Document:

DIN-2016-6-30-10Q-EX 10.1

EXHIBIT 10.1
Restricted Stock Agreement One-Fourth Annual Vesting – Employees
______________________________________________________________________________

DINEEQUITY, INC.  
2011 STOCK INCENTIVE PLAN 
RESTRICTED STOCK AWARD AGREEMENT
THIS RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”) is entered into as of ___________ (the “Date of Grant”), by and between DINEEQUITY, INC., a Delaware corporation (the “Company”), and ___________ (the “Participant”).
RECITALS:
Pursuant to the DineEquity, Inc. 2011 Stock Incentive Plan (the “Plan”), the Compensation Committee of the Board of Directors of the Company (the “Committee”), as the administrator of the Plan, has determined that the Participant is to be granted a Restricted Stock Award (the “Award”) pursuant to which the Participant shall receive shares of the Company’s common stock, on the terms and conditions set forth herein.
Any capitalized terms not defined herein shall have their respective meanings set forth in the Plan. 
AGREEMENT:
In consideration of the foregoing and of the mutual covenants set forth herein and other good and valuable consideration, the parties hereto agree as follows:
1.GRANT OF STOCK.  The Company hereby grants to Participant a Restricted Stock Award of ______ shares (the “Restricted Shares”) of common stock, $.01 par value, of the Company (the “Common Stock”), subject to the terms and conditions set forth herein.
2.    RESTRICTIONS AND CONDITIONS.  Subject to the Participant’s continuous employment with the Company, the Restriction Period applicable to the Restricted Shares shall lapse, and the Restricted Shares shall become vested as to one-fourth (1/4) of the Restricted Shares subject to the Award on each of the first, second, third and fourth anniversaries of the Date of Grant.  Except as provided in Section 3, the Restricted Shares will be forfeited as to the unvested portion of the Award if the Participant does not remain continuously in the employment of the Company through the specified lapsing dates set forth above.  So long as the shares of Common Stock are subject to restrictions imposed under the Plan and the Agreement:
(a)    the shares shall be held by a custodian in book entry form with restrictions on such shares duly noted or, alternatively, a certificate or certificates representing the Award shall be registered in the Participant’s name;
(b)    all such certificates shall be deposited with the Company, together with stock powers or other instruments of assignment (including a power of attorney), each endorsed in blank with a guarantee of signature if deemed necessary or appropriate, which would permit transfer to the Company of all or a portion of the shares of Common Stock subject to the Award in the event the Award is forfeited in whole or in part;
(c)    the record address of the holder of record of such shares shall be care of the Secretary of the Company at the Company’s principal executive office;
(d)    such shares shall bear a restrictive legend, as follows:
“The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) of the DineEquity, Inc. 2011 Stock Incentive Plan, as amended, and a Restricted Stock Award Agreement entered into between the registered owner and DineEquity, Inc. Copies of such Plan and Agreement are on file in the offices of DineEquity, Inc.”;
(e)    such shares shall bear any additional legend which may be required pursuant to Section 5.6 of the Plan; and
(f)    the Participant shall not be permitted to sell, transfer, pledge or assign the shares, except as described in Section 4 below.
As of each lapsing date set forth above or in Section 3, subject to the Company’s right to require payment of any taxes as described in Section 8 below, the restrictions shall be removed from the requisite number of any shares of Common Stock that are held in book entry form, and all certificates evidencing ownership of the requisite number of shares of Common Stock shall be delivered to the Participant.
3.    RIGHTS UPON TERMINATION OF EMPLOYMENT. 
(a)    Service Vesting.  Except as otherwise provided in this Section 3, the Restricted Shares will be forfeited as to the unvested portion of the Award if the Participant does not remain continuously in the employment of the Company through the specified lapsing dates set forth in Section 2 above.
(b)    Disability or Death.  If the Participant’s employment with the Company terminates due to Disability or death, the Restriction Period shall lapse in its entirety and the Restricted Shares shall become fully vested and nonforfeitable.
(c)    Change in Control.  If the Participant’s employment with the Company is terminated within a period of twenty-four (24) months following a Change in Control (i) by the Company other than for Cause or (ii) by the Participant for Good Reason (as such terms are defined herein below or in the Plan), the Restriction Period shall lapse in its entirety and the Restricted Shares shall become fully vested and nonforfeitable.
4.    NON-TRANSFERABILITY OF AWARD.  The Award and this Agreement shall not be transferable other than by will, the laws of descent and distribution or pursuant to beneficiary designation procedures approved by the Company.  Notwithstanding the foregoing, the Award and this Agreement may be transferable to the Participant’s family members, to a trust or entity established by the Participant for estate planning purposes, to a charitable organization designated by the Participant or pursuant to a qualified domestic relations order.  Except as permitted by this Section 4, the Award may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process.  Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the Award, the Award and all rights thereunder shall immediately become null and void.
5.    DISPUTE RESOLUTION.  The parties hereto will use their reasonable best efforts to resolve any dispute hereunder through good faith negotiations.  A party hereto must submit a written notice to any other party to whom such dispute pertains, and any such dispute that cannot be resolved within thirty (30) calendar days of receipt of such notice (or such other period to which the parties may agree) will be submitted to an arbitrator selected by mutual agreement of the parties.  In the event that, within fifty (50) days of the written notice referred to in the preceding sentence, a single arbitrator has not been selected by mutual agreement of the parties, a panel of arbitrators (with each party to the dispute being entitled to select one arbitrator and, if necessary to prevent the possibility of deadlock, one additional arbitrator being selected by such arbitrators selected by the parties to the dispute) shall be selected by the parties.  Except as otherwise provided herein or as the parties to the dispute may otherwise agree, such arbitration will be conducted in accordance with the then existing rules of the American Arbitration Association.  The decision of the arbitrator or arbitrators, or of a majority thereof, as the case may be, made in writing will be final and binding upon the parties hereto as to the questions submitted, and the parties will abide by and comply with such decision; provided, however, the arbitrator or arbitrators, as the case may be, shall not be empowered to award punitive damages.  Unless the decision of the arbitrator or arbitrators, as the case may be, provides for a different allocation of costs and expenses determined by the arbitrators to be equitable under the circumstances, the prevailing party or parties in any arbitration will be entitled to recover all reasonable fees (including but not limited to attorneys’ fees) and expenses incurred by it or them in connection with such arbitration from the non-prevailing party or parties.
