Document:

Exhibit 10.11

 

ZOMEDICA PHARMACEUTICALS CORP.

 

STOCK OPTION PLAN

 

		1.	The Plan

 

A stock option plan (the "Plan"), pursuant to
which options to purchase common shares, or such other shares as may be substituted therefor ("Shares"), in the capital
of Zomedica Pharmaceuticals Corp. (the "Corporation") may be granted to the directors, officers and employees of the
Corporation and to consultants retained by the Corporation, is hereby established on the terms and conditions set forth herein.

 

		2.	Purpose

 

The purpose of this Plan is to advance the interests of
the Corporation by encouraging the directors, officers and employees of the Corporation and consultants retained by the Corporation
to acquire Shares, thereby: (i) increasing the proprietary interests of such persons in the Corporation; (ii) aligning the interests
of such persons with the interests of the Corporation's shareholders generally; (iii) encouraging such persons to remain associated
with the Corporation; and (iv) furnishing such persons with an additional incentive in their efforts on behalf of the Corporation.

 

		3.	Administration

	 	 	 
		(a)	This Plan shall be administered by the board of directors of the Corporation (the "Board").
	 	 	 

		(b)	Subject to the terms and conditions set forth herein, the Board is authorized to provide for the
granting, exercise and method of exercise of Options (as defined in paragraph 3(d) below), all on such terms (which may vary between
Options granted from time to time) as it shall determine. In addition, the Board shall have the authority to: (i) construe and
interpret this Plan and all option agreements entered into hereunder; (ii) prescribe, amend and rescind rules and regulations relating
to this Plan and (iii) make all other determinations necessary or advisable for the administration of this Plan. All determinations
and interpretations made by the Board shall be binding on all Participants (as hereinafter defined) and on their legal, personal
representatives and beneficiaries.
	 	 	 

		(c)	Notwithstanding the foregoing or any other provision contained herein, the Board shall have the
right to delegate the administration and operation of this Plan, in whole or in part, to a committee of the Board or to the President
or any other officer of the Corporation. Whenever used herein, the term "Board" shall be deemed to include any committee
or officer to which the Board has, fully or partially, delegated responsibility and/or authority relating to the Plan or the administration
and operation of this Plan pursuant to this Section 3.
	 	 	 

		(d)	Options to purchase the Shares granted hereunder ("Options") shall be evidenced by (i)
an agreement, signed on behalf of the Corporation and by the person to whom an Option is granted, which agreement shall be in such
form as the Board shall approve, or (ii) a written notice or other instrument, signed by the Corporation, setting forth the material
attributes of the Options.
	 	 	 

		4.	Shares Subject to Plan

	 	 	 
		(a)	Subject to Section 15 below, the securities that may be acquired by Participants upon the exercise
of Options shall be deemed to be fully authorized and issued Shares of the Corporation. Whenever used herein, the term "Shares"
shall be deemed to include any other securities that may be acquired by a Participant upon the exercise of an Option the terms
of which have been modified in accordance with Section 15 below.
	 	 	 

		(b)	The aggregate number of Shares reserved for issuance under this Plan, or any other plan of the
Corporation, shall not, at the time of the stock option grant, exceed ten percent (10%) of the total number of issued and outstanding
Shares (calculated on a non-diluted basis) unless the Corporation receives the permission of the stock exchange or exchanges on
which the Shares are then listed to exceed such threshold.
	 	 	 
	

    	1

     

    

	 	 	 

		(c)	If any Option granted under this Plan shall expire or terminate for any reason without having been
exercised in full, any un-purchased Shares to which such Option relates shall be available for the purposes of the granting of
Options under this Plan.
	 	 	 

		5.	Maintenance of Sufficient Capital

 

The Corporation shall at all times during the term of
this Plan ensure that the number of Shares it is authorized to issue shall be sufficient to satisfy the Corporation's obligations
under all outstanding Options granted pursuant to this Plan.

 

		6.	Eligibility
                                         and Participation

	 	 	 
		(a)	The Board may, in its discretion, select any of the following persons to participate in this Plan:
	 	 	 

		(i)	directors of the Corporation;
	 	 	 

		(ii)	officers of the Corporation;
	 	 	 

		(iii)	employees of the Corporation; and
	 	 	 

		(iv)	consultants retained by the Corporation, provided such consultants have performed and/or continue
to perform services for the Corporation on an ongoing basis or are expected to provide a service of value to the Corporation;
	 	 	 

(any such person having been selected for participation
in this Plan by the Board is herein referred to as a "Participant").

 

		(b)	The Board may from time to time, in its discretion, grant an Option to any Participant, upon such
terms, conditions and limitations as the Board may determine, including the terms, conditions and limitations set forth herein,
provided that Options granted to any Participant shall be approved by the shareholders of the Corporation if the rules of any stock
exchange on which the Shares are listed require such approval.
	 	 	 

		(c)	The Corporation represents that, for any Options granted to an officer, employee or consultant
of the Corporation, such Participant is a bona fide officer, employee or consultant of the Corporation.
	 	 	 

		7.	Exercise Price

 

The Board shall, at the time an Option is granted under
this Plan, fix the exercise price at which Shares may be acquired upon the exercise of such Option provided that such exercise
price shall not be less than that from time to time permitted under the rules of any stock exchange or exchanges on which the Shares
are then listed. In addition, the exercise price of an Option must be paid in cash. Disinterested shareholder approval shall be
obtained by the Corporation prior to any reduction to the exercise price if the affected Participant is an insider (as defined
in the Securities Act (Alberta)) of the Corporation at the time of the proposed amendment.

 

		8.	Number of Optioned Shares

 

The number of Shares that may be acquired under an Option
granted to a Participant shall be determined by the Board as at the time the Option is granted, provided that the aggregate number
of Shares reserved for issuance to any one Participant under this Plan or any other plan of the Corporation, shall not exceed five
percent of the total number of issued and outstanding Shares (calculated on a non-diluted basis) in any 12 month period unless
the Corporation receives the permission of the stock exchange or exchanges on which the Shares are listed to exceed such threshold
and provided further that the number of Options granted to any one consultant in a 12 month period shall not exceed 2% of the total
number of issued and outstanding Shares and the aggregate number of Options granted to persons employed to provide investor relations
activities shall not exceed 2% of the total number of issued and outstanding Shares in any 12 month period. The Corporation shall
obtain shareholder approval for grants of Options to insiders (as defined in the Securities Act (Alberta)), of a number
of Options exceeding 10% of the issued Shares, within any 12 month period.

 

    	2

     

    

 

		9.	Term

 

The period during which an Option may be exercised (the
"Option Period") shall be determined by the Board at the time that the Option is granted, subject to any vesting limitations
which may be imposed by the Board in its sole unfettered discretion at the time that such Option is granted and Sections 11, 12
and 16 below, provided that:

 

		(a)	no Option shall be exercisable for a period exceeding five (5) years from the date that the Option
is granted unless the Corporation receives the permission of the stock exchange or exchanges on which the Shares are then listed
and as specifically provided by the Board and as permitted under the rules of any stock exchange or exchanges on which the Shares
are then listed, and in any event, no Option shall be exercisable for a period exceeding ten (10) years from the date the Option
is granted;
	 	 	 

		(b)	no Option in respect of which shareholder approval is required under the rules of any stock exchange
or exchanges on which the Shares are then listed shall be exercisable until such time as the Option has been approved by the shareholders
of the Corporation;
	 	 	 

		(c)	the Board may, subject to the receipt of any necessary regulatory approvals, in its sole discretion,
accelerate the time at which any Option may be exercised, in whole or in part;
	 	 	 

		(d)	any Options granted prior to the completion of a Qualifying Transaction (as such term is defined
in the rules of the TSX Venture Exchange) to any Participant that does not continue as a director, officer, consultant or employee
(as the case may be) after the completion of a Qualifying Transaction have a maximum term of the later of 12 months after the completion
of a Qualifying Transaction and 90 days after the Participant ceases to be a director, officer, consultant or employee following
the Qualifying Transaction; and
	 	 	 

		(e)	any Options granted after completion of a Qualifying Transaction to any participant must expire
within 90 days after the Participant ceases to be a Participant, and within 30 days for any Participant engaged in investor relation
activities after such Participant ceases to be employed to provide investor relation activities.
	 	 	 

		10.	Method of Exercise of Option

	 	 	 
		(a)	Except as set forth in Sections 11 and 12 below or as otherwise determined by the Board, no Option
may be exercised unless the holder of such Option is, at the time the Option is exercised, a director, officer, employee or consultant
of the Corporation.
	 	 	 

		(b)	Options that are otherwise exercisable in accordance with the terms thereof may be exercised in
whole or in part from time to time.
	 	 	 

		(c)	Any Participant (or his legal, personal representative) wishing to exercise an Option shall deliver
to the Corporation, at its principal office in the City of Calgary, Alberta:
	 	 	 

		(i)	a written notice expressing the intention of such Participant (or his legal, personal representative)
to exercise his Option and specifying the number of Shares in respect of which the Option is exercised; and
	 	 	 
	

    	3

     

    

	 	 	 

		(ii)	a cash payment, certified cheque or bank draft, representing the full purchase price of the Shares
in respect of which the Option is exercised.
	 	 	 

