Document:

Exhibit 4.5

 

CARDIOL THERAPEUTICS INC. 

 

EQUITY COMPENSATION PLAN

 

AMENDED AND RESTATED JUNE 1, 2020

 

1.               
PURPOSE

 

This Equity Compensation Plan, as amended (the
 “Plan”), is intended to advance the interests of Cardiol Therapeutics Inc. (the “Corporation”) and
its security holders by attracting, retaining and motivating the performance of selected directors, officers, employees, or service providers
of the Corporation of high caliber and potential upon whose judgement, initiative and effort, the Corporation is largely dependent for
the successful conduct of its business, and to encourage and enable such Persons to acquire and retain a proprietary interest in the Corporation
by ownership of its securities.

 

The Plan permits the grant of Options (as defined
herein) and the grant or issue of Share-Based Awards (as defined herein) pursuant to the terms and conditions of the Plan provided herein.

 

2.               
DEFINITIONS

 

The following words and terms shall have the following
meanings:

 

“Act” means the Business
Corporations Act (Ontario) RSO 1990, c B.16;

 

“Administrator” has the meaning
ascribed to that term under Section 3.1;

 

“Applicable Laws” means, at
any time, with respect to any Person, property, transaction or event, all applicable laws, statutes, regulations, treaties, judgments
and decrees and (whether or not having the force of law) all applicable official directives, rules, consents, approvals, by-laws, permits,
authorizations and orders of any Governmental Authority having authority over that Person, property, transaction or event;

 

“Award” means, individually
or collectively, a grant under this Plan of Options, or a grant or issue under this Plan of Share-Based Awards, in each case subject to
the terms of this Plan;

 

“Black Out Period” means the
period during which designated Persons cannot trade Shares of the Corporation pursuant to any policy of the Corporation respecting restrictions
on trading which is in effect at that time (which, for greater certainty, does not include the period during which a cease trade order
is in effect to which the Corporation, or in respect of an Insider, that Insider, is subject);

 

“Board” means the board of
directors of the Corporation;

 

“Change of Control Transaction”
means: (i) the acquisition of a sufficient number of voting securities in the capital of the Corporation so that the acquiror, together
with Persons acting jointly or in concert with the acquiror, becomes entitled, directly or indirectly, to exercise more than 50% of the
voting rights attaching to the outstanding voting securities in the capital of the Corporation (provided that, prior to the acquisition,
the acquiror was not entitled to exercise more than 50% of the voting rights attaching to the outstanding voting securities in the capital
of the Corporation); (ii) the completion of a consolidation, merger, arrangement or amalgamation of the Corporation with or into any
other entity whereby the voting security holders of the Corporation immediately prior to the consolidation, merger, arrangement or amalgamation
receive less than 50% of the voting rights attaching to the outstanding voting securities of the consolidated, merged, arranged or amalgamated
entity; or (iii) the completion of a sale whereby all or substantially all of the Corporation’s undertakings and assets become
the property of any other entity and the voting securityholders of the Corporation immediately prior to the sale hold less than 50% of
the voting rights attaching to the outstanding voting securities of that other entity immediately following that sale;

 

    	 	 

     

    

 

“Commission” means the Ontario
Securities Commission;

 

“Director” means a director
of the Corporation or any Subsidiary;

 

“Employee” means an employee
or officer of the Corporation or any Subsidiary, whether a Director or not, and includes both full-time and part-time employees of the
Corporation. For avoidance of doubt, the term “Employee” includes Non-Executive Employees;

 

“Event” has the meaning ascribed
to that term under Section 4.2;

 

“Exchange” means the Toronto
Stock Exchange or any stock exchange or quotation system in Canada where the Common Shares are listed on or through which the Common Shares
are listed or quoted;

 

“Expiry Date” has the meaning
ascribed to that term under Section 5.6;

 

“Governmental Authority” means
(i) any federal, provincial, state, local, municipal, regional, territorial, aboriginal or other government, any governmental or public
department, branch or ministry, or any court, domestic or foreign, including any district, agency, commission, board, arbitration panel
or authority and any subdivision of any of them exercising or entitled to exercise any administrative, executive, judicial, ministerial,
prerogative, legislative, regulatory, or taxing authority or power of any nature; and (ii) any quasi-governmental or private body exercising
any regulatory, expropriation or taxing authority under or for the account of any of them, and any subdivision of any of them;

 

“Grant Date” has the meaning
ascribed to that term under Section 5.1;

 

“Independent Director” means
a Director who is not an Employee;

 

“insider” has the meaning ascribed
to that term in the Securities Act (Ontario) from time to time;

 

“Market Price” means the closing
price of the Shares on the Exchange, or another stock exchange where the majority of the trading volume and value of the Shares occurs,
the day immediately preceding the relevant date;

 

“Non-Executive Employee” means
an Employee who is not an insider of the Corporation or any Subsidiary;

 

“Option” means a stock option
granted to a Director, Employee or Service Provider under the Plan to purchase a Share of the Corporation;

 

“Option Certificate” has the
meaning a ascribed to that term under Section 5.3; “Option Period” has the meaning ascribed to that term under Section
5.4;

 

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“Participant” means a Director,
Employee or Service Provider to whom an Option or Share-Based Award has been granted or issued, as the case may be, pursuant to the Plan;

 

“Person” will be broadly interpreted
and includes: (i) a natural person, whether acting in his or her own capacity, or in his or her capacity as executor, administrator, estate
trustee, trustee or personal or legal representative, and the heirs, executors, administrators, estate trustees, trustees or other personal
or legal representatives of a natural person; (ii) corporation or a company of any kind, a partnership of any kind, a sole proprietorship,
a trust, a joint venture, an association, an unincorporated association, an unincorporated syndicate, an unincorporated organization or
any other association, organization or entity of any kind; and (iii) a Governmental Authority;

 

“Service Provider” means a
Person or company engaged by the Corporation or a Subsidiary to provide services for an initial, renewable or extended period of twelve
months or more;

 

“Share” means a Class A common
share in the capital of the Corporation;

 

“Share-Based Awards” means
a Share award granted or issued to a Non-Executive Employee, an Independent Director or a Service Provider under the Plan;

 

“Share-Based Award Agreement”
has the meaning ascribed to that term under Section 6.3; and

 

“Subsidiary” means a body corporate
that is controlled by the Corporation and, for the purposes of this definition, a body corporate will be deemed to be controlled by the
Corporation if the Corporation, directly or indirectly, has the power to direct the management and policies of the body corporate by virtue
of ownership of, or direction over, voting securities in the body corporate.

 

3.               
ADMINISTRATION

 

3.1             
Administration

 

The Plan shall be administered by the Board. The
Board may make, amend and repeal at any time and from time to time such regulations as it may deem necessary or advisable for the proper
administration and operation of the Plan and such regulations shall form part of the Plan. The Board may delegate to any Director or Employee
of the Corporation (the “Administrator”) such administrative duties and powers as it may see fit.

 

3.2             
INTERPRETATION

 

The interpretation by the Board of any of the
provisions of the Plan and any determination by it pursuant thereto shall be final and conclusive and shall not be subject to any dispute
by any Participant. No member of the Board or any Person acting pursuant to authority delegated by the Board hereunder shall be liable
for any action or determination in connection with the Plan made or taken in good faith and each member of the Board and each such Person
shall be entitled to indemnification with respect to any such action or determination in the manner provided for by the Corporation.

 

4.               
SHARES SUBJECT TO PLAN

 

4.1             
Number of Shares

 

Subject to adjustment pursuant to the provisions
of Section 4.2 hereof, the number of Shares pursuant to the Plan (together with the Shares which may be issuable pursuant to any other
securities based compensation arrangement of the Corporation) shall not exceed 13% of the issued Shares of the Corporation from time to
time.

 

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The number of Shares pursuant to the Plan which
may be issuable pursuant to exercise of Options shall not exceed 10% of the issued Shares of the Corporation from time to time. Options
shall only be granted to bona fide Directors, Employees and Service Providers. The maximum number of Share-Based Awards granted or issued
in any fiscal year shall not exceed 3% of the issued and outstanding Shares of the Corporation on the first day of such fiscal year. Share-Based
Awards shall only be granted or issued to bona fide Non-Executive Employees, Independent Directors and Service Providers.

 

This Plan is an “evergreen” plan whereby
the number of Shares equivalent to the number of Awards that have been issued, exercised, terminated, cancelled, redeemed, repurchased
or expired, at any time, are immediately re-reserved for issuance under the Plan and available for future issuances subject to the limits
contained herein.

 

4.2             
Adjustments

 

In the event (the occurrence of which is hereinafter
referred to as an “Event”) that (i) there are any changes in the capital structure of the Corporation through stock
splits, consolidations, reclassifications, changes in or elimination of par value shares, or (ii) any dividends or other distributions
are made to holders of Shares, or (iii) any rights to purchase Shares at prices substantially below Market Price are granted to holders
of Shares of the Corporation, or (iv) as a result of any other recapitalization, merger or consolidation, the Shares of the Corporation
are converted into or exchangeable for any other securities, then in any such case the Corporation may make such adjustments in the right
to purchase granted hereby as may be required to prevent substantial dilution or enlargement of the rights granted to or available for
the Participant hereunder. No fractional Shares shall be issued upon the exercise of the Awards, as applicable, and accordingly, if as
a result of the Event, a Participant would become entitled to a fractional Share, such Participant shall have the right to purchase only
the next lowest whole number of Shares and no payment or other adjustment will be made with respect to the fractional interest so disregarded.
Additionally, no lots of Shares in an amount less than 500 Shares shall be issued upon the exercise of Options unless such amount of Shares
represents the balance left to be exercised under Options.

 

4.3             
Insider Participation Limits

 

The aggregate number of Shares issuable to insiders
of the Corporation within any one year period under the Plan, or when combined with all of the Corporation’s other security based
compensation arrangements, shall not exceed 10% of the Corporation’s total issued and outstanding Shares.

 

The aggregate number of Shares reserved for issuance
to all insiders of the Corporation, at any time, under the Plan, or when combined with all of the Corporation’s other security based
compensation arrangements, shall not exceed 10% of the Corporation’s total issued and outstanding Shares.

 

5.               
OPTIONS

 

5.1             
Grant of Options

 

The Board or Administrator shall, from time to
time, in its sole discretion, determine those Directors, Employees and Service Providers, if any, to whom Options are to be granted. If
the Board elects to grant Options to a Director, the Board shall, in its sole discretion, determine the number of Shares to be acquired
on the exercise of such Options. If the Board elects to grant Options to an Employee, the number of Shares to be acquired on the exercise
of such Options shall be determined by the Board in its sole discretion, and in so doing the Board may take into account the following
criteria:

 

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		(a)	the annual salary of the Employee as at the date the Options are granted (the “Grant Date”)
in relation to the total annual salaries payable by the Corporation to all of its Employees as at the Grant Date;

 

		(b)	the length of time that the Employee has been employed by the Corporation; and

 

		(c)	the quality and importance of the work performed by the Employee.

 

If the Board elects to grant Options to a Service
Provider, the Board shall, determine the number of Shares to be acquired on the exercise of such Options based on such other considerations
as the Board in its sole discretion may determine with regard to Service Providers.

 

5.2             
Exercise Price

 

The exercise price of the Shares covered by Options
shall be determined by the Board. While the Shares are listed on the Exchange, the exercise price shall not be less than the Market Price
of the Shares at the time the Options are granted.

 

If the Shares are listed on an exchange other
than the Exchange, the exercise price will be determined in accordance with the policies of such other exchange, or in the absence thereof,
will be determined as the closing sales price of such Shares (or the closing bid, if no sales were reported) as quoted on such exchange
for the market trading date immediately prior to the time of determination less any discount permitted by such exchange.

 

If the Shares are not listed on an exchange, the
exercise price shall be determined in good faith by the Board.

 

5.3             
Exercise of Option

 

Any Option may be exercised only by the Participant.
All Options granted hereunder shall be evidenced by an option certificate (“Option Certificate”), substantially in
the form as set out in Schedule “A” or in such other form as the Administrator may approve from time to time. A Participant
may exercise an Option in whole or in part, subject to Section 5.6 at any time or from time to time during the Option Period (as hereinafter
defined) up to 5:00 p.m. local time in Toronto, Ontario on the Expiry Date (as hereinafter defined) by delivering to the Corporation the
applicable Option Certificate, a completed Option Exercise Notice, in substantially the form attached hereto as Schedule “B”,
and a certified cheque or bank draft to be purchased pursuant to the exercise of the Options. Participants who exercise Options and become
the owners of Shares may be required, as a condition of issuance, to execute a voting trust agreement.

 

5.4             
Term

 

		(a)	Subject to Sections 5.4(b) and 5.7, the term (the “Option Period”) of any Options granted
under the Plan will be determined by the Board and may not exceed ten (10) years from the Grant Date.

 

		(b)	Should the Expiry Date (as hereinafter defined) for Options fall within a Black Out Period or within nine
business days following the expiration of a Black Out Period, such Expiry Date shall be automatically extended without any further act
or formality to that date which is the tenth business day after the end of the Black Out Period, such tenth business day to be considered
the Expiry Date for such Option for all purposes under the Plan.

 

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5.5             
Vesting

 

Options which are subject to vesting, shall vest
and may be exercised (in each case to the nearest full Share) during the Option Period in the manner set out below unless determined otherwise
by the Board by resolution (and set forth in an Option Certificate):

 

		(a)	one-third of the Shares subject to an Option Certificate shall vest on the first anniversary of the date
of such Option Certificate;

 

		(b)	one-third of the Shares subject to an Option Certificate shall vest on the second anniversary of the date
of such Option Certificate; and

 

		(c)	the remaining one-third of the Shares subject to an Option Certificate shall vest on the third anniversary
of the date of such Option Certificate.

 

Options which have vested may be exercised in
whole or in part at any time and from time to time during the Option Period.

 

5.6             
Duration of Options

 

The Options and all rights thereunder shall be
expressed to expire on the date set out in the Option Certificate, and shall be subject to earlier termination as provided in Sections
5.7 and 7 (the “Expiry Date”).

 

5.7             
Termination of Options

 

A Participant may exercise Options in whole or
in part at any time or from time to time during the period in which particular Options may be exercised. However, the Board may at any
time fix a minimum or maximum number of Shares which a Participant may exercise pursuant to his or her Options. Any Options or part thereof
not exercised within the Option Period shall terminate and become null, void and of no further force and effect at 5:00 p.m. local time
in Toronto, Ontario, on the Expiry Date. Subject to any additional more limiting terms as determined by the Board, the Expiry Date of
Options shall be the earlier of the date so fixed by the Board at the time the Options are granted and the date established, if applicable,
in paragraphs (a) to (c) below.