6.    NOTICES.  Any notice required or permitted under this Agreement shall be deemed given when delivered either personally, by overnight courier, or when deposited in a United States Post Office, postage prepaid, addressed as appropriate, to the Participant either at his/her address set forth below or such other address as he or she may designate in writing to the Company, or to the Company:  Attention:  General Counsel (or said designee), at the Company’s address or such other address as the Company may designate in writing to the Participant.
7.    FAILURE TO ENFORCE NOT A WAIVER.  The failure of the Company to enforce at any time any provision of this Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.
8.    WITHHOLDING.  The Company shall have the right to require, prior to the issuance or delivery of any shares of Common Stock pursuant to the Award, payment by the Participant of any federal, state, local or other taxes which may be required to be withheld or paid in connection with the Award.  The Company shall withhold whole shares of Common Stock which would otherwise be delivered to the Participant, having an aggregate Fair Market Value determined as of the date the obligation to withhold or pay taxes arises in connection with an award (the “Tax Date”), or withhold an amount of cash which would otherwise be payable to the Participant, in the amount necessary to satisfy any such obligation, or the Participant may satisfy any such obligation by any of the following means:  (i) a cash payment to the Company, (ii) delivery (either actual delivery or by attestation procedures established by the Company) to the Company of previously owned whole shares of Common Stock having an aggregate Fair Market Value, determined as of the Tax Date, equal to the amount necessary to satisfy any such obligation, (iii) authorizing the Company to withhold whole shares of Common Stock which would otherwise be delivered having an aggregate Fair Market Value, determined as of the Tax Date, or withhold an amount of cash which would otherwise be payable to the Participant, in either case equal to the amount necessary to satisfy any such obligation or (iv) any combination of (i), (ii) and (iii).  Shares of Common Stock to be delivered or withheld may not have an aggregate Fair Market Value in excess of the amount determined by applying the minimum statutory withholding rate.  Any fraction of a share of Common Stock which would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall be paid in cash by the Participant.
9.    INCORPORATION OF PLAN.  The Plan is hereby incorporated by reference and made a part hereof, and the Award and this Agreement are subject to all terms and conditions of the Plan.
10.    EMPLOYMENT.  Neither the Plan, the granting of the Award, this Agreement nor any other action taken pursuant to the Plan shall confer upon any person any right to continued employment by or service with the Company, any Subsidiary or any affiliate of the Company or affect in any manner the right of the Company, any Subsidiary or any affiliate of the Company to terminate the employment of any person at any time without liability hereunder.  For purposes of this Agreement, references to employment with the Company shall include employment or service with any Subsidiary of the Company.
11.    AMENDMENT AND TERMINATION.  The Board may amend the Plan as it shall deem advisable, subject to any requirement of stockholder approval required by applicable law, rule or regulation, including Section 162(m) of the Code and any rule of the New York Stock Exchange, or any other stock exchange on which shares of Common Stock are traded; provided, however, that no amendment may impair the rights of the Participant without the consent of the Participant.
12.    GOVERNING LAW.  To the extent not otherwise governed by the Code or the laws of the United States, this Agreement shall be governed by the laws of the State of Delaware and construed in accordance therewith without giving effect to principles of conflicts of laws.
13.    COUNTERPARTS.  This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.
14.    DEFINED TERMS.  As used in this Agreement, the following terms shall have the meanings set forth below:
(a)    “Cause” shall mean as determined by the Company, (i) the willful failure by the Participant to substantially perform his or her duties with the Company (other than any such failure resulting from the Participant’s incapacity due to physical or mental illness); (ii) the Participant’s willful misconduct that is demonstrably and materially injurious to the Company, monetarily or otherwise; (iii) the Participant’s commission of such acts of dishonesty, fraud, misrepresentation or other acts of moral turpitude as would prevent the effective performance of the Participant’s duties; or (iv) the Participant’s conviction or plea of no contest to a felony or a crime of moral turpitude.
(b)    “Disability” shall mean that the Participant, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, is receiving income replacement benefits for a period of not less than three months under a long-term disability plan maintained by the Company or one of its Subsidiaries.
(c)    The Participant shall have “Good Reason” to effect a voluntary termination of his or her employment in the event that the Company (i) breaches its obligations to pay any salary, benefit or bonus due to him or her, including its obligations under this Agreement, (ii) requires the Participant to relocate more than 50 miles from the Participant’s current, principal place of employment, (iii) assigns to the Participant any duties inconsistent with the Participant’s position with the Company or significantly and adversely alters the nature or status of the Participant’s responsibilities or the conditions of the Participant’s employment, or (iv) reduces the Participant’s base salary and/or bonus opportunity, except for across-the-board reductions similarly affecting all similarly situated employees of the Company and all similarly situated employees of any corporation or other entity which is in control of the Company; and in the event of any of (i), (ii), (iii) or (iv), the Participant has given written notice to the Committee or the Board of Directors as to the details of the basis for such Good Reason within thirty (30) days following the date on which the Participant alleges the event giving rise to such Good Reason occurred, the Company has failed to provide a reasonable cure within thirty (30) days after its receipt of such notice and the effective date of the termination for Good Reason occurs within 90 days after the initial existence of the facts or circumstances constituting Good Reason.
IN WITNESS WHEREOF, the parties have executed this Restricted Stock Award Agreement on the day and year first above written.
COMPANY:
DINEEQUITY, INC.
By:                    Julia A. Stewart 
    Chairman and CEO
PARTICIPANT:
 
