Document:

Exhibit 10.3

 

[Certain portions of this exhibit have been redacted as they are both not material and are of the type of information that the Company
treats as private or confidential. The Company agrees to furnish supplementally an unredacted copy of the exhibit to the SEC upon its
request.]

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(the “Agreement”), dated effective as of October 4, 2021 (the “Effective Date”), is by and between
LexaGene (the “Company”) and Steven Armstrong (the “Executive”). Amended on March 23, 2022.

 

Introduction

 

The Company desires to retain
the services of the Executive pursuant to the terms and conditions set forth herein and the Executive wishes to be employed by the Company
on such terms and conditions. The Executive will be a key employee and fiduciary of the Company, with significant access to information
concerning the Company and its business. The disclosure or misuse of such information or the engaging in competitive activities would
cause substantial harm to the Company.

 

For good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.             Term.
The Company will employ the Executive hereunder until the Executive’s employment with the Company is terminated pursuant to
Section 15.

 

2.             Duties.
The Executive will initially serve as the Chief Operating Officer for the Company and will have such duties of an executive nature as
the Chief Executive Officer will determine from time to time. The Executive will report to the the Chief Executive Officer. The Executive
will report to the Company’s offices in Beverly Massachusetts, though the Executive will be expected to travel to other locations
as needed from time to time. The Executive must maintain a valid passport and ability to travel at all times during employment.

 

3.             Full
Time; Best Efforts. The Executive will devote the Executive’s full business time and best efforts to the performance
of the Executive’s duties hereunder and to the promotion of the business and affairs of the Company. The Executive will not engage
in any other activity which could reasonably be expected to interfere with the performance of the Executive’s duties, services
and responsibilities hereunder or present any actual or perceived conflict of interest.

 

4.            Compensation
and Benefits. During the Executive’s employment with the Company under this Agreement, the Executive will be entitled
to compensation and benefits as follows:

 

(a)            Base
Salary. The Company will pay the Executive a base salary at the rate of $200,000 per year, payable in accordance with the
regular payroll practices of the Company, which may periodically be increased but not decreased by the Board in its sole discretion,
except in connection with any reduction that applies to all management employees in substantially the same manner (as adjusted from time
to time, the “Base Salary”).

 

     

     

    

 

(b)           Bonus.
The Executive will be eligible for an annual bonus opportunity of 30% of the Executive’s Base Salary with a maximum payout opportunity
of 100% of the Executive’s base salary for each calendar year based upon objectives established by the Board from time to time
(the “Bonus”). The Board will determine in its sole discretion whether or not the Bonus objectives have been achieved
and the corresponding amount of the Bonus, and such determination will be binding and conclusive for all purposes. The award of any Bonus
in respect of any year does not in any manner entitle the Executive to receive a similar award, or any award, in respect of any other
year. Any Bonus awarded shall be paid no later than March 15th of the year following the year to which it pertains. Except
as expressly provided by Section 15(c)(iv)(B), the Executive must be actively employed by the Company through and including the date
on which the Executive’s Bonus, if any, is paid to be eligible to receive it.

 

(c)            Equity.
The Executive will be eligible to receive such stock options or restricted stock units as the Company may in its sole discretion grant
from time to time pursuant to the terms of the Company’s Equity Incentive Plan and the terms of such individual grant agreements
as the Executive may be required to sign at the time of any such grants (the “Equity Plans”).
Any grants of equity received by the Executive prior to the Effective Date shall continue in place in accordance with their terms and
the terms of the Plans. 

 

(d)            Benefits.
The Executive will be entitled to participate in Company benefit plans that are generally available to the Company’s executive
employees in accordance with and subject to the then existing terms and conditions of such plans.

 

(e)            Vacation.
The Executive will be entitled
to twenty (20) Days of paid vacation time per year to accrue on a pro-rated basis and which will be subject to Company policies.

 

(f)            Expenses.
The Executive will be entitled to reimbursement of all reasonable expenses incurred in the ordinary course of business on behalf of the
Company in accordance with Company expense reimbursement policies.

 

(g)            Indemnification.
To the full extent permitted by law, the Company shall indemnify the Executive with respect to any actions commenced against the Executive
in the Executive’s capacity as an officer, director or employee or former officer, director or employee of the Company or any affiliate
thereof for which the Executive may serve in such capacity, and the Company shall advance on a timely basis any reasonable expenses incurred
in defending such actions. In addition, the Company agrees to obtain directors’ and officers’ insurance pursuant to which
the Executive will be covered on the same terms and conditions as all other directors and officers of the Company.

 

(h)            Withholding.
The Company may withhold from compensation and other amounts payable to the Executive all applicable taxes and other applicable withholdings.

 

5.             Confidential
Information.

 

(a)            The
Executive will not at any time, directly or indirectly, disclose or divulge any Confidential Information (as defined below), except (i)
as reasonably required in connection with the performance of the Executive’s job duties for the Company in furtherance of the Company’s
interests, and (ii) to the extent required by law (but only after the Executive has provided the Company with reasonable written
notice and opportunity to take action against any legally required disclosure).

 

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(b)            The
Executive shall make no use whatsoever, directly or indirectly, of any Confidential Information at any time, except as reasonably required
in connection with the performance of the Executive’s job duties for the Company in furtherance of the Company’s interests.

 

(c)            The
Executive shall not remove any Confidential Information from the Company’s premises or make copies of any Confidential Information,
except to the extent reasonably required to perform the Executive’s job duties in furtherance of the Company’s interests.
The Executive shall take reasonable steps to protect all Confidential Information in the Executive’s possession or control.

 

(d)            Upon
the termination of the Executive’s employment for any reason or upon the Company’s written request at any time, the Executive
shall immediately deliver to the Company all materials (including all copies in any form or medium) in the Executive’s possession
or control that contain or relate to Confidential Information and all other Company property in the Executive’s possession or control.
If requested by the Company, the Executive shall confirm in writing that the Executive has complied fully with the provisions of
this Agreement.

 

(e)            Nothing
in this Section precludes the Executive from providing information to any governmental entity, or to an attorney, for the sole purpose
of reporting or investigating a suspected violation of law. The Executive also has the right to disclose Confidential Information
in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure.
Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets
that are expressly allowed by 18 U.S.C. § 1833(b).

 

(f)             As used herein, “Confidential
Information” means all trade secrets and all other non-public information of any kind relating
to the Company or its business including (i) all Business Partners (as defined below) and prospective Business Partners, financial information,
proprietary information, know-how, pricing policies, marketing strategies, operational methods, methods of doing business, technical processes,
formulae, designs, inventions, computer hardware, software programs, business plans and projects pertaining to the Company and (ii) all
information of others that the Company has agreed or is legally required to keep confidential, in each case under clauses (i) and (ii),
whether oral, written or electronic or any other medium.

 

6.            Assignment
of Developments.

 

(a)            All
inventions, modifications, discoveries, designs, developments, improvements, processes, software programs, works of authorship, documentation,
formulae, data, techniques, know-how, secrets or intellectual property rights or any interest therein made by the Executive, either alone
or in conjunction with others, at any time or at any place during the Executive’s employment with the Company, whether or not reduced
to writing or practice during such period of employment, that (i) relate to the business in which Company is engaged or planning to engage
during the Executive’s employment with the Company, (ii) are created or improved in whole or in part by using any Company
time, resources (including Confidential Information and intellectual property rights), facilities or equipment, or (iii) are created
or improved within the scope of the Executive’s employment with the Company (collectively, the “Developments”),
shall be and hereby are the exclusive property of the Company without any further compensation to the Executive. In particular,
all copyrightable work by the Executive eligible to be “work made for hire” as defined in Section 101 of the Copyright Act
of 1976, as amended, shall be the property of the Company pursuant to such Act.

 

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(b)           The
Executive will promptly disclose in writing all Developments to the Company. If any Development is not the property of the Company
by operation of law, this Agreement or otherwise, the Executive will, and hereby does, assign to the Company all right, title and interest
in and to such Developments without further consideration, and will assist the Company and its nominees in every way, at the Company’s
expense, to secure, maintain and defend the Company’s rights in such Developments. The Executive will sign all instruments reasonably
required by the Company for the filing and prosecution of any applications for, or extension or renewals of, letters patent (or other
intellectual property registrations or filings) of Canada, the United States or any other foreign country which the Company desires to
file and relates to any Development. The Executive irrevocably designates and appoints the Company and its duly authorized officers and
agents as the Executive’s agent and attorney-in-fact (which designation and appointment will be deemed coupled with an interest
and will survive the Executive’s death or incapacity), to act for and on the Executive’s behalf to execute and file any applications,
extensions or renewals and to do all other lawfully permitted acts in connection with the prosecution and issuance of letters patent
and other intellectual property registrations or filings or such other similar documents with respect to the Developments with the same
legal force and effect as if executed by the Executive. To the extent the Executive retains any moral rights under applicable law, the
Executive will not assert such moral rights in any manner inconsistent with this Agreement, and the Executive hereby waives unconditionally,
in favor of the Company, any moral rights the Executive may have in any Developments.

 

(c)            The
Executive represents and warrants that the intellectual property, inventions and developments, if any, identified on Exhibit A attached
hereto comprise all of the intellectual property, inventions and developments that the Executive has made or conceived prior to the Executive’s
employment by the Company or in which the Executive has an interest (collectively, “Prior
Inventions”). If Exhibit A is left blank, the Executive
represents, warrants and agrees that the Executive has no Prior Inventions to disclose. If the Executive uses or incorporates any Prior
Invention into any Company property, process, product or service, the Company is hereby granted and shall have a non-exclusive, fully
paid up, royalty-free, irrevocable, perpetual, transferable, sub-licensable, worldwide license to make, have made, modify, enhance, distribute,
sell, use and/or otherwise exploit such Prior Inventions.

 

7.            Noncompetition.

 

(a)            Commencing
ten (10) days after the Effective Date and continuing throughout Executive’s employment and for twelve (12) months after the Executive
resigns with or without Good Reason or the Company terminates the Executive for Cause, the Executive shall not, directly or indirectly,
individually or as a stockholder, partner, member, lender, investor, manager, director, officer, employee, consultant, representative,
advisor or other owner or participant in any entity, other than the Company, unless with the prior written consent of the Company, engage
in or assist any other person or entity to engage in any business which competes with any business in which the Company is engaging or
in which the Company plans, during or at the time of termination of the Executive’s employment, to engage in the United States,
Canada or anywhere else in the world where the Company does business.

 

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(b)            As
additional consideration for the Executive’s execution of and compliance with this Section 7, the Executive will receive (i) a
payment in the gross amount of $1,000.00, less applicable taxes and withholdings, payable within thirty (30) days after the Effective
Date of the Company’s next round of financing, and (ii) if the Executive’s employment terminates for any reason other than
a Company termination without Cause and the Company does not elect to waive Section 7(a) on or before the date of termination, a payment
in the gross amount of $25,000.00, less applicable taxes and withholdings, payable within thirty (30) days after employment terminates,
provided the Executive has signs upon termination a certificate of compliance and future compliance with any applicable post-employment
restrictive covenants in a form acceptable to the Company (collectively, the “Additional Consideration”). By signing
below, the Executive and the Company mutually agree that the Additional Consideration is sufficient consideration for the noncompetition
provision set out in Section 7(a) herein.

 

(c)            Section
7(a) herein shall cease to apply in the event the Executive is terminated by the Company without Cause or for whom the Company elects
to waive Section 7(a) upon termination.

 

(d)            For
greater clarity, the Executive’s obligations under Section 7(a) herein are not breached by any passive investment the Executive
may hold in publicly traded shares of any business, provided that the Executive does not hold or control, directly or indirectly, more
than 5% of the issued and outstanding securities of such business.

 

(e)            In
addition to the remedies set forth in Section 10 herein, in the event the Executive violates Section 7(a) herein, the Executive shall
be obligated to repay to the Company the full gross amount of the Additional Consideration paid to the Executive or on the Executive’s
behalf.

 

(f)            By
signing below, Executive agrees that (i) Executive has been advised to and has had the opportunity to review this Agreement with Executive’s
own counsel or other advisors of Executive’s choosing; and (b) the Additional Consideration is sufficient and satisfactory consideration
for Section 7(a) herein.

 

8.            Nonsolicitation
of Business Partners. While the Executive is employed by the Company and for twelve (12) months after the Executive’s
employment terminates for any reason, the Executive shall not, directly or indirectly, unless with the prior written consent of the Company,
solicit, divert or take away, or attempt to solicit, divert or take away, accept employment with or otherwise provide services to, or
otherwise interfere with, the business or relationship of the Company with any of its customers, prospective customers, distributors,
dealers, referral sources, business partners, suppliers, vendors, service providers, consultants, lenders, investors, landlords, licensors
or agents or any other person or entity with whom the Company does business (collectively, “Business Partners”). The
Executive also shall not, directly or indirectly, assist any person or entity in performing any activity prohibited by this Section.

 

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9.             Nonsolicitation
of Employees and Consultants. While the Executive is employed by the Company and for twelve (12) months after the Executive’s
employment terminates for any reason, the Executive shall not, directly or indirectly, unless with the prior written consent of the Company,
solicit, recruit, hire or engage, or attempt to solicit, recruit, hire or engage, or otherwise interfere with the business relationship
of the Company with, any current or former employee of or consultant or contractor to the Company, other than any person who ceased to
be employed or engaged by the Company for a period of at least twelve (12) continuous months immediately prior to any of the foregoing
solicitation, hiring or other proscribed activities. The Executive also shall not, directly or indirectly, assist any person or entity
in performing any activity prohibited by this Section.

 

10.           Remedies.
Without limiting the remedies available to the Company, the Executive agrees that a breach of any the terms of Sections 5 through 9 of
this Agreement would result in irreparable injury to the Company for which there may be no adequate remedy at law, and that, in the event
of such a breach or threat thereof, the Company shall be entitled to obtain a temporary restraining order and/or a preliminary injunction
and a permanent injunction restraining the Executive from engaging in any activities prohibited by this Agreement or such other equitable
relief as may be required to specifically enforce any of the terms of this Agreement, without the necessity of posting a bond or other
security. Such relief shall be in addition to, and not an alternative to, any other remedies available to the Company at law or in equity.
If the Executive violates any restrictive covenant in this Agreement, the temporal period applicable to such covenant shall be extended
by the period of time during which such violation occurred. In the event that the Executive breaches any of the terms of Sections 5 through
9 of this Agreement, in addition to any other remedies available to the Company, the Company shall be entitled to require the Executive
to account for and pay over to the Company all compensation, profits, monies, accruals and other benefits derived or received by the
Executive, or any entity on behalf of which the Executive was engaging in the activities constituting such breach, as the result of such
breach and to reimburse the Company for all reasonable costs and expenses (including attorneys’ fees) incurred by the Company in
connection with such breach.

 

11.          No Conflicting Obligations. The Executive is not party
to any agreement, commitment or obligation that could conflict with the Executive’s obligations under this Agreement, be violated
by the Executive’s employment with the Company or limit the Executive’s ability to perform the Executive’s duties for
the Company. Nothing contained in this Agreement shall be construed to require or encourage the Executive to use or misappropriate any
intellectual property, trade secrets or confidential information belonging to former employers or others in connection with the performance
of any services on behalf of the Company.

 

12.          Publicity. The Executive consents to all uses and displays
by the Company of the Executive’s name, voice, likeness, image, appearance and biographical information in connection with any advertising
or other legitimate business purpose of the Company for no additional compensation.

 

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13.          Applicability to Related Companies. For purposes of
Sections 5 through 12 of this Agreement, the term “Company” will include the Company, each of its affiliated companies, subsidiaries
and parent companies, whether now existing or hereinafter created, and their respective successors and assigns.