		(d)	Upon the exercise of an Option as aforesaid, the Corporation shall use reasonable efforts to forthwith
deliver, or cause the registrar and transfer agent of the Shares to deliver, to the relevant Participant (or his legal, personal
representative) or to the order thereof, a certificate representing the aggregate number of fully paid and non-assessable Shares
in respect of which the Option has been duly exercised.
	 	 	 

		11.	Ceasing to be a Director, Officer, Employee or Consultant

 

If any Participant shall cease to hold the position or
positions of director, officer, consultant or employee of the Corporation (as the case may be) for any reason other than death,
his Option will terminate at 4:00 p.m. (Calgary time) on the earlier of the date of the expiration of the Option Period and 90
days after the date such Participant ceases to hold the position or positions of director, officer, employee or consultant of the
Corporation as the case may be, and ceases to actively perform services for the Corporation. Notwithstanding the foregoing, an
Option granted to a Participant who performs investor relations services on behalf of the Corporation shall terminate on the date
that is 30 days after the termination of the employment or cessation of services being provided and shall be subject to Exchange
policies and procedures for the termination of Options for investor relations services. For greater certainty, the termination
of any Options held by the Participant, and the period during which the Participant may exercise any Options, shall be without
regard to any notice period arising from the Participant's ceasing to hold the position or positions of director, officer, employee
or consultant of the Corporation (as the case may be).

 

Neither the selection of any person as a Participant nor
the granting of an Option to any Participant under this Plan shall: (i) confer upon such Participant any right to continue as a
director, officer, employee or consultant of the Corporation, as the case may be; or (ii) be construed as a guarantee that the
Participant will continue as a director, officer, employee or consultant of the Corporation, as the case may be.

 

		12.	Death of a Participant

 

In the event of the death of a Participant, any Option
previously granted to him shall be exercisable until the end of the Option Period or until the expiration of 12 months after the
date of death of such Participant, whichever is earlier, and then, in the event of death, only:

 

		(a)	by the person or persons to whom the Participant's rights under the Option shall pass by the Participant's
will or applicable law; and
	 	 	 

		(b)	to the extent that he was entitled to exercise the Option as at the date of his death.
	 	 	 

		13.	Rights of Participants

 

No person entitled to exercise any Option granted under
this Plan shall have any of the rights or privileges of a shareholder of the Corporation in respect of any Shares issuable upon
exercise of such Option until such Shares have been paid for in full and issued to such person.

 

		14.	Proceeds from Exercise of Options

 

The proceeds from any sale of Shares issued upon the exercise
of Options shall be added to the general funds of the Corporation and shall thereafter be used from time to time for such corporate
purposes as the Board may determine and direct.

 

    	4

     

    

 

		15.	Adjustments

	 	 	 
		(a)	The number of Shares subject to the Plan shall be increased or decreased proportionately in the
event of the subdivision or consolidation of the outstanding Shares of the Corporation, and in any such event a corresponding adjustment
shall be made to the number of Shares deliverable upon the exercise of any Option granted prior to such event without any change
in the total price applicable to the unexercised portion of the Option, but with a corresponding adjustment in the price for each
Share that may be acquired upon the exercise of the Option. In case the Corporation is reorganized or merged or consolidated or
amalgamated with another corporation, appropriate provisions shall be made for the continuance of the Options outstanding under
this Plan and to prevent any dilution or enlargement of the same.
	 	 	 

		(b)	Adjustments under this Section 15 shall be made by the Board, whose determination as to what adjustments
shall be made, and the extent thereof, shall be final, binding and conclusive. No fractional Shares shall be issued upon the exercise
of an Option following the making of any such adjustment.
	 	 	 

		16.	Change of Control

 

Notwithstanding the provisions of section 11 or any vesting
restrictions otherwise applicable to the relevant Options, in the event of a sale by the Corporation of all or substantially all
of its assets or in the event of a change of control of the Corporation, each Participant shall be entitled to exercise, in whole
or in part, the Options granted to such Participant hereunder, either during the term of the Option or within 90 days after the
date of the sale or change of control, whichever first occurs.

 

For the purpose of this Plan, "change of control
of the Corporation" means and shall be deemed to have occurred upon:

 

		(a)	the acceptance by the holders of Shares of the Corporation, representing in the aggregate, more
than 50 percent of all issued Shares of the Corporation, of any offer, whether by way of a takeover bid or otherwise, for all or
any of the outstanding Shares of the Corporation; or
	 	 	 

		(b)	the acquisition, by whatever means, by a person (or two or more persons who, in such acquisition,
have acted jointly or in concert or intend to exercise jointly or in concert any voting rights attaching to the Shares acquired),
directly or indirectly, of beneficial ownership of such number of Shares or rights to Shares of the Corporation, which together
with such person's then owned Shares and rights to Shares, if any, represent (assuming the full exercise of such rights to voting
securities) more than fifty percent (50%) of the combined voting rights of the Corporation's then outstanding Shares; or
	 	 	 

		(c)	the entering into of any agreement by the Corporation to merge, consolidate, amalgamate, initiate
an arrangement or be absorbed by or into another corporation; or
	 	 	 

		(d)	the passing of a resolution by the Board or shareholders of the Corporation to substantially liquidate
the assets or wind-up the Corporation's business or significantly rearrange its affairs in one or more transactions or series of
transactions or the commencement of proceedings for such a liquidation, winding-up or re-arrangement (except where such re-arrangement
is part of a bona fide reorganization of the Corporation in circumstances where the business of the Corporation is continued and
where the shareholdings remain substantially the same following the re-arrangement); or
	 	 	 

		(e)	individuals who were members of the Board of the Corporation immediately prior to a meeting of
the shareholders of the Corporation involving a contest for or an item of business relating to the election of directors, not constituting
a majority of the Board following such election.
	 	 	 
	

    	5

     

    

	 	 	 

		17.	Transferability

 

All benefits, rights and Options accruing to any Participant
in accordance with the terms and conditions of this Plan shall be non-transferrable and non-assignable unless specifically provided
herein. During the lifetime of a Participant, any Options granted hereunder may only be exercised by the Participant and in the
event of the death of a Participant, by the person or persons to whom the Participant's rights under the Option pass by the Participant's
will or applicable law.

 

		18.	Amendment and Termination of Plan

	 	 	 
		(a)	The Board may, at any time and from time to time, amend, suspend or terminate the Plan or an Option
without shareholder approval, provided that no such amendment, suspension or termination may be made without obtaining any required
approval of any regulatory authority or stock exchange or the consent or deemed consent of a Participant where such amendment,
suspension or termination materially prejudices the rights of the Participant.
	 	 	 

		(b)	Notwithstanding the provisions of Section 18(a), the Board may not, without the approval of the
security holders of the Corporation (or, as may be required by the policies and procedures of the Exchange, the approval of the
disinterested security holders of the Corporation), make amendments to the Plan or any Option for any of the following purposes:
	 	 	 

		(i)	to increase the maximum number of Shares that may be issued pursuant to Options granted under the
Plan as set out in Section 8;
	 	 	 

		(ii)	to reduce the exercise price of Options for the benefit of an Insider;
	 	 	 

		(iii)	to extend the term of an Option beyond the Option Period for the benefit of an Insider; and
	 	 	 

		(iv)	to amend the provisions of this Section 18.
	 	 	 

		(c)	In addition to the changes made pursuant to Section 3, the Board may, at any time and from time
to time, without the approval of the security holders of the Corporation amend any term of any outstanding Option (including, without
limitation, the exercise price, vesting and expiry of the Option), provided that:
	 	 	 

		(i)	any required approval of any regulatory authority or stock exchange is obtained;
	 	 	 

		(ii)	if the amendments would reduce the exercise price or extend the expiry date of the Options granted
to Insiders, approval of the security holders of the Corporation must be obtained;
	 	 	 

		(iii)	the Board would have had the authority to initially grant the Option under the terms so amended;
and
	 	 	 

		(iv)	the consent or deemed consent of the Participant is obtained if the amendment would materially
prejudice the rights of the Participant under the Option.
	 	 	 

		19.	Necessary Approvals

 

The obligation of the Corporation to issue and deliver
Shares in accordance with this Plan and Options granted hereunder is subject to applicable securities legislation and to the receipt
of any approvals that may be required from any regulatory authority or stock exchange having jurisdiction over the securities of
the Corporation. If Shares cannot be issued to a Participant upon the exercise of an Option for any reason whatsoever, the obligation
of the Corporation to issue such Shares shall terminate and any funds paid to the Corporation in connection with the exercise of
such Option will be returned to the relevant Participant as soon as practicable.

 

    	6

     

    

 

		20.	Stock Exchange Rules

 

This Plan and any option agreements entered into hereunder
shall comply with the requirements from time to time of the stock exchange or exchanges on which the Shares are listed.

