Document:

Exhibit 4.1

 

IMV INC.

AMENDED STOCK OPTION PLAN

 

	1.	The Plan

 

An amended stock
option plan (the “Plan”), pursuant to which options to purchase common shares (the “Shares”)
in the capital of IMV Inc. (the “Corporation”) may be granted to the directors, officers, employees and consultants
of the Corporation and its subsidiaries, 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, employees, consultants and holding companies
of such persons of the Corporation and its subsidiaries 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; (iv) furnishing such persons with an additional
incentive in their efforts on behalf of the Corporation; and (v) attracting new directors, officers, employees and consultants.

 

	3.	Interpretation

 

In this Plan:

 

		(a)	“Affiliate”
                                            means, with respect to any person, any other person that controls or is controlled by or
                                            is under common control with the referent person;

 

		(b)	“Black-Out
                                            Period” means any period during which a policy of the Corporation prevents a Participant
                                            from trading in the Shares or in any other securities of the Corporation or exercising or
                                            converting any exercisable or convertible securities of the Corporation including the Options;

 

		(c)	“Board”
                                            means the board of directors of the Corporation;

 

		(d)	“Cause”
                                            includes:

 

		(i)	the
                                            continued failure by the Participant to substantially perform his duties in connection with
                                            his employment by, or service to, the Corporation or its subsidiaries (other than as a result
                                            of a permanent disability) after the Corporation or its subsidiaries, as the case may be,
                                            has given the Participant reasonable written notice of such failure and a reasonable opportunity
                                            to correct it;

 

		(ii)	the
                                            engaging by the Participant in any act which is injurious to the Corporation or its subsidiaries
                                            or their reputation, financially or otherwise;

 

     

    - 2 -

    

 

		(iii)	the
                                            engaging by the Participant in any act resulting or intended to result, directly or indirectly,
                                            in personal gain to the Participant at the expense of the Corporation or its subsidiaries;

 

		(iv)	the
                                            conviction of the Participant by a court of competent jurisdiction on any charge involving
                                            fraud, theft or moral turpitude by the Participant in connection with the business of the
                                            Corporation or its subsidiaries; or

 

		(v)	any
                                            other conduct that would constitute cause at common law.

 

		(e)	“Change
                                            of Control” includes:

 

		(i)	any
                                            change in the holding, direct or indirect, of the shares of the Corporation as a result of
                                            which a person, or group of persons acting jointly or in concert within the meaning of the
                                            Securities Act (Nova Scotia), are in a position to exercise effective control of the
                                            Corporation;

 

		(ii)	the
                                            sale to a person, or group of persons acting jointly or in concert within the meaning of
                                            the Securities Act (Nova Scotia), of assets which aggregate more than 50% of the assets
                                            (measured by fair market value) of the Corporation and its Affiliates;

 

		(iii)	an
                                            amalgamation, arrangement or other form of business combination of

                                            the Corporation with another corporation that results in the holders of voting securities
                                            of that other corporation holding, in the aggregate, more than 50% of all outstanding voting
                                            securities of the Corporation resulting from the business combination; or

 

		(iv)	any other transaction that is
deemed to be a “Change of Control” for the purposes of this Plan by the Board, in its sole discretion.

 

		(f)	“Market
                                            Price” means the market price of the Shares at the date of grant of the Options,
                                            calculated as the VWAP, provided that if the date of grant of the Options would happen during
                                            a Black-Out Period, the Market Price will be such trading price for the five trading days
                                            commencing on the third trading day following the end of the Black-Out Period and the last
                                            day of that five-day period shall be the date of grant of the Options, or, if the Shares
                                            are not listed on a stock exchange, the fair market value of a Share on the day immediately
                                            preceding the date of grant of the Options as determined by the Board.

 

		(g)	“Non-Executive
                                            Director” means any director of the Corporation who is neither (i) an employee
                                            or officer of the Corporation nor (ii) a service provider (including a consultant) of
                                            the Corporation (other than in capacity as director of the Corporation).

 

		(h)	“Value
                                            of Option” means, on any date, the amount of the expense associated with the grant
                                            of an Option, as determined in accordance with generally accepted accounting principles.

 

     

    - 3 -

    

 

		(i)	“VWAP”
                                            means the volume weighted average trading price of the Shares on the principal stock exchange
                                            on which the Shares are trading for the five trading days immediately preceding the day on
                                            which the Option is granted or exercised, as the case may be, rounded up to the nearest cent.

 

	4.	Administration

 

		(a)	This
                                            Plan shall be administered by 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 4(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 defined in paragraph 7(a)
                                            below) 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 4.