 

14.          Acknowledgments.
The Executive understands, accepts and agrees to the objectives and goals of this Agreement and acknowledges important and valuable interests
of the Company to be protected by this Agreement. The Executive (a) has carefully read and understands all of the provisions of this
Agreement and has had the opportunity for this Agreement to be reviewed by counsel, (b) acknowledges that the duration, geographical
scope and subject matter of Sections 5 through 9 of this Agreement are reasonable and necessary to protect the goodwill, customer relationships,
legitimate business interests and Confidential Information of the Company and its affiliates, and (c) will be able to earn a satisfactory
livelihood without violating this Agreement. The provisions of Sections 5 through 9 of this Agreement is in addition to, and not a replacement
for, any similar restrictions contained in any other agreement with the Company to which the Executive is a party. In the event of any
conflict between the provisions of this Agreement and such other restrictions, the provisions most favorable to the Company shall control.
The restrictions in this Agreement explicitly cover all active and passive forms of oral, written and electronic communications (including
through social media).

 

15.          Termination.

 

(a)           General. The Executive’s employment with the Company
may be terminated at any time by the Company, with or without Cause, or in the event of the death or Disability of the Executive.

 

(b)            Resignation.
The Executive may also resign the Executive’s employment with the Company:

 

(i)                for
Good Reason, or,

 

(ii)             
with at least thirty (30) days’ prior written notice thereof from the Executive to the Company, without Good Reason.
Upon receipt of such written notice of resignation, the Company reserves the right (i) to waive all or part of any resignation notice
exceeding thirty (30) days, in which case the Executive’s resignation will take effect at the end of the reduced period, and/or
(ii) to alter the Executive’s duties, and/or (iii) to require the Executive to immediately return all Company property and to leave
the workplace for all or part of the remaining resignation notice period.

 

(c)           Definitions.
As used herein, the following terms have the following meanings:

 

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(i)               “Cause”
means that the Executive has, as
determined by the Board in its sole good faith discretion, (A) breached any fiduciary duty, (B) breached any legal or contractual obligation
to the Company or any of its affiliates, which breach, if reasonably curable, is not cured within thirty (30) days after notice to the
Executive thereof or, if cured, recurs, (C) failed to follow any reasonable directive of the Board or any superior officer,
which failure, if reasonably curable, is not cured within thirty (30) days after notice to the Executive thereof or, if cured, recurs,
(D) engaged in gross negligence, insubordination, willful misconduct, willful violation of any law, fraud, embezzlement, acts of dishonesty
or a conflict of interest relating to the affairs of the Company or any of its affiliates, or (E) been charged with, convicted of or
pled nolo contendere to any felony or to any criminal charge involving moral turpitude or that could reasonably be expected to have a
material adverse effect on the business or affairs of the Company or any of its affiliates, (F) failed to comply with any material Company
rule, policy or procedure, which failure, if reasonably curable, is not cured within thirty (30) days after notice to the Executive thereof
or, if cured, recurs, (G) habitually used alcohol or drugs in a way that interferes with the Executive’s performance of the Executive’s
duties, or (H) committed any action that could reasonably be expected to cause the Company or any of its affiliates public disgrace,
disrepute or substantial economic harm, or that reflects an unfitness on the part of the Executive to serve in a management capacity
for the Company.

 

(ii)             
“Disability” means
illness (mental or physical) or injury that results in the Executive being substantially unable to perform the Executive’s duties
as an employee of the Company for a period of ninety (90) days, whether or not consecutive, in any 12-month period. The determination
of a Disability shall be made by a physician satisfactory to both the Executive and the Company, provided that if the Executive and the
Company do not agree on a physician, they shall each select a physician and these two together shall select a third physician, whose determination
of Disability shall be binding on the parties.

 

(iii)           
“Good Reason” means,
without the prior consent of the Executive, (A) a material overall reduction in the Executive’s title, duties, functions or responsibilities;
(B) a breach by the Company of this Agreement or any other material contractual obligation it may have to the Executive; or (C) the permanent
relocation of the Executive by the Company to a work location more than twenty-five (25) miles from the Executive’s current work
location (unless such relocation is closer to Executive’s residence); provided that, in each case, (1) the Company will have been
given written notice from the Executive describing in reasonable detail the occurrence of the event or circumstance for which Executive
believes the Executive may resign for Good Reason within sixty (60) days of the first occurrence thereof, (2) the Company will not have
cured such event or circumstance within thirty (30) days after the Company’s receipt of such notice, and (3) if such event or circumstance
is not cured, the Executive will have terminated the Executive’s employment within ten days after the end of such cure period.

 

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(iv)            
“Severance” means
(A) continuation of payments of Base Salary (at the rate in effect on the date of termination) for a period of 6 months from the date
of termination of employment, payable in accordance with the Company’s regular payroll schedule, (B) payment in cash as a lump
sum of any then unpaid Bonus pertaining to the calendar year immediately prior to the calendar year in which the termination date falls,
and (C) payments of the Company’s share of the Executive’s group health insurance benefits premiums in accordance with the
terms of the then-existing Company benefit plans for a period of six (6) months after the Termination Date, or for so long as the Company
participates in such benefit plans during such six (6) month period (but only to the extent (i) the Executive is allowed by such benefit
plans to continue participating in such benefit plans, which continued participation will be subject to all limitations imposed by the
plan providers, and (ii) such continued participation will not result in adverse tax consequences to the Company). In order to be eligible
for the payments under clause (C) of the prior sentence, the Executive may need to elect coverage for COBRA.

 

(v)              
“Change in Control” shall mean: (a) any consolidation or merger of the Company with or into any other corporation
or other entity or person, or any other corporate reorganization, other than any such consolidation, merger or reorganization in which
the stockholders of the Company immediately prior to such consolidation, merger or reorganization, continue to hold a majority of the
voting power of the surviving entity (or, if the surviving entity is a wholly owned subsidiary, its parent) immediately after such consolidation,
merger or reorganization; (b) any transaction or series of related transactions to which the Company is a party in which in excess of
fifty percent (50%) of the Company’s voting power is transferred; provided that the foregoing shall not include any transaction
or series of transactions principally for bona fide equity financing purposes in which cash is received by the Company or indebtedness
of the Company is cancelled or converted or a combination thereof; or (c) a sale, lease, exclusive license or other disposition of all
or substantially all of the assets of the Company.

 

(vi)             “Change
in Control Severance” (A)
continuation of payments of Base Salary (at the rate in effect on the date of termination) for a period of twenty-four (24) months
from the date of termination of employment, payable in accordance with the Company’s regular payroll schedule, (B) payment in
cash as a lump sum of any then unpaid Bonus pertaining to the calendar year immediately prior to the calendar year in which the
termination date falls, (C) a lump sum payment in an amount equal to the full annual Bonus at target for the year in which the date
of termination falls, to be paid on the date it would have been paid had the Executive remained employed; and (D) payments of the
Company’s share of the Executive’s group health insurance benefits premiums in accordance with the terms of the
then-existing Company benefit plans for a period of twelve (12) months after the date of termination, or for so long
as the Company participates in such benefit plans during such twelve (12) month period (but only to the extent (i) the Executive is
allowed by such benefit plans to continue participating in such benefit plans, which continued participation will be subject to all
limitations imposed by the plan providers, and (ii) such continued participation will not result in adverse tax consequences to the
Company. In order to be eligible for the payments under clause (D) of the prior sentence, the Executive may need to elect coverage
for COBRA.

 

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(d)            Effects
of Any Termination. If the Executive’s employment is terminated for any reason whatsoever, the Company will have no
further obligation to make any payments or provide any benefits to the Executive hereunder after the date of termination except for (i)
payments of Base Salary and expense reimbursement that had accrued but had not been paid prior to the date of termination, (ii) if required
by law, payments for any accrued but unused vacation time, (iii) if the Executive’s employment with the Company is terminated by
the Company without Cause (other than as a result of death or Disability of the Executive) or by the Executive for Good Reason within
three (3) months prior to and in contemplation of the closing of a Change in Control or within twenty-four (24) months following the
closing of a Change in Control, provision of Change in Control Severance, and (iv) if the Executive’s employment with the Company
is terminated by the Company without Cause (other than as a result of death or Disability of the Executive) or by the Executive for Good
Reason and subpart (iii) herein does not apply, provision of Severance.

 

(e)            Conditions and Limitations to Severance. Notwithstanding
the foregoing, the Company’s obligation to make Severance or Change in Control Severance payments to the Executive will be subject
to the following provisions and conditions:

 

(i)                Release
of Claims. The Company will commence payment of Severance or Change in Control Severance, as applicable, on the first payroll
date after the 60th day following the date of the Executive’s termination of employment, provided that the Executive
has timely signed and not revoked a general release and separation agreement, which shall include a noncompetition provision of twelve
(12) months, in form and substance acceptable to the Company.

 

(ii)              Consequences
of Breach. If the Executive breaches any of the Executive’s obligations under Sections 5 through 12 of this
Agreement or under any general release agreement signed by the Executive as contemplated in Section 15(e)(i) herein, or if the Board
determines that the Company would have had grounds to terminate the Executive for Cause at the time of termination of employment had
the Board known all the relevant facts at that time, the Company may immediately cease payments of Severance or Change in Control
Severance and may recover all Severance or Change in Control Severance paid to or on behalf of the Executive after the date of such
breach. The cessation and recovery of these payments will be in addition to, and not as an alternative to, any other remedies at law
or in equity available to the Company, including without limitation the right to seek specific performance or an injunction.

 

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16.          Survival
and Severability. The provisions of Sections 5 through 29 of this Agreement will survive the termination of this Agreement
for any reason and the termination of the Executive’s employment with the Company for any reason (except as expressly provided
otherwise herein), and will continue thereafter in full force and effect in accordance with their terms, notwithstanding the existence
of any claim or cause of action the Executive may assert against the Company or its affiliates, whether predicated on this Agreement
or otherwise.

 

This Agreement shall be interpreted
so as to be effective and valid under applicable law, but if any provision is prohibited or invalid under such law, such provision shall
be ineffective only to the extent it is prohibited or invalid, without invalidating or nullifying the remainder of such provision or any
other provision of this Agreement. If any one or more of the provisions contained in this Agreement shall for any reason be held to be
excessively broad as to duration, geographic scope, activity, subject or otherwise, such provisions shall be construed by limiting and
reducing them so as to be enforceable to the maximum extent permitted by applicable law.

 

17.           Notices.
Notices under this Agreement will be in writing and will be effective and deemed received upon the earliest to occur of (i) actual receipt,
(ii) the date sent by electronic mail or other instantaneous electronic means, or (iii) three (3) days following mailing below by certified
mail, return receipt requested, postage prepaid. The addresses for notices will be the addresses set forth below or such other address
as a party may specify by notice given in the manner set forth in this section.

 

If to the Company:

 

LexaGene

500 Cummings Center

Suite 4550

Beverly, MA 01915

Attn: John Regan

Email: jregan@lexagene.com

 

If to the
Executive:

 

Steven Armstrong

[Redacted
 – Address]

[Redacted
 – Address]

Attn: Steven Armstrong

Email: [Redacted]

 

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18.          Choice
of Law; Forum. This Agreement, and any dispute arising under or relating to this Agreement, will in all respects, be governed
by and construed in accordance with the internal substantive and procedural laws of the Commonwealth of Massachusetts, without regard
to any conflicts of laws principles. The parties irrevocably and unconditionally (a) submit to the exclusive jurisdiction of the state
and federal courts located in the Commonwealth of Massachusetts, in any court therein as may be permitted by applicable law (the “Courts”)
for the purpose of any suit, action or other proceeding arising under or relating to this Agreement, (b) agree not to commence any suit,
action or other proceeding arising under or relating to this Agreement except in the Courts, and (c) waive, and agree not to assert,
by way of motion, as a defense, counterclaim or otherwise, in any such suit, action or proceeding, any claim that such party is not subject
personally to the jurisdiction of the Courts, that its property is exempt or immune from attachment or execution, that the suit, action
or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement
or the subject matter hereof may not be enforced in or by the Courts. Each of the parties irrevocably and unconditionally consents to
service of process in the manner provided for notices in Section 17. Nothing in this Agreement will affect the right of any party to
this Agreement to serve process in any other manner permitted by law.

 

19.          WAIVER
OF JURY TRIAL. EACH PARTY AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER OR OTHERWISE RELATES TO THIS AGREEMENT IS LIKELY
TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

20.          Amendments and Waivers. The provisions of this Agreement
will not be modified, amended or waived at any time except by a writing signed by the parties, and any such modification, amendment or
waiver will be binding on each of the parties hereto.

 

21.          No
Waiver; Nonexclusive Remedies. No failure or delay of any party in exercising any right, power or remedy hereunder or relating
hereto will operate as a waiver thereof; nor will any single or partial exercise of any right, power or remedy hereunder or relating
hereto preclude any other or further exercise thereof or the exercise of any right, power or remedy hereunder. The rights and remedies
under this Agreement are in addition to and not in substitution for any other rights and remedies available at law or in equity or otherwise.

 

22.          Successors
and Assigns. This Agreement will be binding upon and will inure to the benefit of the parties and their respective heirs,
successors and assigns. This Agreement may not be assigned by any party without the prior written consent of the other parties, except
that no consent is necessary for the Company to assign this Agreement to an affiliate or to a corporation or other entity succeeding
to substantially all of the assets or business of the Company, as applicable, whether by merger, consolidation, exchange, asset purchase
or otherwise. Any assignment of this Agreement by the Company will not be considered a termination of the Executive’s employment.

 

23.          Entire
Agreement. This Agreement, together with the 2021 Armstrong LexaGene Employment Agreement V1, dated October 4, 2021 embodies
the entire agreement and understanding among the parties with respect to the subject matter hereof and the matters covered hereby (including
the Executive’s employment by the Company or its affiliates) and supersedes all prior discussions, understandings and agreements
concerning such matters, except as otherwise set forth in Section 14.

 

    12

     

    

 

24.          Counterparts. This Agreement may be executed in two
or more counterparts, and with counterpart signature pages, each of which will be an original, but all of which together will constitute
one and the same Agreement, binding on all of the parties hereto notwithstanding that all such parties have not signed the same counterpart.
Delivery, acceptance and execution of this Agreement or counterparts of it, by facsimile, by electronic mail in “portable document
format” (“.pdf”) form, or by any other electronic means intended to preserve the original graphic and pictorial
appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature, and will
be legally effective to create a valid and binding agreement between the parties.

 

25.          Notice
of New Business Activity. In the event that the Executive is no longer an employee of the Company, the Executive consents
to notification by the Company to the Executive’s new employer or its agents regarding the Executive’s rights and obligations
under this Agreement. During the twelve (12) months following termination of the Executive’s employment, the Executive shall give
written notice to the Company of each new business activity the Executive plans to undertake, at least ten (10) business days prior to
beginning any such activity. Such notice shall state the name and address of the person, corporation, association or other entity or
organization (each, an “Entity”) for whom such activity is undertaken and the nature of the Executive’s business
relationship or position with the Entity. The Executive shall also provide the Company with other pertinent information concerning such
business activity as the Company may reasonably request in order to determine the Executive’s continued compliance with the Executive’s
obligations under this Agreement.

 

26.          Construction
of Agreement.

 

(a)           Headings.
The headings of Articles and Sections herein are inserted for convenience of reference only and will be ignored in the construction or
interpretation hereof.