 

		(a)	Ceasing to Hold Office

 

If the Participant holds his or her Options
as a Director of the Corporation and such Participant ceases to be a Director of the Corporation, other than by reason of death, then
the Expiry Date of the Options shall be 90 days following the date the Participant ceases to be a Director of the Corporation, provided
that, the Board shall have the discretion, upon an Participant ceasing to act as a Director, to waive the 90 day Option termination requirement,
and to permit the Participant to exercise any Options for the full term of the Options, unless the Participant ceases to be a Director
of the Corporation as a result of:

 

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		(i)	ceasing to meet the qualifications set forth in section 118(1) of the Act; or

 

		(ii)	an ordinary resolution having been passed by the shareholders of the Corporation pursuant to subsection
122(1) of the Act; or

 

		(iii)	an order of the Commission, the Exchange, or any regulatory body having jurisdiction to so order;

 

in which case the Expiry Date shall be
the date the Participant ceases to be a Director of the Corporation.

 

		(b)	Ceasing to be Employed

 

If the Participant holds his or her Options
as an Employee or Service Provider of the Corporation and such Participant ceases to be an Employee or Service Provider of the Corporation,
other than by reason of death, then the Expiry Date of the Options shall be 90 days following the date the Participant ceases to be an
Employee or Service Provider of the Corporation, provided that, the Board shall have the discretion, upon an Participant ceasing to act
as an Employee or Service Provider of the Corporation, to waive the 90 day Option termination requirement, and to permit the Participant
to exercise any Options for the full term of the Options, unless the Participant ceases to be an Employee or Service Provider of the Corporation
as a result of:

 

		(i)	termination for cause; or

 

		(ii)	an order of the Commission, the Exchange, or any regulatory body having jurisdiction to so order;

 

in
which case the Expiry Date shall be the date the Participant ceases to be an Employee or Service Provider of the Corporation. For
greater clarity, and for all purposes of the Plan, the “date that the Participant ceases to be an Employee or Service Provider of
the Corporation” means the date designated by the Corporation as the effective date on which the Participant ceases, for any reason
whatsoever, to perform services for or to be employed by the Corporation. For greater clarity, such date will be determined in the sole
discretion of the Corporation without regard to any applicable notice of termination, severance or termination pay, compensation in lieu
of notice, or any claim by the Participant thereto (whether express, implied, contractual, statutory, or arising otherwise under Applicable
Laws), provided that, in the case of voluntary termination by the Participant, such date may not be earlier than the date that notice
of voluntary termination was first provided by the Participant to the Corporation.

 

		(c)	Death

 

If
the Participant dies, then the Expiry Date shall be one year from the date of death of the Participant. In the event of the death of an
Participant, the Participant’s Options shall be exercised only within one year next succeeding such death and then only:

 

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		(i)	by the Person or Persons to whom the Participant’s rights under the Options shall pass by the Participant’s
will or the laws of descent and distribution; and

 

		(ii)	to the extent that the Participant was entitled to exercise the option at the date of the Participant’s
death.

 

6.               
SHARE-BASED AWARDS

 

6.1             
Grant or Issue of Share-Based Awards

 

The Administrator may grant an award to receive
Shares as part of, or issue Shares in satisfaction of, a Participant’s compensation (including, but not limited to, salary, bonus,
Directors’ fees, consulting fees or other forms of compensation) in such amounts and subject to such terms and conditions, including,
but not limited to, being subject to performance criteria, or in satisfaction of such obligations, as the Administrator shall determine,
subject to Section 4.1 hereof.

 

All Share-Based Awards granted or issued hereunder
shall be evidenced by an agreement (“Share-Based Award Agreement”) between the Corporation and the Participant, in
such form as the Administrator may approve from time to time.

 

6.2             
Termination of Employment

 

Each Share-Based Award Agreement shall set forth
the extent to which the Participant shall have the right to receive Share-Based Awards following termination of the Participant’s
employment or other relationship with the Corporation. Such provisions shall be determined in the sole discretion of the Administrator,
need not be uniform among all Share-Based Awards issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination.

 

6.3             
Non-transferability of Share-Based Awards

 

Except as otherwise provided in a Participant’s
Share-Based Award Agreement, at the time of grant or issue or thereafter by the Administrator, Share-Based Awards (other than Shares issued
to a Participant pursuant to a Share-Based Award) may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated,
other than by will or by the laws of descent and distribution. Further, except as otherwise provided in a Participant’s Share-Based
Award Agreement at the time of grant or thereafter by the Administrator, a Participant’s rights under the Plan shall be exercisable
during such Participant’s lifetime only by such Participant.

 

7.               
CHANGE IN CONTROL

 

Despite any other provision of this Plan, in the
event of an actual or potential Change of Control Transaction, the Board has the right, in its sole discretion and on the terms it sees
fit, without any action or consent required on the part of any Participant, to deal with any Awards (or any portion of any Awards) in
the manner it deems equitable and appropriate in the circumstances, including the right to: (i) determine that any Awards (or any portion
of any Awards) will remain in full force and effect in accordance with their terms after the Change of Control Transaction; (ii) cause
any Awards (or any portion of any Awards) to be converted or exchanged for options to acquire shares of another entity involved in the
Change of Control Transaction, having the same value and terms and conditions as the Awards; (iii) accelerate the vesting of any unvested
Awards; (iv) provide Participants with the right to surrender any Awards (or any portion of any Awards) for an amount per underlying Share
equal to the positive difference, if any, between the fair market value of the Share on the date of surrender and the Option exercise
price of such Awards, if applicable; and (v) accelerate the date by which any Awards (or any portion of any Awards) must be exercised.

 

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8.               
ASSIGNMENT OF AWARDS

 

All benefits, rights and Awards accruing to any
Participant in accordance with the terms and conditions of the Plan shall not be transferable or assignable unless specifically provided
herein. During the lifetime of a Participant any benefits, rights and Awards may only be exercised by the Participant.

 

9.               
AMENDMENT AND TERMINATION

 

9.1             
Prospective Amendment

 

The Board may from time to time amend the Plan
and the terms and conditions of any Awards granted hereunder, provided that any such amendment, modification or change to the provisions
of the Plan shall:

 

		(a)	not adversely alter or impair Awards previously granted except as permitted by Section 4.2;

 

		(b)	be subject to any regulatory approvals, where required, including the approval of the Exchange, where
necessary;

 

		(c)	be subject to shareholder approval in accordance with the rules of the Exchange in circumstances where
the amendment, modification or change to the Plan or Awards would:

 

		(i)	reduce the exercise price of Awards held by an insider of the Corporation;

 

		(ii)	extend the term of Awards held by an insider of the Corporation beyond the original Option Period (other
than such period being extended by virtue of Section 5.4(b));

 

		(iii)	amend to remove or to exceed the insider participation limits in Section 4.3;

 

		(iv)	increase the fixed maximum percentage of issued and outstanding Shares which may be issued pursuant to
the Plan or change from a fixed maximum percentage of issued and outstanding Shares to a fixed maximum number of Shares; or

 

		(v)	amend this section 9.1; and

 

		(d)	not be subject to shareholder approval in circumstances where the amendment, modification or change to
the Plan or Awards would:

 

		(i)	be of a “housekeeping nature”, including any amendment to the Plan or Awards that is necessary
to comply with applicable laws, tax or accounting provisions or the requirements of any regulatory authority or stock exchange and any
amendment to the Plan or Awards to correct or rectify any ambiguity, defective provision, error or omission therein, including any amendment
to any definitions therein;

 

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		(ii)	be necessary for Awards to qualify for favourable treatment under applicable tax laws;

 

		(iii)	alter, extend or accelerate any vesting terms or conditions in the Plan or Awards;

 

		(iv)	introduce, amend or modify any mechanics for exercising any Awards (including relating to a cashless exercise
feature or an automatic exercise feature);

 

		(v)	change the Option Period or change any termination provision in the Plan or any Award (for example, relating
to termination of employment, resignation, retirement or death), provided that such change does not entail an extension beyond the original
Option Period of such Awards (other than such period being extended by virtue of Section 5.4(b));

 

		(vi)	introduce a share appreciation right feature, payable in cash or Shares, provided that such feature provides
for a full deduction of the number of underlying Shares from the Plan maximum, as applicable;

 

		(vii)	change the application of Section 4.2 (Adjustments) or Section 7 (Change in Control);

 

		(viii)	add a form of financial assistance or amend a financial assistance provision which is adopted; or

 

		(ix)	change the eligible participants under the Plan.

 

The Board may terminate the Plan at any time provided
that such termination shall not alter the terms or conditions of any Awards or impair any right of any Participant pursuant to any Awards
granted prior to the date of such termination and notwithstanding such termination, such Awards shall continue to be governed by the provisions
of the Plan, which shall survive the termination for such purpose.

 

9.2             
Applicable Laws or Regulations

 

The Corporation’s obligation to sell and
deliver Shares under each Award is subject to compliance with all Applicable Laws applying to the authorization, issuance, listing or
sale of securities and, if the Shares of the Corporation are listed on a stock exchange, is also subject to such stock exchange accepting
for listing the shares which may be issued upon the exercise thereof. The Corporation may request that a Participant demonstrate compliance
with securities laws outside of Ontario, if applicable, to the exercise of Awards.

 

9.3             
Taxes and Source Deductions

 

The Corporation or any Subsidiary may take such
reasonable steps for the deduction and withholding of any taxes and other required source deductions that the Corporation or the Subsidiary,
as the case may be, is required by Applicable Laws or the requirements of any Governmental Authority to withhold, deduct or remit in connection
with this Plan, any exercise or surrender of any Award, or a portion thereof, by an Participant or any issuance of Shares to an Participant.
Without limiting the generality of the foregoing, the Corporation may, in its discretion:

 

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		(a)	deduct and withhold amounts from any cash remuneration or other amount payable to the Participant, whether
or not such remuneration or amount payable is related to the Plan, the exercise or surrender of any Award, or portion thereof, or any
issuance of Shares to an Participant;

 

		(b)	allow the Participant to make a cash payment to the Corporation equal to the amount the Corporation determines
it is required to withhold, deduct or remit in connection with any exercise or surrender by the Participant of any Award, or portion thereof,
or any issuance of Shares, which amount shall be remitted by the Corporation to the appropriate Governmental Authority for the account
of the Participant;

 

		(c)	arrange for the sale on behalf of an Participant of that number of Shares issued upon an exercise or surrender
of Awards, or a portion thereof, such that the proceeds, net of any brokerage commissions, to be delivered to the Corporation shall be
sufficient to satisfy any and all taxes required to be remitted by the Corporation for the account of the Participant.

 

If the Corporation considers that the steps undertaken
in connection with the foregoing result in inadequate withholding or a late remittance of taxes, the delivery of any Shares to be issued
to a Participant on the exercise or termination of Awards by the Participant, may be made conditional upon the Participant (or other Person)
reimbursing or compensating the Corporation or making arrangements satisfactory to the Corporation for the payment to it in a timely manner
of all taxes required to be remitted for the account of the Participant.

 

10.           
APPROVALS REQUIRED FOR PLAN

 

The Plan must be approved by the Exchange and
by the shareholders of the Corporation (which approvals have been obtained).

 

11.           
EFFECTIVE DATE OF PLAN

 

The Plan has been adopted by the Board subject
to the approval of the Exchange and the shareholders of the Corporation and, if so approved, the Plan shall become effective upon such
approval being obtained.

 

12.           
NOTICES

 

All written notices to be given by a Participant
to the Corporation will be delivered personally or by registered mail, postage prepaid, addressed as follows:

 

Cardiol Therapeutics Inc.

2265 Upper Middle Rd. E., Suite 602

Oakville, ON, Canada

L6H 0G5

Attn:David Elsley

Email:david.elsley@cardiolrx.com

 

Any notice given by a Participant pursuant to
the terms of Awards will not be effective until actually received by the Corporation at the above address.

 

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13.           
INTERPRETATION

 

This Plan is established under and the provisions
of the Plan shall be interpreted and construed in accordance with the laws of the Province of Ontario.

 

IN
WITNESS WHEREOF the Corporation has executed and delivered this Equity Compensation Plan, as amended and restated, as of the
1st day of June, 2020.

 

	 	CARDIOL
    THERAPEUTICS INC.
	 	 
	 	
	 	Per:	            “David
    Elsley”   
	 	Authorized
    Signatory

 

    	 	12	 

     

    

 

SCHEDULE A

 

CARDIOL THERAPEUTICS INC.

STOCK OPTION CERTIFICATE

 

This
Option Certificate is issued pursuant to the provisions of the Corporation’s Equity Compensation Plan (the “Plan”).
Capitalized terms herein shall the have the meanings set out in the Plan. This Option Certificates evidences that ___________________
is the holder of Options to purchase up to _______________ Shares at an exercise price of $per Share. Subject to the provisions of the
Plan:

 

		(a)	the Grant Date of the Options is _________________; and

 

		(b)	the Expiry Date of the Options is ________________.

 

These Options vest as set forth in Section 5.5
of the Stock Option Plan.

 

[OR

 

These Options vest on the following terms:

 

______________________________________

 

______________________________________

 

______________________________________

 

 

Other
Restrictions:

 

Subject to the vesting provisions noted above,
this Option may be exercised from the Grant Date until 5:00 p.m. local time in Toronto, Ontario on the Expiry Date, by delivering to the
Administrator of the Plan an Option Exercise Notice, in the form provided in the Plan, together with this Option Certificate and a certified
cheque or bank draft payable to CARDIOL THERAPEUTICS INC. or as the Corporation may direct, in an amount equal to the aggregate
of the exercise price of the Shares in respect of which the Options are being exercised; provided that the Participant will have satisfied
the conditions precedent, if any, to the exercise of the Options set out in the Plan. When due notice and payment are received, the Corporation
covenants and agrees to issue and deliver to the Participant Share certificates in the name of the Participant for the number of Shares
so purchased.

 

It is a condition of the exercise of any vested
Options that the Participant be bound by a voting trust agreement in the Corporation’s standard form authorizing the Chief Executive
Officer of the Corporation to exercise the votes associated with the Shares to be purchased for so long as the Corporation is not a reporting
issuer.

 

This Option Certificate and the Options evidenced
hereby are not assignable, transferable or negotiable. This Option 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 records of the Corporation shall prevail.

 

    	 	13	 

     

    

 

THE EXERCISE/SURRENDER OF THESE OPTIONS
ARE SUBJECT TO THE TERMS AND RESTRICTIONS SET OUT IN THE PLAN.

 

Dated this__________day of__________________,
20____

 

	CARDIOL THERAPEUTICS INC.	ACKNOWLEDGED BY:
	 	 
	Per:	Per:
	 	 
	 	 	 
	Authorized Signatory	Name of Holder

  

    	 	14	 

     

    

  

SCHEDULE B

 

CARDIOL THERAPEUTICS INC 

 

OPTION EXERCISE NOTICE

 

To:CARDIOL
THERAPEUTICS INC. (the “Corporation”)

 

Capitalized terms herein shall the have the meanings
set out in the Corporation’s Equity Compensation Plan (the “Plan”). The undersigned hereby irrevocably gives
notice, pursuant to the Plan, of the exercise of the Options to acquire and hereby subscribes for (cross out inapplicable item):

 

		(a)	all of the Shares; or

 

		(b)	_____________ of the Shares;

 

which are the subject of the Option Certificate
held by the undersigned evidencing the undersigned’s Options to purchase said Shares.

