced to practice, or learned by the Employee, either alone or with others, during the period of
the Employee’s employment by the Corporation, including, without limitation those made, conceived, reduced to practice, or
learned by the Employee with the use of the Corporation’s time, material, private or proprietary information, or facilities
or which are directly or indirectly related to the activities of the Corporation or to the Employee’s employment responsibilities.
Inventions (and all Intellectual Property Rights with respect thereto throughout the world) assigned to the Corporation pursuant
to this Section are referred to in this Agreement as “Corporation Inventions”. In the event that the Employee
is unable to assign any portion of the Corporation Inventions to the Corporation, the Employee hereby grants to the Corporation
an exclusive, perpetual, fully-paid and royalty-free, irrevocable and worldwide license, with rights to assign or sublicense through
multiple levels of sub-licensees, to reproduce, make derivative works of, distribute, communicate to the public by telecommunications,
publicly perform, and publicly display in any form or medium, whether now known or later developed, make, have made, use, sell,
import, offer for sale, and exercise any and all present or future rights in, such Corporation Inventions.

 

		6.02	Prior Inventions

 

The Employee represents that there are no
Inventions that she has, or has caused to be, alone or jointly with others, conceived, developed, or reduced to practice prior
to the commencement of her employment by the Corporation, in which the Employee has an ownership interest or which the Employee
has a license to use (collectively referred to as “Prior Inventions”) which are directly or indirectly related
to the activities of the Corporation.

 

Should any Prior Inventions become directly
or indirectly related to the activities of the Corporation, the Employee shall so inform the Corporation and further agrees that
she will not incorporate, or permit to be incorporated, such Prior Inventions in any Corporation Inventions without the Corporation’s
prior written consent. If, in the course of the Employee’s employment with the Corporation, the Employee incorporates a Prior
Invention into a Corporation Invention without the Corporation’s prior written consent, the Employee hereby grants the Corporation
an exclusive, perpetual, fully-paid and royalty-free, irrevocable and worldwide license, with rights to assign or sublicense through
multiple levels of sub-licensees, to reproduce, make derivative works of, distribute, communicate to the public by telecommunications,
publicly perform, and publicly display in any form or medium, whether now known or later developed, make, have made, use, sell,
import, offer for sale, and exercise any and all present or future rights in, such Prior Invention.

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		6.03	Moral Rights

 

The Employee hereby irrevocably waives,
for herself and on behalf of her heirs, estate representatives, successors and assigns, all moral rights she may have in the Corporation
Inventions and in any Prior Inventions (solely to the extent that such Prior Inventions are incorporated into a Corporation Invention
either pursuant to Section 6.02 above or pursuant to a separate written agreement to the Corporation authorizing such incorporation).

 

		6.04	Obligation to Keep Corporation Informed

 

During the period of the Employee’s
employment, the Employee will promptly and fully disclose to the Corporation in writing all Corporation Inventions authored, conceived,
or reduced to practice by the Employee, either alone or with others.

 

		6.05	Enforcement of Intellectual Property Rights and Assistance

 

During the period of the Employee’s
employment and thereafter, the Employee will assist the Corporation in every proper way to obtain, protect and enforce the Intellectual
Property Rights relating to Corporation Inventions in all countries. In the event the Corporation is unable to secure the Employee’s
signature on any document needed in connection with such purposes, the Employee hereby irrevocably designates and appoints the
Corporation and its duly authorized officers and agents as her agent and attorney in fact, which appointment is coupled with an
interest, to act on the Employee’s behalf to execute and file any such documents and to do all other lawfully permitted acts
to further such purposes with the same legal force and effect as if executed by the Employee.

 

ARTICLE
7 - TERMINATION

 

		7.01	Termination by the Corporation

 

Subject to the requirements of Sections
7.03, 7.04 and 7.05, as applicable, the Corporation may terminate this Agreement and the Employee’s employment with the Corporation
at any time by giving a written notice of termination of the Employee’ employment with the Corporation, delivered in accordance
with Section 8.01, specifying the effective date of the termination (a “Notice of Termination”).

 

		7.02	Termination by the Employee

 

The Employee may terminate this Agreement
and her employment with the Corporation by giving the Corporation 30 days’ prior notice in writing. The Corporation may,
at its discretion, waive all or part of such notice and end the Employee’s employment immediately by providing the Employee
with pay in lieu of notice until the end of the Employee’s resignation notice period.