 

(b)           No
Strict Construction. The parties have participated jointly in the negotiation and drafting of this Agreement and the other
agreements and documents contemplated herein. In the event of an ambiguity or question of intent or interpretation arises under any provision
of this Agreement or any other agreement or document contemplated herein, this Agreement and such other agreements and documents will
be construed as if drafted jointly by the parties thereto, and no presumption or burden of proof will arise favoring or disfavoring any
party by virtue of authoring any of the provisions of this Agreement or any other agreements or documents contemplated herein.

 

27.          Section 409A.

 

(a)            General
Compliance. This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986 (the “Code”)
and the regulations and guidance promulgated thereunder (collectively, “Section 409A”) and will be construed and administered
in accordance with Section 409A. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only
be made upon an event and in a manner that complies with Section 409A or an applicable exemption. For purposes of Section 409A, each
installment payment provided under this Agreement will be treated as a separate payment. To the extent that any provision of this Agreement
is ambiguous as to its compliance with Section 409A, the provision will be read in such a manner so that all payments hereunder
comply with Section 409A. The parties agree that this Agreement may be amended, as reasonably requested by either party, and as
may be necessary, to fully comply with Section 409A and all related rules and regulations in order to preserve the payments and
benefits provided hereunder without additional cost to either party. Notwithstanding the foregoing, the Company makes no representations
that the payments and benefits provided under this Agreement comply with Section 409A, and in no event will the Company be liable for
all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by the Executive on account of non-compliance
with Section 409A.

 

    13

     

    

 

(b)            Nonqualified
Deferred Compensation.  To the extent that any payment or benefit described in this Agreement constitutes “nonqualified
deferred compensation” under Section 409A, and to the extent that such payment or benefit is payable upon the Executive’s
termination of employment, then such payments or benefits will be payable only upon the Executive’s “separation from service.”
The determination of whether and when a separation from service has occurred will be made in accordance with the presumptions set forth
in Section 409A.

 

(c)            Reimbursements.
All in-kind benefits provided and expenses eligible for reimbursement under this Agreement will be provided by the Company or incurred
by the Executive during the time periods set forth in this Agreement. All reimbursements will be paid as soon as administratively practicable,
but in no event will any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense
was incurred. The amount of in-kind benefits provided for reimbursable expenses incurred in one taxable year will not affect the in-kind
benefits to be provided or the expenses eligible for reimbursement in any other taxable year. Such right to reimbursement or in-kind
benefits is not subject to liquidation or exchange for another benefit.

 

(d)           Specified
Employees. Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation
from service within the meaning of Section 409A, the Company determines that the Executive is a “specified
employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the
Executive becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered
deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of
the application of Section 409A(a)(2)(B)(i) of the Code, such payment will not be payable and such benefit will not be provided
until the date that is the earlier of (a) six months and one day after the Executive’s separation from service, or
(B) the Executive’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first
payment will include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the
application of this provision, and the balance of the installments will be payable in accordance with their original schedule. Any
such delayed cash payment will earn interest at an annual rate equal to the applicable federal short-term rate published by the
Internal Revenue Service for the month in which the date of separation from service occurs, from such date of separation from
service until the payment.]] OR [Section 409A. The parties intend for this Agreement to comply with Section 409A of the Internal
Revenue Code of 1986, as amended (the “Section 409A”), and all provisions of this Agreement will be interpreted and
applied accordingly. For purposes of Section 409A each installment payment provided under this Agreement will be treated as a
separate payment.

 

    14

     

    

 

28.          Section
280G. If any of the payments or benefits provided or to be provided by the Company or its affiliates to the Executive
or for the Executive’s benefit pursuant to the terms of this Agreement or otherwise (“Covered Payments”) constitute
parachute payments (“Parachute Payments”) within the meaning of Section 280G of the Code and would, but for this Section
28, be subject to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), then prior to making the
Covered Payments, a calculation shall be made comparing (i) the Net Benefit (as defined below) to the Executive of the Covered Payments
after payment of the Excise Tax to (ii) the Net Benefit to the Executive if the Covered Payments are limited to the extent necessary
to avoid being subject to the Excise Tax. Only if the amount calculated under (i) above is less than the amount under (ii) above will
the Covered Payments be reduced to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise
Tax. “Net Benefit” shall mean the present value of the Covered Payments net of all federal, state and local taxes.
Any such reduction shall be made by the Company in its sole discretion consistent with the requirements of Section 409A.

 

29.          Key
Person Insurance. The Executive acknowledges that the Company may wish to purchase insurance on the life of the Executive,
the proceeds of which would be payable to the Company or an affiliate of the Company. The Executive hereby consents to such insurance
and agrees to submit to any medical examination and release of medical records required to obtain such insurance.

 

30.          Independent Legal Advice; Consideration.  By signing below, the Executive agrees that (i) Executive has been advised to and
has had the opportunity to review
this Agreement with Executive’s own counsel or other advisors of Executive’s choosing, and (ii) the provisions of this Agreement
constitute actual, sufficient and satisfactory fresh consideration for the Executive’s acceptance of this Agreement, and the Executive
hereby waives irrevocably any right the Executive may have to assert that this Agreement should be invalid, void or voidable, in whole
or in part, for lack of consideration.

 

This Agreement has been executed
on the dates shown below and delivered as a sealed instrument with effect as of the date first above written.

 

	 	LEXAGENE, INC.
	 	 
	 	 
	 	By	 /s/ John Regan
	 	 	John Regan, CEO
	 	 
	 	Date:   	3/23/2022

 

    15

     

    

 

	 	/s/ Steven Armstrong
	 	Steven Armstrong, COO
	 	 
	 	Date:   	3/23/2022

 

    16Exhibit 10.4

 

LEXAGENE HOLDINGS INC.

 

OMNIBUS INCENTIVE PLAN

 

July 25, 2017, as amended July 12, 2018, July
16, 2019,

October 5, 2020 and November 10, 2021

 

TABLE OF CONTENTS

 

	Article 1 INTERPRETATION	1
	Section 1.1	Definitions	1
	Section 1.2	Other Words and Phrases	6
	Section 1.3	Gender	6
	Section 1.4	Administration	6
	Section 1.5	Delegation to Committee	7
	Section 1.6	Incorporation of Terms of Plan	7
	Section 1.7	Establishment of the Plan	7
	Section 1.8	Effective Date of Plan	7
	Article 2 RESTRICTED SHARE UNIT AWARDS UNDER THIS PLAN	7
	Section 2.1	Shares Reserved	7
	Section 2.2	Limitations on Restricted Share Units to any One Person and to Insiders	7
	Section 2.3	Recipients	8
	Section 2.4	Grant	8
	Section 2.5	Performance Conditions	8
	Section 2.6	Vesting	8
	Section 2.7	Forfeiture and Cancellation upon Restricted Share Unit Expiry Date	9
	Section 2.8	Amendment of Trigger Date	9
	Section 2.9	Account	9
	Section 2.10	Dividend Equivalents	9
	Section 2.11	Adjustments and Reorganization	10
	Section 2.12	Notice and Acknowledgement	10
	Article 3 PAYMENTS OF RESTRICTED SHARE UNITS UNDER THIS PLAN	10
	Section 3.1	Payment of Restricted Share Units	10
	Section 3.2	Experts and Advisors	11
	Section 3.3	Cancellation on Termination for Cause, Retirement or Voluntary Resignation	11
	Section 3.4	Total Disability, Death and Termination Without Cause	11
	Section 3.5	Change of Control	11
	Section 3.6	Tax Matters and Applicable Withholding Tax	12
	Article 4 SHARE OPTION AWARDS UNDER THIS PLAN	12
	Section 4.1	Maximum Plan Shares	12
	Section 4.2	Eligibility	12
	Section 4.3	Options Granted Under the Plan	12
	Section 4.4	Limitations on Issue	13
	Section 4.5	Options Not Exercised	13
	Section 4.6	Powers of the Board	13
	Section 4.7	Amendment of the Plan by the Board	14
	Section 4.8	Amendments Requiring Disinterested Shareholder Approval	14
	Section 4.9	Options Granted Under the Company’s Previous Share Option Plan	14

 

    i

     

    

 

	Article 5 TERMS AND CONDITIONS OF OPTIONS	15
	Section 5.1	Option Exercise Price	15
	Section 5.2	Term of Option	15
	Section 5.3	Option Amendment	15
	Section 5.4	Vesting of Options	15
	Section 5.5	Vesting of Options Granted to Consultants Conducting Investor Relations Activities	16
	Section 5.6	Effect of Take-Over Bid	16
	Section 5.7	Acceleration of Vesting on Change of Control	16
	Section 5.8	Extension of Options Expiring During Black-Out Period	16
	Section 5.9	Optionee Ceasing to be Director, Employee or Service Provider	16
	Section 5.10	Non Assignable	16
	Section 5.11	Adjustment of the Number of Optioned Shares	17
	Article 6 COMMITMENT AND EXERCISE PROCEDURES	18
	Section 6.1	Option Commitment	18
	Section 6.2	Tax Withholding and Procedures	18
	Section 6.3	Delivery of Optioned Shares and Hold Periods	19
	Article 7 GENERAL CONDITIONS	19
	Section 7.1	General Conditions Applicable to Restricted Share Units	19
	Section 7.2	General Conditions Applicable to Options	20
	Section 7.3	General Conditions	21
	SCHEDULE “A” FORM OF RESTRICTED SHARE UNIT AGREEMENT	A-1
	SCHEDULE “B” FORM OF OPTION CERTIFICATE	B-1

 

    ii

     

    

 

LEXAGENE HOLDINGS INC.

OMNIBUS INCENTIVE PLAN

 

LexaGene Holdings Inc. (the
 “Company”) hereby establishes an omnibus incentive plan for certain qualified Directors, Officers, Employees or Consultants
of the Company or any of its Subsidiaries.

 

Article 1

INTERPRETATION

 

		Section 1.1	Definitions.

 

In this Plan:

 

“Affiliate” of any
Person means a Person who would be an affiliated entity of such first mentioned Person for purposes of National Instrument 45-106 Prospectus
Exemptions as of the date of this Plan;

 

“Applicable Withholding Tax”
has the meaning set forth in Section 3.6;

 

“Associate” has the
meaning set out in the Securities Act;

 

“Award” means an
agreement evidencing the grant of a Restricted Share Unit;

 

“Award Payment” means
the applicable Share issuance or cash payment in respect of a vested Restricted Share Unit pursuant and subject to the terms and conditions
of this Plan and the applicable Award;

 

“Black-Out Period”
means the period of time when, pursuant to any policies of the Company or any resolution of the Board, any Shares may not be traded by
certain persons as designated by the Company (including a holder of any Restricted Share Unit and/or Option), because they may be in possession
of undisclosed material information pertaining to the Company, or when in anticipation of the release of quarterly or annual financials,
to avoid potential conflicts associated with a company’s insider-trading policy or applicable securities legislation, (which, for
greater certainty, does not include the period during which a cease trade order is in effect to which the Company or in respect of an
Insider, that Insider, is subject);

 

“Board” means the
board of directors of the Company or any committee thereof duly empowered or authorized to grant Restricted Share Units and/or Options
under this Plan;

 

“Change of Control”
means

 

		(i)	any Merger and Acquisition Transaction in which voting securities of the Company possessing more than
fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are to be transferred to a Person
or Persons (other than any of its Affiliates) different from the Persons holding those securities immediately prior to such transaction
and the composition of the Board following such transactions is to be such that such directors prior to the transaction constitute less
than fifty percent (50%) of the directors of the Company following the transaction;
	 	 	 
		(ii)	any Merger or Acquisition Transaction, directly or indirectly, by any Person or related group of Persons
(other than the Company or a Person that directly or indirectly controls, is controlled by, or is under a common control with, the Company
and other than by any of its Affiliates) involving a change in the beneficial ownership of voting securities of the Company possessing
more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities;

 

     

     

    

 

		(iii)	any acquisition, directly or indirectly, by a Person or related group of Persons of the right to appoint
a majority of the Directors of the Company or otherwise directly or indirectly control the management, affairs and business of the Company
(other than any of its Affiliates);
	 	 	 

		(iv)	any Merger or Acquisition Transaction involving the disposition of all or substantially all of the assets
of the Company; and
	 	 	 

		(v)	a complete liquidation or dissolution of the Company;
	 	 	 

		(vi)	provided, however, that a Change in Control shall not be deemed to have occurred if such Change in Control
results solely from the issuance, in connection with a bona fide financing or series of financings by the Company or any of its Affiliates,
of voting securities of the Company or any of its Affiliates or any rights to acquire voting securities of the Company or any of its Affiliates
which are convertible into voting securities;

 

“Code” means the
U.S. Internal Revenue Code of 1986, as amended;

 

“Committee” means
the Board or, if the Board so determines in accordance with Section 1.5, the Committee of the Board authorized to administer the
Plan which includes any compensation committee of the Board;

 

“Company” means LexaGene
Holdings Inc., and includes any successor company thereto;

 

“Consultant” means,
in relation to the Company, an individual or Consultant Company, other than an Employee, Officer or Director, that:

 

		(i)	is engaged to provide on an ongoing bona fide basis, consulting, technical, management or other services
to the Company or to an Affiliate of the Company, other than services provided in relation to a distribution of securities;
	 	 	 

		(ii)	provides the services under a written contract between the Company or the Affiliate and the individual
or the Consultant Company;
	 	 	 

		(iii)	in the reasonable opinion of the Company, spends or will spend a significant amount of time and attention
on the affairs and business of the Company or an Affiliate of the Company; and
	 	 	 

		(iv)	has a relationship with the Company or an Affiliate of the Company that enable the individual to be knowledgeable
about the business and affairs of the Company;

 

“Consultant Company”
means for an individual Consultant, a company or partnership of which the individual is an employee, shareholder or partner;

 

“Director” means
a member of the Board or of the board of directors of a Related Entity;

 

“Discounted Market Price”
has the meaning assigned by Policy 1.1 of the TSX Venture Policies;

 

“Disinterested Shareholder
Approval” means approval by a majority of the votes cast by all the Company’s shareholders at a duly constituted shareholders’
meeting, excluding votes attached to Shares beneficially owned by Insiders who are Service Providers or their Associates;

 

“Employee” means
an individual who meets one of the following requirements:

 

    2

     

    

 

		(i)	an individual who is considered an employee under the Income Tax Act Canada (i.e. for whom income
tax, employment insurance and CPP deductions must be made at source) or have taxes withheld for the United States Internal Revenue Service
(IRS);
	 	 	 

		(ii)	an individual who works full-time for the Company or a subsidiary thereof providing services normally
provided by an employee and who is subject to the same control and direction by the Company over the details and methods of work as an
employee of the Company, but for whom income tax deductions are not made at source; or
	 	 	 

		(iii)	an individual who works for the Company or its subsidiary on a continuing and regular basis for a minimum
amount of time per week providing services normally provided by an employee and who is subject to the same control and direction by the
Company over the details and methods of work as an employee of the Company, but for whom income tax deductions need not be made at source;

 

“Exchange Hold Period”
has the meaning assigned by Policy 1.1 of the TSX Venture Policies;

 

“Fair Market Value”
(FMV) means:

 

		(i)	as of a particular date, for the purpose of calculating the applicable Vesting Date Value and Award Payout
for Restricted Share Units,
	 	 	 

		(ii)	if the Shares are listed on the TSX Venture, the greater of: (i) the weighted average of the trading price
per Share on the TSX Venture for the last five trading days ending on that date; and (ii) the closing price of the Shares on the day before
that date,
	 	 	 

		(iii)	if the Shares are listed on the TSX, the volume weighted average price per Share traded on the TSX over
the last five trading days preceding that date;
	 	 	 