 

Calculation of total exercise price:

 

(i)                
number of Shares to be acquired on exercise __________________ Shares

 

(ii)             
multiplied by the exercise price per Share: $__________________

 

TOTAL
EXERCISE PRICE, enclosed herewith: $__________________

 

The undersigned tenders herewith a certified cheque
or bank draft (circle one) in the amount of $_________ payable to the Corporation in an amount equal to the total exercise price of the
aforesaid Shares, as calculated above, and directs the Corporation to issue the certificate evidencing said Shares in the name and address
of the undersigned to be delivered to the undersigned at the following address (no post office box numbers):

 

____________________________________________________

 

____________________________________________________

 

____________________________________________________

 

    	 	15	 

     

    

 

DATED the __________ day of ______________________,
20___

 

	 	 	 
	Signature of Witness	 	Signature of Participant
		 	
	 	 	 
	Name of Witness
    (please print)	 	Name of Participant
    (please print)
	 	 	 
	 	 	
	 	 	
	 	 	
	 	 	Registration address (if different
    from mailing address)

 

    	 	16Exhibit 4.6

 

CARDIOL THERAPEUTICS INC

 

OMNIBUS EQUITY INCENTIVE PLAN

 

May 21, 2021

 

    	 	 	 

     

    

  

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1 PURPOSE	1
	 	 	 
	1.1	Purpose	1
	 	 	 
	ARTICLE 2 INTERPRETATION	1
	 	 	 
	2.1	Definitions.	1
	2.2	Interpretation	9
	 	 	 
	ARTICLE 3 ADMINISTRATION	9
	 	 	 
	3.1	Administration	9
	3.2	Delegation to Committee	10
	3.3	Determinations Binding	11
	3.4	Eligibility	11
	3.5	Plan Administrator Requirements	11
	3.6	Total Shares Subject to Awards	11
	3.7	Limits on Grants of Awards	12
	3.8	Award Agreements	12
	3.9	Non–transferability of Awards	12
	 	 	 
	ARTICLE 4 OPTIONS	13
	 	 	 
	4.1	Granting of Options	13
	4.2	Exercise Price.	13
	4.3	Term of Options	13
	4.4	Vesting and Exercisability	13
	4.5	Payment of Exercise Price	14
	 	 	 
	ARTICLE 5 RESTRICTED SHARE UNITS	15
	 	 	 
	5.1	Granting of RSUs	15
	5.2	RSU Account	15
	5.3	Vesting of RSUs	15
	5.4	Settlement of RSUs	15
	 	 	 
	ARTICLE 6 PERFORMANCE SHARE UNITS	16
	 	 	 
	6.1	Granting of PSUs	16
	6.2	Terms of PSUs	16
	6.3	Performance Goals	16
	6.4	PSU Account	17

 

     

     

    

 

	TABLE OF CONTENTS
	 	 	 
	(Continued)
	 	 	 
	6.5	Vesting of PSUs	17
	6.6	Settlement of PSUs	17
	 	 	 
	ARTICLE 7 DEFERRED SHARE UNITS	18
	 	 	 
	7.1	Granting of DSUs	18
	7.2	DSU Account	19
	7.3	Vesting of DSUs	19
	7.4	Settlement of DSUs	19
	7.5	No Additional Amount or Benefit	20
	 	 	 
	ARTICLE 8 SHARE-BASED AWARDS	20
	 	 	 
	8.1	Share-Based Awards	20
	 	 	 
	ARTICLE 9 ADDITIONAL AWARD TERMS	20
	 	 	 
	9.1	Dividend Equivalents	20
	9.2	Black–out Period	21
	9.3	Withholding Taxes	21
	9.4	Recoupment	21
	 	 	 
	ARTICLE 10 TERMINATION OF EMPLOYMENT OR SERVICES	22
	 	 	 
	10.1	Termination of Employee, Consultant or Director	22
	10.2	Discretion to Permit Acceleration	25
	 	 	 
	ARTICLE 11 EVENTS AFFECTING THE CORPORATION	25
	 	 	 
	11.1	General	25
	11.2	Change in Control	25
	11.3	Reorganization of Corporation’s Capital	27
	11.4	Other Events Affecting the Corporation	27
	11.5	Immediate Acceleration of Awards	27
	11.6	Issue by Corporation of Additional Shares	27
	11.7	Fractions	28
	 	 	 
	ARTICLE 12 U.S. TAXPAYERS	28
	 	 	 
	12.1	Provisions for U.S. Taxpayers	28
	12.2	ISOs.	28
	12.3	ISO Grants to 10% Shareholders	28
	12.4	$100,000 Per Year Limitation for ISOs	29
	12.5	Disqualifying Dispositions.	29
	12.6	Section 409A of the Code	29
	12.7	Section 83(b) Election	30

 

     

     

    

 

	TABLE OF CONTENTS
	 	 	 
	(Continued)
	 
	12.8	Application of Article 12 to U.S. Taxpayers	30
	 	 	 
	ARTICLE 13 AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN	30
	 	 	 
	13.1	Amendment, Suspension, or Termination of the Plan	30
	13.2	Shareholder Approval	31
	13.3	Permitted Amendments	32
	 	 	 
	ARTICLE 14 MISCELLANEOUS	32
	 	 	 
	14.1	Legal Requirement	32
	14.2	No Other Benefit	32
	14.3	Rights of Participant	33
	14.4	Corporate Action	33
	14.5	Conflict	33
	14.6	Anti–Hedging Policy	33
	14.7	Participant Information	33
	14.8	Participation in the Plan	33
	14.9	International Participants	34
	14.10	Successors and Assigns	34
	14.11	General Restrictions or Assignment	34
	14.12	Severability	34
	14.13	Notices	34
	14.14	Governing Law	35
	14.15	Submission to Jurisdiction	35
	 	 	 
	SCHEDULE A CARDIOL THERAPEUTICS INC.	36
	 	 	 
	SCHEDULE B CARDIOL THERAPEUTICS INC.	37
	 	 	 
	SCHEDULE C CARDIOL THERAPEUTICS INC.	38

 

     

     

    

 

OMNIBUS EQUITY INCENTIVE PLAN

 

ARTICLE 1

PURPOSE

 

1.1            Purpose

 

The purpose of this Plan is to provide the Corporation
with a share–related mechanism to attract, retain and motivate qualified Directors, Employees and Consultants of the Corporation
and its subsidiaries, if any, to reward such of those Directors, Employees and Consultants as may be granted Awards under this Plan by
the Board from time to time for their contributions toward the long–term goals and success of the Corporation and to enable and
encourage such Directors, Employees and Consultants to acquire Shares as long–term investments and proprietary interests in the
Corporation.

 

ARTICLE 2

INTERPRETATION

 

		2.1	Definitions

 

When used herein, unless the context otherwise
requires, the following terms have the indicated meanings, respectively:

 

“Affiliate” means any entity
that is an “affiliate” for the purposes of National Instrument 45–106

 

– Prospectus Exemptions of the Canadian
Securities Administrators, as amended from time to time;

 

“Award” means any Option, Restricted
Share Unit, Performance Share Unit, Deferred Share Unit or Share-Based Awards granted under this Plan which may be denominated or settled
in Shares, cash or in such other form as provided herein;

 

“Award Agreement” means a signed,
written agreement between a Participant and the Corporation, in the form or any one of the forms approved by the Plan Administrator, evidencing
the terms and conditions on which an Award has been granted under this Plan and which need not be identical to any other such agreements;

 

“Board” means the board of
directors of the Corporation as it may be constituted from time to time;

 

“Business Day” means a day, other than a Saturday
or Sunday, on which the principal commercial banks in the City of Toronto are open for commercial business during normal banking hours;

 

“Canadian Taxpayer” means a Participant that is
resident of Canada for purposes of the Tax Act; “Cash Fees” has the meaning set forth in Subsection 7.1(a);

 

“Cashless Exercise” has the meaning set forth in
Subsection 4.5(b);

 

     

     

    

 

“Cause” means, with respect to a particular Participant:

 

		(a)	“cause”(or any similar term) as such term is defined in the employment or other written agreement between the Corporation
or a subsidiary of the Corporation and the Employee;

 

		(b)	in the event there is no written or other applicable employment or other agreement between the Corporation or a subsidiary of the
Corporation or “cause” (or any similar term) is not defined in such agreement, “cause” as such term is defined
in the Award Agreement; or

 

		(c)	in the event neither (a) nor (b) apply, then “cause” as such term is defined by applicable law or, if not so
defined, such term shall refer to circumstances where

 

(i)            an
employer may terminate an individual’s employment without notice or pay in lieu thereof or other damages, or (ii) the Corporation
or any subsidiary thereof may terminate the Participant’s employment without notice or without pay in lieu thereof or other termination
fee or damages, or (iii) the Corporation or any subsidiary thereof may terminate the Participant’s employment without providing
the minimum entitlements to notice and, if applicable, severance pay under provincial employment standards legislation;

 

“Change in Control” means the occurrence of any
one or more of the following events:

 

		(a)	any transaction at any time and by whatever means pursuant to which any Person or any group of two (2) or more Persons acting
jointly or in concert hereafter acquires the direct or indirect “beneficial ownership” (as defined in the Securities
Act (Ontario)) of, or acquires the right to exercise Control or direction over, securities of the Corporation representing more than
50% of the then issued and outstanding voting securities of the Corporation, including, without limitation, as a result of a take–over
bid, an exchange of securities, an amalgamation of the Corporation with any other entity, an arrangement, a capital reorganization or
any other business combination or reorganization;

 

		(b)	the sale, assignment or other transfer of all or substantially all of the consolidated assets of the Corporation to a Person other
than a subsidiary of the Corporation;

 

		(c)	the dissolution or liquidation of the Corporation, other than in connection with the distribution of assets of the Corporation to
one (1) or more Persons which were Affiliates of the Corporation prior to such event;

 

		(d)	the occurrence of a transaction requiring approval of the Corporation’s shareholders whereby the Corporation is acquired through
consolidation, merger, exchange of securities, purchase of assets, amalgamation, statutory arrangement or otherwise by any other Person
(other than a short form amalgamation or exchange of securities with a subsidiary of the Corporation);

 

		(e)	individuals who comprise the Board as of the date hereof (the “Incumbent Board”) for any reason cease to constitute
at least a majority of the members of the Board,

 

    	 	- 2 -	 

     

    

 

unless the election, or nomination for
election by the Corporation’s shareholders, of any new director was approved by a vote of at least a majority of the Incumbent Board,
and in that case such new director shall be considered as a member of the Incumbent Board; or

 

		(f)	any other event which the Board determines to constitute a change in control of the Corporation;

 

provided that, notwithstanding clause (a), (b),
(c) and (d) above, a Change in Control shall be deemed not to have occurred if immediately following the transaction set forth
in clause(a), (b),

 

(c) or (d) above: (A) the holders
of securities of the Corporation that immediately prior to the consummation of such transaction represented more than 50% of the combined
voting power of the then outstanding securities eligible to vote for the election of directors of the Corporation hold

 

(x)            securities
of the entity resulting from such transaction (including, for greater certainty, the Person succeeding to assets of the Corporation in
a transaction contemplated in clause (b) above) (the “Surviving Entity”) that represent more than 50% of the combined
voting power of the then outstanding securities eligible to vote for the election of directors or trustees (“voting power”)
of the Surviving Entity, or (y) if applicable, securities of the entity that directly or indirectly has beneficial ownership of 100%
of the securities eligible to elect directors or trustees of the Surviving Entity (the “Parent Entity”) that represent
more than 50% of the combined voting power of the then outstanding securities eligible to vote for the election of directors or trustees
of the Parent Entity, and (B) no Person or group of two or more Persons, acting jointly or in concert, is the beneficial owner, directly
or indirectly, of more than 50% of the voting power of the Parent Entity (or, if there is no Parent Entity, the Surviving Entity) (any
such transaction which satisfies all of the criteria specified in clauses (A) and (B) above being referred to as a “Non–Qualifying
Transaction” and, following the Non–Qualifying Transaction, references in this definition of “Change in Control”
to the “Corporation” shall mean and refer to the Parent Entity (or, if there is no Parent Entity, the Surviving Entity)
and, if such entity is a company or a trust, references to the “Board” shall mean and refer to the board of directors
or trustees, as applicable, of such entity).

 

Notwithstanding the foregoing, for purposes of
any Award that constitutes “deferred compensation” (within the meaning of Section 409A of the Code), the payment of which
is triggered by or would be accelerated upon a Change in Control, a transaction will not be deemed a Change in Control for Awards granted
to any Participant who is a U.S. Taxpayer unless the transaction qualifies as “a change in control event” within the meaning
of Section 409A of the Code.

 

“Code” means the United States
Internal Revenue Code of 1986, as amended from time to time. Any reference to a section of the Code shall be deemed to include a reference
to any regulations promulgated thereunder;

 

“Committee” has the meaning
set forth in Section 3.2;

 

“Consultant” means any individual, entity or other Person engaged by the Corporation or any subsidiary of the Corporation to render consulting or advisory services (including as a director
or officer of any subsidiary of the Corporation), other than as an Employee or Director, and whether or not compensated for such services;
provided, however, that at the time any Consultant receives any

 

    	 	- 3 -	 

     

    

 

offer of Award or executes any Award Agreement,
such Consultant must be a Person, and must agree to provide bona fide services to that Corporation 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 Corporation’s securities;

 

“Control” means the relationship
whereby a Person is considered to be “controlled” by a Person if:

 

		(a)	when applied to the relationship between a Person and a corporation, the beneficial ownership by that Person, directly or indirectly,
of voting securities or other interests in such corporation entitling the holder to exercise control and direction in fact over the activities
of such corporation;

 

		(b)	when applied to the relationship between a Person and a partnership, limited partnership, trust or joint venture, means the contractual
right to direct the affairs of the partnership, limited partnership, trust or joint venture; and

 

		(c)	when applied in relation to a trust, the beneficial ownership at the relevant time of more than 50% of the property settled under
the trust, and

 

the words “Controlled by”,
 “Controlling” and similar words have corresponding meanings; provided that a Person who controls a corporation, partnership,
limited partnership or joint venture will be deemed to Control a corporation, partnership, limited partnership, trust or joint venture
which is Controlled by such Person and so on;

 

“Corporation” means Cardiol
Therapeutics Inc., or any successor entity thereof;

 

“Date of Grant” means, for
any Award, the date specified by the Plan Administrator at the time it grants the Award or if no such date is specified, the date upon
which the Award was granted;

 

“Deferred Share Unit” or “DSU”
means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with
Article 7;

 

“Director” means a director
of the Corporation who is not an Employee;

 

“Director Fees” means the total
compensation (including annual retainer and meeting fees, if any) paid by the Corporation to a Director in a calendar year for service
on the Board;

 

“Disabled” or “Disability”
means, with respect to a particular Participant:

 

		(a)	“disabled” or “disability” (or any similar terms) as such terms are defined in the employment or other written
agreement between the Corporation or a subsidiary of the Corporation and the Participant;

 

		(b)	in the event there is no written or other applicable employment or other agreement between the Corporation or a subsidiary of the
Corporation, or “disabled” or “disability” (or any similar terms) are not defined in such agreement, “disabled”
or “disability” as such term are defined in the Award Agreement; or

 

    	 	- 4 -	 

     

    

 

		(c)	in the event neither (a) or (b) apply, then the incapacity or inability of the Participant, by reason of mental or physical
incapacity, disability, illness or disease (as determined by a legally qualified medical practitioner or by a court) that prevents the
Participant from carrying out his or her normal and essential duties as an Employee, Director or Consultant for a continuous period of
six months or for any cumulative period of 180 days in any consecutive twelve month period, the foregoing subject to and as determined
in accordance with procedures established by the Plan Administrator for purposes of this Plan;

 

“Effective Date” means the effective date of this
Plan, being May 21, 2021, subject to the approval of the shareholders of the Corporation;

 

“Elected Amount” has the meaning set forth in Subsection
7.1(a);

 

“Electing Person” means a Participant who is, on
the applicable Election Date, a Director or an Employee;

 

“Election Date” means the date on which the Electing
Person files an Election Notice in accordance with Subsection 7.1(b);

 

“Election Notice” has the meaning set forth in Subsection
7.1(b); “Employee” means an individual who:

 

		(a)	is considered an employee of the Corporation or a subsidiary of the Corporation for purposes of source deductions under applicable
tax or social welfare legislation; or

 

		(b)	works full–time or part–time on a regular weekly basis for the Corporation or a subsidiary of the Corporation providing
services normally provided by an employee and who is subject to the same control and direction by the Corporation or a subsidiary of the
Corporation over the details and methods of work as an employee of the Corporation or such subsidiary.