[Name]
 
Address
 
City/State/Zip

1Exhibit 4.1

 

 

2014 AMENDED AND RESTATED STOCK OPTION
PLAN

 

CYNAPSUS THERAPEUTICS INC.

(the “Corporation”)

 

DIRECTORS, MANAGEMENT, EMPLOYEES AND

CONSULTANTS STOCK OPTION PLAN

 

Article
1 - INTRODUCTION

 

		1.1	Purpose

 

The purpose of the Plan is to secure for
the Corporation and its shareholders the benefits of incentives inherent in share ownership by the directors, management, employees
and consultants of the Corporation who, in the judgment of the Board, will contribute to its future growth and success. It is generally
recognized that a stock option plan of the nature provided for herein aids the Corporation in retaining and encouraging directors,
management, employees and consultants who are considered as potential key contributors to the success of the Corporation, by providing
to them the opportunity to acquire a proprietary interest in the Corporation.

 

		1.2	Definitions

 

Whenever used herein, the following words
and expressions shall have the following meanings, namely:

 

“Affiliate”
means the following:

 

a Company
is an Affiliate of another Company if:

 

(a)      one of them is
the subsidiary (as such term is described in the Business Corporations Act (Ontario)) of the other; or

 

(b)      each of them is
controlled by the same Person.

 

In addition,
a Company is “controlled” by a Person if:

 

(a)      voting shares
of the Company are held, directly or indirectly, other than by way of security only, by or for the benefit of that Person; and

 

(b)      the voting shares,
if voted, entitle the Person to elect a majority of the directors to the Company.

 

    	 

    	-2-

    

 

“Blackout Period” means,
in respect of an Optionee, a period during which such Optionee is prohibited from trading in securities of the Corporation pursuant
to applicable securities laws or any existing policy of the Company;

 

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

 

“Company”
means, unless specifically indicated otherwise, a corporation, incorporated association or organization, body corporate, partnership,
trust, association or other entity other than an individual;

 

“Corporation”
means Cynapsus Therapeutics Inc., a corporation incorporated under the laws of the Province of Ontario;

 

“Eligible Consultant”
means, in relation to the Corporation, an individual (or a Company wholly owned by individuals) who:

 

(a)      provides on-going
consulting services to the Corporation or an Affiliate of the Corporation under a written contract;

 

(b)      possesses technical,
business or management expertise of value to the Corporation or an Affiliate of the Corporation;

 

(c)      spends a significant
amount of time and attention on the business and affairs of the Corporation or an Affiliate of the Corporation; and

 

(d)      has a relationship
with the Corporation or an Affiliate of the Corporation that enables the individual to be knowledgeable about the business and
affairs of the Corporation;

 

“Eligible Director”
means a director of the Corporation or a director of the Corporation’s subsidiaries to whom stock options can be granted
in reliance on a prospectus exemption under applicable securities laws;

 

“Eligible
Employee” means:

 

(a)      an individual
who is considered an employee under the Income Tax Act (Canada) (such as an individual for whom income tax, employment insurance
and CPP deductions must be made at the source);

 

(b)      an individual
who works full-time 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 employer over the details and methods of work as an employee of the
employer, but for whom income tax deductions are not made at the source; or

 

    	 

    	-3-

    

  

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

 

“Eligible Management
Company Employee” means a Management Company Employee of the Corporation or a Management Company Employee of the Corporation’s
subsidiaries to whom stock options can be granted in reliance on a prospectus exemption under applicable securities laws;

 

“Eligible Member
of Management” means any senior officer of the Corporation or a subsidiary of the Corporation to whom stock options can
be granted in reliance on a prospectus exemption under applicable securities laws;

 

“Eligible Participant”
means Eligible Consultants, Eligible Directors, Eligible Employees, Eligible Management Company Employees and Eligible Members
of Management;

 

“Exchange”
means the TSX Venture Exchange Inc. or any other stock exchange on which the Shares become listed, and if inter-listed, the exchange
on which the majority of trading activity occurs;

 

“Investor Relations
Activities” means any activities or oral or written communications, by or on behalf of the Corporation or a shareholder
of the Corporation, that promote or reasonably could be expected to promote the purchase or sale of securities of the Corporation,
but does not include:

 

(a)      the dissemination
of information provided, or records prepared, in the ordinary course of the Corporation:

 

		(i)	to promote the sale of products and services of the Corporation; or

 

		(ii)	to raise public awareness of the issuer;

 

that cannot
reasonably be considered to promote the purchase or sale of securities of the Corporation;

 

(b)      activities or
communications necessary to comply with the requirements of:

 

    	 

    	-4-

    

  

		(i)	applicable securities laws; or

 

		(ii)	the by-laws, rules, policies, or other regulatory instruments of any self-regulatory body or exchange
having jurisdiction over the Corporation;

 