		(iv)	if the Shares are not listed on the TSX or the TSX Venture, the value established by the Board based on
the volume weighted average price per Share traded on any other public exchange on which the Shares are listed over the same period; or
	 	 	 

		(v)	if the Shares are not listed on any public exchange, the value per Share established by the Board based
on its determination of the fair value of a Share;
	 	 	 

		(vi)	for the purpose of calculating the FMV of the Option Exercise Price, the closing sales price on most recent
trade date immediately prior to the valuation date provided such trade date is no more than thirty (30) days prior to the valuation date.
If there has been no trade date within such thirty (30) day period, the fair market value shall be determined in good faith by the Board;

 

“Incentive Stock Option”
(ISO) means an Option which is intended to qualify as an incentive stock option under Section 422 of the Code;

 

“Insider” means an
individual who meets one of the following requirements:

 

		(i)	a Director or Officer of the Company;
	 	 	 

		(ii)	a Director or Officer of a company that is an Insider or Related Entity of the Company;
	 	 	 

		(iii)	a person that beneficially owns or controls, directly or indirectly, Shares carrying more than 10% of
the voting rights attached to all outstanding shares of the Company; and
	 	 	 

		(iv)	the Company itself if it holds any of its own securities;

 

    3

     

    

 

“Investor Relations Activities”
has the meaning assigned by Policy 1.1 of the TSX Venture Policies;

 

“Management Company Employee”
means an individual employed by a Person providing management services to the Company which are required for the ongoing successful operation
of the business enterprise of the Company, but excluding a Person engaged in Investor Relations Activities;

 

“Market Price” has
the meaning assigned by Policy 1.1 of the TSX Venture Policies;

 

“Merger and Acquisition Transaction”
means:

 

		(i)	any merger or consolidation;
	 	 	 

		(ii)	any acquisition;
	 	 	 

		(iii)	any amalgamation;
	 	 	 

		(iv)	any offer for Shares which if successful would entitle the offeror to acquire all of the voting securities
of the Company; or
	 	 	 

		(v)	any arrangement or other scheme of reorganization;

 

“Non-Statutory Stock Option”
(NSO) means an Option which does not qualify as an Incentive Stock Option;

 

“Officer” means an
individual who is an officer of the Company or of a Related Entity as an appointee of the Board or the board of directors of the Related
Entity, as the case may be;

 

“Option” means the
right to purchase Shares granted hereunder to a Service Provider;

 

“Option Certificate”
means the certificate evidencing the grant of an Option delivered by the Company hereunder to a Service Provider and substantially in
the form of Schedule B attached hereto;

 

“Option Commitment”
has such meaning as more particularly described in Section 6.1;

 

“Option Effective Date”
for an Option means the date of grant thereof by the Board;

 

“Option Exercise Price”
means the amount payable per Share on the exercise of an Option, as determined in accordance with the terms hereof;

 

Option Expiry Date” means
the date on which an Option lapses as specified in the Option Commitment thereof or in accordance with the terms of this Plan;

 

“Optioned Shares”
means Shares that may be issued in the future to a Service Provider upon the exercise of an Option;

 

“Optionee” means
the recipient of an Option hereunder;

 

“Outstanding Shares”
means at the relevant time, the number of issued and outstanding Shares of the Company from time to time;

 

“Participant” means
a Service Provider that becomes an Optionee;

 

“Person” means an
individual, body corporate, partnership, joint venture, limited liability company or trust and the heirs, beneficiaries, executors, legal
representatives or administrators of an individual;

 

    4

     

    

 

“Performance Conditions”
means conditions defined by the Board that must be met in order for Restricted Share Units to vest.

 

“Plan” means this
LexaGene Holdings Inc. Omnibus Incentive Plan, the terms of which are set out herein or as may be amended from time to time;

 

“Plan Optioned Shares”
means the total number of Shares which may be reserved for issuance as Option Shares under this Plan as provided in Section 4.1;

 

“Regulatory Approval”
means the approval of the TSX Venture and any other securities regulatory authority that has lawful jurisdiction over this Plan and any
Restricted Share Units and/or Options issued hereunder;

 

“Related Entity”
means a person that is controlled by the Company. For the purposes of this Plan, a person (first person) is considered to control another
person (second person) if the first person, directly or indirectly, has the power to direct the management and policies of the second
person by virtue of

 

		(i)	ownership of or direction over voting securities in the second person,
	 	 	 

		(ii)	a written agreement or indenture,
	 	 	 

		(iii)	being the general partner or controlling the general partner of the second person, or
	 	 	 

		(iv)	being a trustee of the second person;

 

“Restricted Period”
means the period of time: (i) during a Black-Out Period; and (ii) within five Business Days following the end of a Black-Out Period;

 

“Restricted Share Unit”
means a right granted under this Plan to receive the Award Payout on the terms contained in this Plan as more particularly described in
Section 3.1;

 

“Restricted Share Unit Expiry
Date” means the last day of February of the third calendar year after the Restricted Share Unit Grant Date, or such earlier
date as may be established by the Board in respect of an Award at the time of grant of the Award;

 

“Restricted Share Unit Grant
Date” means the date of grant of any Restricted Share Unit;

 

“Restricted Share Unit Recipient”
means a Service Provider who may be granted Restricted Share Units from time to time under this Plan;

 

“Retirement” means
the stage of life where the Recipient voluntarily stops working in the same field as his/her expertise and/or works to a lesser degree
than was previously engaged;

 

“Securities Act”
means the Securities Act, R.S.B.C. 1996, c.418, as amended from time to time;

 

“Service Provider”
means a Person who is a bona fide Director, Officer, Employee, Management Company Employee, Consultant or Company Consultant, and also
includes a company, 100% of the share capital of which is beneficially owned by one or more Service Providers;

 

“Shares” means the
common shares without par value in the capital of the Company;

 

“Share Compensation Arrangement”
means any Option under this Plan but also includes any other stock option, share option plan, employee stock purchase plan or any other
compensation or incentive mechanism involving the issuance or potential issuance of Shares to a Service Provider;

 

    5

     

    

 

“Shareholder Approval”
means approval by a majority of the votes cast by eligible shareholders of the Company at a duly constituted shareholders’ meeting;

 

“Stock Exchange”
means the TSX, the TSXV, or any other stock exchange on which the Shares are then listed for trading, as applicable;

 

“Take-Over Bid” means
a take-over bid as defined in Multilateral Instrument 62-104 (Take-over Bids and Issuer Bids) or the analogous provisions of securities
legislation applicable to the Company;

 

“Termination” means,
with respect to a Restricted Share Unit Recipient, that the Recipient has ceased to be a Service Provider, other than as a result of Retirement,
and has ceased to fulfill any other role as Employee or Officer of the Company or any Related Entity, including as a result of termination
of employment, resignation from employment, removal as an Officer, death or Total Disability;

 

“Total Disability”
means, with respect to a Restricted Share Unit Recipient, that, solely because of disease or injury, within the meaning of the long-term
disability plan of the Company, the Restricted Share Unit Recipient is deemed by a qualified physician selected by the Company to be unable
to work at any occupation which the Restricted Share Unit Recipient is reasonable qualified to perform;

 

“Trigger Date” means,
with respect to a Restricted Share Unit, the earliest date set by the Board at the time of grant, and if no date is set by the Board,
then February 1 of the third calendar year following the Grant Date unless amended in accordance with Section 2.7 that Restricted
Share Units may vest provided Performance Conditions have been met;

 

“TSX” means The Toronto
Stock Exchange;

 

“TSX Venture” means
the TSX Venture Exchange;

 

“TSX Venture Policies”
means the rules and policies of the TSX Venture as amended from time to time; and

 

“Vesting Date Value”
means the notional value, as at a particular date, of the Fair Market Value of one Share.

 

		Section 1.2	Other Words and Phrases

 

Words and phrases
used in this Plan but which are not defined in the Plan, but are defined in the TSX Venture Policies, and will have the meaning assigned
to them in the TSX Venture Policies.

 

		Section 1.3	Gender

 

Words importing the
masculine gender include the feminine or neuter, words in the singular include the plural, words importing a corporate entity include
individuals, and vice versa.

 

		Section 1.4	Administration

 

The Board will, in
its sole and absolute discretion, but taking into account relevant corporate, securities and tax laws,

 

(a)           interpret
and administer this Plan,

 

(b)           establish,
amend and rescind any rules and regulations relating to this Plan; and

 

(c)           make
any other determinations that the Board deems necessary or appropriate for the administration of this Plan.

 

    6

     

    

 

The Board may correct
any defect or any omission or reconcile any inconsistency in this Plan in the manner and to the extent the Board deems, in its sole and
absolute discretion, necessary or appropriate. Any decision of the Board in the interpretation and administration of this Plan will be
final, conclusive and binding on all parties concerned. All expenses of administration of this Plan will be borne by the Company.

 

		Section 1.5	Delegation to Committee

 

All of the powers
exercisable hereunder by the Board may, to the extent permitted by law and as determined by a resolution of the Board, be delegated to
a Committee including, any compensation committee of the Board, without limiting the generality of the foregoing, those referred to under
Section 1.4.

 

		Section 1.6	Incorporation of Terms of Plan

 

Subject to specific
variations approved by the Board all terms and conditions set out herein will be incorporated into and form part of each Restricted Share
Unit and each Option granted under this Plan.

 

		Section 1.7	Establishment of the Plan

 

The Plan is hereby
established to recognize contributions made by Service Providers and to create an incentive for their continuing assistance to the Company
and its Affiliates.

 

		Section 1.8	Effective Date of Plan

 

Subject to Section 4.3(c),
this Plan will be effective from and after July 25, 2017, and will remain effective provided that the Plan, or any amended version thereof,
receives Shareholder Approval at each annual general meeting of the holders of Shares of the Company subsequent to September 12,
2017. The Board may, in its discretion, at any time, and from time to time, issue Restricted Share Units and/or Options to Service Providers
as it determines appropriate under this Plan. With respect to Restricted Share Units, any such issued Restricted Share Units may not be
paid out in Shares in any event until receipt of the necessary Shareholder Approval of the Company and all Regulatory Approval.

 

Article 2

RESTRICTED SHARE UNIT AWARDS UNDER THIS PLAN

 

		Section 2.1	Shares Reserved

 

The aggregate number
of Shares available for issuance from treasury under this Plan, subject to adjustment pursuant to Section 2.11, will be 8,354,070
Shares (7% of the Outstanding Shares at the time of amendment of this Plan). Any Share which was reserved for issuance pursuant to a Restricted
Share Unit, which Restricted Share Unit has been cancelled or terminated in accordance with the terms of the Plan without being paid out
as provided for in Article 3 shall be returned to the Plan.

 

		Section 2.2	Limitations on Restricted Share Units to any One Person and to Insiders

 

Unless Disinterested
Shareholder Approval is obtained (or unless permitted otherwise by the rules of the Stock Exchange):

 

		(a)	the maximum number of Shares which may be reserved for issuance to Insiders (as a group) under the Plan,
together with any other Share Compensation Arrangement, including the grant of any Plan Optioned Shares, may not exceed 10% of the Outstanding
Shares;
	 	 	 

		(b)	the maximum number of Restricted Share Units that may be granted to Insiders (as a group) under the Plan,
together with any other Share Compensation Arrangement, including the grant of any Plan Optioned Shares, within a 12-month period,
may not exceed 10% of the Outstanding Shares calculated on the Restricted Share Unit Grant Date;

 

    7

     

    

 

		(c)	subject to Section 2.2(b), the maximum number of Restricted Share Units that may be granted to any
one Service Provider under the Plan, together with any other Share Compensation Arrangement, within a 12-month period, may not exceed
5% of the Outstanding Shares calculated on the Restricted Share Unit Grant Date;
	 	 	 

		(d)	subject to Section 2.2(b), the maximum number of Restricted Share Units that may be granted to a
Consultant, together with any other Share Compensation Arrangement within a 12-month period, may not result in a number of Restricted
Share Units exceeding 2% of the number of Outstanding Shares at the Restricted Share Unit Grant Date, without the prior consent of the
TSX Venture; and
	 	 	 

		(e)	grants of Restricted Share Units under the Plan to any one Restricted Share Unit Recipient may not exceed
1% of the issued Shares at the Grant Date and may not, in aggregate, exceed 2% of the issued Shares, within a 12-month period unless Disinterested
Shareholder Approval is obtained.
	 	 	 

		Section 2.3	Recipients

 

Only Service Providers
are eligible to participate in this Plan and receive one or more Restricted Share Units. Restricted Share Units that may be granted hereunder
to a particular Service Provider in a calendar year will (subject to any applicable terms and conditions) represent a right to a bonus
or similar award to be received for services rendered by such Service Provider to the Company or a Related Entity, as the case may be,
in the Company’s or the Related Entity’s fiscal year ending in, or coincident with, such calendar year, as determined by the
Board in its discretion. It shall be the responsibility of the Company and the Restricted Share Unit Recipient to ensure that such Restricted
Share Unit Recipient is a bona fide Service Provider.

 

		Section 2.4	Grant

 

The Board may, in
its discretion, at any time, and from time to time, grant Restricted Share Units to Service Providers as it determines is appropriate,
subject to the limitations set out in this Plan. In making such grants the Board may, in its sole discretion but subject to Section 2.6(b)(ii),
in addition to Performance Conditions set out below, impose such conditions on the vesting of the Awards as it sees fit, including imposing
a vesting period on grants of Restricted Share Units.

 

		Section 2.5	Performance Conditions

 

At the time a grant
of a Restricted Share Unit is made, the Board may, in its sole discretion, establish such performance conditions for the vesting of Restricted
Share Units as may be specified by the Committee in the Award (the “Performance Conditions”). The Board may use such
business criteria and other measures of performance as it may deem appropriate in establishing any Performance Conditions, and may exercise
its discretion to reduce the amounts payable under any Award subject to Performance Conditions. The Board may determine that an Award
shall vest in whole or in part upon achievement of any one performance condition or that two or more Performance Conditions must be achieved
prior to the vesting of an Award. Performance Conditions may differ for Awards granted to any one Restricted Share Unit Recipient or to
different Restricted Share Unit Recipients.

 

		Section 2.6	Vesting

 

Except as provided
in this Plan, Restricted Share Units issued under this Plan will vest on the date (the “Vesting Date”) that is the
later of:

 

		(a)	the Trigger Date; and

 

    8

     

    

 

		(b)	the date upon which the relevant Performance Condition or other vesting condition set out in the Award
has been satisfied,

 

provided that

 

		(i)	Restricted Share Units shall only vest on the Trigger Date to the extent that the Performance Conditions
or other vesting conditions set out in an Award have been satisfied on or before the Trigger Date;
	 	 	 

		(ii)	if the date in Section 2.6(a) or Section 2.6(b) occurs during a Restricted Period, the Vesting
Date shall be extended to a date which is the earlier of: (i) one business day following the end of such Restricted Period and (ii) the
Restricted Share Unit Expiry Date; and
	 	 	 

		(iii)	no Restricted Share Unit will remain outstanding for any period which exceeds the Restricted Share Unit
Expiry Date of such Restricted Share Unit.
	 	 	 

		Section 2.7	Forfeiture and Cancellation upon Restricted Share Unit Expiry Date

 

Restricted Share Units
which do not vest on or before the Restricted Share Unit Expiry Date of such Restricted Share Unit due to failure to meet Performance
Conditions or the cessation of employment will be automatically cancelled, without further act or formality and without compensation.

 

		Section 2.8	Amendment of Trigger Date

 

The Board may, at
any time after a grant of a Restricted Share Unit, accelerate the Trigger Date of such Restricted Share Unit.