 

“Exchange” means (a) the
Toronto Stock Exchange, or (b) the primary exchange on which the Shares are then listed, as determined from by the Plan Administrator,
if (i) the Toronto Stock Exchange is no longer the Corporation’s primary exchange, or (ii) the Shares are not listed on
the Toronto Stock Exchange;

 

“Exercise Notice” means a notice
in writing, signed by a Participant and stating the Participant’s intention to exercise a particular Option;

 

“Exercise Price” means the
price at which an Option Share may be purchased pursuant to the exercise of an Option;

 

“Expiry Date” means the expiry
date specified in the Award Agreement (which shall not be later than the tenth anniversary of the Date of Grant) or, if not so specified,
means the tenth anniversary of the Date of Grant;

 

    	 	- 5 -	 

     

    

 

“In the Money Amount” has the
meaning given to it in Subsection 4.5(b);

 

“Insider” means an “insider”
as defined in the rules of the Exchange from time to time;

 

“Market Price” at any date
in respect of the Shares shall be the volume weighted average trading price of Shares on the Exchange for the five trading days immediately
preceding the Date of Grant; provided that, for so long as the Shares are listed and posted for trading on the Exchange, the Market Price
shall not be less than the market price, as calculated under the policies of the Exchange; and provided, further, that with respect to
an Award made to a U.S. Taxpayer such Participant, the class of Shares and the number of Shares subject to such Award shall be identified
by the Board or the Committee prior to the start of the applicable five trading day period. In the event that such Shares are not listed
and posted for trading on any Exchange, the Market Price shall be the fair market value of such Shares as determined by the Board in its
sole discretion and, with respect to an Award made to a U.S. Taxpayer, in accordance with Section 409A of the Code;

 

“Option” means a right to purchase
Shares under Article 4 of this Plan that is non–assignable and non–transferable, unless otherwise approved by the Plan
Administrator;

 

“Option Shares” means Shares
issuable by the Corporation upon the exercise of outstanding Options;

 

“Participant” means a Director,
Employee or Consultant to whom an Award has been granted under this Plan;

 

“Performance Goals” means performance
goals expressed in terms of attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease
in the particular criteria, and may be applied to one or more of the Corporation, a subsidiary of the Corporation, a division of the Corporation
or a subsidiary of the Corporation, or an individual, or may be applied to the performance of the Corporation or a subsidiary of the Corporation
relative to a market index, a group of other companies or a combination thereof, or on any other basis, all as determined by the Plan
Administrator in its discretion;

 

“Performance Share Unit” or
 “PSU” means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation
in accordance with Article 6;

 

“Person” means an individual,
sole proprietorship, partnership, unincorporated association, unincorporated syndicate, unincorporated organization, trust, body corporate,
and a natural person in his or her capacity as trustee, executor, administrator or other legal representative;

 

“Plan” means this Omnibus Equity
Incentive Plan, as may be amended from time to time;

 

“Plan Administrator” means
the Board, or if the administration of this Plan has been delegated by the Board to the Committee or sub-delegated to a member of the
Committee or officer of the Corporation pursuant to Section 3.2, the Committee or sub-delegate, as the case may be;

 

“PSU Service Year” has the
meaning given to it in Section 6.1;

 

    	 	- 6 -	 

     

    

 

“Restricted Share Unit” or
 “RSU” means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation
in accordance with Article 5;

 

“Retirement” means, unless
otherwise defined in the Participant’s written or other applicable employment agreement or in the Award Agreement, the termination
of the Participant’s working career at such retirement age to which the Plan Administrator has consented, other than on account
of the Participant’s termination of service by the Corporation or its subsidiary for Cause and provided that for U.S. Taxpayers
such Retirement also constitutes a Separation from Service within the meaning of Section 409A of the Code;

 

“Section 409A of the Code”
or “Section 409A” means Section 409A of the Code and all regulations, guidance, compliance programs, and
other interpretive authority issued thereunder;

 

“Securities Laws” means securities
legislation, securities regulation and securities rules, as amended, and the policies, notices, instruments and blanket orders in force
from time to time that govern or are applicable to the Corporation or to which it is subject;

 

“Security Based Compensation Arrangement”
means a stock option, stock option plan, employee stock purchase plan or any other compensation or incentive mechanism involving the issuance
or potential issuance of Shares to Directors, officers, Employees and/or service providers of the Corporation or any subsidiary of the
Corporation, including a share purchase from treasury which is financially assisted by the Corporation by way of a loan, guarantee or
otherwise;

 

“Separation from Service” means
a separation from service within the meaning of Section 409A of the Code;

 

“Share” means one (1) common
share in the capital of the Corporation as constituted on the Effective Date or any share or shares issued in replacement of such common
share in compliance with Canadian law or other applicable law, and/or one share of any additional class of common shares in the capital
of the Corporation as may exist from time to time, or after an adjustment contemplated by Article 12, such other shares or securities
to which the holder of an Award may be entitled as a result of such adjustment;

 

“Share-Based Award” means other
types of equity-based or equity-related Awards that may be authorized for issuance and issued pursuant to Article 8;

 

“subsidiary” means an issuer
that is Controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary, or any other entity in which
the Corporation has an equity interest and is designated by the Plan Administrator, from time to time, for purposes of this Plan to be
a subsidiary;

 

“Tax Act” has the meaning set
forth in Section 4.5(d);

 

“Termination Date” means, subject
to applicable law which cannot be waived:

 

		(a)	in the case of an Employee whose employment with the Corporation or a subsidiary of the Corporation terminates, (i) the date
designated by the Employee and the Corporation or a subsidiary of the Corporation as the “Termination Date” (or

 

    	 	- 7 -	 

     

    

 

similar term) in a written employment
or other agreement between the Employee and Corporation or a subsidiary of the Corporation, or (ii) if no such written employment
or other agreement exists, the date designated by the Corporation or a subsidiary of the Corporation, as the case may be, on which the
Employee ceases to be an employee of the Corporation or the subsidiary of the Corporation, as the case may be, provided that, in the case
of termination of employment by voluntary resignation by the Participant, such date shall not be earlier than the date notice of resignation
was given; and in any event, the “Termination Date” shall be determined without including any period of reasonable notice
that the Corporation or the subsidiary of the Corporation (as the case may be) may be required by law to provide to the Participant or
any pay in lieu of notice of termination, severance pay or other damages paid or payable to the Participant;

 

		(b)	in the case of a Consultant whose agreement or arrangement with the Corporation or a subsidiary of the Corporation terminates, (i) the
date designated by the Corporation or the subsidiary of the Corporation, as the “Termination Date” (or similar term) or expiry
date in a written agreement between the Consultant and Corporation or a subsidiary of the Corporation, or (ii) if no such written
agreement exists, the date designated by the Corporation or a subsidiary of the Corporation, as the case may be, on which the Consultant
ceases to be a Consultant or a service provider to the Corporation or the subsidiary of the Corporation, as the case may be, or on which
the Participant’s agreement or arrangement is terminated, provided that in the case of voluntary termination by the Participant
of the Participant’s consulting agreement or other written arrangement, such date shall not be earlier than the date notice of voluntary
termination was given; in any event, the “Termination Date” shall be determined without including any period of notice that
the Corporation or the subsidiary of the Corporation (as the case may be) may be required by law to provide to the Participant or any
pay in lieu of notice of termination, termination fees or other damages paid or payable to the Participant; and

 

		(c)	in the case of a Director, the date such individual ceases to be a Director, in each case, unless the individual continues to be a
Participant in another capacity.

 

Notwithstanding the foregoing, in the case of
a U.S. Taxpayer, a Participant’s “Termination Date” will be the date the Participant experiences a Separation from Service;

 

“U.S.” or “United
States” means the United States of America, its territories and possessions, any State of the United States, and the District
of Columbia;

 

“U.S. Person” shall mean a
 “U.S. person” as such term is defined in Rule 902(k) of Regulation S under the U.S. Securities Act (the definition
of which includes, but is not limited to, (i) any natural person resident in the United States, (ii) any partnership or corporation
organized or incorporated under the laws of the United States, (iii) any partnership or corporation organized outside of the United
States by a U.S. Person principally for the purpose of investing in securities not registered under the U.S. Securities Act, unless it
is organized, or incorporated, and owned, by accredited

 

    	 	- 8 -	 

     

    

 

investors who are not natural persons, estates or trusts, and (iv) any
estate or trust of which any executor or administrator or trustee is a U.S. Person);

 

“U.S. Securities Act” means the United States Securities
Act of 1933, as amended;

 

“U.S. Taxpayer” shall mean a Participant who, with
respect to an Award, is subject to taxation under applicable U.S. tax laws.

 

		2.2	Interpretation

 

		(a)	Whenever the Plan Administrator exercises discretion in the administration of this Plan, the term “discretion” means the
sole and absolute discretion of the Plan Administrator.

 

		(b)	As used herein, the terms “Article”, “Section”, “Subsection” and “clause” mean and
refer to the specified Article, Section, Subsection and clause of this Plan, respectively.

 

		(c)	Words importing the singular include the plural and vice versa and words importing any gender include any other gender.

 

		(d)	Unless otherwise specified, time periods within or following which any payment is to be made or act is to be done shall be calculated
by excluding the day on which the period begins, including the day on which the period ends, and abridging the period to the immediately
preceding Business Day in the event that the last day of the period is not a Business Day. In the event an action is required to be taken
or a payment is required to be made on a day which is not a Business Day such action shall be taken or such payment shall be made by the
immediately preceding Business Day.

 

		(e)	Unless otherwise specified, all references to money amounts are to Canadian currency.

 

		(f)	The headings used herein are for convenience only and are not to affect the interpretation of this Plan.

 

 

		3.1	Administration

 

ARTICLE 3 

ADMINISTRATION

  

This Plan will be administered by the Plan Administrator and the Plan
Administrator has sole and complete authority, in its discretion, to:

 

		(a)	determine the individuals to whom grants under the Plan may be made;

 

		(b)	make grants of Awards under the Plan relating to the issuance of Shares (including any combination of Options, Restricted Share Units,
Performance Share Units or

 

    	 	- 9 -	 

     

    

 

Deferred Share Units) in such amounts,
to such Persons and, subject to the provisions of this Plan, on such terms and conditions as it determines including without limitation:

 

		(i)	the time or times at which Awards may be granted;

 

		(ii)	the conditions under which:

 

		(A)	Awards may be granted to Participants; or

 

		(B)	Awards may be forfeited to the Corporation, including any conditions relating to the attainment of specified Performance Goals;

 

		(iii)	the number of Shares to be covered by any Award;

 

		(iv)	the price, if any, to be paid by a Participant in connection with the purchase of Shares covered by any Awards;

 

		(v)	whether restrictions or limitations are to be imposed on the Shares issuable pursuant to grants of any Award, and the nature of such
restrictions or limitations, if any; and

 

		(vi)	any acceleration of exercisability or vesting, or waiver of termination regarding any Award, based on such factors as the Plan Administrator
may determine;

 

		(c)	establish the form or forms of Award Agreements;

 

		(d)	cancel, amend, adjust or otherwise change any Award under such circumstances as the Plan Administrator may consider appropriate in
accordance with the provisions of this Plan;

 

		(e)	construe and interpret this Plan and all Award Agreements;

 

		(f)	adopt, amend, prescribe and rescind administrative guidelines and other rules and regulations relating to this Plan, including
rules and regulations relating to sub– plans established for the purpose of satisfying applicable foreign laws or for qualifying
for favorable tax treatment under applicable foreign laws; and

 

		(g)	make all other determinations and take all other actions necessary or advisable for the implementation and administration of this
Plan.

 

		3.2	Delegation to Committee

 

		(a)	The initial Plan Administrator shall be the Board.

 

		(b)	To the extent permitted by applicable law, the Board may, from time to time, delegate to a committee of the Board (the “Committee”)
all or any of the powers

 

    	 	- 10 -	 

     

    

 

conferred on the Plan Administrator pursuant
to this Plan, including the power to sub–delegate to any member(s) of the Committee or any specified officer(s) of the
Corporation or its subsidiaries all or any of the powers delegated by the Board. In such event, the Committee or any sub–delegate
will exercise the powers delegated to it in the manner and on the terms authorized by the delegating party. Any decision made or action
taken by the Committee or any sub–delegate arising out of or in connection with the administration or interpretation of this Plan
in this context is final and conclusive and binding on the Corporation and all subsidiaries of the Corporation, all Participants and all
other Persons.

 

		3.3	Determinations Binding

 

Any decision made or action taken by the Board,
the Committee or any sub–delegate to whom authority has been delegated pursuant to Section 3.2 arising out of or in connection
with the administration or interpretation of this Plan is final, conclusive and binding on the Corporation, the affected Participant(s),
their legal and personal representatives and all other Persons.

 

		3.4	Eligibility

 

All Directors, Employees and Consultants are eligible
to participate in the Plan, subject to Section 10.1(f). Participation in the Plan is voluntary and eligibility to participate does
not confer upon any Director, Employee or Consultant any right to receive any grant of an Award pursuant to the Plan. The extent to which
any Director, Employee or Consultant is entitled to receive a grant of an Award pursuant to the Plan will be determined in the sole and
absolute discretion of the Plan Administrator.