(c)      communications
by a publisher or writer for, a newspaper, magazine or business or financial publication, that is of general and regular paid circulation,
distributed only to subscribers to it for value or to purchasers of it, if:

 

		(i)	the communication is only through the newspaper, magazine or publication; and

 

		(ii)	the publisher or writer receives no commission or other consideration other than for acting in
the capacity of publisher or writer; or

 

(d)      activities or
communications that may be otherwise specified by any exchange having jurisdiction over the Corporation;

 

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

 

“Option”
means an option granted under the terms of the Plan;

 

“Option Agreement”
means the form of option agreement substantially in the form attached hereto as Schedule “A” or such other form as
may be approved by the Board from time to time;

 

“Option Period”
means the period during which an Option may be exercised;

 

“Optionee”
means an Eligible Participant to whom an Option has been granted under the terms of the Plan;

 

“Participant”
means, in respect of the Plan, an Eligible Employee, Eligible Director, Eligible Member of Management, Eligible Management Company
Employee or Eligible Consultant who elects to participate in the Plan;

 

“Person”
means a Company or an individual;

 

“Plan” means the plan
established and operated pursuant to the terms hereof; and

 

“Shares”
means the common shares in the capital of the Corporation from time to time authorized by the charter documents of the Corporation;

 

    	 

    	-5-

    

  

Article
2 - STOCK OPTION PLAN

 

		2.1	Participation

 

Options shall be granted only to bona fide
Eligible Participants.

 

		2.2	Determination of Option Recipients

 

The Board shall make all necessary or desirable
determinations regarding the granting of Options to Eligible Participants and may take into consideration the present and potential
contributions of a particular Eligible Participant to the success of the Corporation and any other factors which it may deem proper
and relevant.

 

		2.3	Price

 

The exercise price per Share shall be determined
from time to time by the Board but, in any event, shall not be lower than the Discounted Market Price (as defined by the Exchange)
of the Shares on the day prior to the grant. Any reduction in the exercise price per Share shall be subject to necessary approvals
as set out in Section 3.5 below.

 

		2.4	Grant of Options

 

The Board may at any time and from time
to time grant Options to Eligible Participants and for the number of Shares and on such terms and conditions as it considers appropriate
provided that such terms and conditions are not inconsistent with the Plan or the policies of the Exchange.

 

Each Option granted to an Eligible Participant
shall be evidenced by an agreement substantially in the form of the Option Agreement with terms and conditions consistent with
the Plan and as approved by the Board (which terms and conditions need not be the same in each case).

 

		2.5	Terms of Options

 

(a)      The Option Period
shall not be greater than a period of 10 years after the date such Option is granted provided however that if the Option Period
expires during a Blackout Period then the Option Period of such Option will be extended to the date which is 10 business days after
such date on which the Blackout Period ends. The Option Period may be reduced with respect to any such Option as provided in Section
2.7 hereof.

 

(b)      Subject to the other terms and
conditions of this Plan (including Section 2.8 hereof), the Board at its discretion may determine when any Option will become exercisable
and may determine that the Option be exercisable in instalments. The Board may also establish any vesting schedule relative to
any Options granted hereunder provided that in no event shall Options vest over a time period that is shorter than any time period
prescribed by the Exchange.

 

    	 

    	-6-

    

  

(c)      Any Options remaining unexercised
after they became eligible for exercise may be exercised in whole or in part at any time during the remainder of the Option Period.

 

(d)      Except as set forth in Section
2.7, no Option may be exercised unless the Options have vested and the Optionee is at the time of such exercise:

 

		(i)	in the case of an Eligible Employee, in the employ
of the Corporation or a subsidiary of the Corporation and shall have been continuously so employed since the grant of his Option,
but absence on leave, having the approval of the employer, shall not be considered an interruption of employment for any purpose
of the Plan;

 

		(ii)	in the case of an Eligible Director, a director of
the Corporation or a subsidiary of the Corporation and shall have been such a director continuously since the grant of his Option;

 

		(iii)	in the case of an Eligible Member of Management, an
Eligible Member of Management of the Corporation or a subsidiary of the Corporation and shall have been such Eligible Member of
Management continuously since the grant of his Option;

 

		(iv)	in the case of an Eligible Management Company Employee, an Eligible Management Company Employee
of the Corporation or a subsidiary of the Corporation and shall have been such Eligible Management Company Employee continuously
since the grant of his Option; or

 

		(v)	in the case of an Eligible Consultant, a consultant on retainer (whether full time or part time)
by the Corporation, and shall have been continuously so retained since the grant of his Option.

 

(e)      The exercise of any Option will
be contingent upon receipt by the Corporation of payment of the full purchase price for the Shares being purchased in cash or by
cheque. No Optionee or his legal representatives, legatees or distributees will be, or will be deemed to be, a holder of any Shares
subject to an Option, unless and until certificates for such Shares are issued to him or them under the terms of the Plan.

 

    	 

    	-7-

    

  

		2.6	Lapsed Option

 

If Options are surrendered, terminated
or expire without being exercised in whole or in part, new Options may be granted covering the Shares not purchased under such
lapsed Options to the extent permitted by the Exchange.

 

		2.7	Effect of Termination of Relationship

 

(a)      If an Optionee
shall die while an Eligible Employee, Eligible Director, Eligible Consultant (if an individual), Eligible Member of Management
or Eligible Management Company Employee, any vested Option held by him at the date of death shall be exercisable if the Option
was issued 10 days or more prior to the date of death, but only by the person or persons to whom the Optionee’s rights under
the Option shall pass by the Optionee’s will or the laws of descent and distribution. All such Options shall be exercisable
only for a period of one year after the date of death or prior to the expiration of the Option Period in respect thereof whichever
is sooner.