 

		(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 substantially in the form of Schedule A attached
                                            hereto, or (ii) a written notice or other instrument, signed by the Corporation, setting
                                            forth the material attributes of the Options.

 

	5.	Shares Subject to Plan

 

		(a)	Subject
                                            to Section 16 below, the securities that may be acquired by Participants upon the exercise
                                            of Options shall consist of authorized but unissued Shares. 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 16 below.

 

		(b)	Subject
                                            to any adjustment as is provided for by Section 16, the number of Shares reserved for
                                            issuance under this Plan shall, together with any other previously established or proposed
                                            securities based compensation arrangement of the Corporation, not at any one time exceed,
                                            in aggregate, eight percent (8%) of the issued and outstanding Shares from time to time.

 

     

    - 4 -

    

 

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

 

	6.	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.

 

	7.	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 or its subsidiaries;

 

		(ii)	officers
                                            of the Corporation or its subsidiaries;

 

		(iii)	employees
                                            of the Corporation or its subsidiaries;

 

		(iv)	consultants
                                            of the Corporation or its subsidiaries; and

 

		(v)	holding
                                            companies of the persons listed in paragraphs 7(a)(i) to 7(a)(iv) above,

 

(any
such person having been selected for participation in this Plan by the Board is herein referred to as a “Participant”).
The Corporation represents that directors, officers, employees, consultants and holding companies of such persons granted Options under
this Plan are bona fide directors, officers, employees and consultants of the Corporation or its subsidiaries or holding companies of
such persons.

 

		(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.

 

	8.	Exercise Price

 

		(a)	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 the Market Price.

 

     

    - 5 -

    

 

		(b)	If
                                            approved by the Board, in lieu of paying the exercise price for the Shares that may be issued
                                            pursuant to the exercise of Options, the Participant may elect to acquire
the number of Shares determined by subtracting the exercise price from the VWAP, multiplying the difference by the number of Shares in
respect of which the Option was otherwise being exercised and then dividing that product by such VWAP. In such event, the number of Shares
as so determined (and not the number of Shares to be issued under the Option) will be deemed to be purchased and issued under the Plan
and all the Options surrendered will be cancelled.

 

		(c)	The
                                            Corporation will withhold taxes to the extent required by applicable laws in respect of the
                                            exercise of Options and the issuance of Shares or the payment of any amounts under this Plan
                                            and shall have the right to require that a Participant remit to the Corporation an amount
                                            in cash sufficient to satisfy any applicable withholding tax requirements.

 

	9.	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:

 

		(a)	during
                                            any twelve (12) month period, the number of Shares issued to insiders under this Plan or
                                            any other security based compensation arrangement (as such term is defined in the Toronto
                                            Stock Exchange Company Manual) of the Corporation shall not exceed ten percent (10%) of the
                                            issued and outstanding Shares;

 

		(b)	the
                                            number of Shares issuable to insiders, at any time, under this Plan or any other security
                                            based compensation arrangement (as such term is defined in the Toronto Stock Exchange Company
                                            Manual) of the Corporation shall not exceed ten percent (10%) of the issued and outstanding
                                            Shares; and

 

		(c)	no
                                            Option shall be granted to any Non-Executive Director if such grant would, at the time of
                                            the grant, result in: (i) the aggregate number of Shares reserved for issuance to all
                                            Non-Executive Directors under the Plan and all other security based compensation arrangements
                                            exceeding 1% of the total number of Shares then issued and outstanding; (ii) the aggregate
                                            Value of Options granted to the Non-Executive Director during the Corporation’s fiscal
                                            year exceeding $100,000; or (iii) the aggregate Value of Options and, in the case of
                                            security based compensation arrangements that do not provide for the granting of options
                                            (“Full Value Awards”), the grant value of Shares granted to the Non-Executive
                                            Director during the Corporation’s fiscal year exceeding $150,000, provided that any
                                            Full Value Award elected to be received by a Non-Executive Director, in the Non-Executive
                                            Director’s discretion, in place of the same value of foregone cash compensation from
                                            the Corporation shall not be counted toward the foregoing $150,000 limit and provided further
                                            that this Section 9(c) shall not apply to one-time initial grants to a new director
                                            who would be a Non-Executive Director upon joining the Board as compensation for serving
                                            on the Board.