 

		Section 2.9	Account

 

Restricted Share Units
issued pursuant to this Plan (including fractional Restricted Share Units, computed to three digits) will be credited to a notional account
maintained for each Restricted Share Unit Recipient by the Company for the purposes of facilitating the determination of amounts that
may become payable hereunder. A written confirmation of the balance in each Restricted Share Unit Recipient’s account will be sent
by the Company to the Restricted Share Unit Recipient upon request of the Restricted Share Unit Recipient.

 

		Section 2.10	Dividend Equivalents

 

On any date on which
a cash dividend is paid on Shares, a Restricted Share Unit Recipient’s account will be credited with the number and type of Restricted
Share Units (including fractional Restricted Share Units, computed to three digits) calculated by:

 

		(a)	multiplying the amount of the dividend per Share by the aggregate number of Restricted Share Units that
were credited to the Service Provider’s account as of the record date for payment of the dividend; and
	 	 	 

		(b)	dividing the amount obtained in Section 2.10(a) by the Fair Market Value on the date on which the
dividend is paid.

 

Limitations on
Issue

 

Notwithstanding
the foregoing, the aggregate number of Restricted Share Units to be credited in respect of the payment of a dividend amount must
not, together with all outstanding Restricted Share Units, exceed the Plan maximum set out in Section 2.1. The issuance of any
Restricted Share Units under this Section 2.10 that, together with all outstanding Restricted Share Units, exceed the Plan maximum
set out in Section 2.1 shall be satisfied by the payment of cash to the Restricted Share Unit Recipient by the Company.

 

    9

     

    

 

		Section 2.11	Adjustments and Reorganization

 

In the event of any
dividend paid in Shares, Share subdivision, combination or exchange of Shares, merger, consolidation, spin-off or other distribution of
Company assets to shareholders, or any other change in the capital of the Company affecting Shares, the Board, in its sole and absolute
discretion, will make, with respect to the number of Restricted Share Units outstanding under this Plan, any proportionate adjustments
as it considers appropriate to reflect that change.

 

		Section 2.12	Notice and Acknowledgement

 

No certificates will
be issued with respect to the Restricted Share Units issued under this Plan. Each Service Provider will, prior to being granted any Restricted
Share Units, deliver to the Company a signed acknowledgement substantially in the form of Schedule A to this Plan, as provided by the
Company.

 

Article 3

PAYMENTS OF RESTRICTED SHARE UNITS UNDER THIS PLAN

 

		Section 3.1	Payment of Restricted Share Units

 

Subject to the terms
of this Plan and, in particular, Section 3.6 of this Plan, the Company, in its discretion and as may be determined by the Board,
will pay out vested Restricted Share Units issued under this Plan and credited to the account of a Restricted Share Unit Recipient by
paying or issuing (net of any Applicable Withholding Tax) to such Restricted Share Unit Recipient, on or subsequent to the Trigger Date
but no later than the Restricted Share Unit Expiry Date of such vested Restricted Share Unit, an Award Payout of either:

 

		(a)	subject to receipt of Regulatory Approvals, one Share for such whole vested Restricted Share Unit. Fractional
Shares shall not be issued and where a Restricted Share Unit Recipient would be entitled to receive a fractional Share in respect of any
fractional vested Restricted Share Unit, the Company shall pay to such Restricted Share Unit Recipient, in lieu of such fractional Share,
cash equal to the Vesting Date Value as at the Trigger Date of such fractional Share. Each Share issued by the Company pursuant to this
Plan shall be issued as fully paid and non-assessable, or
	 	 	 

		(b)	a cash amount equal to the Vesting Date Value as at the Trigger Date of such vested Restricted Share Unit;
and
	 	 	 

		(c)	notwithstanding the foregoing, the Vesting Date Value must not be less than the Discounted Market Price
as at the Restricted Share Unit Grant Date.

 

Limitation on Issuance
of Shares to Insiders 

 

Notwithstanding anything
in this Plan, the Company shall not issue Shares under this Plan to any Service Provider who is an Insider of the Company where such issuance
would result in:

 

		(a)	the total number of Shares issuable at any time under this Plan to Insiders, or when combined with all
other Shares issuable to Insiders under any other equity compensation arrangements then in place, including any Options or Plan Optioned
Shares, exceeding the maximum grants set forth herein, or 10% of the total number of issued and outstanding equity securities of the Company
on a non-diluted basis; and
	 	 	 

		(b)	the total number of Shares that may be issued to Insiders during any one year period under this Plan,
or when combined with all other Shares issued to Insiders under any other equity compensation arrangements then in place, including
any Options or Plan Optioned Shares, exceeding the maximum grants set forth herein, or 10% of the total number of issued and outstanding
equity securities of the Company on a non-diluted basis.

 

    10

     

    

 

Where the Company
is precluded by this Section 3.1 from issuing Shares to an Insider of the Company, the Company will pay to the relevant Insider a
cash Award Payout in an amount equal to the Vesting Date Value as at the Trigger Date of the Restricted Share Unit.

 

		Section 3.2	Experts and Advisors

 

The Board may engage
such experts (“Experts”) and advisors as it considers appropriate, including compensation or human resources experts
or advisors, to provide advice and assistance in determining the amounts to be paid under this Plan and other amounts and values to be
determined hereunder or in respect of this Plan including, without limitation, those related to a particular Fair Market Value.

 

		Section 3.3	Cancellation on Termination for Cause, Retirement or Voluntary Resignation

 

Unless the Board at
any time otherwise determines, all unvested Restricted Share Units held by any Restricted Share Unit Recipient and all rights in respect
thereof will be automatically cancelled, without further act or formality and without compensation, immediately in the event of a Termination
arising from the termination of employment or removal from service by the Company or a Related Entity for cause, Retirement of the Restricted
Share Unit Recipient or the voluntary resignation by the Restricted Share Unit Recipient. In situations where the Board exercises its
discretion under this Section 3.3, in no case shall the Restricted Share Units, subject to such discretion, be valid beyond one year
from the date of Termination.

 

		Section 3.4	Total Disability, Death and Termination Without Cause

 

Unless the Board at
any time otherwise determines, if a Restricted Share Unit Recipient ceases to be a Service Provider for any of the following reasons,
unvested Restricted Share Units will immediately vest on the date the Restricted Share Unit Recipient ceases to be a Service Provider:

 

		(a)	death or Total Disability of a Restricted Share Unit Recipient;
	 	 	 

		(b)	the Termination of employment or removal from service by the Company or a Related Entity without cause;
and
	 	 	 

		(c)	the Termination of employment by the Restricted Share Unit Recipient other than by way of Retirement of
the Restricted Share Unit Recipient or voluntary resignation by the Restricted Share Unit Recipient.

 

In situations where
the Board exercises its discretion under this Section 3.4, in no case shall the Restricted Share Units, subject to such discretion,
be valid beyond one year from the date of Termination.

 

		Section 3.5	Change of Control

 

In the event of a
Change of Control, all Restricted Share Units credited to an account of a Restricted Share Unit Recipient that have not otherwise previously
been cancelled pursuant to the terms of the Plan shall vest on the date on which the Change of Control occurs (the “Change of
Control Date”). Within thirty (30) days after the Change of Control Date, but in no event later than the Restricted Share Unit
Expiry Date, the Restricted Share Unit Recipient shall at the discretion of the Board, receive either Shares or receive a cash payment
equal in amount to: (a) the number of Restricted Share Units that vested on the Change of Control Date; multiplied by (b) the Fair Market
Value on the Change of Control Date, net of any withholding taxes and other source deductions required by law to be withheld by the Company.

 

    11

     

    

 

		Section 3.6	Tax Matters and
                                            Applicable Withholding Tax

 

The Company does not
assume any responsibility for or in respect of the tax consequences of the receipt by Restricted Share Unit Recipients of Restricted Share
Units, or payments received by Restricted Share Unit Recipients pursuant to this Plan. The Company or relevant Related Entity, as applicable,
is authorized to deduct such taxes and other amounts as it may be required or permitted by law to withhold (“Applicable Withholding
Tax”), in such manner (including, without limitation, by selling Shares otherwise issuable to Restricted Share Unit Recipients,
on such terms as the Company determines) as it determines so as to ensure that it will be able to comply with the applicable provisions
of any federal, provincial, state or local law relating to the withholding of tax or other required deductions, or the remittance of tax
or other obligations. The Company or relevant Related Entity, as applicable, may require Restricted Share Unit Recipients, as a condition
of receiving amounts to be paid to them under this Plan, to deliver undertakings to, or indemnities in favour of, the Company or Related
Entity, as applicable, respecting the payment by such Restricted Share Unit Recipients of applicable income or other taxes.

 

Article 4

SHARE OPTION AWARDS UNDER THIS PLAN

 

		Section 4.1	Maximum Plan Shares

 

		(a)	The maximum aggregate number of Plan Optioned Shares that may be reserved for issuance under this Plan
at any point in time is 8,354,070 (7% of Outstanding Shares at time of amendment to this Plan), unless this Plan is amended pursuant
to the requirements of the TSX Venture Policies.
	 	 	 

		(b)	Up to 8,354,070 of Plan Optioned Shares may be issued as Incentive Stock Options.

 

		Section 4.2	Eligibility

 

Options to purchase Shares may be granted
hereunder to Service Providers of the Company, or its affiliates, from time to time by the Board. Service Providers that are not individuals
will be required to undertake in writing not to effect or permit any transfer of ownership or option of any of its securities, or to issue
more of its securities (so as to indirectly transfer the benefits of an Option), as long as such Option remains outstanding, unless the
written permission of the TSX Venture and the Company is obtained. It shall be the responsibility of the Company and the Optionee to ensure
that such Optionee is a bona fide Service Provider.

 

		Section 4.3	Options Granted Under the Plan

 

		(a)	All Options granted under the Plan will be evidenced by an Option Certificate in the form attached as
Schedule B, showing the number of Optioned Shares, the term of the Option, a reference to vesting terms, if any, and the Option Exercise
Price.
	 	 	 

		(b)	The Option Certificate of any Option which is intended to qualify as an Incentive Stock Option shall contain
such limitations and restrictions upon the exercise of the Option as shall be necessary in order that such Option qualifies as an “incentive
stock option” within the meaning of Section 422 of the Code. Further, the Option Certificate authorized under the Plan shall
be subject to such other terms and conditions including, without limitation, restrictions upon the exercise of the Option, as the Board
shall deem advisable and which are not inconsistent with the requirements of Section 422 of the Code.
	 	 	 

		(c)	No Options shall be granted after the expiration of ten (10) years from the earlier of the date of the
adoption of the Plan by the Company or the approval of the Plan by the shareholders of the Company.

 

    12

     

    

 

		(d)	The Fair Market Value of the Shares (determined at the time the Option is granted) as to which Options
designated as Incentive Stock Options are exercisable for the first time by any Service Provider during any single calendar year (under
the Plan and under any other incentive stock option plan of the Company or an Affiliate) shall not exceed US$100,000.
	 	 	 

		(e)	The sole class of Service Providers eligible to receive Incentive Stock Options under this Plan are employees
of the Company.
	 	 	 

		(f)	Subject to specific variations approved by the Board, all terms and conditions set out herein will be
deemed to be incorporated into and form part of an Option Commitment made hereunder.

 

		Section 4.4	Limitations on Issue

 

Subject to Section 4.8, the following
restrictions on issuances of Options are applicable under the Plan:

 

		(a)	no Service Provider can be granted an Option if that Option would result in the total number of Options,
together with all other Share Compensation Arrangements granted to such Service Provider in the previous 12 months, exceeding 5% of the
Outstanding Shares, unless the Company has obtained Disinterested Shareholder Approval to do so;
	 	 	 

		(b)	the aggregate number of Options granted to all Service Providers conducting Investor Relations Activities
in any 12-month period cannot exceed 2% of the Outstanding Shares, calculated at the time of grant, without the prior consent of the TSX
Venture; and
	 	 	 

		(c)	the aggregate number of Options granted to any one Consultant in any 12 month period cannot exceed 2%
of the Outstanding Shares, calculated at the time of grant, without the prior consent of the TSX Venture.

 

		Section 4.5	Options Not Exercised

 

In the event an Option
granted under the Plan expires unexercised or is terminated by reason of dismissal of the Optionee for cause or is otherwise lawfully
cancelled prior to exercise of the Option, the Optioned Shares that were issuable thereunder will be returned to the Plan and will be
eligible for re-issuance.

 

		Section 4.6	Powers of the Board

 

The Board will be
responsible for the general administration of the Plan and the proper execution of its provisions, the interpretation of the Plan and
the determination of all questions arising hereunder. Without limiting the generality of the foregoing, the Board has the power to

 

		(a)	allot Shares for issuance in connection with the exercise of Options;
	 	 	 

		(b)	grant Options hereunder;
	 	 	 

		(c)	subject to any necessary Regulatory Approval, amend, suspend, terminate or discontinue the Plan, or revoke
or alter any action taken in connection therewith, except that no general amendment or suspension of the Plan will, without the prior
written consent of all Optionees, alter or impair any Option previously granted under the Plan unless the alteration or impairment occurred
as a result of a change in the TSX Venture Policies or the Company’s tier classification thereunder; and
	 	 	 

		(d)	delegate all or such portion of its powers hereunder as it may determine to one or more committees of
the Board, either indefinitely or for such period of time as it may specify, and thereafter each such committee may exercise the powers
and discharge the duties of the Board in respect of the Plan so delegated to the same extent as the Board is hereby authorized so to do.

 

    13

     

    

 

 

	Section 4.7	Amendment of the Plan by the Board

 

Subject to the requirements
of the TSX Venture Policies and the prior receipt of any necessary Regulatory Approval, the Board may in its absolute discretion, amend
or modify the Plan or any Option granted as follows:

 

		(a)	it may make amendments which are of a
                                            typographical, grammatical or clerical nature only;
	 	 	 

		(b)	amendments of a housekeeping nature;
	 	 	 

		(c)	it may change the vesting provisions of
                                            an Option granted hereunder, subject to prior written approval of the TSX Venture, if applicable;
	 	 	 

		(d)	it may change the termination provision
                                            of an Option granted hereunder which does not entail an extension beyond the lesser of the
                                            original Option Expiry Date or 12 months from termination;
	 	 	 

		(e)	it may make amendments necessary as a
                                            result in changes in securities laws applicable to the Company or any requested changes by
                                            the TSX Venture;
	 	 	 

		(f)	if the Company becomes listed or quoted
                                            on a stock exchange or stock market senior to the TSX Venture, it may make such amendments
                                            as may be required by the policies of such senior stock exchange or stock market; and
	 	 	 

		(g)	it may make such amendments as reduce,
                                            and do not increase, the benefits of this Plan to Service Providers.

 

	Section 4.8	Amendments Requiring Disinterested Shareholder
                                            Approval

 

The Company will
be required to obtain Disinterested Shareholder Approval prior to any of the following actions becoming effective:

 

		(a)	the Plan, together with all of the Company’s
                                            other previous Share Compensation Arrangements, could result at any time in:
	 	 	 

		(i)	the aggregate number of Shares reserved
                                            for issuance under Options granted to Insiders exceeding 10% of the Outstanding Shares in
                                            the event that this Plan is amended to reserve for issuance more than 10% of the Outstanding
                                            Shares;
	 	 	 

		(ii)	the number of Optioned Shares issued to
                                            Insiders within a one-year period exceeding 10% of the Outstanding Shares in the event that
                                            this Plan is amended to reserve for issuance more than 10% of the Outstanding Shares; or
	 	 	 

		(iii)	the issuance to any one Optionee, within
                                            a 12-month period, of a number of Shares exceeding 5% of the Outstanding Shares;
	 	 	 

		(b)	any reduction in the Option Exercise Price
                                            of an Option previously granted to an Insider; or
	 	 	 

		(c)	the extension to the term of an outstanding
                                            Option, or outstanding Incentive Stock Option held by an Insider.