 

(b)      If an Optionee
ceased to be an Eligible Employee, Eligible Director, Eligible Consultant (if an individual), Eligible Member of Management or
Eligible Management Company Employee for cause, no Option held by such Optionee may be exercised following the date on which such
Optionee ceases to be an Eligible Employee, Eligible Director, Eligible Consultant (if an individual), Eligible Member of Management
or Eligible Management Company Employee, as the case may be.

 

(c)      If an Optionee
ceased to be an Eligible Employee, Eligible Director, Eligible Consultant, Eligible Member of Management or Eligible Management
Company Employee for any reason other than cause or death, any vested Option held by such Optionee may be exercised within a reasonable
period (not to exceed one year), as determined by the Board, following the date on which such Optionee ceases to be an Eligible
Employee, Eligible Director, Eligible Consultant (if an individual), Eligible Member of Management or Eligible Management Company
Employee, as the case may be, provided such date is no later than the expiration of the applicable Option Period.

 

(d)      If an Optionee
who is an Eligible Consultant ceased to be retained by the Corporation by virtue of a breach of the consulting agreement or the
expiry thereof, or such retainer is otherwise terminated (other than for reasons set forth in Sections 2.7(a), (b) or (c) above),
no Option held by such Eligible Consultant may be exercised following such breach, expiry or termination, as the case may be.

 

		2.8	Effect of Takeover Bid

 

If a bona fide offer (the “Offer”)
for Shares is made to all shareholders of the Corporation generally or for 100 percent of a class of shareholders which includes
the Optionee, which Offer, if accepted in whole or part, would result in the offeror exercising control over the Corporation within
the meaning of the Securities Act (Ontario), then the Corporation shall, immediately upon receipt of notice of the Offer,
notify each Optionee currently holding an Option of the Offer, with full particulars thereof, whereupon, subject to approval of
the Exchange, notwithstanding that such Option may not be fully vested at such time in accordance with Section 2.5 hereof,
such Option may be exercised in whole or in part by the Optionee so as to permit the Optionee to tender the Shares received upon
such exercise (the “Optioned Shares”) pursuant to the Offer. If:

 

    	 

    	-8-

    

  

(a)      the Offer is withdrawn
by the offeror; or

 

(b)      the Optionee
does not tender the Optioned Shares pursuant to the Offer; or

 

(c)      all of the Optioned
Shares tendered by the Optionee pursuant to the Offer are not taken up and paid for by the offeror in respect thereof,

 

then the Optioned Shares or, in the case
of Section 2.8(c) above, the Optioned Shares that are not taken up and paid for, shall be returned by the Optionee to the Corporation
and reinstated as authorized but unissued Shares and the terms of the Option as set forth in Section 2.5 shall again apply to the
Option. If any Optioned Shares are returned to the Corporation under this Section, the Corporation shall refund the exercise price
to the Optionee for such Optioned Shares. In no event shall the Optionee be entitled to sell the Optioned Shares otherwise than
pursuant to the Offer.

 

		2.9	Withholding Taxes

 

The Corporation may, in its sole discretion,
adopt and apply from time to time such rules and guidelines that in its opinion will facilitate the Corporation’s compliance
with applicable provisions of any federal, provincial, state or local law relating to the withholding of tax or any other deductions
in respect of the amount, if any, included in the income of a Participant in connection with the exercise of any option (the “Withholding
Obligation”).  Without limiting the generality of the foregoing, the Corporation may refuse to honour the exercise of
an Option unless the Participant pays to the Corporation the Withholding Obligation. Subject to the Plan and applicable law, the
Board may, in its sole discretion, permit the Participant to satisfy the Withholding Obligation in whole or in part, by paying
cash or by electing to have the Corporation withhold Shares in such amounts as are equivalent to the market price in order to satisfy
the withholding obligation. In the event that such Participant has not paid to the Corporation a sum sufficient for the Corporation
to comply with such Withholding Obligation, the Corporation shall have the right to: (a) withhold from any Shares issuable pursuant
to an Option or from any cash amounts otherwise due or to become due from the Corporation to the Participant an amount equal to
such Withholding Obligation, and such withheld Shares shall be cancelled if required by any applicable law or regulatory authority;
or (b) deduct from any Option any other amounts due from the Participant to the Corporation.

 

    	 

    	-9-

    

  

		2.10	Effect of Amalgamation, Consolidation or Merger

 

If the Corporation amalgamates, consolidates
or merges with or into another corporation, any Shares receivable on the exercise of an Option shall be converted into the securities,
property or cash which the Participant would have received upon such amalgamation, consolidation or merger if the Participant had
exercised his Option immediately prior to the record date applicable to such amalgamation, consolidation or merger, and the Option
price shall be adjusted appropriately by the Board and such adjustment shall be binding for all purposes of the Plan.

 

		2.11	Adjustment in Shares Subject to the Plan

 

If there is any change in the Shares through
a consolidation, subdivision or reclassification of Shares, or otherwise, the number of Shares available under the Plan, the Shares
subject to any Option, and the purchase price thereof shall be adjusted appropriately by the Board and such adjustment shall be
effective and binding for all purposes of the Plan.

 

		2.12	Approval

 

The terms of the Options granted from time
to time hereunder, and the Optionees to whom Options are granted, are subject, if applicable, to the Exchange accepting notice
of such terms and proposed Optionees.