 

     

    - 6 -

    

 

	10.	Term

 

		(a)	The
                                            period during which an Option may be exercised (the “Option Period”)
                                            shall be determined by the Board at the time the Option is granted, subject to any vesting
                                            limitations which may be imposed by the Board in its sole unfettered discretion at the time
                                            such Option is granted and Sections 12, 13 and 17 below, provided that:

 

		(i)	no
                                            Option shall be exercisable for a period exceeding ten (10) years from the date the Option
                                            is granted;

 

		(ii)	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; and

 

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

 

		(b)	If
                                            the date on which an Option expires occurs during or within 10 business days after the last
                                            day of a Black-Out Period, the expiry date for the Option will be the last day of such 10
                                            business day period.

 

	11.	Method of Exercise of Option

 

		(a)	Except
                                            as set forth in Sections 12, 13 and 17 below or as otherwise determined by the Board,
                                            no Option may be exercised unless the holder of such Option (or, in the case of an Option
                                            issued to a holding company, the holding company’s owner) is, at the time the Option
                                            is exercised, a director, officer, employee, consultant of the Corporation or its subsidiaries
                                            (as the case may be).

 

		(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:

 

		(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

 

		(ii)	subject
                                            to Section 8(b), 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. All Options granted under this Plan and Shares issued
                                            upon the exercise thereof shall bear any legend which may be required under applicable securities
                                            legislation.

 

     

    - 7 -

    

 

		(e)	The
                                            issuance of Shares upon the exercise of Options must comply with all applicable securities
                                            laws. Without limiting the foregoing, any Shares issued upon exercise of Options granted
                                            pursuant to this Plan must be registered under the United States Securities Act of 1933,
                                            as amended (the “U.S. Securities Act”), and all applicable state
                                            securities laws or must comply with the requirements of an exemption or exclusion therefrom.
                                            If the Shares issued upon exercise of Options are issued in reliance upon an exemption from
                                            the registration requirements of the U.S. Securities Act and applicable state securities
                                            laws, such Shares will be “restricted securities” (as such term is defined in
                                            Rule 144 under the U.S. Securities Act) and the certificate representing such Shares will
                                            bear a legend restricting the transfer of such securities under the U.S. Securities Act and
                                            applicable state securities laws. The Board may require that a Participant provide certain
                                            representations, warranties and certifications to the Corporation to satisfy the requirements
                                            of applicable securities laws, including without limitation, the registration requirements
                                            of the U.S. Securities Act and applicable state securities laws or exemptions or exclusions
                                            therefrom.

 

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

 

		(a)	Subject
                                            to Section 17, if any Participant shall cease to hold the position or positions as director,
                                            officer, employee or consultant of the Corporation or its subsidiaries (as the case may be)
                                            for any reason other than being dismissed from his office or employment for Cause, death
                                            or permanent disability, his Option will terminate at 6:00 p.m. (Halifax 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 as director, officer, employee or consultant of
                                            the Corporation or its subsidiaries (as the case may be). During this period, a Participant
                                            may exercise his Option to the extent he was entitled to at the date of such cessation. Options
                                            that had not vested on the date of such cessation shall be immediately cancelled.

 

		(b)	If
                                            any Participant shall cease to hold the position or positions as director, officer, employee
                                            or consultant of the Corporation or its subsidiaries (as the case may be) as a result of
                                            being dismissed from his office or employment for Cause or a Participant’s contract
                                            as a consultant being terminated before its normal termination date for Cause, including
                                            where a Participant resigns his office or employment or terminates his contract as a consultant
                                            after being requested to do so by the Corporation or its subsidiaries as an alternative to
                                            being dismissed or terminated by the Corporation or its subsidiaries for Cause, his Options
                                            shall immediately be cancelled and may not be exercised as of the termination or dismissal
                                            date.

 

		(c)	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 or its subsidiaries (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 or its subsidiaries
(as the case may be).

 

     

    - 8 -

    

 

	13.	Death or Permanent Disability
of a Participant

 

In the event of
the death or permanent disability 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 or permanent disability of such Participant, whichever is earlier,
and then, in the event of death or permanent disability, 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 or permanent
                                            disability. Options that had not vested on the date of his death or permanent disability
                                            shall be immediately cancelled.

 

	14.	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.

 

	15.	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.

 

	16.	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 16 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.

 

     

    - 9 -

    

 

	17.	Change of Control

 

		(a)	Notwithstanding
                                            any other provision herein, in the event of a proposed Change of Control, the Board may,
                                            as deemed necessary or equitable by the Board in its sole discretion and subject to regulatory
                                            approvals, as applicable, determine the manner in which all unexercised Options granted under
                                            the Plan will be treated including, for example, accelerating the vesting of the Options,
                                            accelerating the expiry of the Option Period of the Options and accelerating the time for
                                            the fulfillment of any conditions or restrictions on such exercise.