 

		7.03	Payments on Termination Without Cause

 

(1) If the Employee’s employment
with the Corporation is terminated by the Corporation pursuant to Section 7.01 for any reason other than Cause, the
Corporation will:

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		(a)	pay to the Employee an amount equal to the Base Salary earned by her up to the Date of Termination and any earned but unused
vacation pay calculated as of such date;

 

		(b)	reimburse the Employee in accordance with Section 3.05 for any expenses incurred by her up to and including the Date of Termination;

 

		(c)	continue to pay to the Employee on the basis outlined in Section 3.01 an amount equivalent to the Base Salary that would
have been payable to her had her employment with the Corporation continued for the Severance Period; and

 

		(d)	reimburse the Employee for costs of continuing health care coverage under the applicable Benefit Plans for her and her dependents
during the Severance Period.

 

		7.04	Payments on Termination by the Corporation for Cause or on Termination by the Employee

 

(1) If the Employee’s employment with the Corporation is terminated by the Corporation pursuant to Section 7.01 for Cause,
or if such employment is terminated by the Employee pursuant to Section 7.02, the Corporation will:

 

		(a)	pay to the Employee an amount equal to the Base Salary earned by her up to the Date of Termination and any earned but unused
vacation pay calculated as of such date; and

 

		(b)	reimburse the Employee in accordance with Section 3.05 for any expenses incurred by her up to and including the Date of Termination.

 

		7.05	Payments on Termination Without Cause after a Change in Control

 

(1) If the Employee’s employment
with the Corporation is terminated by the Corporation pursuant to Section 7.01 for any reason other than Cause within twelve
(12) months following a Change in Control, the Corporation will:

 

		(a)	pay to the Employee an amount equal to the Base Salary earned by her up to the Date of Termination and any earned but unused
vacation pay calculated as of such date;

 

		(b)	reimburse the Employee in accordance with Section 3.05 for any expenses incurred by her up to and including the Date of Termination;

 

		(c)	continue to pay to the Employee on the basis outlined in Section 3.01 an amount equivalent to the Base Salary that would
have been payable to her had her employment with the Corporation continued for the Severance Period;

 

		(d)	pay to the Employee the Employee’s target bonus for the year in which the Date of Termination occurs within thirty (30)
days after the Date of Termination;

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		(e)	reimburse the Employee for the cost of continuing health care coverage under the applicable Benefit Plans for her and her dependents
during the Severance Period;

 

		(f)	as of the Date of Termination, fully vest all outstanding equity grants including any outstanding stock options.

 

		7.06	Fair and Reasonable

 

The Employee acknowledges and agrees that:

 

(1) the notice or payments or benefits
or any combination thereof provided pursuant to this Article 7 will be in full satisfaction of all rights and obligations
resulting from the termination of the Employee’s employment, including any notice of termination, indemnity or pay in
lieu thereof and severance pay to which the Employee may be entitled pursuant to the applicable legislation;

 

(2) except as provided in this Article
7, the Employee will not be entitled to any further termination payments, damages, or compensation whatsoever; and

 

(3) as a condition precedent to any
payment or benefit pursuant to Section 7.03(c), the Employee agrees to deliver to the Corporation prior to receipt of any
such payment or benefit, a full and final release of all actions or claims in connection with the Employee’s employment
or termination of such employment in favour of the Corporation, its Affiliates, Subsidiaries, directors, officers, employees
and agents, in a form satisfactory to the Corporation.

 

		7.07	Return of Property

 

Upon any termination of her employment with
the Corporation, or at any other time at the request of the Corporation, the Employee will deliver or cause to be delivered to
the Corporation promptly all books, documents, money, securities or other property of the Corporation that are in the possession,
charge, control or custody of the Employee.

 

		7.08	Resignation as Director and Officer

 

Upon any termination of the Employee’s
employment under this Agreement, the Employee will, if applicable, sign forms of resignation indicating her resignation as an officer
and, to the extent that the Employee’s employment with the Corporation is terminated by the Corporation pursuant to Section
7.01 for Cause, as a director of the Corporation and releasing the Corporation, its Affiliates, Subsidiaries, directors, officers,
employees and agents from all actions or claims in connection with the Employee’s service as director and/or officer, as
the case may be, in a form satisfactory to the Corporation.

 

		7.09	Provisions which Operate Following Termination

 

Notwithstanding any termination of the Employee’s
employment under this Agreement, the provisions of Section 4.05 and Article 5 and Article 6 of this Agreement and any other provisions
of this Agreement necessary to give efficacy thereto will continue in full force and effect following such termination.