 

Article
3 - GENERAL

 

		3.1	Number of Shares

 

The aggregate number of Shares that may
be available for issuance, from time to time, under the Plan shall not exceed 10% of the issued and outstanding Shares. The aggregate
number of Shares so available for issuance under the Plan to any one person shall not exceed 5% of the issued and outstanding Shares
(on a non-diluted basis) in any 12 month period (including the Shares that are subject to such Option). The aggregate number of
Shares so available for issuance to insiders of the Corporation under the Plan shall not exceed 10% of the issued and outstanding
Shares (on a non-diluted basis) in any 12 month period including the Shares that are subject to such Option). The aggregate number
of Shares so available for issuance under the Plan to any Eligible Consultant shall not exceed 2% of the issued and outstanding
shares (on a non-diluted basis) in any 12 month period (including the Shares that are subject to such Option). The aggregate number
of Options granted to persons employed in Investor Relations Activities shall not exceed 2% of the issued and outstanding shares
(on a non-diluted basis) in any 12 month period (including the Shares that are subject to such Option).

 

 

    	 

    	-10-

    

 

 

		3.2	Transferability and Assignability

 

All benefits, rights and options 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 all
benefits, rights and options may only be exercised by the Participant, except as provided for under Section 2.7(a) of this Agreement.

 

		3.3	Employment

 

Nothing contained in the Plan shall confer
upon any Participant any right with respect to employment or continuance of employment or any retainer with the Corporation or
interfere in any way with the right of the Corporation to terminate the Participant’s employment or retainer at any time.
Participation in the Plan by a Participant is voluntary.

 

		3.4	Record Keeping

 

The Corporation shall maintain a register
in which shall be recorded:

 

(a)      the name and
address of each Participant; and

 

(b)      the number of
Options granted to a Participant and the number of Options outstanding.

 

		3.5	Necessary Approvals

 

The Plan shall be effective only upon the
approval of the Exchange and, if required by such Exchange, of the shareholders of the Corporation.

 

The obligation of the Corporation to issue
and deliver Shares in accordance with the Plan is subject to the approval of any governmental or securities regulatory authority
having jurisdiction which may be required in connection with the authorization or issuance of such Shares by the Corporation. If
any Shares cannot be issued to any Participant for any reason including, without limitation, the failure to obtain such approval,
then the obligation of the Corporation to issue such Shares shall terminate and any Option price paid to the Corporation shall
be returned to the Participant.

 

Disinterested shareholder approval as required
by the policies of the Exchange shall be obtained for any reduction in the exercise price per Share if the Eligible Participant
is an Insider of the Corporation (as that term is defined by the Exchange) at the time of the proposed amendment.

 

 

    	 

    	-11-

    

 

		3.6	Administration of the Plan

 

The Board is authorized to interpret the
Plan from time to time and to adopt, amend and rescind rules and regulations for carrying out the Plan. The interpretation and
construction of any provision of the Plan by the Board shall be final and conclusive. Administration of the Plan shall be the responsibility
of the appropriate directors and/or officers of the Corporation and all costs in respect thereof shall be paid by the Corporation.

 

		3.7	Income Taxes

 

As a condition of the Plan, the Corporation
will withhold from any remuneration otherwise payable to such Participant any amounts required by any taxing authority to be withheld
for taxes of any kind as a consequence of such participation in the Plan.

 

		3.8	Amendments to Plan

 

The Board reserves the right to amend,
modify or terminate the Plan at any time if and when it is advisable in the absolute discretion of the Board. Any amendment to
any provision of the Plan shall be subject to approval, if applicable and if required, by the Exchange or any regulatory body having
jurisdiction over the securities of the Corporation.

 

		3.9	Representation or Warranty

 

The Corporation makes no representation
or warranty as to the future market value of any Shares issued in accordance with the provisions of the Plan,

 

		3.10	Governing Law

 

The Plan shall be governed by the laws
of the Province of Ontario excluding any conflicts of law, rule or principle which might refer such construction to the laws of
another jurisdiction.

 

		3.11	Interpretation

 

Words used herein importing the singular
number include the plural and vice versa and words importing the masculine gender include the feminine and neuter genders.

 

    	 

    	-12-

    

  

		3.12	Compliance with Applicable Laws

 

If any provision of the Plan or any agreement
entered into pursuant to the Plan contravenes any law or any order, policy, by-law or regulation of the Exchange, if applicable,
or any regulatory body having authority over the Corporation or the Plan then such provision shall be deemed to be amended to the
extent required to bring such provision into compliance therewith.

 

Toronto, Ontario

 

Approved by the Directors May 7, 2014

  

	/s/
        Rochelle Stenzler

        
	 	 	/s/
        Anthony Giovinazzo

        
	 
	Chairman	 	 	Chief Executive Officer	 

 

Approved by the Shareholders May 7, 2014

 

	/s/
        Rochelle Stenzler

        
	 	 	/s/
        Anthony Giovinazzo

        
	 
	Chairman	 	 	Chief Executive Officer	 

 

    	 

    	 

    

 

Schedule “A”

 

STOCK OPTION AGREEMENT

 

THIS AGREEMENT made the                   day
of                  , 20              .