 

		21.	Right to Issue Other Shares

 

The Corporation shall not by virtue of this Plan be in
any way restricted from declaring and paying stock dividends, issuing further Shares, varying or amending its share capital or
corporate structure or conducting its business in any way whatsoever.

 

		22.	Notice

 

Any notice required to be given by this Plan shall be
in writing and shall be given by registered mail, postage prepaid or delivered by courier or by facsimile transmission addressed,
if to the Corporation, at its principal address in Calgary, Alberta (Attention: President); or if to a Participant, to such Participant
at his address as it appears on the books of the Corporation or in the event of the address of any such Participant not so appearing
then to the last known address of such Participant; or if to any other person, to the last known address of such person.

 

		23.	Gender

 

Whenever used herein words importing the masculine gender
shall include the feminine and neuter genders and vice versa.

 

		24.	Interpretation

 

This Plan will be governed by and construed
in accordance with the laws of the Province of Alberta.

 

 

 

 

 

7Exhibit 10.14

 

 

FORM 5D

 

ESCROW AGREEMENT

(VALUE SECURITY)

 

 

THIS AGREEMENT is made as of the
21st day of April, 2016

 

AMONG:

 

ZOMEDICA PHARMACEUTICALS CORP. (the “Issuer”)

 

AND:

 

COMPUTERSHARE TRUST COMPANY OF CANADA
(the “Escrow Agent”)

 

AND:

 

EACH OF THE UNDERSIGNED SECURITYHOLDERS
OF THE ISSUER

(a “Securityholder”
or “you”)

 

(collectively, the “Parties”)

 

This Agreement is being entered into by the Parties under
Exchange Policy 5.4 - Escrow, Vendor Consideration and Resale Restrictions (the Policy) in connection with a Reverse
Takeover. The Issuer is a Tier 1 as described in Policy 2.1 - Initial Listing Requirements.

 

For good and valuable consideration, the Parties agree
as follows:

 

PART
1     ESCROW

 

	1.1		Appointment of Escrow Agent

 

The Issuer and the Securityholders appoint
the Escrow Agent to act as escrow agent under this Agreement. The Escrow Agent accepts the appointment.

 

	1.2		Deposit of Escrow Securities in Escrow

 

		(1)	You are depositing the securities (escrow securities) listed opposite your name in Schedule “A” with the
Escrow Agent to be held in escrow under this Agreement. You will immediately deliver or cause to be delivered to the Escrow Agent
any share certificates or other evidence of these securities which you have or which you may later receive.

 

    
	FORM 5D	ESCROW AGREEMENT	Page 1
	(as at June 14, 2010)	 	 

     

    

		(2)	If you receive
any other securities (additional escrow securities):

 

		(a)	as a dividend or other distribution on escrow securities;

 

		(b)	on the exercise of a right of purchase, conversion or exchange attaching to escrow securities, including
securities received on conversion of special warrants;

 

		(c)	on a subdivision, or compulsory or automatic conversion or exchange of escrow securities; or

 

		(d)	from a successor issuer in a business combination, if Part 6 of this Agreement applies,

 

you will deposit them in escrow with the Escrow Agent.
You will deliver or cause to be delivered to the Escrow Agent any share certificates or other evidence of those additional escrow
securities. When this Agreement refers to escrow securities, it includes additional escrow securities.

 

		(3)	You will immediately deliver to the Escrow Agent any replacement share certificates or other evidence of additional escrow
securities issued to you.

 

	1.3		Direction to Escrow Agent

 

The Issuer and the Securityholders direct the Escrow Agent to
hold the escrow securities in escrow until they are released from escrow under this Agreement.

 

PART 2     RELEASE OF ESCROW SECURITIES

 

	2.1		Release Provisions

 

The provisions of Schedule B(1) are incorporated
into and form part of this Agreement.

 

	2.2		Additional escrow securities

 

If you acquire additional escrow securities
in connection with the transaction to which this agreement relates, those securities will be added to the securities already in
escrow, to increase the number of remaining escrow securities. After that, all of the escrow securities will be released in accordance
with the applicable release schedule.

 

	2.3		Additional Requirements for Tier 2 Surplus Escrow Securities

 

Where securities are subject to a Tier
2 Surplus Security Escrow Agreement [Schedule B(4)], the following additional conditions apply:

 

    
	FORM 5D	ESCROW AGREEMENT	Page 2
	(as at June 14, 2010)	 	 

     

    

		(1)	The escrow securities will be cancelled if the asset, property, business or interest therein in consideration of which the
securities were issued, is lost, or abandoned, or the operations or development of such asset, property or business is discontinued.

 

		(2)	The Escrow Agent will not release escrow securities from escrow under schedule B(4) unless the Escrow Agent has received, within
the 15 days prior to the release date, a certificate from the Issuer that:

 

		(a)	is signed by two directors or officers of the Issuer;
	 	 	 
	 	(b)	is
dated not more than 30 days prior to the release date;

 

		(c)	states that the assets for which the escrow securities were issued (the “Assets”) were included as assets on the
balance sheet of the Issuer in the most recent financial statements filed by the Issuer with the Exchange; and

 

		(d)	states that the Issuer has no reasonable knowledge that the Assets will not be included as assets on the balance sheet of the
Issuer in the next financial statements to be filed by the Issuer with the Exchange.

 

		(3)	If, at any time during the term of this Agreement, the Escrow Agent is prohibited from releasing escrow securities on a release
date specified schedule B(4) as a result of section 2.3(2) above, then the Escrow Agent will not release any further escrow securities
from escrow without the written consent of the Exchange.

 

		(4)	If as a result of this section 2.3, the Escrow Agent does not release escrow securities from escrow for a period of five years,
then:

 

		(a)	the Escrow Agent will deliver a notice to the Issuer, and will include with the notice any certificates that the Escrow Agent
holds which evidence the escrow securities; and

 

		(b)	the Issuer and the Escrow Agent will take such action as is necessary to cancel the escrow securities.

 

		(5)	For the purposes of cancellation of escrow securities under this section, each Securityholder irrevocably
appoints the Escrow Agent as his or her attorney, with authority to appoint substitute attorneys, as necessary.

 

	2.4		Delivery of Share Certificates for Escrow Securities

 

The Escrow Agent will send to each Securityholder
any share certificates or other evidence of that Securityholder’s escrow securities in the possession of the Escrow Agent
released from escrow as soon as reasonably practicable after the release.

 

    
	FORM 5D	ESCROW AGREEMENT	Page 3
	(as at June 14, 2010)	 	 

     

    

	2.5		Replacement Certificates

 

If, on the date a Securityholder’s escrow securities are
to be released, the Escrow Agent holds a share certificate or other evidence representing more escrow securities than are to be
released, the Escrow Agent will deliver the share certificate or other evidence to the Issuer or its transfer agent and request
replacement share certificates or other evidence. The Issuer will cause replacement share certificates or other evidence to be
prepared and delivered to the Escrow Agent. After the Escrow Agent receives the replacement share certificates or other evidence,
the Escrow Agent will send to the Securityholder or at the Securityholder’s direction, the replacement share certificate
or other evidence of the escrow securities released. The Escrow Agent and Issuer will act as soon as reasonably practicable.

 

	2.6		Release upon Death

 

		(1)	If a Securityholder dies, the Securityholder’s escrow securities will be released from escrow. The Escrow Agent will
deliver any share certificates or other evidence of the escrow securities in the possession of the Escrow Agent to the Securityholder’s
legal representative provided that:

 

		(a)	the legal representative of the deceased Securityholder provides written notice to the Exchange of the intent to release the
escrow securities as at a specified date which is at least 10 business days and not more than 30 business days prior to the proposed
release; and

 

		(b)	the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m.
(Calgary time) on such specified date.

 

		(2)	Prior to delivery the Escrow Agent must receive:

 

		(a)	a certified copy of the death certificate; and

 

		(b)	any evidence of the legal representative’s status that the Escrow Agent may reasonably require.

 

	2.7		Exchange Discretion to Terminate

 

If the Escrow Agent receives a request from the Exchange to
halt or terminate the release of escrow securities from escrow, then the Escrow Agent will comply with that request, and will not
release any escrow securities from escrow until it receives the written consent of the Exchange.

 

	2.8		Discretionary Applications

 

The Exchange may consent
to the release from escrow of escrow securities in other circumstances and on terms and on conditions it deems appropriate. Securities
may be released from escrow provided that the Escrow Agent receives written notice from the Exchange.

 

    
	FORM 5D	ESCROW AGREEMENT	Page 4
	(as at June 14, 2010)	 	 

     

    

PART 3     EARLY RELEASE ON CHANGE
OF ISSUER STATUS

 

	3.1		Early Release – Graduation to Tier 1

 

		(1)	When a Tier 2 Issuer becomes a Tier 1 Issuer, the release schedule for its escrow securities changes.