    	12

    	

    

ARTICLE
8 - GENERAL

 

		8.01	Notices

 

Any demand, notice or other communication
(“Communication”) to be given in connection with this Agreement will be given in writing by personal delivery,
by registered mail or by electronic means of communication addressed to the recipient as follows:

 

To the Corporation:

 

4150 Sainte-Catherine Street West, Suite 550

Montreal, Quebec, H3Z 2Y5

 

Attention: Michael Singer

Fax: 1 888 966 0135

 

To the Employee:

 

 

or such other address, individual or electronic communication
number as may be designated by notice given by either party to the other. Any Communication given by personal delivery will be
conclusively deemed to have been given on the day of actual delivery of the Communication and, if given by registered mail, on
the third day following the deposit of the Communication in the mail (provided that if such third day is not a Business Day, then
it will be deemed to have been given on the next succeeding day that is a Business Day), and, if given by electronic communication,
on the day of transmittal of the Communication if given during the normal business hours of the recipient and on the Business Day
during which such normal business hours next occur if not given during such hours on any day. If the party giving any Communication
knows or ought reasonably to know of any difficulties with the postal system which might affect the delivery of mail, any such
Communication may not be mailed but must be given by personal delivery or by electronic communication.

 

		8.02	Time of Essence

 

Time will be of the essence of this Agreement.

 

		8.03	Deductions

 

The Corporation will deduct all statutory
deductions from any amounts to be paid to the Employee under this Agreement.

 

		8.04	Assignment

 

This Agreement and the Employee’s
rights and obligations hereunder may not be assigned by the Employee. The Corporation may assign its rights together with its obligations

    	13

    	

    

hereunder in connection with any sale, transfer or other disposition
of all or substantially all of its business and assets; and such rights and obligations shall inure to and be binding upon any
successor to all or substantially all of the business and assets of the Corporation, whether by merger, purchase of shares or assets,
reorganization or otherwise.

 

		8.05	Entire Agreement

 

This Agreement, as amended from time to
time, constitutes the entire agreement between the parties with respect to the Employee’s employment with the Corporation
and cancels and supersedes any prior understandings and agreements between the parties with respect to the Employee’s employment
with the Corporation, including the Amended and Restated Agreement. There are no representations, warranties, forms, conditions,
undertakings or collateral agreements, express, implied or statutory between the parties with respect to the Employee’s employment
with the Corporation other than as expressly set forth in this Agreement.

 

		8.06	Pre-Contractual Representations

 

The Employee hereby waives any right to
assert a claim based on any precontractual representations, negligent or otherwise, made by the Corporation.

 

		8.07	Amendments and Waivers

 

No amendment to this Agreement will be valid
or binding unless set forth in writing and duly executed by both of the parties to this Agreement. No waiver of any breach of any
provision of this Agreement will be effective or binding unless made in writing and signed by the party purporting to give the
same and, unless otherwise provided in the written waiver, will be limited to the specific breach waived.

 

		8.08	Severability

 

If any provision of this Agreement is determined
to be invalid or unenforceable in whole or in part, such invalidity or unenforceability will attach only to such provision or part
of such provision and the remaining part of such provision and all other provisions of this Agreement will continue in full force
and effect.

 

		8.09	Governing Law

 

This Agreement will be governed by and construed
in accordance with the laws of the Province of Quebec and the laws of Canada applicable in Quebec, without regard to conflict of
laws provisions.

 

		8.10	Attornment

 

For the purpose of all legal proceedings
this Agreement will be deemed to have been performed in the Province of Quebec and the courts of the Province of Quebec will have
jurisdiction to entertain any action arising under this Agreement. The Corporation and the Employee each hereby agrees to the jurisdiction
of the courts of the Province of Quebec.

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		8.11	Copy of Agreement

 

The Employee hereby acknowledges receipt
of a copy of this Agreement duly signed by the Corporation.

 

		8.12	Language

 

The parties hereto acknowledge that they
have requested and are satisfied that this Agreement and all related documents be drawn up in the English language. Les parties
aux présentes reconnaissent avoir requis que la présente entente et les documents qui y sont relatifs soient rédigés
en anglais.

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IN WITNESS WHEREOF the parties have executed
this Agreement.

 

	 	 	CLEMENTIA PHARMACEUTICALS INC.
	 	 	 
	 	 	By:	                             
	 	 	Name: Dr. David Bonita
	 	 	Title:   Chairman of the Board
	 	 	 
	WITNESS:	 	 
	 	 	 
	 	 	 	 
	Signature	 	DR. CLARISSA DESJARDINS
	 	 	 	 
	 	 	 	 
	Name (Please print)	 	 	 

    	 

    	

    

SCHEDULE
A

 

PERMITTED
OUTSIDE DUTIES

 

		Ÿ	Board member of The Research Foundation of Rx&D (approx. 2 meetings per year, 2 hrs);

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