 

		(b)	All
                                            determinations of the Board under this Section 17 will be binding for all purposes of
                                            the Plan.

 

	18.	Transferability

 

All benefits, rights
and Options accruing to any Participant in accordance with the terms and conditions of this Plan shall be non-transferable and non-assignable
unless specifically provided herein and unless such transfer or assignment complies with all applicable securities laws. During the lifetime
of a Participant, any Options granted hereunder may only be exercised by the Participant and in the event of the death or permanent disability
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.

 

	19.	Amendment and Termination of
Plan

 

		(a)	The
                                            Board may, at any time, suspend or terminate this Plan. The Board may also, at any time,
                                            amend or revise the terms of this Plan subject to the receipt of all necessary regulatory
                                            and shareholders approvals, provided that no such amendment or revision shall alter the terms
                                            of any Options theretofore granted under this Plan.

 

		(b)	Without
                                            limiting the generality of the foregoing, the Board may make the following types of amendments
                                            to this Plan without seeking the approval of the shareholders of the Corporation:

 

		(i)	amendments
                                            of a “housekeeping” nature including, without limiting the generality of the
                                            foregoing, any amendment for the purpose of curing any ambiguity, error or omission in the
                                            Plan or to correct or supplement any provision of the Plan that is inconsistent with any
                                            other provision of the Plan;

 

		(ii)	amendments
                                            necessary to comply with the provisions of applicable laws (including, without limitation,
                                            the rules, regulations and policies of the Toronto Stock Exchange);

 

     

    - 10 -

    

 

		(iii)	amendments
                                            necessary in order for Options to qualify for favourable treatment under applicable taxation
                                            laws;

 

		(iv)	amendments
                                            respecting the administration of the Plan;

 

		(v)	any
                                            amendment to the vesting provisions of the Plan;

 

		(vi)	in
                                            addition to the changes that may be made pursuant to Sections 16 and 17, amend any term
                                            of any outstanding Option (including, without limitation, the exercise price, vesting and
                                            expiry of the Option), provided that, (A) if the amendments would reduce the exercise
                                            price or extend the expiry date of Options, other than as authorized pursuant to Sections 16
                                            and 17, approval of the disinterested shareholders of the Corporation must be obtained; and
                                            (B) the Board of Directors would have had the authority to initially grant the Option
                                            under the terms as so amended;

 

		(vii)	any
                                            amendment to the early termination provisions of the Plan or any Option, whether or not such
                                            Option is held by an insider of the Corporation, provided such amendment does not entail
                                            an extension beyond the original expiry date;

 

		(viii)	any
                                            amendment to the termination provisions of the Plan or any Option, provided any such amendment
                                            does not entail an extension of the expiry date of such Option beyond its original expiry
                                            date;

 

		(ix)	the
                                            addition or modification of a cashless exercise feature, payable in cash or in securities,
                                            which provides for a full or partial deduction of the number of Shares reserved for issuance
                                            under this Plan;

 

		(x)	amendments
                                            necessary to suspend or terminate the Plan; and

 

		(xi)	any
                                            other amendment, whether fundamental or otherwise, not requiring shareholders’ approval
                                            under applicable laws.

 

		(c)	Notwithstanding
                                            the provisions of Section 19(b), the Board may not, without the approval of the shareholders
                                            of the Corporation, make amendments to the Plan 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 5(b);

 

		(ii)	to
                                            reduce the exercise price of Options;

 

		(iii)	to
                                            extend the expiry date of Options;

 

		(iv)	to
                                            broaden the definition of “Participant” in Section 7;

 

     

    - 11 -

    

 

		(v)	to
                                            increase the maximum number of Shares issuable pursuant to Section 9(a) and 9(b);

 

		(vi)	to
                                            permit transfers or assignment to any person not currently permitted under the Plan;

 

		(vii)	to
                                            increase the Value of Options granted or to remove or increase the percentage limit relating
                                            to Shares issuable, in each case, to Non-Executive Directors pursuant to Section 9(c);
                                            and

 

		(viii)	to
                                            amend the provisions of this Section 19(c).

 

		(d)	In
                                            the event of any conflict between Sections 19(b) and 19(c), the latter shall prevail.

 

	20.	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.

 

	21.	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.

 

	22.	United States Tax Law Matters

 

The provisions
specified under this Section 22 apply only to persons who are otherwise eligible to receive an Option under the Plan and are subject
to United States federal income tax (any such person, a “U.S. Taxpayer”) pursuant to the U.S. Internal Revenue
Code of 1986, as amended (the “U.S. Tax Code”). This Section 22 does not and will not add to or modify the Plan
in respect of any other category of Participant who is not a U.S. Taxpayer.