 

		3.5	Plan Administrator Requirements

 

Any Award granted under this Plan shall be subject
to the requirement that, if at any time the Plan Administrator shall determine that the listing, registration or qualification of the
Shares issuable pursuant to such Award upon any securities exchange or under any Securities Laws of any jurisdiction, or the consent or
approval of the Exchange and any securities commissions or similar securities regulatory bodies having jurisdiction over the Corporation
is necessary as a condition of, or in connection with, the grant or exercise of such Award or the issuance or purchase of Shares thereunder,
such Award may not be accepted or exercised, as applicable, in whole or in part unless such listing, registration, qualification, consent
or approval shall have been effected or obtained on conditions acceptable to the Plan Administrator. Without limiting the generality of
the foregoing, all Awards shall be issued pursuant to the registration requirements of the U.S. Securities Act, or pursuant an exemption
or exclusion from such registration requirements. Nothing herein shall be deemed to require the Corporation to apply for or to obtain
such listing, registration, qualification, consent or approval. Participants shall, to the extent applicable, cooperate with the Corporation
in complying with such legislation, rules, regulations and policies.

 

		3.6	Total Shares Subject to Awards

 

		(a)	Subject to adjustment as provided for in Article 11 and any subsequent amendment to this Plan, the aggregate number of Shares
reserved for issuance pursuant to Awards granted under this Plan and under any other Security Based Compensation

 

    	 	- 11 -	 

     

    

 

Arrangement shall not exceed 15% of the
Corporation’s total issued and outstanding Shares from time to time. This Plan is considered an “evergreen” plan, since
the shares covered by Awards which have been settled, exercised or terminated shall be available for subsequent grants under the Plan
and the number of Awards available to grant increases as the number of issued and outstanding Shares increases.

 

		(b)	To the extent any Awards (or portion(s) thereof) under this Plan terminate or are cancelled for any reason prior to exercise
in full, or are surrendered or settled by the Participant, any Shares subject to such Awards (or portion(s) thereof) shall be added
back to the number of Shares reserved for issuance under this Plan and will again become available for issuance pursuant to the exercise
of Awards granted under this Plan.

 

		(c)	Any Shares issued by the Corporation through the assumption or substitution of outstanding stock options or other equity–based
awards from an acquired company shall not reduce the number of Shares available for issuance pursuant to the exercise of Awards granted
under this Plan.

 

		3.7	Limits on Grants of Awards

 

Notwithstanding anything in this Plan, the aggregate
number of Shares:

 

		(i)	issuable to Insiders at any time, under all of the Corporation’s Security– Based Compensation Arrangements, shall not
exceed ten percent (10%) of the Corporation’s issued and outstanding Shares; and

 

		(ii)	issued to Insiders within any one (1) year period, under all of the Corporation’s Security Based Compensation Arrangements,
shall not exceed ten percent (10%) of the Corporation’s issued and outstanding Shares,

 

provided that the acquisition of Shares by the
Corporation for cancellation shall be disregarded for the purposes of determining non–compliance with this Section 3.7 for
any Awards outstanding prior to such purchase of Shares for cancellation.

 

		3.8	Award Agreements

 

Each Award under this Plan will be evidenced by
an Award Agreement. Each Award Agreement will be subject to the applicable provisions of this Plan and will contain such provisions as
are required by this Plan and any other provisions that the Plan Administrator may direct. Any one officer of the Corporation is authorized
and empowered to execute and deliver, for and on behalf of the Corporation, an Award Agreement to a Participant granted an Award pursuant
to this Plan.

 

		3.9	Non–transferability of Awards

 

Except as permitted by the Plan Administrator
and to the extent that certain rights may pass to a beneficiary or legal representative upon death of a Participant, by will or as required
by law, no

 

    	 	- 12 -	 

     

    

 

assignment or transfer of Awards, whether voluntary,
involuntary, by operation of law or otherwise, vests any interest or right in such Awards whatsoever in any assignee or transferee and
immediately upon any assignment or transfer, or any attempt to make the same, such Awards will terminate and be of no further force or
effect. To the extent that certain rights to exercise any portion of an outstanding Award pass to a beneficiary or legal representative
upon death of a Participant, the period in which such Award can be exercised by such beneficiary or legal representative shall not exceed
one year from the Participant’s death.

 

ARTICLE 4 

OPTIONS

 

		4.1	Granting of Options

 

The Plan Administrator may, from time to time,
subject to the provisions of this Plan and such other terms and conditions as the Plan Administrator may prescribe, grant Options to any
Participant. The terms and conditions of each Option grant shall be evidenced by an Award Agreement.

 

		4.2	Exercise Price

 

The Plan Administrator will establish the Exercise
Price at the time each Option is granted, which Exercise Price must in all cases be not less than the Market Price on the Date of Grant.

 

		4.3	Term of Options

 

Subject to any accelerated termination as set
forth in this Plan, each Option expires on its Expiry Date.

 

		4.4	Vesting and Exercisability

 

		(a)	The Plan Administrator shall have the authority to determine the vesting terms applicable to grants of Options.

 

		(b)	Once an Option becomes vested, it shall remain vested and shall be exercisable until expiration or termination of the Option, unless
otherwise specified by the Plan Administrator, or as may be otherwise set forth in any written employment agreement, Award Agreement or
other written agreement between the Corporation or a subsidiary of the Corporation and the Participant. Each vested Option may be exercised
at any time or from time to time, in whole or in part, for up to the total number of Option Shares with respect to which it is then exercisable.
The Plan Administrator has the right to accelerate the date upon which any Option becomes exercisable.

 

		(c)	Subject to the provisions of this Plan and any Award Agreement, Options shall be exercised by means of a fully completed Exercise
Notice delivered to the Corporation.

 

    	 	- 13 -	 

     

    

 

		(d)	The Plan Administrator may provide at the time of granting an Option that the exercise of that Option is subject to restrictions,
in addition to those specified in this Section 4.4, such as vesting conditions relating to the attainment of specified Performance
Goals.

 

		4.5	Payment of Exercise Price

 

		(a)	Unless otherwise specified by the Plan Administrator at the time of granting an Option and set forth in the particular Award Agreement,
the Exercise Notice must be accompanied by payment of the Exercise Price. The Exercise Price must be fully paid by certified cheque, wire
transfer, bank draft or money order payable to the Corporation or by such other means as might be specified from time to time by the Plan
Administrator, which may include (i) through an arrangement with a broker approved by the Corporation (or through an arrangement
directly with the Corporation) whereby payment of the Exercise Price is accomplished with the proceeds of the sale of Shares deliverable
upon the exercise of the Option,

 

(ii) through the cashless exercise
process set out in Section 4.5(b), or (iii) such other consideration and method of payment for the issuance of Shares to the
extent permitted by Securities Laws, or any combination of the foregoing methods of payment.

 

		(b)	Unless otherwise specified by the Plan Administrator and set forth in the particular Award Agreement, a Participant may, but only
if permitted by the Plan Administrator, in lieu of exercising an Option pursuant to an Exercise Notice, elect to surrender such Option
to the Corporation (a “Cashless Exercise”) in consideration for an amount from the Corporation equal to (i) the
Market Price of the Shares issuable on the exercise of such Option (or portion thereof) as of the date such Option (or portion thereof)
is exercised, less (ii) the aggregate Exercise Price of the Option (or portion thereof) surrendered relating to such Shares (the
 “In–the– Money Amount”), by written notice to the Corporation indicating the number of Options such Participant
wishes to exercise using the Cashless Exercise, and such other information that the Corporation may require. Subject to Section 9.3,
the Corporation shall satisfy payment of the In–the–Money Amount by delivering to the Participant such number of Shares (rounded
down to the nearest whole number) having a fair market value equal to the In–the–Money Amount.

 

		(c)	No Shares will be issued or transferred until full payment therefor has been received by the Corporation, or arrangements for such
payment have been made to the satisfaction of the Plan Administrator.

 

		(d)	If a Participant surrenders Options through a Cashless Exercise pursuant to Section 4.5(b), to the extent that such Participant
would be entitled to a deduction under paragraph 110(1)(d) of the Income Tax Act (Canada) (the “Tax Act”)
in respect of such surrender if the election described in subsection 110(1.1) of the Tax Act were made and filed (and the other procedures
described therein were undertaken) on a timely basis after such surrender, the Corporation will cause such election to be so made and
filed (and such other procedures to be so undertaken).

 

    	 	- 14 -	 

     

    

 

ARTICLE 5

RESTRICTED SHARE
UNITS

 

		5.1	Granting of RSUs

 

		(a)	The Plan Administrator may, from time to time, subject to the provisions of this Plan and such other terms and conditions as the Plan
Administrator may prescribe, grant RSUs to any Participant in respect of a bonus or similar payment in respect of services rendered by
the applicable Participant in a taxation year. The terms and conditions of each RSU grant may be evidenced by an Award Agreement. Each
RSU will consist of a right to receive a Share, or at the election of a Participant, but subject to the approval of the Plan Administrator,
a cash payment or a combination of Shares and cash (as provided in Section 5.4(a)), upon the settlement of such RSU.

 

		(b)	The number of RSUs (including fractional RSUs) granted at any particular time pursuant to this Article 5 will be calculated by
dividing (i) the amount of any bonus or similar payment that is to be paid in RSUs, as determined by the Plan Administrator, by (ii) the
greater of (A) the Market Price of a Share on the Date of Grant; and (B) such amount as determined by the Plan Administrator
in its sole discretion.

 

		5.2	RSU Account

 

All RSUs received by a Participant shall be credited to an account
maintained for the Participant on the books of the Corporation, as of the Date of Grant.

 

		5.3	Vesting of RSUs

 

The Plan Administrator shall have the authority to determine any vesting
terms applicable to the grant of RSUs, provided that the terms comply with Section 409A, with respect to a U.S. Taxpayer.

 

		5.4	Settlement of RSUs

 

		(a)	Subject to Section 12.6(d) below and except as otherwise provided in an Award Agreement, on the settlement date for any
RSU, the Participant shall redeem each vested RSU for one fully paid and non-assessable Share issued from treasury to the Participant,
or the following at the election of the Participant but subject to the approval of the Plan Administrator:

 

		(i)	a cash payment, or

 

		(ii)	a combination of fully paid and non-assessable Shares issued from treasury to the Participant and a cash payment.

 

The Plan Administrator shall have the sole authority to determine
any other settlement terms applicable to the grant of RSUs, provided that with respect to a

 

U.S. Taxpayer the terms comply with Section 409A to the
extent it is applicable.

 

    	 	- 15 -	 

     

    

 

		(b)	Any cash payments made under this Section 5.4 by the Corporation to a Participant in respect of RSUs to be redeemed for cash
shall be calculated by multiplying the number of RSUs to be redeemed for cash by the Market Price per Share as at the settlement date.

 

		(c)	Payment of cash to Participants on the redemption of vested RSUs may be made through the Corporation’s payroll in the pay period
that the settlement date falls within.

 

ARTICLE 6

PERFORMANCE SHARE UNITS

 

		6.1	Granting of PSUs

 

The Plan Administrator may, from time to time,
subject to the provisions of this Plan and such other terms and conditions as the Plan Administrator may prescribe, grant PSUs to any
Participant in respect of a bonus or similar payment in respect of services rendered by the applicable Participant in a taxation year
(the “PSU Service Year”). The terms and conditions of each PSU grant shall be evidenced by an Award Agreement, provided
that with respect to a U.S. Taxpayer the terms comply with Section 409A to the extent it is applicable. Each PSU will consist of
a right to receive a Share, cash payment, or a combination thereof (as provided in Section 6.6(a)), upon the achievement of such
Performance Goals during such performance periods as the Plan Administrator shall establish.

 

		6.2	Terms of PSUs

 

The Performance Goals to be achieved during any
performance period, the length of any performance period, the amount of any PSUs granted, the effect of termination of a Participant’s
service and the amount of any payment or transfer to be made pursuant to any PSU will be determined by the Plan Administrator and by the
other terms and conditions of any PSU, all as set forth in the applicable Award Agreement.

 

		6.3	Performance Goals

 

The Plan Administrator will issue Performance
Goals prior to the Date of Grant to which such Performance Goals pertain. The Performance Goals may be based upon the achievement of corporate,
divisional or individual goals, and may be applied to performance relative to an index or comparator group, or on any other basis determined
by the Plan Administrator. Following the Date of Grant, the Plan Administrator may modify the Performance Goals as necessary to align
them with the Corporation’s corporate objectives, subject to any limitations set forth in an Award Agreement or an employment or
other agreement with a Participant. The Performance Goals may include a threshold level of performance below which no payment will be
made (or no vesting will occur), levels of performance at which specified payments will be made (or specified vesting will occur), and
a maximum level of performance above which no additional payment will be made (or at which full vesting will occur), all as set forth
in the applicable Award Agreement.

 

    	 	- 16 -	 

     

    

 

		6.4	PSU Account

 

All PSUs received by a Participant shall be credited
to an account maintained for the Participant on the books of the Corporation, as of the Date of Grant.

 

		6.5	Vesting of PSUs

 

The Plan Administrator shall have the authority
to determine any vesting terms applicable to the grant of PSUs, provided that with respect to a U.S. Taxpayer the terms comply with Section 409A
to the extent it is applicable.

 

		6.6	Settlement of PSUs

 

		(a)	The Plan Administrator shall have the authority to determine the settlement terms applicable to the grant of PSUs provided that with
respect to a U.S. Taxpayer the terms comply with Section 409A to the extent it is applicable. Subject to Section 12.6(d) below
and except as otherwise provided in an Award Agreement, on the settlement date for any PSU, the Participant shall redeem each vested PSU
for the following at the election of the Participant but subject to the approval of the Plan Administrator:

 

		(i)	one fully paid and non–assessable Share issued from treasury to the Participant or as the Participant may direct,

 

		(ii)	a cash payment, or

 

		(iii)	a combination of Shares and cash as contemplated by paragraphs (i) and (ii) above.

 

		(b)	Any cash payments made under this Section 6.6 by the Corporation to a Participant in respect of PSUs to be redeemed for cash
shall be calculated by multiplying the number of PSUs to be redeemed for cash by the Market Price per Share as at the settlement date.

 

		(c)	Payment of cash to Participants on the redemption of vested PSUs may be made through the Corporation’s payroll in the pay period
that the settlement date falls within.

 

		(d)	Notwithstanding any other terms of this Plan but, in the case of a U.S. Taxpayer, subject to Section 12.6(d) below and except,
in the case of a U.S. Taxpayer, as otherwise provided in an Award Agreement, no settlement date for any PSU shall occur, and no Share
shall be issued or cash payment shall be made in respect of any PSU, under this Section 6.6 any later than the final Business Day
of the third calendar year following the applicable PSU Service Year.

 

    	 	- 17 -	 

     

    

 

		7.1	Granting of DSUs

 

ARTICLE 7 

DEFERRED SHARE UNITS

  

		(a)	The Board may fix from time to time a portion of the Director Fees that is to be payable in the form of DSUs. In addition, each Electing
Person is given, subject to the conditions stated herein, the right to elect in accordance with Section 7.1(b) to participate
in the grant of additional DSUs pursuant to this Article 7. An Electing Person who elects to participate in the grant of additional
DSUs pursuant to this Article 7 shall receive their Elected Amount (as that term is defined below) in the form of DSUs. The “Elected
Amount” shall be an amount, as elected by the Director, in accordance with applicable tax law, between 0% and 100% of any Director
Fees that would otherwise be paid in cash (the “Cash Fees”).