 

	Section 4.9	Options Granted Under the Company’s Previous
                                            Share Option Plan

 

Any option granted
pursuant to a share option plan previously adopted by the Board which is outstanding at the time this Plan comes into effect shall be
deemed to have been issued under this Plan and shall, as of the date this Plan comes into effect, be governed by the terms and conditions
hereof.

 

    14

     

    

 

Article 5

TERMS AND CONDITIONS OF OPTIONS

 

	Section 5.1	Option Exercise Price

 

The Option Exercise
Price of an Option will be set by the Board at the time such Option is allocated under the Plan, and cannot be less than the Discounted
Market Price, and in the case of a Service Provider employed or performing services in the United States or otherwise subject to Section 409A
or Section 422 of the Code, shall not be less than Fair Market Value on the date of grant. If the Optionee owns directly or by reason
of the applicable attribution rules more than 10% of the total combined voting power of all classes of stock of the Company, the Option
price per share of the Shares covered by each Option which is intended to be an Incentive Stock Option shall be not less than one hundred
ten percent (110%) of the Fair Market Value on the date of the grant.

 

	Section 5.2	Term of Option

 

An Option can be
exercisable for a maximum of 10 years from the Option Effective Date; provided, however, that if the Option price is required under Section 5.1
to be at least 110% of Fair Market Value, each such Option shall terminate not more than five (5) years from the date of the grant thereof,
and shall be subject to earlier termination as herein provided.

 

	Section 5.3	Option Amendment
	 	 

		(a)	Subject to Section 4.8(b), the Option
                                            Exercise Price of an Option may be amended only if at least six (6) months have elapsed since
                                            the later of the date of commencement of the term of the Option, the date the Shares commenced
                                            trading on the TSX Venture, or the date of the last amendment of the Option Exercise Price.
	 	 	 

		(b)	An Option must be outstanding for at least
                                            one year before the Company may extend its term, subject to the limits contained in Section 5.2.
	 	 	 

		(c)	Any proposed amendment to the terms of
                                            an Option must be approved by the TSX Venture prior to the exercise of such Option.
	 	 	 

	Section 5.4	Vesting of Options

 

Subject to Section 5.5,
vesting of Options shall be at the discretion of the Board and, with respect to any particular Options granted under the Plan, in the
absence of a vesting schedule being specified at the time of grant, all such Options shall vest immediately. Where applicable, vesting
of Options will generally be subject to:

 

		(a)	the Service Provider remaining employed
                                            by or continuing to provide services to the Company or any of its Affiliates as well as,
                                            at the discretion of the Board, achieving certain milestones which may be defined by the
                                            Board from time to time or receiving a satisfactory performance review by the Company or
                                            any of its Affiliates during the vesting period; or
	 	 	 

		(b)	the Service Provider remaining as a Director
                                            of the Company or any of its Affiliates during the vesting period.

 

    15

     

    

 

	Section 5.5	Vesting of Options Granted to Consultants Conducting
                                            Investor Relations Activities

 

Notwithstanding Section 5.4,
Options granted to Consultants conducting Investor Relations Activities will vest:

 

		(a)	over a period of not less than 12 months
                                            as to 25% on the date that is three months from the date of grant, and a further 25% on each
                                            successive date that is three months from the date of the previous vesting; or
	 	 	 

		(b)	such longer vesting period as the Board
                                            may determine.

 

	Section 5.6	Effect of Take-Over Bid

 

If a Take-Over Bid
is made to the shareholders generally then the Company shall immediately upon receipt of notice of the Take-Over Bid, notify each Optionee
currently holding an Option of the Take-Over Bid, with full particulars thereof whereupon such Option may, notwithstanding Section 5.4
and Section 5.5 or any vesting requirements set out in the Option Commitment, be immediately exercised in whole or in part by the
Optionee, subject to approval of the TSX Venture for vesting requirements imposed by the TSX Venture Policies.

 

	Section 5.7	Acceleration of Vesting on Change of Control

 

In the event of a
Change of Control occurring, Options granted and outstanding, which are subject to vesting provisions, shall be deemed to have immediately
vested upon the occurrence of the Change of Control, excluding Options granted to a Person engaged in Investor Relations Activities.

 

	Section 5.8	Extension of Options Expiring During Black-Out
                                            Period

 

Should the Option
Expiry Date for an Option fall within a Black-Out Period, such Option Expiry Date shall, be automatically extended without any further
act or formality to that day which is the tenth (10th) Business Day after the end of the Black-Out Period.

 

	Section 5.9	Optionee Ceasing to be Director, Employee or
                                            Service Provider

 

Options may be exercised
after the Service Provider has left his/her employ/office or has been advised by the Company that his/her services are no longer required
or his/her service contract has expired, until the term applicable to such Options expires, except as follows:

 

		(a)	in the case of the death of an Optionee,
                                            any vested Option held by him at the date of death will become exercisable by the Optionee’s
                                            lawful personal representatives, heirs or executors until the earlier of one year after the
                                            date of death of such Optionee and the date of expiration of the term otherwise applicable
                                            to such Option;
	 	 	 

		(b)	an Option granted to any Service Provider
                                            will expire 90 days (or such other time, not to exceed one year, as shall be determined by
                                            the Board as at the date of grant or agreed to by the Board and the Optionee at any time
                                            prior to expiry of the Option) after the date the Optionee ceases to be employed by or provide
                                            services to the Company, and only to the extent that such Option was vested at the date the
                                            Optionee ceased to be so employed by or to provide services to the Company; and
	 	 	 

		(c)	in the case of an Optionee being dismissed
                                            from employment or service for cause, such Optionee’s Options, whether or not vested
                                            at the date of dismissal will immediately terminate without right to exercise same.

 

	Section 5.10	Non Assignable

 

Subject to Section 5.9(a),
all Options will be exercisable only by the Optionee to whom they are granted and will not be assignable or transferable.

 

    16

     

    

 

	Section 5.11	Adjustment of the Number of Optioned Shares

 

The number of Shares
subject to an Option will be subject to adjustment in the events and in the manner following:

 

		(a)	in the event of a subdivision of Shares
                                            as constituted on the date hereof, at any time while an Option is in effect, into a greater
                                            number of Shares, the Company will thereafter deliver at the time of purchase of Optioned
                                            Shares hereunder, in addition to the number of Optioned Shares in respect of which the right
                                            to purchase is then being exercised, such additional number of Shares as result from the
                                            subdivision without an Optionee making any additional payment or giving any other consideration
                                            therefor;
	 	 	 

		(b)	in the event of a consolidation of the
                                            Shares as constituted on the date hereof, at any time while an Option is in effect, into
                                            a lesser number of Shares, the Company will thereafter deliver and an Optionee will accept,
                                            at the time of purchase of Optioned Shares hereunder, in lieu of the number of Optioned Shares
                                            in respect of which the right to purchase is then being exercised, the lesser number of Shares
                                            as result from the consolidation;
	 	 	 

		(c)	in the event of any change of the Shares
                                            as constituted on the date hereof, at any time while an Option is in effect, the Company
                                            will thereafter deliver at the time of purchase of Optioned Shares hereunder the number of
                                            shares of the appropriate class resulting from the said change as an Optionee would have
                                            been entitled to receive in respect of the number of Shares so purchased had the right to
                                            purchase been exercised before such change;
	 	 	 

		(d)	in the event of a capital reorganization,
                                            reclassification or change of outstanding equity shares (other than a change in the par value
                                            thereof) of the Company, a consolidation, merger or amalgamation of the Company with or into
                                            any other company or a sale of the property of the Company as or substantially as an entirety
                                            at any time while an Option is in effect, an Optionee will thereafter have the right to purchase
                                            and receive, in lieu of the Optioned Shares immediately theretofore purchasable and receivable
                                            upon the exercise of the Option, the kind and amount of shares and other securities and property
                                            receivable upon such capital reorganization, reclassification, change, consolidation, merger,
                                            amalgamation or sale which the holder of a number of Shares equal to the number of Optioned
                                            Shares immediately theretofore purchasable and receivable upon the exercise of the Option
                                            would have received as a result thereof. The subdivision or consolidation of Shares at any
                                            time outstanding (whether with or without par value) will not be deemed to be a capital reorganization
                                            or a reclassification of the capital of the Company for the purposes of this Section 5.11;
	 	 	 

		(e)	an adjustment will take effect at the
                                            time of the event giving rise to the adjustment, and the adjustments provided for in this
                                            section are cumulative;
	 	 	 

		(f)	the Company will not be required to issue
                                            fractional shares in satisfaction of its obligations hereunder. Any fractional interest in
                                            a Share that would, except for the provisions of this Section 5.11, be deliverable upon
                                            the exercise of an Option will be cancelled and not be deliverable by the Company; and
	 	 	 

		(g)	if any questions arise at any time with
                                            respect to the Option Exercise Price or number of Optioned Shares deliverable upon exercise
                                            of an Option in any of the events set out in this Section 5.11, such questions will
                                            be conclusively determined by the Company’s auditors, or, if they decline to so act,
                                            any other firm of Chartered Accountants, in Vancouver, British Columbia (or in the city of
                                            the Company’s principal executive office) that the Company may designate and who will
                                            be granted access to all appropriate records and such determination will be binding upon
                                            the Company and all Optionees.

 

    17

     

    

 

Article 6

COMMITMENT AND EXERCISE PROCEDURES

 

	Section 6.1	Option Commitment

 

Upon grant of an
Option hereunder, an authorized officer of the Company will deliver to the Optionee an Option Commitment detailing the terms of such
Options and upon such delivery the Optionee will be subject to the Plan and have the right to purchase the Optioned Shares at the Option
Exercise Price set out therein subject to the terms and conditions hereof, including any additional requirements contemplated with respect
to the payment of required withholding taxes on behalf of Optionees.

 

Manner of Exercise

 

An Optionee who wishes
to exercise his Option may do so by delivering

 

		(a)	a written notice to the Company specifying
                                            the number of Optioned Shares being acquired pursuant to the Option; and
	 	 	 

		(b)	a certified cheque, wire transfer or bank
                                            draft payable to the Company for the aggregate Option Exercise Price for the Optioned Shares
                                            being acquired, plus any required withholding tax amount subject to Section 6.2.
	 	 	 

	Section 6.2	Tax Withholding and Procedures

 

Notwithstanding anything
else contained in this Plan, the Company may, from time to time, implement such procedures and conditions as it determines appropriate
with respect to the withholding and remittance of taxes imposed under applicable law, or the funding of related amounts for which liability
may arise under such applicable law.

 

The
Company will withhold taxes for Optionees exercising Options in accordance with Canadian,
US federal and state tax law, as required by the applicable tax law. 

 

Without limiting
the generality of the foregoing, an Optionee who wishes to exercise an Option must, in addition to following the procedures set out in
Section 6.2 and elsewhere in this Plan, and as a condition of exercise:

 

		(a)	deliver a certified cheque, wire transfer
                                            or bank draft payable to the Company for the amount determined by the Company to be the appropriate
                                            amount on account of such taxes or related amounts; or
	 	 	 

		(b)	otherwise ensure, in a manner acceptable
                                            to the Company (if at all) in its sole and unfettered discretion, that the amount will be
                                            securely funded;
	 	 	 

		(c)	and must in all other respects follow
                                            any related procedures and conditions imposed by the Company.

 

Reporting
of Taxes

 

For
Recipients that are employees of the Company, the Company will report the amount of resulting
income from exercised NSOs and ISOs and the corresponding withholding tax on the applicable tax forms to the recipient.

 

    18

     

    

 

	Section 6.3	Delivery of Optioned Shares and Hold Periods

 

As soon as practicable
after receipt of the notice of exercise described in this Article 6 and payment in full for the Optioned Shares being acquired,
the Company will direct its transfer agent to issue to the Optionee the appropriate number of Optioned Shares. If the Option Exercise
Price is set below the then current market price of the Shares on the TSX Venture at the time of grant, the certificate representing
the Optioned Shares or written notice in the case of uncertificated shares will include a legend stipulating that the Optioned Shares
issued are subject to a four-month Exchange Hold Period commencing the date of the Option Commitment.

 

An Exchange Hold Period will be applied
from the date of grant for all Options granted to:

 

		(a)	Insiders of the Company; or
	 	 	 

		(b)	where Options are granted to any Service
                                            Provider, including Insiders, where the Exercise Price is at a discount to the Market Price.

 

Pursuant to TSX Venture Policies, where
the Exchange Hold Period is applicable, the certificate representing the Optioned Shares or written notice in the case of uncertificated
shares will include a legend stipulating that the Optioned Shares issued are subject to a four-month Exchange Hold Period commencing
the date of the Option Commitment.

 

Article 7

GENERAL CONDITIONS

 

	Section 7.1	General Conditions Applicable to Restricted
                                            Share Units
	 	 

		(a)	Compliance with Applicable Laws
                                            - The issuance by the Company of any Restricted Share Units and its obligation to make any
                                            payments hereunder is subject to compliance with all applicable laws. As a condition of participating
                                            in this Plan, each Recipient agrees to comply with all such applicable laws and agrees to
                                            furnish to the Company all information and undertakings as may be required to permit compliance
                                            with such applicable laws. The Company will have no obligation under this Plan, or otherwise,
                                            to grant any Restricted Share Unit or make any payment under this Plan in violation of any
                                            applicable laws.
	 	 	 

		(b)	Awards to Insiders - All Awards
                                            issued to Insiders will include a legend stipulating that the Award is subject to a four-month
                                            hold period commencing the Restricted Share Unit Grant Date, as required by the TSX Venture.
	 	 	 

		(c)	Non-Transferability
                                            - Restricted Share Units and all other rights, benefits or interests in this Plan are
                                            non-transferable and may not be pledged or assigned or encumbered in any way and are
                                            not subject to attachment or garnishment, except that if a Restricted Share Unit Recipient
                                            dies the legal representatives of the Restricted Share Unit Recipient will be entitled to
                                            receive the amount of any payment otherwise payable to the Restricted Share Unit Recipient
                                            hereunder in accordance with the provisions hereof.
	 	 	 

		(d)	No Right to Service - Neither participation
                                            in this Plan nor any action under this Plan will be construed to give any Service Provider
                                            or Restricted Share Unit Recipient a right to be retained in the service or to continue in
                                            the employment of the Company or any Related Entity, or affect in any way the right of the
                                            Company or any Related Entity to terminate his or her employment at any time.
	 	 	 

		(e)	Plan Amendment - Subject to all
                                            necessary approvals of the TSX Venture, the Board may amend this Plan as it deems necessary
                                            or appropriate, subject to the requirements of applicable laws, but no amendment will, without
                                            the consent of the Restricted Share Unit Recipient or unless required by law, adversely affect
                                            the rights of a Restricted Share Unit Recipient with respect to Restricted Share Units to
                                            which the Restricted Share Unit Recipient is then entitled under this Plan.

 

    19

     

    

 

		(f)	Plan Termination - The Board may
                                            terminate this Plan at any time, but no termination will, without the consent of the Restricted
                                            Share Unit Recipient or unless required by law, adversely affect the rights of a Restricted
                                            Share Unit Recipient with respect to Restricted Share Units to which the Restricted Share
                                            Unit Recipient is then entitled under this Plan. In no event will a termination of this Plan
                                            accelerate the vesting of Restricted Share Units or the time at which a Restricted Share
                                            Unit Recipient would otherwise be entitled to receive any payment in respect of Restricted
                                            Share Units hereunder.
	 	 	 