 

B E T W E E N:

 

=,

of the City of =, in the = of =

(herein referred to as the “Optionee”)

 

OF THE FIRST PART

 

- and -

 

CYNAPSUS THERAPEUTICS INC.,

amalgamated under the laws of Canada

(herein referred to as the “Corporation”)

 

OF THE SECOND PART

 

WHEREAS the Corporation
has established a Stock Option Plan (hereinafter referred to as the “Plan”) for the granting of stock options, a copy
of which has been provided to the Optionee;

 

AND WHEREAS the
Board of Directors of the Corporation has authorized the granting to the Optionee pursuant to the Plan of an option to purchase
common shares in the capital of the Corporation in the number, at the time, at and for the price and upon the other terms and conditions
hereinafter contained;

 

NOW THEREFORE THIS
AGREEMENT WITNESSETH THAT in consideration of the mutual covenants and agreements herein set forth, and for other good
and valuable consideration (the receipt whereof is hereby acknowledged by the Corporation), the parties hereto agree as follows:

 

Article
1 - DEFINITIONS AND INTERPRETATION

 

1.1              In this Agreement,
the following words and expressions shall have the following meanings:

 

“Blackout Period”
means a period during which the Optionee is prohibited from trading in securities of the Corporation pursuant to applicable
securities laws or any existing policy of the Corporation;

 

“Expiry Date” means
five years from the date hereof, provided however that if the Expiry Date occurs during a Blackout Period then the Expiry Date
means the date which is 10 business days after such date on which the Blackout Period ends;

 

    	 

    	-2-

    

  

“Option”
means the option to purchase Shares granted to the Optionee pursuant to this Agreement, and includes any portion of that option;

 

“Option Shares”
means the Shares the Optionee is entitled to purchase under this Agreement; and

 

“Share”
means a common share of the Corporation as constituted on the date hereof.

 

Article
2 - GRANT OF OPTION

 

2.1              The Corporation
hereby grants to the Optionee, subject to the terms and conditions hereinafter set out, an Option to purchase up to =Shares
of the Corporation at a price of $= per Share.

 

2.2              The Option is
granted in accordance with and subject to the terms and conditions of the Plan.

 

2.3              The Option to
purchase the Option Shares granted hereby may be exercised in accordance with the terms hereof and the Plan until the Expiry Date,
as follows:

 

(a)     Subject to the
other terms hereof, entitlement to purchase shares under the Option will vest in three equal amounts, being on the dates that are
= and = months following the date of this
grant, except as may otherwise be determined by the board of directors. If in calculating “=
equal amounts” the quotient results in a fractional amount, the number vested will round down to the next whole share amount
and the partial shares accumulated and vested as part of the final year’s amount. Entitlements that have vested may be exercised
in accordance with the provisions of the Plan.

 

(b)     Subject to the
other terms hereof, the vested portion of the Option may be exercised in whole or in part and at any time from time to time until
the Expiry Date. In the event of a proposed merger or amalgamation of the Corporation with one or more other corporations, an offer
to purchase all of the shares in the capital of the Corporation or the sale of all or substantially all of the property and assets
of the Corporation, then all of the Options granted to the Optionee shall vest and the Optionee shall have the right to exercise
all of the Options granted hereunder on such terms as the board of directors of the Corporation deems reasonable, subject to approval
of the Toronto Stock Exchange, so that the Optionee may participate in such transaction.

 

(c)     If the Optionee
ceases to be an Eligible Employee, Eligible Director, Eligible Consultant, Eligible Member of Management or Eligible Management
Company Employee for any reason other than cause of death, any vested Option held by such Optionee may be exercised within 90 days
following such date or such reasonable period of time as may be determined by the Board of Directors of the Corporation not to
exceed the greater of 12 months and the Expiry Date.

 

    	 

    	-3-

    

  

2.4              Subject to sooner
termination in accordance with the terms of the Plan, the Option shall expire and terminate upon the Expiry Date as to such of
the Option Shares in respect of which the Option has not then been exercised.

 

Article
3 - RESERVATION OF SHARES

 

3.1              The Corporation
shall at all times during the term of this Agreement, keep available a sufficient number of unissued Shares in its authorized capital
equal to those of the Option Shares which have not been issued.

 

Article
4 - ASSIGNMENT AND ENUREMENT

 

4.1              The Option is
personal to the Optionee and non-assignable and neither this Agreement nor any rights hereunder shall be transferable or assignable
by the Optionee except as expressly permitted under the terms of the Plan.

 

4.2              This Agreement
shall enure to the benefit and be binding upon the parties hereto and their permitted successors and assigns.

 

Article
5 - EXERCISE OF THE OPTION

 

5.1The Option may
be exercised by the Optionee by delivery of written notice of such exercise and by tendering therewith payment for the purchase
price of the Option Shares to be purchased in cash, by cheque or in any other manner that is acceptable to the Corporation and
that is permitted by law, to the Corporation at its principal office in the City of Toronto, in the Province of Ontario, or at
such other place as may be directed by notice in writing from the Corporation to the Optionee from time to time. Such notice shall
state the number of Option Shares with respect to which the Option is then being exercised. The Option shall be deemed for all
purposes to have been exercised to the extent stated in such notice upon delivery of the notice and a tender of payment in full
for the Option Shares being purchased notwithstanding any delay in the issuance and delivery of the certificate(s) for the Shares
so purchased. The Corporation shall, within a reasonable period of time, issue the Shares so purchased in the name of the Optionee
and deliver the certificate(s) therefor to the Optionee.

 

Article
6 - RIGHTS OF THE OPTIONEE PRIOR TO THE EXERCISE DATE

 

6.1              The Option herein
granted shall not entitle the Optionee to any right whatsoever as a shareholder of the Corporation with respect to any Shares subject
to the Option until it has been exercised and the Option Shares thereby purchased have been issued as fully paid and non-assessable.