 

		(b)	Each Electing Person who elects to receive their Elected Amount in the form of DSUs will be required to file a notice of election
in the form of Schedule A hereto (the “Election Notice”) with the Chief Financial Officer of the Corporation: (i) in
the case of an existing Electing Person, by December 31st in the year prior to the year to which such election is to apply (other
than for Director Fees payable for the 2020 financial year, in which case any Electing Person who is not a U.S. Taxpayer as of the date
of this Plan shall file the Election Notice by the date that is 30 days from the Effective Date with respect to compensation paid for
services to be performed after such date); and (ii) in the case of a newly appointed Electing Person who is not a U.S. Taxpayer,
within 30 days of such appointment with respect to compensation paid for services to be performed after such date. In the case of the
first year in which an Electing Person who is a U.S. Taxpayer first becomes an Electing Person under the Plan (or any plan required to
be aggregated with the Plan under Section 409A), an initial Election Notice may be filed within 30 days of such appointment only
with respect to compensation paid for services to be performed after the end of the 30–day election period. If no election is made
within the foregoing time frames, the Electing Person shall be deemed to have elected to be paid the entire amount of his or her Cash
Fees in cash.

 

		(c)	Subject to Subsection 7.1(d), the election of an Electing Person under Subsection 7.1(b) shall be deemed to apply to all Cash
Fees paid subsequent to the filing of the Election Notice. In the case of an Electing Person who is a U.S. Taxpayer, his or her election
under Section 7.1(b) shall be deemed to apply to all Cash Fees that are earned after the Election Date. An Electing Person is
not required to file another Election Notice for subsequent calendar years

 

		(d)	Each Electing Person who is not a U.S. Taxpayer is entitled once per calendar year to terminate his or her election to receive DSUs
by filing with the Chief Financial Officer of the Corporation a termination notice in the form of Schedule B. Such termination shall be
effective immediately upon receipt of such notice, provided that the Corporation has not imposed a “black–out” on trading.
Thereafter, any portion of such Electing Person’s Cash Fees payable or paid in the same calendar

 

    	 	- 18 -	 

     

    

 

year and, subject to complying with Subsection
7.1(b), all subsequent calendar years shall be paid in cash. For greater certainty, to the extent an Electing Person terminates his or
her participation in the grant of DSUs pursuant to this Article 7, he or she shall not be entitled to elect to receive the Elected
Amount, or any other amount of his or her Cash Fees in DSUs again until the calendar year following the year in which the termination
notice is delivered. An election by a U.S. Taxpayer to receive the Elected Amount in DSUs for any calendar year (or portion thereof) is
irrevocable for that calendar year after the expiration of the election period for that year and any termination of the election will
not take effect until the first day of the calendar year following the calendar year in which the termination notice in the form of Schedule
A is delivered.

 

		(e)	Any DSUs granted pursuant to this Article 7 prior to the delivery of a termination notice pursuant to Section 7.1(d) shall
remain in the Plan following such termination and will be redeemable only in accordance with the terms of the Plan.

 

		(f)	The number of DSUs (including fractional DSUs) granted at any particular time pursuant to this Article 7 will be calculated by
dividing (i) the amount of Director Fees that are to be paid as DSUs, as determined by the Plan Administrator or Director Fees that
are to be paid in DSUs (including any Elected Amount), by

 

(ii) the Market Price of a Share
on the Date of Grant.

 

		(g)	In addition to the foregoing, the Plan Administrator may, from time to time, subject to the provisions of this Plan and such other
terms and conditions as the Plan Administrator may prescribe, grant DSUs to any Participant.

 

		7.2	DSU Account

 

All DSUs received by a Participant (which, for
greater certainty includes Electing Persons) shall be credited to an account maintained for the Participant on the books of the Corporation,
as of the Date of Grant. The terms and conditions of each DSU grant shall be evidenced by an Award Agreement.

 

		7.3	Vesting of DSUs

 

Except as otherwise determined by the Plan Administrator
or as set forth in the particular Award Agreement, DSUs shall vest immediately upon grant.

 

		7.4	Settlement of DSUs

 

		(a)	DSUs shall be settled on the date established in the Award Agreement; provided, however that if there is no Award Agreement or the
Award Agreement does not establish a date for the settlement of the DSUs, then, for a Participant who is not a

 

U.S. Taxpayer the settlement date shall
be the date determined by the Participant (which date shall not be earlier than the Termination Date or later than the end of the first
calendar year commencing after the Termination Date), and for a Participant who is a U.S. taxpayer, the settlement date shall be the date
determined by the Participant in accordance with the Election Notice (which date shall not be

 

    	 	- 19 -	 

     

    

 

earlier than the “separation
from service” (within the meaning of Section 409A)). On the settlement date for any DSU, the Participant shall redeem each
vested DSU for:

 

		(i)	one fully paid and non–assessable Share issued from treasury to the Participant or as the Participant may direct; or

 

		(i)	at the election of the Participant and subject to the approval of the Plan Administrator, a cash payment.

 

		(b)	Any cash payments made under this Section 7.4 by the Corporation to a Participant in respect of DSUs to be redeemed for cash
shall be calculated by multiplying the number of DSUs to be redeemed for cash by the Market Price per Share as at the settlement date.

 

		(c)	Payment of cash to Participants on the redemption of vested DSUs may be made through the Corporation’s payroll or in such other
manner as determined by the Corporation.

 

		7.5	No Additional Amount or Benefit

 

For greater certainty, neither a Participant to
whom DSUs are granted nor any person with whom such Participant does not deal at arm’s length (for purposes of the Tax Act) shall
be entitled, either immediately or in the future, either absolutely or contingently, to receive or obtain any amount or benefit granted
or to be granted for the purpose of reducing the impact, in whole or in part, of any reduction in the Market Price of the Shares to which
the DSUs relate.

 

ARTICLE 8

 SHARE-BASED AWARDS

 

8.1            Share-Based
Awards

 

The Committee may grant other types of equity-based or equity-related
Awards not otherwise described by the terms of this Plan (including the grant or offer for sale of unrestricted Shares) in such amounts
and subject to such terms and conditions, including, but not limited to, being subject to performance criteria, or in satisfaction of
such obligations, as the Committee shall determine. Such Awards may involve the transfer of actual Shares to Participants, or payment
in cash or otherwise of amounts based on the value of Shares.

 

ARTICLE 9

 ADDITIONAL AWARD TERMS

 

		9.1	Dividend Equivalents

 

		(a)	Unless otherwise determined by the Plan Administrator or as set forth in the particular Award Agreement, an Award of RSUs, PSUs and
DSUs shall include the right for such RSUs, PSUs and DSUs be credited with dividend equivalents in the form of additional RSUs, PSUs and
DSUs, respectively, as of each dividend

 

    	 	- 20 -	 

     

    

 

payment date in respect of which normal
cash dividends are paid on Shares. Such dividend equivalents shall be computed by dividing: (a) the amount obtained by multiplying
the amount of the dividend declared and paid per Share by the number of RSUs, PSUs and DSUs, as applicable, held by the Participant on
the record date for the payment of such dividend, by (b) the Market Price at the close of the first Business Day immediately following
the dividend record date, with fractions computed to three decimal places. Dividend equivalents credited to a Participant’s account
shall vest in proportion to the RSUs, PSUs and DSUs to which they relate, and shall be settled in accordance with Subsections 5.4, 6.6,
and 7.4 respectively.

 

		(b)	The foregoing does not obligate the Corporation to declare or pay dividends on Shares and nothing in this Plan shall be interpreted
as creating such an obligation.

 

		9.2	Black–out Period

 

In the event that an Award expires, at a time
when a scheduled blackout is in place or an undisclosed material change or material fact in the affairs of the Corporation exists, the
expiry of such Award will be the date that is 10 Business Days after which such scheduled blackout terminates or there is no longer such
undisclosed material change or material fact.

 

		9.3	Withholding Taxes

 

Notwithstanding any other terms of this Plan,
the granting, vesting or settlement of each Award under this Plan is subject to the condition that if at any time the Plan Administrator
determines, in its discretion, that the satisfaction of withholding tax or other withholding liabilities is necessary or desirable in
respect of such grant, vesting or settlement, such action is not effective unless such withholding has been effected to the satisfaction
of the Plan Administrator. In such circumstances, the Plan Administrator may require that a Participant pay to the Corporation such amount
as the Corporation or a subsidiary of the Corporation is obliged to withhold or remit to the relevant taxing authority in respect of the
granting, vesting or settlement of the Award. Any such additional payment is due no later than the date on which such amount with respect
to the Award is required to be remitted to the relevant tax authority by the Corporation or a subsidiary of the Corporation, as the case
may be. Alternatively, and subject to any requirements or limitations under applicable law, the Corporation or any Affiliate may (a) withhold
such amount from any remuneration or other amount payable by the Corporation or any Affiliate to the Participant, (b) require the
sale, on behalf of the applicable Participant, of a number of Shares issued upon exercise, vesting, or settlement of such Award and the
remittance to the Corporation of the net proceeds from such sale sufficient to satisfy such amount, or (c) enter into any other suitable
arrangements for the receipt of such amount.

 

		9.4	Recoupment

 

Notwithstanding any other terms of this Plan,
Awards may be subject to potential cancellation, recoupment, rescission, payback or other action in accordance with the terms of any clawback,
recoupment or similar policy adopted by the Corporation or the relevant subsidiary of the Corporation, or as set out in the Participant’s
employment agreement, Award Agreement or other written agreement, or as otherwise required by law or the rules of the Exchange. The
Plan

 

    	 	- 21 -	 

     

    

 

Administrator may at any time waive the application of this Section 9.4
to any Participant or category of Participants.

 

ARTICLE 10 

TERMINATION OF EMPLOYMENT OR SERVICES

 

		10.1	Termination of Employee, Consultant or Director

 

Subject to Section 10.2, unless otherwise determined by the Plan
Administrator or as set forth in an employment agreement, Award Agreement or other written agreement:

 

		(a)	where a Participant’s employment, consulting agreement or arrangement is terminated or the Participant ceases to hold office
or his or her position, as applicable, by reason of voluntary resignation by the Participant or termination by the Corporation or a subsidiary
of the Corporation for Cause, then any Option or other Award held by the Participant that has not been exercised, surrendered or settled
as of the Termination Date shall be immediately forfeited and cancelled as of the Termination Date;

 

		(b)	where a Participant’s employment, consulting agreement or arrangement is terminated by the Corporation or a subsidiary of the
Corporation without Cause (whether such termination occurs with or without any or adequate reasonable notice, or with or without any or
adequate compensation in lieu of such reasonable notice), then any unvested Options or other Awards which would otherwise vest or become
exercisable in accordance with its terms based solely on the Participant remaining in the service of the Corporation or a subsidiary on
or prior to the date that is 90 days after the Termination Date shall immediately vest. Any vested Options may be exercised by the Participant
at any time during the period that terminates on the earlier of: (A) the Expiry Date of such Option; and (B) the date that is
90 days after the Termination Date. If an Option remains unexercised upon the earlier of (A) or (B), the Option shall be immediately
forfeited and cancelled for no consideration upon the termination of such period. In the case of a vested Award other than an Option,
that is held by a Participant who is not a U.S. Taxpayer, such Award will be settled within 90 days after the Termination Date. In the
case of vested Awards of a U.S. Taxpayer, vested RSUs will be settled within 90 days after the Termination Date, vested DSUs will be settled
in accordance with the Participant’s DSU Election Notice (Schedule A hereto), and PSUs that become vested as a result of this Section 10.1(b) will
be settled within 90 days after the Termination Date, provided that in all cases such PSUs will be settled by March 15th of the year
immediately following the calendar year in which the Termination Date occurs;

 

		(c)	where a Participant’s employment, consulting agreement or arrangement terminates on account of his or her becoming Disabled,
then any Award held by the Participant that has not vested as of the date of the Participant’s Termination Date shall vest on such
date. Any vested Option may be exercised by the Participant at any time until the Expiry Date of such Option. Any vested Award other than
an

 

    	 	- 22 -	 

     

    

 

Option, that is held by a Participant
that is not a U.S. Taxpayer, will be settled within 90 days after the Termination Date. In the case of vested Awards of a U.S. Taxpayer,
vested RSUs will be settled within 90 days after the Termination Date, vested DSUs will be settled in accordance with the Participant’s
DSU Election Notice (Schedule A hereto), and PSUs that become vested as a result of this Section 10.1(c) will be settled within
90 days after the Termination Date, provided that in all cases such PSUs will be settled by March 15th of the year immediately following
the calendar year in which the Termination Date occurs;

 

		(d)	where a Participant’s employment, consulting agreement or arrangement is terminated by reason of the death of the Participant,
then any Award that is held by the Participant that has not vested as of the date of the death of such Participant shall vest on such
date. Any vested Option may be exercised by the Participant’s beneficiary or legal representative (as applicable) at any time during
the period that terminates on the earlier of: (A) the Expiry Date of such Option; and (B) the first anniversary of the date
of the death of such Participant. If an Option remains unexercised upon the earlier of (A) or (B), the Option shall be immediately
forfeited and cancelled for no consideration upon the termination of such period. In the case of a vested Award other than an Option,
that is held by a Participant that is not a

 

U.S. Taxpayer, such Award will be settled
with the Participant’s beneficiary or legal representative (as applicable) within 90 days after the date of the Participant’s
death. In the case of vested Awards of a U.S. Taxpayer, vested RSUs will be settled within 90 days after the date of death, vested DSUs
will be settled in accordance with the Participant’s Election Notice (Schedule A hereto), and PSUs that become vested as a result
of this Section 10.1(d) will be settled within 90 days after the date of death, provided that in all cases such PSUs will be
settled by March 15th of the year immediately following the calendar year in which the death occurs;

 

		(e)	where a Participant’s employment, consulting agreement or arrangement is terminated due to the Participant’s Retirement,
then (i) any outstanding Award that vests or becomes exercisable in accordance with its terms based solely on the Participant remaining
in the service of the Corporation or a subsidiary will become 100% vested, and (ii) any outstanding Award that vests based on the
achievement of Performance Goals and that has not previously become vested shall continue to be eligible to vest based upon the actual
achievement of such Performance Goals. Any vested Option may be exercised by the Participant at any time during the period that terminates
on the earlier of: (A) the Expiry Date of such Option; and

 

(B) the third anniversary of the
Participant’s date of Retirement. If an Option remains unexercised upon the earlier of (A) or (B), the Option shall be immediately
forfeited and cancelled for no consideration upon the termination of such period. In the case of a vested Award other than an Option that
is described in (i), such Award will be settled within 90 days after the Participant’s Retirement. In the case of a vested Award
other than an Option that is described in (ii), such Award will be settled at the same time the Award would otherwise have been settled
had the Participant remained in active service with the Corporation or a subsidiary. Notwithstanding the foregoing, if, following his
or her Retirement, the Participant commences (the “Commencement Date”) employment, consulting or acting as a

 

    	 	- 23 -	 

     

    

 

director of the Corporation or any of
its subsidiaries (or in an analogous capacity) or otherwise as a service provider to any Person that carries on or proposes to carry on
a business competitive with the Corporation or any of its subsidiaries, any Option or other Award held by the Participant that has not
been exercised or settled as of the Commencement Date shall be immediately forfeited and cancelled as of the Commencement Date;

 

		(f)	a Participant’s eligibility to receive further grants of Options or other Awards under this Plan ceases as of:

 

		(i)	the date that the Corporation or a subsidiary of the Corporation, as the case may be, provides the Participant with written notification
that the Participant’s employment, consulting agreement or arrangement is terminated, notwithstanding that such date may be prior
to the Termination Date; or

 

		(ii)	the date of the death, Disability or Retirement of the Participant;

 

		(g)	notwithstanding Subsection 10.1(b), unless the Plan Administrator, in its discretion, otherwise determines, at any time and from time
to time, but with due regard for Section 409A, Options or other Awards are not affected by a change of employment or consulting agreement
or arrangement, or directorship within or among the Corporation or a subsidiary of the Corporation for so long as the Participant continues
to be a Director, Employee or Consultant, as applicable, of the Corporation or a subsidiary of the Corporation; and

 

		(h)	for greater clarity, except as otherwise provided in an applicable Award Agreement or employment agreement, and notwithstanding any
other provision of this Section 10.1, in the case of an Award (other than an Option or DSU) that is granted to a U.S. Taxpayer and
that becomes vested (in whole or in part) pursuant to this Section 10.1 upon the Participant’s Termination Date, such Award
will, subject to Section 12.6(d), be settled as soon as administratively practicable following the Participant’s Termination
Date but in no event later than 90 days following the Participant’s Termination Date, provided that if such Award is a PSU, settlement
will occur no later than March 15th of the year immediately following the calendar year in which the Termination Date
occurs. In the case of an Award (other than an Option or DSU) granted to a U.S. Taxpayer that remains eligible to vest (in whole or in
part) following a Participant’s termination of service based upon the achievement of one or more Performance Goals, such Award will
be settled at the earlier of (i) the originally scheduled settlement date at the end of the performance period (to the extent Performance
Goals are achieved) and (ii) the date on which performance vesting conditions are waived, or are deemed satisfied pursuant to the
terms of the Applicable Award Agreement. DSUs will be settled in accordance with the U.S. Taxpayer’s DSU Election Notice (Schedule
A hereto).