 

		(2)	If the Issuer reasonably believes that it meets the Initial Listing Requirements of a Tier 1 Issuer as described in Policy
2.1 – Initial Listing Requirements, the Issuer may make application to the Exchange to be listed as a Tier 1 Issuer.
The Issuer must also concurrently provide notice to the Escrow Agent that it is making such an application.

 

		(3)	If the graduation to Tier 1 is accepted by the Exchange, the Exchange will issue an Exchange Bulletin confirming final acceptance
for listing of the Issuer on Tier 1. Upon issuance of this Bulletin the Issuer must immediately:

 

		(a)	issue a news release:
	 	 	 

		(i)	disclosing that it has been accepted for graduation to Tier 1; and
	 	 	 

		(ii)	disclosing the number of escrow securities to be released and the dates of release under the new schedule; and
	 	 	 

		(b)	provide the news release, together with a copy of the Exchange Bulletin, to the Escrow Agent.

 

		(4)	Upon completion of the steps in section 3.1(3) above, the Issuer’s release schedule will be replaced as follows:

 

	Applicable Schedule Pre-Graduation 	Applicable Schedule Post-Graduation
	Schedule B(2)	Schedule B(1)
	Schedule B(4)	Schedule B(3)

 

		(5)	Within 10 days of the Exchange Bulletin confirming the Issuer’s listing on Tier 1, the Escrow Agent must release any
escrow securities from escrow securities which under the new release schedule would have been releasable at a date prior to the
Exchange Bulletin.

 

PART 4     DEALING WITH ESCROW SECURITIES

 

	4.1		Restriction on Transfer, etc.

 

Unless it is expressly permitted
in this Agreement, you will not sell, transfer, assign, mortgage, enter into a derivative transaction concerning, or otherwise
deal in any way with your escrow securities or any related share certificates or other evidence of the escrow securities. If a
Securityholder is a private company controlled by one or more Principals of the Issuer, the Securityholder may not participate
in a transaction that results in a change of its control or a change in the economic exposure of the Principals to the risks of
holding escrow securities.

 

    
	FORM 5D	ESCROW AGREEMENT	Page 5
	(as at June 14, 2010)	 	 

     

    

	4.2		Pledge, Mortgage or Charge as Collateral for a Loan

 

Subject to Exchange acceptance, you may pledge, mortgage or
charge your escrow securities to a financial institution as collateral for a loan, provided that no escrow securities or any share
certificates or other evidence of escrow securities will be transferred or delivered by the Escrow Agent to the financial institution
for this purpose. The loan agreement must provide that the escrow securities will remain in escrow if the lender realizes on the
escrow securities to satisfy the loan.

 

	4.3		Voting of Escrow Securities

 

Although you may exercise voting rights attached to your escrow
securities, you may not, while your securities are held in escrow, exercise voting rights attached to any securities (whether in
escrow or not) in support of one or more arrangements that would result in the repayment of capital being made on the escrow securities
prior to a winding up of the Issuer.

 

	4.4		Dividends on Escrow Securities

 

You may receive a dividend or other distribution on your escrow
securities, and elect the manner of payment from the standard options offered by the Issuer. If the Escrow Agent receives a dividend
or other distribution on your escrow securities, other than additional escrow securities, the Escrow Agent will pay the dividend
or other distribution to you on receipt.

 

	4.5		Exercise of Other Rights Attaching to Escrow Securities

 

You may exercise your rights to exchange or convert your escrow
securities in accordance with this agreement.

 

PART 5     PERMITTED TRANSFERS WITHIN ESCROW

 

	5.1		Transfer to Directors and Senior Officers

 

		(1)	You may transfer escrow securities within escrow to existing or, upon their appointment, incoming
directors or senior officers of the Issuer or any of its material operating subsidiaries, if the Issuer’s board of directors
has approved the transfer and provided that:

 

		(a)	you make application to transfer under the Policy at least 10 business days and not more than 30 business
days prior to the date of the proposed transfer; and
	 	 	 

		(b)	the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver
time) or 11:00 a.m. (Calgary time) on such specified date.

 

		(2)	Prior to the transfer the Escrow Agent must receive:

 

		(a)	a certified copy of the resolution of the board of directors of the Issuer approving the transfer;

 

    
	FORM 5D	ESCROW AGREEMENT	Page 6
	(as at June 14, 2010)	 	 

     

    

		(b)	a certificate signed by a director or officer of the Issuer authorized to sign, stating that the transfer is to a director
or senior officer of the Issuer or a material operating subsidiary and that any required acceptance from the Exchange the Issuer
is listed on has been received;

 

		(c)	an acknowledgment in the form of Form 5E signed by the transferee; and

 

		(d)	a transfer power of attorney, completed and executed by the transferor in accordance with the requirements
of the Issuer’s transfer agent.

 

	5.2		Transfer to Other Principals

 

		(1)	You may transfer escrow securities within escrow:

 

		(a)	to a person or company that before the proposed transfer holds more than 20% of the voting rights
attached to the Issuer’s outstanding securities; or

 

		(b)	to a person or company that after the proposed transfer

 

		(i)	will hold more than 10% of the voting rights attached to the Issuer’s outstanding securities,
and

 

		(ii)	has the right to elect or appoint one or more directors or senior officers of the Issuer or any of
its material operating subsidiaries,

 

provided that:

 

		(c)	you make an application to transfer under the Policy at least 10 business days and not more than 30
business days prior to the date of the proposed transfer; and

 

		(d)	the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver
time) or 11:00 a.m. (Calgary time) on such specified date.

 

		(2)	Prior to the transfer the Escrow Agent must receive:

 

		(a)	a certificate signed by a director or officer of the Issuer authorized to sign, stating that:

 

		(i)	the transfer is to a person or company that the officer believes, after reasonable investigation,
holds more than 20% of the voting rights attached to the Issuer’s outstanding securities before the proposed transfer; or

 

		(ii)	the transfer is to a person or company that:

 

    
	FORM 5D	ESCROW AGREEMENT	Page 7
	(as at June 14, 2010)	 	 

     

    

		(A)	the officer believes, after reasonable investigation, will hold more than 10% of the voting rights
attached to the Issuer’s outstanding securities; and

 

		(B)	has the right to elect or appoint one or more directors or senior officers of the Issuer or any of
its material operating subsidiaries

 

after the proposed transfer; and

 

		(iii)	any required approval from the Exchange or any other exchange on which the Issuer is listed has been
received;

 

		(b)	an acknowledgment in the form of Form 5E signed by the transferee; and

 

		(c)	a transfer power of attorney, completed and executed by the transferor in accordance with the requirements
of the Issuer’s transfer agent.

 

	5.3		Transfer upon Bankruptcy

 

		(1)	You may transfer escrow securities within escrow to a trustee in bankruptcy or another person or company entitled to escrow
securities on bankruptcy provided that:

 

		(a)	you make application to transfer under the Policy at least 10 business days and not more than 30 business
days prior to the date of the proposed transfer; and

 

		(b)	the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver
time) or 11:00 a.m. (Calgary time) on such specified date.

 

		(2)	Prior to the transfer, the Escrow Agent must receive:

 

		(a)	a certified copy of either

 

		(i)	the assignment in bankruptcy filed with the Superintendent of Bankruptcy, or

 

		(ii)	the receiving order adjudging the Securityholder bankrupt;

 

		(b)	a certified copy of a certificate of appointment of the trustee in bankruptcy;

 

		(c)	a transfer power of attorney, duly completed and executed by the transferor in accordance with the requirements of the Issuer’s
transfer agent; and

 

		(d)	an acknowledgment in the form of Form 5E signed by

 

		(i)	the trustee in bankruptcy or

    
	FORM 5D	ESCROW AGREEMENT	Page 8
	(as at June 14, 2010)	 	 

     

    

		(ii)	on direction from the trustee, with evidence of that direction attached to the acknowledgement form,
another person or company legally entitled to the escrow securities.

 

	5.4		Transfer Upon Realization of Pledged, Mortgaged or Charged Escrow Securities

 

		(1)	You may transfer escrow securities you have pledged, mortgaged or charged under section 4.2 to a financial
institution as collateral for a loan within escrow to the lender on realization provided that:

 

		(a)	you make application to transfer under the Policy at least 10 business days and not more than 30 business
days prior to the date of the proposed transfer; and

 

		(b)	the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver
time) or 11:00 a.m. (Calgary time) on such specified date.

 

		(2)	Prior to the transfer the Escrow Agent must receive:

 

		(a)	a statutory declaration of an officer of the financial institution that the financial institution is legally entitled to the
escrow securities;

 

		(b)	evidence that the Exchange has accepted the pledge, mortgage or charge of escrow securities to the financial institution;

 

		(c)	a transfer power of attorney, executed by the transferor in accordance with the requirements of the Issuer’s transfer
agent; and

 

		(d)	an acknowledgement in the form of Form 5E signed by the financial institution.