		(g)	Reorganization of the Company -
                                            The existence of this Plan or Restricted Share Units will not affect in any way the right
                                            or power of the Company or its shareholders to make or authorize any adjustment, recapitalization,
                                            reorganization or other change in the Company’s capital structure or its business,
                                            or to create or issue any bonds, debentures, Shares or other securities of the Company or
                                            to amend or modify the rights and conditions attaching thereto or to effect the dissolution
                                            or liquidation of the Company, or any amalgamation, combination, merger or consolidation
                                            involving the Company or any sale or transfer of all or any part of its assets or business,
                                            or any other corporate act or proceeding, whether of a similar nature or otherwise.
	 	 	 

		(h)	No Shareholder Rights - Restricted
                                            Share Units are not considered to be Shares or securities of the Company, and a Restricted
                                            Share Unit Recipient who is issued Restricted Share Units will not, as such, be entitled
                                            to receive notice of or to attend any shareholders’ meeting of the Company, nor entitled
                                            to exercise voting rights or any other rights attaching to the ownership of Shares or other
                                            securities of the Company, and will not be considered the owner of Shares by virtue of such
                                            issuance of Restricted Share Units.
	 	 	 

		(i)	No Other Benefit - No amount will
                                            be paid to, or in respect of, a Restricted Share Unit Recipient under this Plan to compensate
                                            for a downward fluctuation in the Fair Market Value or price of a Share, nor will any other
                                            form of benefit be conferred upon, or in respect of, a Restricted Share Unit Recipient for
                                            such purpose.
	 	 	 

		(j)	Unfunded Plan - For greater certainty,
                                            this Plan will be an unfunded plan, including for tax purposes and for purposes of the Employee
                                            Retirement Income Security Act (United States). Any Restricted Share Unit Recipient to
                                            which Restricted Share Units are credited to his or her account or holding Restricted Share
                                            Units or related accruals under this Plan will have the status of a general unsecured creditor
                                            of the Company with respect to any relevant rights that may arise thereunder.
	 	 	 

	Section 7.2	General Conditions Applicable to Options
	 	 

		(a)	Employment and Services - Nothing
                                            contained in the Plan will confer upon or imply in favour of any Optionee any right with
                                            respect to office, employment or provision of services with the Company, or interfere in
                                            any way with the right of the Company to lawfully terminate the Optionee’s office,
                                            employment or service at any time pursuant to the arrangements pertaining to same. Participation
                                            in the Plan by an Optionee is voluntary.
	 	 	 

		(b)	No Representation or Warranty -
                                            The Company makes no representation or warranty as to the future market value of Shares issued
                                            in accordance with the provisions of the Plan or to the effect of the Income Tax Act
                                            (Canada) or any other taxing statute governing the Options or the Shares issuable thereunder
                                            or the tax consequences to a Service Provider. Compliance with applicable securities laws
                                            as to the disclosure and resale obligations of each Participant is the responsibility of
                                            each Participant and not the Company.
	 	 	 

		(c)	Plan Amendment - The Board reserves
                                            the right, in its absolute discretion, to at any time amend, modify or terminate the Plan
                                            with respect to all Shares in respect of Options which have not yet been granted hereunder.
                                            Any amendment to any provision of the Plan will be subject to any necessary Regulatory Approvals
                                            unless the effect of such amendment is intended to reduce (but not to increase) the benefits
                                            of this Plan to Service Providers.

 

    20

     

    

 

		(d)	Savings Clause - This Plan is intended
                                            to comply in all respects with applicable law and regulations, including Section 409A
                                            of the Code. In case any one or more provisions of this Plan shall be held invalid, illegal,
                                            or unenforceable in any respect under applicable law and regulation (including Section 409A
                                            of the Code), the validity, legality, and enforceability of the remaining provisions shall
                                            not in any way be affected or impaired thereby and the invalid, illegal, or unenforceable
                                            provision shall be deemed null and void; however, to the extent permitted by law, any provision
                                            that could be deemed null and void shall first be construed, interpreted, or revised retroactively
                                            to permit this Plan to be construed in compliance with all applicable law (including Section 409A
                                            of the Code) so as to foster the intent of this Plan.
	 	 	 

	Section 7.3	General Conditions
	 	 

		(a)	Successors and Assigns - This Plan
                                            will enure to the benefit of and be binding upon the respective legal representatives of
                                            the Service Provider.
	 	 	 

		(b)	Governing Law - This Plan and all
                                            matters to which reference is made in this Plan will be governed by and construed in accordance
                                            with the laws of British Columbia and the federal laws of Canada applicable therein.

 

    21

     

    

 

SCHEDULE
 “A”

FORM OF RESTRICTED SHARE UNIT AGREEMENT

 

LexaGene Holdings Inc. (the “Company”)
hereby confirms the grant to the undersigned Recipient of Restricted Share Units (“Restricted Share Units”) described
in the table below pursuant to the Company’s Omnibus Incentive Plan (the “Plan”), a copy of which Plan has been
provided to the undersigned Restricted Share Unit Recipient.

 

	No. of Restricted Share
    Units	Trigger
    Date	Restricted
    Share Unit 

    Expiry Date
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

[include any specific/additional vesting
period or Performance Conditions]

 

Performance Conditions:

 

1)

 

2)

 

The Company and the undersigned
Restricted Share Unit Recipient hereby confirm that the undersigned Restricted Share Unit Recipient is a bona fide Director, Officer,
Employee, Management Company Employee, Consultant or Company Consultant, and also includes a company, 100% of the share capital of which
is beneficially owned by one or more Restricted Share Unit Recipients, as the case may be.

 

DATED ____________________, 20____.

 

LEXAGENE HOLDINGS INC.

 

	Per:	 	 
	 	Authorized Signatory	 

 

The undersigned hereby accepts such grant, acknowledges
being a Restricted Share Unit Recipient under the Plan, agrees to be bound by the provisions thereof and agrees that the Plan will be
effective as an agreement between the Company and the undersigned with respect to the Restricted Share Units granted or otherwise issued
to it.

 

DATED ____________________, 20____.

 

    A-1

     

    

 

	 	 	 
	Witness (Signature)	 	 
	 	 	 
	 	 	 
	Name (please print)	 	 
	 	 	 
	 	 	Restricted Share Unit Recipient’s Signature
	Address	 	 
	 	 	 
	 	 	 
	City, Province	 	 
	 	 	Name of Restricted Share Unit Recipient (print)
	 	 	 
	Occupation	 	 

 

    A-2

     

    

 

SCHEDULE
 “B”

FORM OF OPTION CERTIFICATE

 

[If issued to officers or directors or at
a discount to the Market Price] WITHOUT PRIOR WRITTEN APPROVAL OF TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES
LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH
THE FACILITIES OF TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL [INSERT DATE THAT
IS FOUR MONTHS AND A DAY FROM THE GRANT DATE].

 

[Insert the following U.S. legend
if the Option is being issued to an Optionee who is in the United States or who is a U.S. person:]

 

THE OPTION REPRESENTED BY THIS CERTIFICATE
AND THE COMMON SHARES ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “U.S. SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY ACQUIRING SUCH
SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO
THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE
WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY
RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (D) IN A TRANSACTION THAT DOES NOT
REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE LAWS AND REGULATIONS GOVERNING THE OFFER AND SALE OF SECURITIES,
AND IT HAS, IN THE CASE OF EACH OF (C) AND (D), PRIOR TO SUCH TRANSFER FURNISHED TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED
STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE CORPORATION TO SUCH EFFECT.

 

LEXAGENE HOLDINGS INC.

 

SHARE OPTION PLAN

 

OPTION CERTIFICATE

 

This Certificate is issued pursuant to the provisions
of the LexaGene Holdings Inc. (the “Company”) Omnibus Incentive Plan (the “Plan”) and evidences
that ______________________________ is the holder (the “Optionee”) of an option (the “Option”)
to purchase up to _______________________________ common shares (the “Shares”) in the capital stock of the Company
at a purchase price of CAD$_________ per Share (the “Option Exercise Price”).

 

The Company and the undersigned Share Option
Plan Service Provider hereby confirm that the undersigned Share Option Plan Service Provider is a bona fide Director, Officer, Employee,
Management Company Employee, Consultant or Company Consultant, and also includes a company, 100% of the share capital of which is beneficially
owned by one or more Service Providers, as the case may be.

 

The Plan provides for the granting of stock options
that either (i) are intended to qualify as “Incentive Stock Options” within the meaning of Section 422 of the United
States Internal Revenue Code of 1986, as amended (the “Code”), or (ii) do not qualify as Incentive Stock Options under
Section 422 of the Code, and are hence called (“Non-Statutory Stock Options”). This Option will be treated as
(select one), barring any post-grant events that effect the eligibility of the option to be treated as an ISO:

 

 ̈ an
Incentive Stock Option (ISO); or

 

    B-1

     

    

 

 ̈
a Non-Statutory Stock Option (NSO).

 

Subject to the provisions of the Plan:

 

		(a)	the effective date of the grant of the
                                            Option is __________, 20__;
	 	 	 

		(b)	the Option expires at 5:00 p.m. (Vancouver
                                            Time) on ______________, 20__; and
	 	 	 

		(c)	the Options shall vest as follows:

 

	Date	Percent
    of Stock

 Options Vested	Number
    of Stock

 Options Vested	Aggregate
    Number of

 Stock Options Vested
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

The vested portion or portions of the Option
may be exercised at any time and from time to time from and including the date of the grant of the Option through to 5:00 p.m. (Vancouver
Time) on the expiration date of the Option Period by delivering to the Company an Exercise Notice, in the form attached as Appendix “I”
hereto, together with this Certificate and a certified cheque or bank draft payable to the Company in an amount equal to the aggregate
of the Option Exercise Price of the Shares in respect of which the Option is being exercised.

 

All Options and any Shares issued on the exercise
of Options may be subject to resale restrictions and may be subject to and legended with a four month hold period commencing on the date
the Options were granted pursuant to the rules of the Exchange and applicable securities laws. The Options hereby granted are subject
to the approval of the Exchange.

 

This Certificate and the Option evidenced
hereby is not assignable, transferable or negotiable and is subject to the detailed terms and conditions contained in the Plan, the
terms and conditions of which the Optionee hereby expressly agrees with the Company to be bound by. This Certificate is issued for
convenience only and in the case of any dispute with regard to any matter in respect hereof, the provisions of the Plan and the
records of the Company shall prevail.

 

    B-2

     

    

 

If the Optionee is a U.S. person or is located in the United States,
the Optionee acknowledges and agrees as follows:

 

		(a)	The Option and the Shares (collectively,
                                            the “Securities”) have not been and will not be registered under the United
                                            States Securities Act of 1933, as amended (the “U.S. Securities Act”),
                                            or the securities laws of any state of the United States, and the Option is being granted
                                            to the Optionee in reliance on an exemption from the registration requirements of the U.S.
                                            Securities Act and applicable state securities laws.
	 	 	 

		(b)	The Securities will be “restricted
                                            securities”, as defined in Rule 144 under the U.S. Securities Act, and the rules of
                                            the United States Securities and Exchange Commission provide in substance that the Optionee
                                            may dispose of the Securities only pursuant to an effective registration statement under
                                            the U.S. Securities Act or an exemption therefrom, and the Company has no obligation to register
                                            any of the Securities or to take action so as to permit sales pursuant to the U.S. Securities
                                            Act (including Rule 144 thereunder, if available).
	 	 	 

		(c)	The Optionee understands that (i) if the
                                            Company is deemed to be an issuer that is, or that has been at any time previously, an issuer
                                            with no or nominal operations and no or nominal assets other than cash and cash equivalents
                                            (a “Shell Company”), Rule 144 under the U.S. Securities Act may not be
                                            available for resales of the Securities and (ii) the Company is not obligated to make Rule
                                            144 under the U.S. Securities Act available for resales of the Securities;
	 	 	 

		(d)	If the Optionee decides to offer, sell
                                            or otherwise transfer any of the Shares, the Optionee will not offer, sell or otherwise transfer
                                            any of the Shares directly or indirectly, unless:
	 	 	 

		(i)	the sale is to the Company;
	 	 	 

		(ii)	the sale is made outside the United States
                                            in a transaction meeting the requirements of Rule 904 of Regulation S under the U.S. Securities
                                            Act (“Regulation S”) and in compliance with applicable local laws and
                                            regulations;
	 	 	 

		(iii)	the sale is made pursuant to the exemption
                                            from the registration requirements under the U.S. Securities Act provided by Rule 144 thereunder,
                                            if available, and in accordance with any applicable state securities or “blue sky”
                                            laws; or
	 	 	 

		(iv)	the Shares are sold in a transaction that
                                            does not require registration under the U.S. Securities Act or any applicable state laws
                                            and regulations governing the offer and sale of securities;
	 	 	 

and, in the case of each of (iii) and
(iv) it has prior to such sale furnished to the Company an opinion of counsel reasonably satisfactory to the Company stating that such
transaction is exempt from registration under applicable securities laws.

 

The Option may not be exercised by or
for the account or benefit of a person in the United States or a U.S. person unless registered under the U.S. Securities Act and any
applicable state securities laws, unless an exemption from such registration requirements is available.

 

The certificate(s) representing the Shares
will be endorsed with the following or a similar legend until such time as it is no longer required under the applicable requirements
of the U.S. Securities Act or applicable state securities laws:

 

“THE SECURITIES REPRESENTED BY
THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, (THE “U.S. SECURITIES ACT”),
OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF
THE CORPORATION, THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION; (B) OUTSIDE THE UNITED
STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT; (C) IN ACCORDANCE WITH THE EXEMPTION FROM REGISTRATION
UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS;
OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, AND,
IN THE CASE OF CLAUSE (C) OR (D), THE SELLER FURNISHES TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE
SATISFACTORY TO THE CORPORATION TO SUCH EFFECT. THE PRESENCE OF THIS LEGEND MAY IMPAIR THE ABILITY OF THE HOLDER HEREOF TO EFFECT “GOOD
DELIVERY” OF THE SECURITIES REPRESENTED HEREBY ON A CANADIAN STOCK EXCHANGE.”

 

    B-3

     

    

 

provided, that if the Shares are being
sold outside the United States in compliance with the requirements of Rule 904 of Regulation S and such Shares were acquired at a time
when the Company is a “foreign issuer” as defined in Regulation S, the legend set forth above may be removed by providing
an executed declaration to the registrar and transfer agent of the Company, in substantially the form set forth as Appendix “II”
hereto (or in such other form as the Company may prescribe from time to time) and, if requested by the Company or the transfer agent,
an opinion of counsel of recognized standing in form and substance satisfactory to the Company and the transfer agent to the effect that
such sale is being made in compliance with Rule 904 of Regulation S; and provided, further, that, if any Shares are being sold otherwise
than in accordance with Regulation S and other than to the Company, the legend may be removed by delivery to the registrar and transfer
agent and the Company of an opinion of counsel, of recognized standing reasonably satisfactory to the Company, that such legend is no
longer required under applicable requirements of the U.S. Securities Act or state securities laws.

 

		(e)	Rule 905 of Regulation S provides in substance
                                            that any “restricted securities” that are equity securities of a “domestic
                                            issuer” (including an issuer that no longer qualifies as a “foreign issuer”)
                                            will continue to be deemed to be restricted securities notwithstanding that they were acquired
                                            in a resale transaction pursuant to Rule 901 or 904 of Regulation S; that Rule 905 of Regulation
                                            S will apply in respect of Shares if the Company is not a “foreign issuer” at
                                            the time of exercise of the related Options; and that the Company is not obligated to remain
                                            a “foreign issuer”.
	 	 	 