 

    	 	- 24 -	 

     

    

 

		10.2	Discretion to Permit Acceleration

 

Notwithstanding the provisions of Section 10.1,
the Plan Administrator may, in its discretion, at any time prior to, or following the events contemplated in such Section, or in an employment
agreement, Award Agreement or other written agreement between the Corporation or a subsidiary of the Corporation and the Participant,
permit the acceleration of vesting of any or all Awards or waive termination of any or all Awards, all in the manner and on the terms
as may be authorized by the Plan Administrator, taking into consideration the requirements of Section 409A of the Code, to the extent
applicable, with respect to Awards of U.S. Taxpayers.

 

ARTICLE 11 

EVENTS AFFECTING THE CORPORATION

 

		11.1	General

 

The existence of any Awards does not affect in
any way the right or power of the Corporation or its shareholders to make, authorize or determine any adjustment, recapitalization, reorganization
or any other change in the Corporation’s capital structure or its business, or any amalgamation, combination, arrangement, merger
or consolidation involving the Corporation, to create or issue any bonds, debentures, Shares or other securities of the Corporation or
to determine the rights and conditions attaching thereto, to effect the dissolution or liquidation of the Corporation or any sale or transfer
of all or any part of its assets or business, or to effect any other corporate act or proceeding, whether of a similar character or otherwise,
whether or not any such action referred to in this Article 11 would have an adverse effect on this Plan or on any Award granted hereunder.

 

		11.2	Change in Control

 

Except as may be set forth in an employment agreement,
Award Agreement or other written agreement between the Corporation or a subsidiary of the Corporation and the Participant:

 

		(a)	Subject to this Section 11.2, but notwithstanding anything else in this Plan or any Award Agreement, the Plan Administrator may,
without the consent of any Participant, take such steps as it deems necessary or desirable, including to cause

 

(i)            the
conversion or exchange of any outstanding Awards into or for, rights or other securities of substantially equivalent value, as determined
by the Plan Administrator in its discretion, in any entity participating in or resulting from a Change in Control; (ii) outstanding
Awards to vest and become exercisable, realizable, or payable, or restrictions applicable to an Award to lapse, in whole or in part prior
to or upon consummation of such merger or Change in Control, and, to the extent the Plan Administrator determines, terminate upon or immediately
prior to the effectiveness of such merger or Change in Control; (iii) the termination of an Award in exchange for an amount of cash
and/or property, if any, equal to the amount that would have been attained upon the exercise or settlement of such Award or realization
of the Participant’s rights as of the date of the occurrence of the transaction (and, for the avoidance of doubt, if as of the date
of the occurrence of the transaction the Plan Administrator determines in good faith that no amount would have been attained upon the
exercise or settlement of such Award or

 

    	 	- 25 -	 

     

    

 

realization of the Participant’s
rights, then such Award may be terminated by the Corporation without payment); (iv) the replacement of such Award with other rights
or property selected by the Board of Directors in its sole discretion where such replacement would not adversely affect the holder; or
(v) any combination of the foregoing. In taking any of the actions permitted under this Section 11.2(a), the Plan Administrator
will not be required to treat all Awards similarly in the transaction. Notwithstanding the foregoing, in the case of Options held by a
Canadian Taxpayer, the Plan Administrator may not cause the Canadian Taxpayer to receive (pursuant to this Subsection 11.2(a)) any property
in connection with a Change in Control other than rights to acquire shares or units of a “mutual fund trust” (as defined in
the Tax Act), of the Corporation or a “qualifying person” (as defined in the Tax Act) that does not deal at arm’s length
(for purposes of the Tax Act) with the Corporation, as applicable, at the time such rights are issued or granted.

 

		(b)	Notwithstanding Section 10.1, and except as otherwise provided in a written employment or other agreement between the Corporation
or a subsidiary of the Corporation and a Participant, if within 12 months following the completion of a transaction resulting in a Change
in Control, a Participant’s employment, consultancy or directorship is terminated by the Corporation or a subsidiary of the Corporation
without Cause:

 

		(i)	any unvested Awards held by the Participant at the Termination Date shall immediately vest; and

 

		(ii)	any vested Awards of Participants may, subject to Section 6.6(d) (where applicable), be exercised, surrendered or settled
by such Participant at any time during the period that terminates on the earlier of: (A) the Expiry Date of such Award; and (B) the
date that is 90 days after the Termination Date, provided that any vested Awards (other than Options) granted to U.S. Taxpayers will be
settled within 90 days of the Participant’s “separation from service”. Any Award that has not been exercised, surrendered
or settled at the end of such period will be immediately forfeited and cancelled.

 

		(c)	Notwithstanding Subsection 11.2(a) and unless otherwise determined by the Plan Administrator, if, as a result of a Change in
Control, the Shares will cease trading on an Exchange, then the Corporation may terminate all of the Awards, other than an Option held
by a Canadian Taxpayer for the purposes of the Tax Act, granted under this Plan at the time of and subject to the completion of the Change
in Control transaction by paying to each holder at or within a reasonable period of time following completion of such Change in Control
transaction an amount for each Award equal to the fair market value of the Award held by such Participant as determined by the Plan Administrator,
acting reasonably, provided that any vested Awards granted to U.S. Taxpayers will be settled within 90 days of the Change in Control.

 

    	 	- 26 -	 

     

    

 

		(d)	It is intended that any actions taken under this Section 11.2 will comply with the requirements of Section 409A of the Code
with respect to Awards granted to U.S. Taxpayers.

 

		11.3	Reorganization of Corporation’s Capital

 

Should the Corporation effect a subdivision or
consolidation of Shares or any similar capital reorganization or a payment of a stock dividend (other than a stock dividend that is in
lieu of a cash dividend), or should any other change be made in the capitalization of the Corporation that does not constitute a Change
in Control and that would warrant the amendment or replacement of any existing Awards in order to adjust the number of Shares that may
be acquired on the vesting of outstanding Awards and/or the terms of any Award in order to preserve proportionately the rights and obligations
of the Participants holding such Awards, the Plan Administrator will, subject to the prior approval of the Exchange, authorize such steps
to be taken as it may consider to be equitable and appropriate to that end.

 

		11.4	Other Events Affecting the Corporation

 

In the event of an amalgamation, combination,
arrangement, merger or other transaction or reorganization involving the Corporation and occurring by exchange of Shares, by sale or lease
of assets or otherwise, that does not constitute a Change in Control and that warrants the amendment or replacement of any existing Awards
in order to adjust the number and/or type of Shares that may be acquired, or by reference to which such Awards may be settled, on the
vesting of outstanding Awards and/or the terms of any Award in order to preserve proportionately the rights and obligations of the Participants
holding such Awards, the Plan Administrator will, subject to the prior approval of the Exchange, authorize such steps to be taken as it
may consider to be equitable and appropriate to that end.

 

		11.5	Immediate Acceleration of Awards

 

In taking any of the steps provided in Sections
11.3 and 11.4, the Plan Administrator will not be required to treat all Awards similarly and where the Plan Administrator determines that
the steps provided in Sections 11.3 and 11.4 would not preserve proportionately the rights, value and obligations of the Participants
holding such Awards in the circumstances or otherwise determines that it is appropriate, the Plan Administrator may, but is not required
to, permit the immediate vesting of any unvested Awards, provided that any such adjustments or acceleration of vesting undertaken pursuant
to sections 11.3, 11.4 or 11.5 shall be undertaken only to the extent they will not result in adverse tax consequences under Section 409A
of the Code.

 

		11.6	Issue by Corporation of Additional Shares

 

Except as expressly provided in this Article 11,
neither the issue by the Corporation of shares of any class or securities convertible into or exchangeable for shares of any class, nor
the conversion or exchange of such shares or securities, affects, and no adjustment by reason thereof is to be made with respect to the
number of Shares that may be acquired as a result of a grant of Awards.

 

    	 	- 27 -	 

     

    

 

		11.7	Fractions

 

No fractional Shares will be issued pursuant to
an Award. Accordingly, if, as a result of any adjustment under this Article 11 or a dividend equivalent, a Participant would become
entitled to a fractional Share, the Participant has the right to acquire only the adjusted number of full Shares and no payment or other
adjustment will be made with respect to the fractional Shares, which shall be disregarded.

 

ARTICLE 12 

U.S. TAXPAYERS

 

		12.1	Provisions for U.S. Taxpayers

 

Options granted under this Plan to U.S. Taxpayers
may be non–qualified stock options or incentive stock options qualifying under Section 422 of the Code (“ISOs”).
Each Option shall be designated in the Award Agreement as either an ISO or a non–qualified stock option. If an Award Agreement fails
to designate an Option as either an ISO or non–qualified stock option, the Option will be a non–qualified stock option. The
Corporation shall not be liable to any Participant or to any other Person if it is determined that an Option intended to be an ISO does
not qualify as an ISO. Non– qualified stock options will be granted to a U.S. Taxpayer only if (i) such U.S. Taxpayer performs
services for the Corporation or any corporation or other entity in which the Corporation has a direct or indirect controlling interest
or otherwise has a significant ownership interest, as determined under Section 409A, such that the Option will constitute an option
to acquire “service recipient stock” within the meaning of Section 409A, or (ii) such option otherwise is
exempt from Section 409A.

 

		12.2	ISOs

 

Subject to any limitations in Section 3.6,
the aggregate number of Shares reserved for issuance in respect of granted ISOs shall not exceed 10,000,000 Shares, and the terms and
conditions of any ISOs granted to a U.S. Taxpayer on the Date of Grant hereunder, including the eligible recipients of ISOs, shall be
subject to the provisions of Section 422 of the Code, and the terms, conditions, limitations and administrative procedures established
by the Plan Administrator from time to time in accordance with this Plan. At the discretion of the Plan Administrator, ISOs may only
be granted to an individual who is an employee of the Corporation, or of a “parent corporation” or “subsidiary corporation”
of the Corporation, as such terms are defined in Sections 424(e) and (f) of the Code.

 

		12.3	ISO Grants to 10% Shareholders

 

Notwithstanding anything to the contrary in this
Plan, if an ISO is granted to a person who owns shares representing more than 10% of the voting power of all classes of shares of the
Corporation or of a “parent corporation” or “subsidiary corporation”, as such terms are defined in Section 424(e) and
(f) of the Code, on the Date of Grant, the term of the Option shall not exceed five years from the time of grant of such Option and
the Exercise Price shall be at least 110% of the Market Price of the Shares subject to the Option.

 

    	 	- 28 -	 

     

    

 

		12.4	$100,000 Per Year Limitation for ISOs

 

To the extent the aggregate Market Price as at
the Date of Grant of the Shares for which ISOs are exercisable for the first time by any person during any calendar year (under all plans
of the Corporation and any “parent corporation” or “subsidiary corporation”, as such terms are defined in Section 424(e) and
(f) of the Code) exceeds US$100,000, such excess ISOs shall be treated as non–qualified stock options.

 

		12.5	Disqualifying Dispositions

 

Each person awarded an ISO under this Plan shall
notify the Corporation in writing immediately after the date he or she makes a disposition or transfer of any Shares acquired pursuant
to the exercise of such ISO if such disposition or transfer is made (a) within two years from the Date of Grant or (b) within
one year after the date such person acquired the Shares. Such notice shall specify the date of such disposition or other transfer and
the amount realized, in cash, other property, assumption of indebtedness or other consideration, by the person in such disposition or
other transfer. The Corporation may, if determined by the Plan Administrator and in accordance with procedures established by it, retain
possession of any Shares acquired pursuant to the exercise of an ISO as agent for the applicable person until the end of the later of
the periods described in

 

(a) or (b) above, subject to complying
with any instructions from such person as to the sale of such Shares.

 

		12.6	Section 409A of the Code

 

		(a)	This Plan will be construed and interpreted to be exempt from, or where not so exempt, to comply with Section 409A of the Code
to the extent required to preserve the intended tax consequences of this Plan. Any reference in this Plan to Section 409A of the
Code shall also include any regulation promulgated thereunder or any other formal guidance issued by the Internal Revenue Service with
respect to Section 409A of the Code. Each Award shall be construed and administered such that the Award either (A) qualifies
for an exemption from the requirements of Section 409A of the Code or (B) satisfies the requirements of Section 409A of
the Code. If an Award is subject to Section 409A of the Code, (I) distributions shall only be made in a manner and upon an event
permitted under section 409A of the Code, (II) payments to be made upon a termination of employment or service shall only be made
upon a “separation from service” under Section 409A of the Code,

 

(III) unless the Award specifies
otherwise, each installment payment shall be treated as a separate payment for purposes of Section 409A of the Code, and (IV) in
no event shall a Participant, directly or indirectly, designate the calendar year in which a distribution is made except in accordance
with Section 409A of the Code. To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Section 409A
of the Code, the Award will be granted, paid, settled or deferred in a manner that will meet the requirements of Section 409A of
the Code, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under
Section 409A of the Code. Payment of any Award that is intended to be exempt from Section 409A of the Code as a short- term
deferral shall in all events be paid by no later than March 15 of the year

 

    	 	- 29 -	 

     

    

 

following the year of the applicable vesting
event. The Corporation reserves the right to amend this Plan to the extent it reasonably determines is necessary in order to preserve
the intended tax consequences of this Plan in light of Section 409A of the Code. In no event will the Corporation or any of its subsidiaries
or Affiliates be liable for any tax, interest or penalties that may be imposed on a Participant under Section 409A of the Code or
any damages for failing to comply with Section 409A of the Code.