 

	5.5		Transfer to Certain Plans and Funds

 

		(1)	You may transfer escrow securities within escrow to or between a registered retirement savings plan (RRSP), registered retirement
income fund (RRIF) or other similar registered plan or fund with a trustee, where the beneficiaries of the plan or fund are limited
to you and your spouse, children and parents provided that:

 

		(a)	you make application to transfer under the Policy at least 10 business days and not more than 30 business
days prior to the date of the proposed transfer; and

 

		(b)	the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver
time) or 11:00 a.m. (Calgary time) on such specified date.

 

		(2)	Prior to the transfer the Escrow Agent must receive:

 

		(a)	evidence from the trustee of the transferee plan or fund, or the trustee’s agent, stating that, to the best of the trustee’s
knowledge, the annuitant of the RRSP or RRIF or the beneficiaries of the other registered plan or fund do not include any person
or company other than you and your spouse, children and parents;

 

    
	FORM 5D	ESCROW AGREEMENT	Page 9
	(as at June 14, 2010)	 	 

     

    

		(b)	a transfer power of attorney, executed by the transferor in accordance with the requirements of the Issuer’s transfer
agent; and

 

		(c)	an acknowledgement in the form of Form 5E signed by the trustee of the plan or fund.

 

	5.6		Effect of Transfer Within Escrow

 

After the transfer of escrow securities within escrow, the escrow
securities will remain in escrow and released from escrow under this Agreement as if no transfer has occurred, on the same terms
that applied before the transfer. The Escrow Agent will not deliver any share certificates or other evidence of the escrow securities
to transferees under this Part 5.

 

	5.7		Discretionary Applications

 

The Exchange may consent to the transfer within escrow of escrow
securities in other circumstances and on such terms and conditions as it deems appropriate.

 

PART 6     BUSINESS COMBINATIONS

 

	6.1		Business Combinations

 

This Part applies to the following (business combinations):

 

		(a)	a formal take-over bid for all outstanding securities of the Issuer or which, if successful, would
result in a change of control of the Issuer

 

		(b)	a formal issuer bid for all outstanding equity securities of the Issuer

 

		(c)	a statutory arrangement

 

		(d)	an amalgamation

 

		(e)	a merger

 

		(f)	a reorganization that has an effect similar to an amalgamation or merger

 

	6.2		Delivery to Escrow Agent

 

		(1)	You may tender your escrow securities to a person or company in a business combination. At least five
business days prior to the date the escrow securities must be tendered under the business combination, you must deliver to the
Escrow Agent:

 

    
	FORM 5D	ESCROW AGREEMENT	Page 10
	(as at June 14, 2010)	 	 

     

    

		(a)	a written direction signed by you that directs the Escrow Agent to deliver to the depositary under the business combination
any share certificates or other evidence of the escrow securities and a completed and executed cover letter or similar document
and, where required, transfer power of attorney completed and executed for transfer in accordance with the requirements of the
Issuer’s depository, and any other documentation specified or provided by you and required to be delivered to the depositary
under the business combination;

 

		(b)	written consent of the Exchange; and

 

		(c)	any other information concerning the business combination as the Escrow Agent may reasonably require.

 

	6.3		Delivery to Depositary

 

		(1)	As soon as reasonably practicable, and in any event no later than three business days after the Escrow Agent receives the documents
and information required under section 6.2, the Escrow Agent will deliver to the depositary, in accordance with the direction,
any share certificates or other evidence of the escrow securities, and a letter addressed to the depositary that

 

		(a)	identifies the escrow securities that are being tendered;

 

		(b)	states that the escrow securities are held in escrow;

 

		(c)	states that the escrow securities are delivered only for the purposes of the business combination
and that they will be released from escrow only after the Escrow Agent receives the information described in section 6.4;

 

		(d)	if any share certificates or other evidence of the escrow securities have been delivered to the depositary, requires the depositary
to return to the Escrow Agent, as soon as practicable, the share certificates or other evidence of escrow securities that are not
released from escrow into the business combination; and

 

		(e)	where applicable, requires the depositary to deliver or cause to be delivered to the Escrow Agent, as soon as practicable,
share certificates or other evidence of additional escrow securities that you acquire under the business combination.

 

	6.4		Release of Escrow Securities to Depositary

 

		(1)	The Escrow Agent will release from escrow the tendered escrow securities provided
that:

 

		(a)	you or the Issuer make application to release the tendered securities under the Policy on a date at
least 10 business days and not more than 30 business days prior to the date of the proposed release date; and

 

    
	FORM 5D	ESCROW AGREEMENT	Page 11
	(as at June 14, 2010)	 	 

     

    

		(b)	the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver
time) or 11:00 a.m. (Calgary time) on such specified date;

 

		(c)	the Escrow Agent receives a declaration signed by the depositary or, if the direction identifies the
depositary as acting on behalf of another person or company in respect of the business combination, by that other person or company,
that

 

		(i)	the terms and conditions of the business combination have been met or waived; and

 

		(ii)	the escrow securities have either been taken up and paid for or are subject to an unconditional obligation to be taken up and
paid for under the business combination.

 

	6.5		Escrow of New Securities

 

		(1)	If you receive securities (new securities) of another issuer (successor issuer) in exchange for your escrow securities,
the new securities will be subject to escrow in substitution for the tendered escrow securities, unless, immediately after completion
of the business combination,
	 	 	 

		(a)	the successor issuer is an exempt issuer as defined in the National Policy;
	 	 	 

		(b)	the escrow holder was subject to a Value Security Escrow Agreement and is not a Principal of the successor issuer; and
	 	 	 

		(c)	the escrow holder holds less than 1% of the voting rights attached to the successor issuer’s outstanding securities.
(In calculating this percentage, include securities that may be issued to the escrow holder under outstanding convertible securities
in both the escrow holder’s securities and the total securities outstanding.)

 

	6.6		Release from Escrow of New Securities

 

		(1)	The Escrow Agent will send to a Securityholder share certificates or other evidence of the Securityholder’s new securities
as soon as reasonably practicable after the Escrow Agent receives:

 

		(a)	a certificate from the successor issuer signed by a director or officer of the successor issuer authorized to sign

 

		(i)	stating that it is a successor issuer to the Issuer as a result of a business combination;

 

		(ii)	containing a list of the securityholders whose new securities are subject to escrow under section 6.5;

 

    
	FORM 5D	ESCROW AGREEMENT	Page 12
	(as at June 14, 2010)	 	 

     

    

		(iii)	containing a list of the securityholders whose new securities are not subject to escrow under section 6.5;

 

		(b)	written confirmation from the Exchange that it has accepted the list of Securityholders whose new securities are not subject
to escrow under section 6.5.

 

		(2)	The escrow securities of the Securityholders, whose securities are not subject to escrow under section 6.5, will be released,
and the Escrow Agent will send any share certificates or other evidence of the escrow securities in the possession of the Escrow
Agent in accordance with section 2.4.

 

		(3)	If your new securities are subject to escrow, unless subsection (4) applies, the Escrow Agent will hold your new securities
in escrow on the same terms and conditions, including release dates, as applied to the escrow securities that you exchanged.

 

		(4)	If the Issuer is a Tier 2 Issuer and the successor issuer is a Tier 1 Issuer, the release provisions in section 3.1(4) relating
to graduation will apply.

 

PART 7     RESIGNATION OF ESCROW AGENT

 

	7.1		Resignation of Escrow Agent

 

		(1)	If the Escrow Agent wishes to resign as escrow agent, the Escrow Agent will give written notice to the Issuer and the Exchange.

 

		(2)	If the Issuer wishes to terminate the Escrow Agent as escrow agent, the Issuer will give written notice to the Escrow Agent
and the Exchange.

 

		(3)	If the Escrow Agent resigns or is terminated, the Issuer will be responsible for ensuring that the Escrow Agent is replaced
not later than the resignation or termination date by another escrow agent that is acceptable to the Exchange and that has accepted
such appointment, which appointment will be binding on the Issuer and the Securityholders.

 

		(4)	The resignation or termination of the Escrow Agent will be effective, and the Escrow Agent will cease to be bound by this Agreement,
on the date that is 60 days after the date of receipt of the notices referred to above by the Escrow Agent or Issuer, as applicable,
or on such other date as the Escrow Agent and the Issuer may agree upon (the “resignation or termination date”), provided
that the resignation or termination date will not be less than 10 business days before a release date.

 

		(5)	If the Issuer has not appointed a successor escrow agent within 60 days of the resignation or termination date, the Escrow
Agent will apply, at the Issuer’s expense, to a court of competent jurisdiction for the appointment of a successor escrow
agent, and the duties and responsibilities of the Escrow Agent will cease immediately upon such appointment.

 

    
	FORM 5D	ESCROW AGREEMENT	Page 13
	(as at June 14, 2010)	 	 

     

    

		(6)	On any new appointment under this section, the successor Escrow Agent will be vested with the same powers, rights, duties and
obligations as if it had been originally named herein as Escrow Agent, without any further assurance, conveyance, act or deed.
The predecessor Escrow Agent, upon receipt of payment for any outstanding account for its services and expenses then unpaid, will
transfer, deliver and pay over to the successor Escrow Agent, who will be entitled to receive, all securities, records or other
property on deposit with the predecessor Escrow Agent in relation to this Agreement and the predecessor Escrow Agent will thereupon
be discharged as Escrow Agent.