		(f)	“Domestic issuer”, “foreign
                                            issuer”, “United States” and “U.S. person” are as defined in
                                            Regulation S.
	 	 	 

		(g)	If the Optionee is resident in the State
                                            of California on the effective date of the grant of the Option, then, in addition to the
                                            terms and conditions contained in the Plan and in this Certificate, the Optionee acknowledges
                                            that the Company, as a reporting issuer under the securities legislation in the Provinces
                                            of British Columbia, Alberta and Ontario, is required to publicly file with the securities
                                            regulators in those jurisdictions continuous disclosure documents, including audited annual financial
statements and unaudited quarterly financial statements (collectively, the “Financial Statements”). Such filings are
available on the System for Electronic Document Analysis and Retrieval (SEDAR), and documents filed on SEDAR may be viewed under the
Company’s profile at the following website address: www.sedar.com. Copies of Financial Statements will be made available to the
Optionee by the Company upon the Optionee’s request.

 

    B-4

     

    

 

All terms not otherwise defined in this Certificate shall have the
meanings given to them under the Plan.

 

Dated this ____ day of _____________, 20___.

 

LEXAGENE HOLDINGS INC. 

 

	 	 
	Authorized Signatory	 

 

    B-5

     

    

 

 

APPENDIX “I”

LEXAGENE HOLDINGS INC.

 

STOCK OPTION PLAN

 

EXERCISE NOTICE

 

TO:         LEXAGENE HOLDINGS INC. (the “Company”)

 

1.              The
undersigned (the “Optionee”), being the holder of options to purchase ________________ common shares of the Company
(the “Shares”) at the exercise price of $CAD______ per share (the “Option Exercise Price”), hereby
irrevocably gives notice, pursuant to the Omnibus Incentive Plan of the Company (the “Plan”), of the exercise of the
Option to acquire and hereby subscribes for ____________ of such Shares of the Company.

 

2.              The
Optionee tenders herewith a certified cheque or bank draft payable to the Company in an amount equal to the aggregate Option Exercise
Price of the aforesaid Shares exercised and directs the Company to issue a share certificate evidencing said Shares in the name of the
Optionee to be mailed to the Optionee at the following address:

 

	 
	 
	 
	 

 

3.              By
executing this Exercise Notice, the Optionee hereby confirms that the undersigned has read the Plan and agrees to be bound by the provisions
of the Plan. All terms not otherwise defined in this Exercise Notice shall have the meanings given to them under the Plan or the attached
Option Certificate.

 

4.              The
Optionee is resident in __________ [name of state/province].

 

5.              The
Optionee represents, warrants and certifies as follows (please check all of the categories that apply):

 

		(a)	 ̈	the Optionee at the time of exercise of the Option is not in the United States, is not a “U.S. person” as defined in Regulation
S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and is not exercising the
Option on behalf of, or for the account or benefit of a U.S. person or a person in the United States and did not execute or deliver this
exercise form in the United States;
	 	 	 
	 	(b)	 ̈	the undersigned holder is resident in the United States or is a U.S. person who is a resident of the jurisdiction referred
to in the address appearing above, and is a U.S. Accredited Investor and has completed the U.S. Accredited Investor Status Certificate
in the form attached to this Exercise Notice;

 

		(c)	 ̈	the undersigned holder is resident in the United States or is a U.S. person who is a resident of the jurisdiction referred to in the
address appearing above, and is a natural person who is either: (i) a director, officer or employee of the Company or of a majority-owned
subsidiary of the Company (each, an “Eligible Company Optionee”), (ii) a consultant who is providing bona fide services
to the Company or a majority-owned subsidiary of the Company that are not in connection with the offer or sale of securities in a capital-raising
transaction, and do not directly or indirectly promote or maintain a market for the Company's securities (an “Eligible Consultant”),
or (iii) a former Eligible Company Optionee or Eligible Consultant; and/or
	 	 	 	 
		(d)	 ̈	if the undersigned holder is resident in the United States or is a U.S. person, the undersigned holder has delivered to the Company and
the Company’s transfer agent an opinion of counsel (which will not be sufficient unless it is in form and substance satisfactory
to the Company) or such other evidence satisfactory to the Company to the effect that with respect to the securities to be delivered
upon exercise of the Option, the issuance of such securities has been registered under the U.S. Securities Act and applicable state securities
laws or an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws is available;

 

    I-1

     

    

 

6.             “United
States” and “U.S. person” are as defined in Regulation S under the U.S. Securities Act.

 

Note: Certificates representing Shares will
not be registered or delivered to an address in the United States unless Box 5(b), (c) or (d) above is checked.

 

7.              If
the undersigned Optionee has marked Box 5(b), (c) or (d) above, the undersigned Optionee hereby represents, warrants, acknowledges and
agrees that:

 

		(a)	funds representing the subscription price for the Shares which will be advanced by the undersigned to
the Company upon exercise of the Options will not represent proceeds of crime for the purposes of the Uniting and Strengthening America
by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (the “PATRIOT Act”), and the undersigned
acknowledges that the Company may in the future be required by law to disclose the undersigned's name and other information relating to
this exercise form and the undersigned's subscription hereunder, on a confidential basis, pursuant to the PATRIOT Act. No portion of the
subscription price to be provided by the undersigned (i) has been or will be derived from or related to any activity that is deemed criminal
under the laws of the United States of America, or any other jurisdiction, or (ii) is being tendered on behalf of a person or entity who
has not been identified to or by the undersigned, and it shall promptly notify the Company if the undersigned discovers that any of such
representations ceases to be true and provide the Company with appropriate information in connection therewith;
	 	 	 

		(b)	the financial statements of the Company have been prepared in accordance with Canadian generally accepted
accounting principles or International Financial Reporting Standards, which differ in some respects from United States generally accepted
accounting principles, and thus may not be comparable to financial statements of United States companies;
	 	 	 

		(c)	there may be material tax consequences to the Optionee of an acquisition or disposition of any of the
Shares. The Company gives no opinion and makes no representation with respect to the tax consequences to the Optionee under United States,
state, local or foreign tax law of the undersigned’s acquisition or disposition of such securities. In particular, no determination
has been made whether the Company will be a “passive foreign investment company” within the meaning of Section 1297 of
the United States Internal Revenue Code of 1986, as amended; and
	 	 	 

		(d)	if the undersigned has marked Box 5(c) above, the Company may rely on the registration exemption in Rule
701 under the U.S. Securities Act and a state registration exemption, but only if such exemptions are available; in the event such exemptions
are determined by the Company to be unavailable, the undersigned may be required to provide additional evidence of an available exemption,
including, without limitation, the legal opinion contemplated by Box 5(d).

 

8.             If
the undersigned Optionee has marked Box 5(b) above, the undersigned represents and warrants to the Company that:

 

		(a)	the Optionee has such knowledge and experience in financial and business matters as to be capable of evaluating
the merits and risks of an investment in the Shares, and the undersigned is able to bear the economic risk of loss of his or her entire
investment;
	 	 	 

		(b)	the Company has provided to the undersigned the opportunity to ask questions and receive answers concerning
the terms and conditions of the offering, and the undersigned has had access to such information concerning the Company as
he or she has considered necessary or appropriate in connection with his or her investment decision to acquire the Shares;

 

    I-2

     

    

 

		(c)	the undersigned is: (i) purchasing the Shares for his or her own account or for the account of one or
more U.S. Accredited Investors with respect to which the undersigned is exercising sole investment discretion, and not on behalf of any
other person; and (ii) is purchasing the Shares for investment purposes only and not with a view to resale, distribution or other disposition
in violation of United States federal or state securities laws; and
	 	 	 

		(d)	the undersigned has not exercised the Option as a result of any form of general solicitation or general
advertising, including advertisements, articles, notices or other communications published in any newspaper, magazine or similar media
or on the Internet, or broadcast over radio, television or other form of telecommunications or the Internet, or any seminar or meeting
whose attendees have been invited by general solicitation or general advertising.

 

9.              If
the undersigned has indicated that the undersigned is a U.S. Accredited Investor by marking Box 5(b) above, or if the undersigned has
marked Box 7(c) above on the basis that the exercise of the Option is subject to the registration exemption in Rule 701 under the U.S.
Securities Act and an available state registration exemption, the undersigned also acknowledges and agrees that:

 

		(a)	the Shares have not been and will not be registered under the U.S. Securities Act or the securities laws
of any state of the United States, and the Shares will be issued as “restricted securities” (as such term is defined in Rule
144(a)(3) under the U.S. Securities Act) and may not be offered, sold, pledged, or otherwise transferred, directly or indirectly, without
prior registration under the U.S. Securities Act and applicable state securities laws absent an exemption from such registration requirements;
and
	 	 	 

		(b)	the certificate(s) representing the Shares will be endorsed with a U.S. restrictive legend substantially
in the form set forth in the Option Certificate until such time as it is no longer required under the applicable requirements of the U.S.
Securities Act or applicable state securities laws.

 

10             The
undersigned Optionee hereby represents, warrants, acknowledges and agrees that the certificate(s) representing the Shares may be subject
to and legended with a four month hold period commencing on the date the Options were granted pursuant to the rules of the Exchange and
applicable securities laws.

 

DATED the ________ day of ____________________,
__________.

 

	 	 
	 	Signature of Optionee 

 

    I-3

     

    

 

U.S. ACCREDITED
INVESTOR STATUS CERTIFICATE

 

In connection with the exercise of an option to
purchase common shares of LexaGene Holdings Inc. (the “Company”) by the Optionee, the Optionee hereby represents
and warrants to the Company that the Optionee satisfies one or more of the following categories of Accredited Investor (please initial
each category that applies):

 

	______	(1)	Any director or executive officer of the Company; or
	 	 
	______	(2)	A natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of purchase of the Shares
contemplated by the accompanying Exercise Notice, exceeds US$1,000,000 (for the purposes of calculating net worth: (i) the person’s
primary residence shall not be included as an asset; (ii) indebtedness that is secured by the person’s primary residence, up to
the estimated fair market value of the primary residence at the time of the purchase of the Shares, shall not be included as a liability
(except that if the amount of such indebtedness outstanding at the time execution of the accompanying Exercise Notice exceeds the amount
outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall
be included as a liability); and (iii) indebtedness that is secured by the person’s primary residence in excess of the estimated
fair market value of the primary residence shall be included as a liability); or
	 	 
	______	(3)	A natural person who had an individual income in excess of US$200,000 in each of the two most recent years or joint income with that
person’s spouse in excess of US$300,000 in each of those years and has a reasonable expectation of reaching the same income level
in the current year; or
	 	 
	______	(4)	An organization described in Section 501(c)(3) of the United States Internal Revenue Code, a corporation, a Massachusetts or similar
business trust, or a partnership, not formed for the specific purpose of acquiring the Shares, with total assets in excess of US$5,000,000;
or
	 	 
	______	(5)	An entity in which all of the equity owners meet the requirements of at least one of the above categories (if this alternative is checked,
you must identify each equity owner and provide statements signed by each demonstrating how each qualifies as an Accredited Investor).

 

 

    I-4

     

    

 

APPENDIX “II”

LEXAGENE HOLDINGS INC.

 

STOCK OPTION PLAN

 

FORM OF DECLARATION
FOR REMOVAL OF LEGEND

 

	TO:	LexaGene Holdings Inc. (the “Company”)

 

AND TO:         Registrar and transfer
agent for the common shares of the Company

 

The undersigned (a) acknowledges
that the sale of ____________________________________ (the “Securities”) of the Company, represented by certificate
number _________________________________, to which this declaration relates is being made in reliance on Rule 904 of Regulation S (“Regulation
S”) under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and (b) certifies that
(1) the undersigned is not (A) an “affiliate” of the Company (as that term is defined in Rule 405 under the U.S. Securities
Act), (B) a “distributor” as defined in Regulation S or (C) an affiliate of a distributor; (2) the offer of such securities
was not made to a person in the United States and either (A) at the time the buy order was originated, the buyer was outside the United
States, or the seller and any person acting on its behalf reasonably believed that the buyer was outside the United States, or (B) the
transaction was executed on or through the facilities of the Toronto Stock Exchange, the TSX Venture Exchange, the Canadian Securities
Exchange or another “designated offshore securities market”, and neither the seller nor any person acting on its behalf knows
that the transaction has been prearranged with a buyer in the United States; (3) neither the seller nor any affiliate of the seller nor
any person acting on any of their behalf has engaged or will engage in any “directed selling efforts” in the United States
in connection with the offer and sale of such securities; (4) the sale is bona fide and not for the purpose of “washing off”
the resale restrictions imposed because the securities are “restricted securities” (as such term is defined in Rule 144(a)(3)
under the U. S. Securities Act); (5) the seller does not intend to replace the securities sold in reliance on Rule 904 of Regulation S
with fungible unrestricted securities; and (6) the contemplated sale is not a transaction, or part of a series of transactions, which,
although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the U. S. Securities
Act. Terms used herein have the meanings given to them by Regulation S.

 

Dated _______________ 20__.

 

	 	X	 
	 	Signature
    of individual (if Seller is an individual)
	 	 
	 	X 	          
	 	Authorized
    signatory (if Seller is not an individual)
	 	 
	 	 
	 	Name
    of Seller (please print)
	 	 
	 	 
	 	Name
    of authorized signatory (please print)
	 	 
	 	 
	 	Official
    capacity of authorized signatory (please print)

 

Affirmation by Seller's Broker-Dealer

(Required for sales pursuant to Section (b)(2)(B) above)

 

We have read the foregoing representations of
our customer, _________________________ (the “Seller”) dated _______________________, with regard to the sale, for
such Seller's account, of _________________ common shares (the “Securities”) of the Company represented by certificate
number ______________. We have executed sales of the Securities pursuant to Rule 904 of Regulation S under the United States Securities
Act of 1933, as amended (the “U.S. Securities Act”), on behalf of the Seller. In that connection, we hereby represent
to you as follows:

 

	(1)	no offer to sell Securities was made to a person in the United States;

 

    II-1

     

    

 

	(2)	the sale of the Securities was executed in, on or through the facilities of the Toronto Stock Exchange,
the TSX Venture Exchange, the Canadian Securities Exchange or another designated offshore securities market (as defined in Rule 902(b)
of Regulation S under the U.S. Securities Act), and, to the best of our knowledge, the sale was not pre-arranged with a buyer in the United
States;

 

	(3)	no “directed selling efforts” were made in the United States by the undersigned, any affiliate
of the undersigned, or any person acting on behalf of the undersigned; and

 

	(4)	we have done no more than execute the order or orders to sell the Securities as agent for the Seller and
will receive no more than the usual and customary broker’s commission that would be received by a person executing such transaction
as agent.

 

For purposes of these representations: “affiliate”
means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control
with, the undersigned; “directed selling efforts” means any activity undertaken for the purpose of, or that could reasonably
be expected to have the effect of, conditioning the market in the United States for the Securities (including, but not be limited to,
the solicitation of offers to purchase the Securities from persons in the United States); and “United States” means
the United States of America, its territories or possessions, any State of the United States, and the District of Columbia.

 

Legal counsel to the Company shall be entitled
to rely upon the representations, warranties and covenants contained herein to the same extent as if this affirmation had been addressed
to them.

 

Dated:                             20___.

 

	 	 
	Name of Firm	 
	 	 
	By:	 	 
	 	Authorized Officer	 

 

    II-2

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