 

		(b)	All terms of the Plan that are undefined or ambiguous must be interpreted in a manner that complies with Section 409A of the
Code if necessary to comply with Section 409A of the Code.

 

		(c)	The Plan Administrator, in its sole discretion, may permit the acceleration of the time or schedule of payment of a U.S. Taxpayer’s
vested Awards in the Plan under circumstances that constitute permissible acceleration events under Section 409A of the Code.

 

		(d)	Notwithstanding any provisions of the Plan to the contrary, in the case of any “specified employee” within the meaning
of Section 409A of the Code who is a

 

U.S. Taxpayer, distributions of non–qualified
deferred compensation under Section 409A of the Code made in connection with a “separation from service” within the meaning
set forth in Section 409A of the Code may not be made prior to the date which is six months after the date of separation from service
(or, if earlier, the date of death of the U.S. Taxpayer). Any amounts subject to a delay in payment pursuant to the preceding sentence
shall be paid as soon practicable following such six–month anniversary of such separation from service.

 

		12.7	Section 83(b) Election

 

If a Participant makes an election pursuant to
Section 83(b) of the Code with respect to an Award of Shares subject to vesting or other forfeiture conditions, the Participant
shall be required to promptly file a copy of such election with the Corporation.

 

		12.8	Application of Article 12 to U.S. Taxpayers

 

For greater certainty, the provisions of this
Article 12 shall only apply to U.S. Taxpayers.

 

ARTICLE 13 

AMENDMENT, SUSPENSION OR TERMINATION OF THE
PLAN

 

		13.1	Amendment, Suspension, or Termination of the Plan

 

The Plan Administrator may from time to time,
without notice and without approval of the holders of voting shares of the Corporation, amend, modify, change, suspend or terminate the
Plan or any Awards granted pursuant to the Plan as it, in its discretion determines appropriate, provided, however, that:

 

    	 	- 30 -	 

     

    

 

		(a)	no such amendment, modification, change, suspension or termination of the Plan or any Awards granted hereunder may materially impair
any rights of a Participant or materially increase any obligations of a Participant under the Plan without the consent of the Participant,
unless the Plan Administrator determines such adjustment is required or desirable in order to comply with any applicable Securities Laws
or Exchange requirements; and

 

		(b)	any amendment that would cause an Award held by a U.S. Taxpayer to be subject to income inclusion under Section 409A of the Code
shall be null and void ab initio with respect to the U.S. Taxpayer unless the consent of the U.S. Taxpayer is obtained.

 

		13.2	Shareholder Approval

 

Notwithstanding Section 13.1 and subject to any rules of
the Exchange, approval of the holders of Shares shall be required for any amendment, modification or change that:

 

		(a)	increases the percentage of Shares reserved for issuance under the Plan, except pursuant to the provisions under Article 11 which
permit the Plan Administrator to make equitable adjustments in the event of transactions affecting the Corporation or its capital;

 

		(b)	increases or removes the 10% limits on Shares issuable or issued to Insiders as set forth in Section 3.7;

 

		(c)	reduces the exercise price of an Option Award (for this purpose, a cancellation or termination of an Option Award of a Participant
prior to its Expiry Date for the purpose of reissuing an Option Award to the same Participant with a lower exercise price shall be treated
as an amendment to reduce the exercise price of an Option Award) except pursuant to the provisions in the Plan which permit the Plan Administrator
to make equitable adjustments in the event of transactions affecting the Corporation or its capital;

 

		(d)	extends the term of an Option Award beyond the original Expiry Date (except where an Expiry Date would have fallen within a blackout
period applicable to the Participant or within 10 Business Days following the expiry of such a blackout period);

 

		(e)	permits an Option Award to be exercisable beyond 10 years from its Date of Grant (except where an Expiry Date would have fallen within
a blackout period of the Corporation);

 

		(f)	permits Awards to be transferred to a Person in circumstances other than those specified under Section 3.9;

 

		(g)	changes the eligible participants of the Plan; or

 

    	 	- 31 -	 

     

    

 

		(h)	deletes or reduces the range of amendments which require approval of shareholders under this Section 13.2.

 

		13.3	Permitted Amendments

 

Without limiting the generality of Section 13.1,
but subject to Section 13.2, the Plan Administrator may, without shareholder approval, at any time or from time to time, amend the
Plan for the purposes of:

 

		(a)	making any amendments to the general vesting provisions of each Award;

 

		(b)	making any amendments to the provisions set out in Article 10;

 

		(c)	making any amendments to add covenants of the Corporation for the protection of Participants, as the case may be, provided that the
Plan Administrator shall be of the good faith opinion that such additions will not be prejudicial to the rights or interests of the Participants,
as the case may be;

 

		(d)	making any amendments not inconsistent with the Plan as may be necessary or desirable with respect to matters or questions which,
in the good faith opinion of the Plan Administrator, having in mind the best interests of the Participants, it may be expedient to make,
including amendments that are desirable as a result of changes in law in any jurisdiction where a Participant resides, provided that the
Plan Administrator shall be of the opinion that such amendments and modifications will not be prejudicial to the interests of the Participants
and Directors; or

 

		(e)	making such changes or corrections which, on the advice of counsel to the Corporation, are required for the purpose of curing or correcting
any ambiguity or defect or inconsistent provision or clerical omission or mistake or manifest error, provided that the Plan Administrator
shall be of the opinion that such changes or corrections will not be prejudicial to the rights and interests of the Participants.

 

ARTICLE 14 

MISCELLANEOUS

 

		14.1	Legal Requirement

 

The Corporation is not obligated to grant any
Awards, issue any Shares or other securities, make any payments or take any other action if, in the opinion of the Plan Administrator,
in its sole discretion, such action would constitute a violation by a Participant or the Corporation of any provision of any applicable
statutory or regulatory enactment of any government or government agency or the requirements of any Exchange upon which the Shares may
then be listed.

 

		14.2	No Other Benefit

 

No amount will be paid to, or in respect of, a
Participant under the Plan to compensate for a downward fluctuation in the price of a Share, nor will any other form of benefit be conferred
upon, or in respect of, a Participant for such purpose.

 

    	 	- 32 -	 

     

    

 

		14.3	Rights of Participant

 

No Participant has any claim or right to be granted
an Award and the granting of any Award is not to be construed as giving a Participant a right to remain as an Employee, Consultant or
Director. No Participant has any rights as a shareholder of the Corporation in respect of Shares issuable pursuant to any Award until
the allotment and issuance to such Participant, or as such Participant may direct, of certificates representing such Shares.

 

		14.4	Corporate Action

 

Nothing contained in this Plan or in an Award
shall be construed so as to prevent the Corporation from taking corporate action which is deemed by the Corporation to be appropriate
or in its best interest, whether or not such action would have an adverse effect on this Plan or any Award.

 

		14.5	Conflict

 

In the event of any conflict between the provisions
of this Plan and an Award Agreement, the provisions of the Award Agreement shall govern. In the event of any conflict between or among
the provisions of this Plan or any Award Agreement, on the one hand, and a Participant’s employment agreement with the Corporation
or a subsidiary of the Corporation, as the case may be, on the other hand, the provisions of the employment agreement or other written
agreement shall prevail.

 

		14.6	Anti–Hedging Policy

 

By accepting an Award each Participant acknowledges
that he or she is restricted from purchasing financial instruments such as prepaid variable forward contracts, equity swaps, collars,
or units of exchange funds that are designed to hedge or offset a decrease in market value of Awards.

 

		14.7	Participant Information

 

Each Participant shall provide the Corporation
with all information (including personal information) required by the Corporation in order to administer the Plan. Each Participant acknowledges
that information required by the Corporation in order to administer the Plan may be disclosed to any custodian appointed in respect of
the Plan and other third parties, and may be disclosed to such persons (including persons located in jurisdictions other than the Participant’s
jurisdiction of residence), in connection with the administration of the Plan. Each Participant consents to such disclosure and authorizes
the Corporation to make such disclosure on the Participant’s behalf.

 

		14.8	Participation in the Plan

 

The participation of any Participant in the Plan
is entirely voluntary and not obligatory and shall not be interpreted as conferring upon such Participant any rights or privileges other
than those rights and privileges expressly provided in the Plan. In particular, participation in the Plan does not constitute a condition
of employment or engagement nor a commitment on the part of the Corporation to ensure the continued employment or engagement of such Participant.
The Plan does not provide any guarantee against any loss which may result from fluctuations in the market value

 

    	 	- 33 -	 

     

    

 

of the Shares. The Corporation does not assume
responsibility for the income or other tax consequences for the Participants and Directors and they are advised to consult with their
own tax advisors.

 

		14.9	International Participants

 

With respect to Participants who reside or work
outside Canada and the United States, the Plan Administrator may, in its sole discretion, amend, or otherwise modify, without shareholder
approval, the terms of the Plan or Awards with respect to such Participants in order to conform such terms with the provisions of local
law, and the Plan Administrator may, where appropriate, establish one or more sub–plans to reflect such amended or otherwise modified
provisions.

 

		14.10	Successors and Assigns

 

The Plan shall be binding on all successors and
assigns of the Corporation and its subsidiaries.

 

		14.11	General Restrictions or Assignment

 

Except as required by law, the rights of a Participant
under the Plan are not capable of being assigned, transferred, alienated, sold, encumbered, pledged, mortgaged or charged and are not
capable of being subject to attachment or legal process for the payment of any debts or obligations of the Participant unless otherwise
approved by the Plan Administrator.

 

		14.12	Severability

 

The invalidity or unenforceability of any provision
of the Plan shall not affect the validity or enforceability of any other provision and any invalid or unenforceable provision shall be
severed from the Plan.

 

		14.13	Notices

 

All written notices to be given by a Participant
to the Corporation shall be delivered personally, e– mail or mail, postage prepaid, addressed as follows:

 

Cardiol Therapeutics Inc. 

602-2265 Upper Middle Road East Oakville,
ON 

L6H 0G5

 

Attention: Director, Finance

dan.crandall@cardiolrx.com

 

All notices to a Participant will be addressed
to the principal address of the Participant on file with the Corporation. Either the Corporation or the Participant may designate a different
address by written notice to the other. Such notices are deemed to be received, if delivered personally or by e–mail, on the date
of delivery, and if sent by mail, on the fifth Business Day following the date of mailing. Any notice given by either the Participant
or the Corporation is not binding on the recipient thereof until received.

 

    	 	- 34 -	 

     

    

 

		14.14	Governing Law

 

This Plan and all matters to which reference is
made herein shall be governed by and interpreted in accordance with the laws of the Province of Ontario and the federal laws of Canada
applicable therein, without any reference to conflicts of law rules.

 

		14.15	Submission to Jurisdiction

 

The Corporation and each Participant irrevocably
submits to the exclusive jurisdiction of the courts of competent jurisdiction in the Province of Ontario in respect of any action or proceeding
relating in any way to the Plan, including, without limitation, with respect to the grant of Awards and any issuance of Shares made in
accordance with the Plan.

 

    	 	- 35 -	 

     

    

 

SCHEDULE A 

CARDIOL THERAPEUTICS INC.

 

OMNIBUS EQUITY INCENTIVE PLAN

 (THE “PLAN”)

 

ELECTION NOTICE

 

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

 

Pursuant to the Plan, I hereby elect
to participate in the grant of DSUs pursuant to Article 7 of the Plan and to receive     %
of my Cash Fees in the form of DSUs.

 

If I am a U.S. Taxpayer, I hereby further elect for any DSUs subject
to this Election Notice to be settled on the later of (i) my “separation from service” (within the meaning of Section 409A)
or

(ii)          .
I confirm that:

 

		(a)	I have received and reviewed a copy of the terms of the Plan and agreed to be bound by them.

 

		(b)	I recognize that when DSUs credited pursuant to this election are redeemed in accordance with the terms
of the Plan, income tax and other withholdings as required will arise at that time. Upon redemption of the DSUs, the Corporation will
make all appropriate withholdings as required by law at that time.

 

		(c)	The value of DSUs is based on the value of the Shares of the Corporation and therefore is not guaranteed.

 

		(d)	To the extent I am a U.S. taxpayer, I understand that this election is irrevocable for the calendar
year to which it applies and that any revocation or termination of this election after the expiration of the election period will not
take effect until the first day of the calendar year following the year in which I file the revocation or termination notice with the
Corporation.

 

The foregoing is only a brief outline of certain key provisions of
the Plan. For more complete information, reference should be made to the Plan’s text.

  

Date:

 

	 	 
	 	(Name of Participant)
	 	 
	 	 
	 	(Signature of Participant)

 

    	 	 	 

     

    

  

SCHEDULE B

 

CARDIOL THERAPEUTICS INC.

 

OMNIBUS EQUITY INCENTIVE PLAN

(THE “PLAN”)

 

ELECTION TO TERMINATE RECEIPT OF ADDITIONAL
DSUS

 

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

 

Notwithstanding my previous election in the form
of Schedule A to the Plan, I hereby elect that no portion of the Cash Fees accrued after the date hereof shall be paid in DSUs in
accordance with Article 7 of the Plan.

 

I understand that the DSUs already granted under
the Plan cannot be redeemed except in accordance with the Plan.

 

I confirm that I have received and reviewed a
copy of the terms of the Plan and agree to be bound by them.

 

Date:

 

 

	 	 
	 	(Name of Participant)
	 	 
	 	 
	 	(Signature of Participant)

 

 

Note: An election to terminate receipt of additional DSUs can
only be made by a Participant once in a calendar year.

 

    	 	 	 

     

    

 

 

SCHEDULE C

CARDIOL THERAPEUTICS INC.

 

OMNIBUS EQUITY INCENTIVE PLAN

(THE “PLAN”)

 

ELECTION TO TERMINATE RECEIPT OF ADDITIONAL
DSUS

(U.S. TAXPAYERS)

 

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

 

Notwithstanding my previous election in the form
of Schedule A to the Plan, I hereby elect that no portion of the Cash Fees accrued after the effective date of this termination notice
shall be paid in DSUs in accordance with Article 5 of the Plan.

 

I understand that this election to terminate receipt
of additional DSUs will not take effect until the first day of the calendar year following the year in which I file this termination notice
with the Corporation.

 

I understand that the DSUs already granted under
the Plan cannot be redeemed except in accordance with the Plan.

 

I confirm that I have received and reviewed a
copy of the terms of the Plan and agree to be bound by them.

 

Date:

  

 

	 	 
	 	(Name of Participant)
	 	 
	 	 
	 	(Signature of Participant)

 

 

Note: An election to terminate receipt of additional DSUs can
only be made by a Participant once in a calendar year.

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