 

		(7)	If any changes are made to Part 8 of this Agreement as a result of the appointment of the successor Escrow Agent, those changes
must not be inconsistent with the Policy and the terms of this Agreement and the Issuer to this Agreement will fie a copy of the
new Agreement with the Exchange.

 

PART 8     OTHER CONTRACTUAL ARRANGEMENTS

 

	8.1		Escrow Agent Not a Trustee

 

The Escrow Agent accepts duties and responsibilities under this
Agreement, and the escrow securities and any share certificates or other evidence of these securities, solely as a custodian, bailee
and agent. No trust is intended to be, or is or will be, created hereby and the Escrow Agent shall owe no duties hereunder as a
trustee.

 

	8.2		Escrow Agent Not Responsible for Genuineness

 

The Escrow Agent will not be responsible or liable in any manner
whatever for the sufficiency, correctness, genuineness or validity of any escrow security deposited with it.

 

	8.3		Escrow Agent Not Responsible for Furnished Information

 

The Escrow Agent will have no responsibility for seeking, obtaining,
compiling, preparing or determining the accuracy of any information or document, including the representative capacity in which
a party purports to act, that the Escrow Agent receives as a condition to a release from escrow or a transfer of escrow securities
within escrow under this Agreement.

 

	8.4		Escrow Agent Not Responsible after Release

 

The Escrow Agent will have no responsibility for escrow securities
that it has released to a Securityholder or at a Securityholder’s direction according to this Agreement.

 

	8.5		Indemnification of Escrow Agent

 

The Issuer and each Securityholder hereby jointly and severally
agree to indemnify and hold harmless the Escrow Agent, its affiliates, and their current and former directors, officers, employees
and agents from and against any and all claims, demands, losses, penalties, costs, expenses, fees and liabilities, including, without
limitation, legal fees and expenses, directly or indirectly arising out of, in connection with, or in respect of, this Agreement,
except, subject to section 8.7, where same result directly and principally from gross negligence, wilful misconduct or bad faith
on the part of the Escrow Agent. This indemnity survives the release of the escrow securities, the resignation or termination of
the Escrow Agent and the termination of this Agreement.

 

    
	FORM 5D	ESCROW AGREEMENT	Page 14
	(as at June 14, 2010)	 	 

     

    

	8.6		Additional Provisions

 

		(1)	The Escrow Agent will be protected in acting and relying reasonably upon any notice, direction, instruction, order, certificate,
confirmation, request, waiver, consent, receipt, statutory declaration or other paper or document (collectively referred to as
“Documents”) furnished to it and purportedly signed by any officer or person required to or entitled to execute
and deliver to the Escrow Agent any such Document in connection with this Agreement, not only as to its due execution and the validity
and effectiveness of its provisions, but also as to the truth or accuracy of any information therein contained, which it in good
faith believes to be genuine.

 

		(2)	The Escrow Agent will not be bound by any notice of a claim or demand with respect thereto, or any waiver, modification, amendment,
termination or rescission of this Agreement unless received by it in writing, and signed by the other Parties and approved by the
Exchange, and, if the duties or indemnification of the Escrow Agent in this Agreement are affected, unless it has given its prior
written consent.

 

		(3)	The Escrow Agent may consult with or retain such legal counsel and advisors as it may reasonably require for the purpose of
discharging its duties or determining its rights under this Agreement and may rely and act upon the advice of such counsel or advisor.
The Escrow Agent will give written notice to the Issuer as soon as practicable that it has retained legal counsel or other advisors.
The Issuer will pay or reimburse the Escrow Agent for any reasonable fees, expenses and disbursements of such counsel or advisors.

 

		(4)	In the event of any disagreement arising under the terms of this Agreement, the Escrow Agent will be entitled, at its option,
to refuse to comply with any and all demands whatsoever until the dispute is settled either by a written agreement among the Parties
or by a court of competent jurisdiction.

 

		(5)	The Escrow Agent will have no duties or responsibilities except as expressly provided in this Agreement and will have no duty
or responsibility under the Exchange Policy or arising under any other agreement, including any agreement referred to in this Agreement,
to which the Escrow Agent is not a party.

 

		(6)	The Escrow Agent will have the right not to act and will not be liable for refusing to act unless it has received clear and
reasonable documentation that complies with the terms of this Agreement. Such documentation must not require the exercise of any
discretion or independent judgment.

 

		(7)	The Escrow Agent is authorized to cancel any share certificate delivered to it and hold such Securityholder’s escrow
securities in electronic or uncertificated form only, pending release of such securities from escrow.

 

    
	FORM 5D	ESCROW AGREEMENT	Page 15
	(as at June 14, 2010)	 	 

     

    

		(8)	The Escrow Agent will have no responsibility with respect to any escrow securities in respect of which no share certificate
or other evidence or electronic or uncertificated form of these securities has been delivered to it, or otherwise received by it.

 

		(9)	Any entity resulting from the merger, amalgamation or continuation of Computershare or succeeding to all or substantially all
of its transfer agency business (by sale of such business or otherwise), shall thereupon automatically become the Escrow Agent
hereunder without further act or formality. This Agreement shall enure to the benefit of and be binding upon the parties hereto
and their successors and assigns.

 

	8.7		Limitation of Liability of Escrow Agent

 

The Escrow Agent will not be liable to any of the Parties
hereunder for any action taken or omitted to be taken by it under or in connection with this Agreement, except for losses directly,
principally and immediately caused by its bad faith, wilful misconduct or gross negligence. Under no circumstances will the Escrow
Agent be liable for any special, indirect, incidental, consequential, exemplary, aggravated or punitive losses or damages hereunder,
including any loss of profits, whether foreseeable or unforeseeable. Notwithstanding the foregoing or any other provision of this
Agreement, in no event will the collective liability of the Escrow Agent under or in connection with this Agreement to any one
or more Parties, except for losses directly caused by its bad faith or willful misconduct, exceed the amount of its annual fees
under this Agreement or the amount of three thousand dollars ($3,000.00), whichever amount shall be greater.

 

	8.8		Remuneration of Escrow Agent

 

The Issuer will pay the Escrow Agent reasonable remuneration
for its services under this Agreement, which fees are subject to revision from time to time on 30 days' written notice. The Issuer
will reimburse the Escrow Agent for its expenses and disbursements. Any amount due under this section and unpaid 30 days after
request for such payment, will bear interest from the expiration of such period at a rate per annum equal to the then current rate
charged by the Escrow Agent, payable on demand.

 

PART 9     INDEMNIFICATION OF THE EXCHANGE

 

	9.1		Indemnification

 

		(1)	The Issuer and each Securityholder jointly and severally:

 

		(a)	release, indemnify and save harmless the Exchange from all costs (including legal cost, expenses
and disbursements), charges, claims, demands, damages, liabilities, losses and expenses incurred by the Exchange;

 

    
	FORM 5D	ESCROW AGREEMENT	Page 16
	(as at June 14, 2010)	 	 

     

    

		(b)	agree not to make or bring a claim or demand, or commence any action, against the Exchange; and

 

		(c)	agree to indemnify and save harmless the Exchange from all costs (including legal costs) and damages
that the Exchange incurs or is required by law to pay as a result of any person’s claim, demand or action,

 

arising from
any and every act or omission committed or omitted by the Exchange, in connection with this Agreement, even if said act or omission
was negligent, or constituted a breach of the terms of this Agreement.

 

		(2)	This indemnity survives the release of the escrow securities and the termination of this Agreement.

 

PART 10     NOTICES

 

	10.1		Notice to Escrow Agent

 

Documents will be considered to have been delivered to the Escrow
Agent on the next business day following the date of transmission, if delivered by fax, the date of delivery, if delivered by hand
during normal business hours or by prepaid courier, or 5 business days after the date of mailing, if delivered by mail, to the
following:

 

Computershare Trust Company of Canada

3rd Floor, 510 Burrard Street

Vancouver, BC V6C 3B9

Fax: (604) 661-9401

Attn: Manager

 

	10.2		Notice to Issuer

 

Documents will be considered to have been delivered to the Issuer
on the next business day following the date of transmission, if delivered by fax, the date of delivery, if delivered by hand or
by prepaid courier, or 5 business days after the date of mailing, if delivered by mail, to the following:

 

Zomedica Pharmaceuticals Corp.

c/o 1250, 639 – 5th Avenue S.W.

Calgary, Alberta T2P 0M9

Fax: 403-571-8008

Attention: Chief Executive Officer

 

	10.3		Deliveries to Securityholders

 

Documents will be considered to have been
delivered to a Securityholder on the date of delivery, if delivered by hand or by prepaid courier, or 5 business days after the
date of mailing, if delivered by mail, to the address on the Issuer’s share register.