 

6.2              Nothing contained
in this Agreement or done pursuant hereto shall obligate the Optionee to purchase and/or pay for any Option Shares except those
Option Shares in respect of which the Optionee shall have validly exercised this Option.

 

    	 

    	-4-

    

  

Article
7 - REGULATORY APPROVAL

 

7.1              Notwithstanding
anything to the contrary in this Agreement, the Optionee hereby agrees that he will not exercise the Option, and that the Corporation
will not be obliged to issue any Shares hereunder, if the exercise of the Option or the issuance of the Shares shall constitute
a violation by the Optionee or the Corporation of any provision of any law or regulation or of any order, regulation, policy or
rule of any governmental authority, regulatory body or stock exchange. Any determination in this connection made by the Board of
Directors of the Corporation shall be final, binding and conclusive.

 

7.2              The Corporation
shall in no event be obliged, by any act of the Optionee or otherwise, to issue, register or qualify for resale any securities
issuable upon exercise of the Option pursuant to a prospectus or similar document or to take any other affirmative action in order
to cause the exercise of the Option or the issue or resale of the Shares issuable pursuant thereto to comply with any law or regulation
or any order, regulation, policy or rule of any governmental authority, regulatory body or stock exchange; provided that the Corporation
shall notify the Toronto Stock Exchange and other appropriate regulatory bodies in Canada of the existence of the Option and any
exercise thereof.

 

Article
8 - ACKNOWLEDGEMENT OF PERSONAL INFORMATION

 

8.1              “Personal
Information” means any information about an identifiable individual, and includes the information contained in this Agreement.

 

8.2              The Optionee
hereby consents to:

 

(a)     the disclosure
of Personal Information by the Corporation to the Toronto Stock Exchange; and

 

(b)     the collection,
use and disclosure of Personal Information by the Toronto Stock Exchange from time to time for the purposes set out and in accordance
with the policies of the Toronto Stock Exchange.

 

Article
9 - FURTHER ASSURANCES

 

9.1              The parties hereto
covenant that they shall and will from time to time and at all times hereafter do and perform all such acts and things and execute
all such deeds, documents and writings as may be required to give effect to the true intent of this Agreement.

 

Article
10 - INTERPRETATION AND GENERAL

 

10.1              It is understood
and agreed by the parties hereto that questions may arise as to the interpretation, construction or enforcement of this Agreement
or the Plan and the parties are desirous of having the Board of Directors of the Corporation determine any such question or interpretation,
construction or enforcement. It is, therefore, understood and agreed by and between the parties hereto that any question arising
under the terms of this Agreement or the Plan as to interpretation, construction or enforcement shall be referred to the Board
of Directors of the Corporation and their majority decision shall be final and binding on both of the parties hereto.

 

    	 

    	-5-

    

  

10.2              Neither the
Corporation nor its directors or officers, or any of them, shall be liable to the Optionee or to the Optionee’s personal
representatives by reason of any loss or anticipated loss of economic benefit by reason of any action or event, whether or not
concurred in by them, which has the effect of curtailing or abrogating the benefits which have accrued or might have accrued to
the Optionee hereunder, including, without limitation, the voluntary or involuntary winding up of the Corporation, the sale of
all or substantially all of its assets, the delisting of the Shares from public trading, or any decline in the value of the Shares
for any reason whatsoever.

 

10.3              The payment
of all income taxes or other taxes or assessments in the nature of taxes levied upon the Optionee as a result of the granting or
exercise of the Option shall be solely the responsibility of the Optionee.

 

10.4              In this Agreement,
words importing the singular number include the plural and vice versa and words importing the masculine gender include the
feminine and neuter genders.

 

10.5              This Agreement,
including any schedules annexed hereto, constitute the entire agreement between the parties hereto and there are no oral statements,
representations, warranties, undertakings or agreements between the parties modifying the provisions of this Agreement. No supplement,
amendment, modification, waiver or termination of this Agreement shall be binding unless executed in writing by the parties hereto.

 

10.6              Time shall be
of the essence of this Agreement.

 

Article
11 - GOVERNING LAW

 

11.1              Except as otherwise
set forth in the Plan, this Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be
governed by, the laws of the Province of Ontario excluding any conflicts of law, rule or principle which might refer such construction
to the laws of another jurisdiction.

 

11.2              Each of the
parties hereto hereby irrevocably attorns to the jurisdiction of the Courts of the Province of Ontario and the Supreme Court of
Canada.

 

Article
12 - NOTICES

 

12.1              Any notice to
be given pursuant to the provisions hereof shall be conclusively deemed to have been given and received by a party hereto and to
be effective on the day on which it is delivered to such party at the addresses set forth below (or at such other address that
such party shall supply to the other parties in writing) or if sent by mail, on the fifth business day after the day on which mailed,
addressed to such party at said address:

 

    	 

    	-6-

    

  

		(a)	If to the Optionee, at
	 	 	 
			=
	 	 	 
		(b)	If to the Corporation, at
	 	 	 
	 	 	828 Richmond Street West

Toronto, ON M6J 3P7

 

 

IN WITNESS WHEREOF
the parties hereto have executed this Agreement as of the day and year first above written.

 

 

	
        SIGNED,
        SEALED & DELIVERED

        in the presence of:
	
        )

        )

        )

        )
	
         

         

         

         
	 
	 	 	 	 
	 	 	 	 
	Witness	
        )

        )
	=	 

 

 

	 	CYNAPSUS THERAPEUTICS INC.
	 	 	 
	 	 	 
	 	Per:	
	 	 	Authorized Signing Officer
	 	 	 
	 	 	 
	 	Per: 	
	 	 	Authorized Signing Officer

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