 

    
	FORM 5D	ESCROW AGREEMENT	Page 17
	(as at June 14, 2010)	 	 

     

    

Any share certificates or other evidence of a Securityholder’s
escrow securities will be sent to the Securityholder’s address on the Issuer’s share register unless the Securityholder
has advised the Escrow Agent in writing otherwise at least ten business days before the escrow securities are released from escrow.
The Issuer will provide the Escrow Agent with each Securityholder’s address as listed on the Issuer’s share register.

 

	10.4		Change of Address

 

		(1)	The Escrow Agent may change its address for delivery by delivering notice of the change of address to the Issuer and to each
Securityholder.

 

		(2)	The Issuer may change its address for delivery by delivering notice of the change of address to the Escrow Agent and to each
Securityholder.

 

		(3)	A Securityholder may change that Securityholder’s address for delivery by delivering notice of the change of address
to the Issuer and to the Escrow Agent.

 

	10.5		Postal Interruption

 

A party to this Agreement will not mail a Document if the party
is aware of an actual or impending disruption of postal service.

 

PART 11     GENERAL

 

	11.1		Interpretation – “holding securities”

 

Unless the context otherwise requires,
all capitalized terms that are not otherwise defined in this Agreement, shall have the meanings as defined in Policy 1.1 - Interpretation
or in Policy 5.4 - Escrow, Vendor Consideration and Resale Restrictions.

 

When this Agreement refers to securities that a Securityholder
“holds”, it means that the Securityholder has direct or indirect beneficial ownership of or control or direction over
the securities.

 

	11.2		Enforcement by Third Parties

 

The Issuer enters this Agreement both on
its own behalf and as trustee for the Exchange and the Securityholders of the Issuer, and this Agreement may be enforced by either
the Exchange, or the Securityholders of the Issuer, or both.

 

	11.3		Termination, Amendment, and Waiver of Agreement

 

		(1)	Subject to subsection 11.3(3), this Agreement shall only terminate:

 

		(a)	with respect to all the Parties:

 

    
	FORM 5D	ESCROW AGREEMENT	Page 18
	(as at June 14, 2010)	 	 

     

    

		(i)	as specifically provided in this Agreement;

 

		(ii)	subject to subsection 11.3(2), upon the agreement of all Parties; or

 

		(iii)	when the Securities of all Securityholders have been released from escrow pursuant to this Agreement;
and

 

		(b)	with respect to a Party:

 

		(i)	as specifically provided in this Agreement; or

 

		(ii)	if the Party is a Securityholder, when all of the Securityholder’s Securities have been released
from escrow pursuant to this Agreement.

 

		(2)	An agreement to terminate this Agreement pursuant to section 11.3(1)(a)(ii) shall not be effective
unless and until the agreement to terminate

 

		(a)	is evidenced by a memorandum in writing signed by all Parties;

 

		(b)	if the Issuer is listed on the Exchange, the termination of this Agreement has been consented to
in writing by the Exchange; and

 

		(c)	has been approved by a majority vote of securityholders of the Issuer excluding in each case, Securityholders.

 

		(3)	Notwithstanding any other provision in this Agreement, the obligations set forth in section 9.1
shall survive the termination of this Agreement and the resignation or removal of the Escrow Agent.

 

		(4)	No amendment or waiver of this Agreement or any part of this Agreement shall be effective unless the amendment or waiver:

 

		(a)	is evidenced by a memorandum in writing signed by all Parties;

 

		(b)	if the Issuer is listed on the Exchange, the amendment or waiver of this Agreement has been approved
in writing by the Exchange; and

 

		(c)	has been approved by a majority vote of securityholders of the Issuer excluding in each case, Securityholders.

 

		(5)	No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision (whether
similar or not), nor shall any waiver constitute a continuing waiver, unless expressly provided.

 

    
	FORM 5D	ESCROW AGREEMENT	Page 19
	(as at June 14, 2010)	 	 

     

    

	11.4		Severance of Illegal Provision

 

Any provision or part of a provision of this Agreement determined
by a court of competent jurisdiction to be invalid, illegal or unenforceable shall be deemed stricken to the extent necessary to
eliminate any invalidity, illegality or unenforceability, and the rest of the Agreement and all other provisions and parts thereof
shall remain in full force and effect and be binding upon the parties hereto as though the said illegal and/or unenforceable provision
or part thereof had never been included in this Agreement.

 

	11.5		Further Assurances

 

The Parties will execute and deliver any further documents and
perform any further acts reasonably requested by any of the Parties to this agreement which are necessary to carry out the intent
of this Agreement.

 

	11.6		Time

 

Time is of the essence of this Agreement.

 

	11.7		Consent of Exchange to Amendment

 

The Exchange must approve any amendment to this Agreement if
the Issuer is listed on the Exchange at the time of the proposed amendment.

 

	11.8		Additional Escrow Requirements

 

A Canadian exchange may impose escrow terms
or conditions in addition to those set out in this Agreement.

 

	11.9		Governing Laws

 

The laws of Alberta and the applicable laws of Canada will govern
this Agreement.

 

	11.10		Counterparts

 

The Parties may execute this Agreement by fax and in counterparts,
each of which will be considered an original and all of which will be one agreement.

 

	11.11		Singular and Plural

 

Wherever a singular expression is used in this Agreement, that
expression is considered as including the plural or the body corporate where required by the context.

 

	11.12		Language

 

This Agreement has been drawn up in the English language at
the request of all parties. Cet acte a été rédigé en anglais à la demande de toutes les parties.

 

    
	FORM 5D	ESCROW AGREEMENT	Page 20
	(as at June 14, 2010)	 	 

     

    

	11.13		Benefit and Binding Effect

 

This Agreement will benefit and bind the Parties and their heirs,
executors, administrators, successors and permitted assigns and all persons claiming through them as if they had been a Party to
this Agreement.

 

	11.14		Entire Agreement

 

This is the entire agreement among the Parties
concerning the subject matter set out in this Agreement and supersedes any and all prior understandings and agreements.

 

	11.15		Successor to Escrow Agent

 

Any corporation with which the Escrow Agent may be amalgamated,
merged or consolidated, or any corporation succeeding to the business of the Escrow Agent will be the successor of the Escrow Agent
under this Agreement without any further act on its part or on the part or any of the Parties, provided that the successor is recognized
by the Exchange.

 

The Parties have executed and delivered this Agreement as of
the date set out above.

 

 

	COMPUTERSHARE TRUST COMPANY OF CANADA	 
	 	 
	/s/ Computershare Trust Company of Canada	 
	Authorized signatory	 
		 
	 	 
	Authorized signatory	 
	 	 
	ZOMEDICA PHARMACEUTICALS CORP.	 
	 	 
	/s/ Gerald Solensky Jr.	 
	Authorized signatory	 
		 
	/s/ Shameze Rampertab	 
	Authorized signatory	 

 

 

 

 

    
	FORM 5D	ESCROW AGREEMENT	Page 21
	(as at June 14, 2010)	 	 

     

    

	Signed, sealed and delivered by	)	 	 	 
	GERALD SOLENSKY JR. in the presence of:	)	 	 	 
		)	 	 	 
	Angela N. Moricz	)	 	 	 
	Name	)	 	 	 
		)	 	 	 
	3928 Varsity Drive	)	 	/s/ Gerald Solensky Jr.	 
	Address	)	 	GERALD SOLENSKY JR.	 
		)	 	 	 
	Ann Arbor, Michigan 48108	)	 	 	 
		)	 	 	 
		)	 	 	 
	Executive Admin. Assistant	)	 	 	 
	Occupation	)	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Signed, sealed and delivered by	)	 	 	 
	DR. WILLIAM MACARTHUR in the presence of:	)	 	 	 
		)	 	 	 
	Angela N. Moricz	)	 	 	 
	Name	)	 	 	 
		)	 	 	 
	3928 Varsity Drive	)	 	/s/ William MacArthur	 
	Address	)	 	DR. WILLIAM MACARTHUR	 
		)	 	 	 
	Ann Arbor, Michigan 48108	)	 	 	 
		)	 	 	 
		)	 	 	 
	Executive Admin. Assistant	)	 	 	 
	Occupation	)	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Signed, sealed and delivered by	)	 	 	 
	DR. STEPHANIE MORLEY in the presence of:	)	 	 	 
		)	 	 	 
	Angela N. Moricz	)	 	 	 
	Name	)	 	 	 
		)	 	 	 
	3928 Varsity Drive	)	 	/s/ Stephanie Morley	 
	Address	)	 	DR. STEPHANIE MORLEY	 
		)	 	 	 
	Ann Arbor, Michigan 48108	)	 	 	 
		)	 	 	 
	 	)	 	 	 
	Executive Admin. Assistant	)	 	 	 
	Occupation	)	 	 	 

 

 

    
	FORM 5D	ESCROW AGREEMENT	Page 22
	(as at June 14, 2010)	 	 

     

    
	Signed, sealed and delivered by	)	 	 	 
	JAMES LEBAR in the presence of:	)	 	 	 
		)	 	 	 
	James LeBar 	)	 	 	 
	Name	)	 	 	 
		)	 	 	 
	 	)	 	/s/ James LeBar	 
	Address	)	 	JAMES LEBAR	 
		)	 	 	 
	 	)	 	 	 
		)	 	 	 
		)	 	 	 
	Self-employed	)	 	 	 
	Occupation	)	 	 	 

 

 

 

 

	ROWE FAMILY GST TRUST	 
	 	 
	/s/ Michelle Rowe	 
	Authorized signatory	 
		 
	 	 
	Authorized signatory	 

 

    
	FORM 5D	ESCROW AGREEMENT	Page 23
	(as at June 14, 2010)	 	 

     

    

Schedule “A” to Escrow Agreement

 

Securityholder

 

Name: Gerald Solensky Jr.

 

Signature: /s/ Gerald Solensky
Jr.   

 

Address for Notice:

 

 

	
        Securities:

         
	 	 
	
        Class and Type

        (Value Securities)
	Number	
        Certificate(s) (if applicable)

         

	Common Shares	37,343,100	 
	 	 	 
	 	 	 

 

 

 

    
	FORM 5D	ESCROW AGREEMENT	Page 24
	(as at June 14, 2010)	 	 

     

    

Schedule “A” to Escrow Agreement

 

Securityholder

 

Name: Dr. William MacArthur

 

Signature: /s/ William MacArthur     

 

Address for Notice:

 

 

	
        Securities:

         
	 	 
	
        Class and Type

        (Value Securities)
	Number	
        Certificate(s) (if applicable)

         

	Common Shares	1,334,740	  
	 	 	 
	 	 	 

 

 

 

    
	FORM 5D	ESCROW AGREEMENT	Page 25
	(as at June 14, 2010)	 	 

     

    

Schedule “A” to Escrow Agreement

 

Securityholder

 

Name: Dr. Stephanie Morley

 

Signature: /s/ Stephanie Morley     

 

Address for Notice:

 

 

	
        Securities:

         
	 	 
	
        Class and Type

        (Value Securities)
	Number	
        Certificate(s) (if applicable)

         

	Common Shares	815,580	 
	 	 	 
	 	 	 

 

 

 

    
	FORM 5D	ESCROW AGREEMENT	Page 26
	(as at June 14, 2010)	 	 

     

    

Schedule “A” to Escrow Agreement

 

Securityholder

 

Name: Jim Lebar

 

Signature: /s/ James LeBar                  

 

Address for Notice:

 

 

	
        Securities:

         
	 	 
	
        Class and Type

        (Value Securities)
	Number	
        Certificate(s) (if applicable)

         

	Common Shares	200,000	 
	 	 	 
	 	 	 

 

 

 

    
	FORM 5D	ESCROW AGREEMENT	Page 27
	(as at June 14, 2010)	 	 

     

    

Schedule “A” to Escrow Agreement

 

Securityholder

 

Name: Rowe Family GST Trust

 

Signature: /s/ Michelle Rowe      

 

Address for Notice:

 

 

	
        Securities:

         
	 	 
	
        Class and Type

        (Value Securities)
	Number	
        Certificate(s) (if applicable)

         

	Common Shares	11,120,000	 
	 	 	 
	 	 	 

 

 

 

 

    
	FORM 5D	ESCROW AGREEMENT	Page 28
	(as at June 14, 2010)	 	 

     

    

SCHEDULE B(1) – TIER 1 VALUE SECURITY
ESCROW AGREEMENT

 

RELEASE OF SECURITIES

 

Timed Release

 

	Release Dates	Percentage of Total 

Escrowed Securities to be 

Released	Total Number of Escrowed 

Securities to be Released
	[Insert date of Exchange Bulletin]	25%	 
	[Insert date 6 months following Exchange Bulletin]	25%	 
	[Insert date 12 months following Exchange Bulletin]	25%	 
	[Insert date 18 months following Exchange Bulletin]	25%	 
	TOTAL	100%	 

 

*In
the simplest case where there are no changes to the escrow securities initially deposited and no additional escrow securities,
then the release schedule outlined above results in the escrow securities being released in equal tranches of 25%.

 

    
	FORM 5D	ESCROW AGREEMENT	Page 29
	(as at June 14, 2010)	 	 

     

    

SCHEDULE B(2) – TIER 2 VALUE SECURITY
ESCROW AGREEMENT

 

RELEASE OF SECURITIES

 

Timed Release

 

	
        Release Dates
	Percentage of Total Escrowed 

Securities to be Released	Total Number of Escrowed 

Securities to be Released
	[Insert date of Exchange Bulletin]	10%	5,081,342
	[Insert date 6 months following Exchange Bulletin]	15%	7,622,013
	[Insert date 12 months following Exchange Bulletin]	15%	7,622,013
	[Insert date 18 months following Exchange Bulletin]	15%	7,622,013
	[Insert date 24 months following Exchange Bulletin]	15%	7,622,013
	[Insert date 30 months following Exchange Bulletin]	15%	7,622,013
	[Insert date 36 months following Exchange Bulletin]	15%	7,622,013
	TOTAL	100%	50,813,420

 

*In
the simplest case where there are no changes to the escrow securities initially deposited and no additional escrow securities,
the release schedule outlined above results in the escrow securities being released in equal tranches of 15% after completion of
the release on the date of the Exchange Bulletin.

 

    
	FORM 5D	ESCROW AGREEMENT	Page 30
	(as at June 14, 2010)	 	 

     

    

SCHEDULE B(3) – TIER 1 SURPLUS
SECURITY ESCROW AGREEMENT

 

RELEASE OF SECURITIES

 

Timed Release

 

	
         

        Release Dates
	Percentage of Total Escrowed 

Securities to be Released	Total Number of Escrowed 

Securities to be Released
	[Insert date of Exchange Bulletin]	10%	 
	[Insert date 6 months following Exchange Bulletin]	20%	 
	[Insert date 12 months following Exchange Bulletin]	30%	 
	[Insert date 18 months following Exchange Bulletin]	40%	 
	TOTAL	100%	 

 

 

    
	FORM 5D	ESCROW AGREEMENT	Page 31
	(as at June 14, 2010)	 	 

     

    

SCHEDULE
B(4) – TIER 2 SURPLUS SECURITY ESCROW AGREEMENT

 

RELEASE OF SECURITIES

 

Timed Release

 

	
        Release Dates
	Percentage of Total 

Escrowed Securities to be 

Released	Total Number of 

Escrowed Securities to be 

Released
	[Insert date of Exchange Bulletin]	5%	 
	[Insert date 6 months following Exchange Bulletin]	5%	 
	[Insert date 12 months following Exchange Bulletin]	10%	 
	[Insert date 18 months following Exchange Bulletin]	10%	 
	[Insert date 24 months following Exchange Bulletin]	15%	 
	[Insert date 30 months following Exchange Bulletin]	15%	 
	[Insert date 36 months following Exchange Bulletin]	40%	 
	TOTAL	100%	 

 

    
	FORM 5D	ESCROW AGREEMENT	Page 32
	(as at June 14, 2010)	 	 

     

    

SCHEDULE
B(5)

UNDERTAKING OF HOLDING COMPANY

 

		TO:	THE TSX VENTURE EXCHANGE

 

l
(the "Securityholder") has subscribed for and agreed to purchase,
as principal, l Common
Shares of ZOMEDICA PHARMACEUTICALS CORP. (the "Escrowed Securities"). The Escrowed Securities will be held in escrow
as detailed in the escrow agreement entered into between ZOMEDICA PHARMACEUTICALS CORP. (the “Issuer”), l
and the Securityholder.

 

The undersigned Securityholder
undertakes that, to the extent reasonably possible, it will not permit or authorize its securities to be issued or transferred,
nor will it otherwise authorize any transaction involving any of its securities that could reasonably result in a change of its
control without the prior consent of the TSX Venture Exchange, as long as any Escrowed Securities remain held or are required to
be held in escrow.

 

DATED this         
day of                          ,
2016.

 

 

	 	
	 	(Name of Securityholder - please print)
	 	 
	 	
	 	(Authorized Signature)
	 	 
	 	
	 	(Official Capacity - please print)
	 	 
	 	
	 	(Please print here name of individual whose signature appears above)

 

 

 

 

    
	FORM 5D	ESCROW AGREEMENT	Page 33
	(as at June 14, 2010)	 	 

     

    

The Securityholder is directly controlled
by the undersigned who undertakes that, to the extent reasonably possible, he will not permit or authorize securities of the Securityholder
to be issued or transferred, nor otherwise carry out any transaction that could reasonably result in a change of control of the
Securityholder without the prior consent of the TSX Venture Exchange, as long as any Escrowed Securities remain held or are required
to be held in escrow.

 

 

DATED this         
day of                          ,
2016.

 

 

	 	
	 	(Signature)
	 	 
	 	
	 	(Name of Controlling Securityholder
– please print)
	 	 
	 	
	 	(Signature)
	 	 
	 	
	 	(Name of Controlling Securityholder
– please print)

 

 

 

 

	FORM 5D	ESCROW AGREEMENT	Page 34
	(as at June 14, 2010)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}]]