 

		(a)	No
                                            Option granted under the Plan shall be intended to meet the requirements of Section 422 of
                                            the U.S. Tax Code.

 

		(b)	Options
                                            shall be issued to U.S. Taxpayers only to the extent the Shares constitute “service
                                            recipient stock” within the meaning of Section 409A of the U.S. Tax Code. No Option
                                            shall be granted to a U.S. Taxpayer unless the exercise price of such Option shall be not
                                            less than 100% of the fair market value of a Share on the date of grant of such Option (determined
                                            by the Board in a manner that satisfies the requirements of Section 409A of the U.S. Tax
                                            Code). It is the intention of the Corporation that no Option shall be “deferred compensation”
                                            subject to Section 409A of the U.S. Tax Code, unless and to the extent that the Board specifically
                                            determines otherwise, and the Plan and the terms and conditions of Options granted to U.S.
                                            Taxpayers shall be interpreted and administered accordingly.

 

     

    - 12 -

    

 

	23.	Clawback or Recoupment

 

All grants under
this Plan shall be subject to recovery or other penalties pursuant to (1) the Corporation’s “Policy on recovery of
incentive compensation”, or any other Corporation clawback policy, as may be adopted or amended from time to time, or (2) any
applicable law, rule or regulation or the rules of any stock exchange or exchanges on which the Shares are then listed.

 

	24.	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.

 

	25.	Notice

 

Any notice required
to be given under 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 as shown on its SEDAR profile; 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.

 

	26.	Gender

 

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

 

	27.	Interpretation

 

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

 

EFFECTIVE
this 25th day of September, 2009, as amended on April 12, 2010, on September 15, 2011, on November 15, 2012, on April
30, 2013, on October 10, 2014, on March 20, 2015, on March 7, 2017, on May 30, 2018, on May 9, 2019 and on June 18, 2021.

 

     

     

    

 

SCHEDULE A

FORM OF OPTION
AGREEMENT

 

OPTION AGREEMENT

 

This Option Agreement
is entered into between IMV Inc. (the “Corporation”) and the Participant named below pursuant to a grant of options
to the Participant under the Corporation’s Amended Stock Option Plan (the “Plan”), a copy of which is incorporated
by reference herein, and confirms that:

 

	 	1.	on ● (the “Grant Date”);
	 	 	 
	 	2.	● (the “Participant”);
	 	 	 
		3.	was granted
                                            options (the “Options”) to purchase ● common shares of the
                                            Corporation;

 

		4.	at the
                                            price of $● per share (the “Exercise Price”);

 

		5.	which shall
                                            be exercisable in the following manner:

 

		(a)	one●
                                            (1/●) immediately on the Grant Date;

 

		(b)	one
                                            ● (1/●) on the date that is ● months after the Grant Date; and

 

		(c)	one
                                            ● (1/●) on the date that is ● months after the Grant Date; and

 

		6.	shall expire
                                            on ● (the “Expiry Date”);

 

all on the
terms and subject to the conditions set out in the Plan.

 

By receiving and
accepting the Options, the Participant:

 

	 	1.	confirms that he or she has read and understands the Plan
and agrees to the terms and conditions of the Plan and this Option Agreement; and

 

		2.	consents
                                            to the collection, use and disclosure of personal information of the Participant by the Toronto
                                            Stock Exchange and all other regulatory authorities in accordance with their requirements,
                                            from time to time.

 

Effective as of the ● day of ●,
20●.

 

	IMV INC.	 	 
	 	 	 	 	 
	By:	 	 	 
	 	Name:	 	[Optionee]
	 	Title:	 	 	 

 

     

     

    

 

NOTICE
TO EXERCISE OPTIONS

 

	TO:	IMV INC.
	 	130 Eileen
Stubbs Avenue, Suite 19
	 	Dartmouth,
Nova Scotia, Canada
	 	B3B 2C4
	 	Attention: Corporate Secretary

 

	Re:	Exercise of Options

 

Reference
is made to the Option Agreement dated as of ______________________, between IMV Inc. (the “Corporation”) and
the Participant named below. The Participant hereby exercises Options to purchase common shares of the Corporation as follows:

 

	 	Number of common
    shares for which the Options are being exercised:	 	 
	 	 	 	 
	 	Exercise Price
    per common share:	$	 
	 	 	 	 
	 	Total Exercise
    Price (in the form of a cash payment, certified cheque or bank draft tendered with this Notice to Exercise):	$	 
	 	 	 	 
	 	Name of Participant
    (as it is to appear on share certificate)	 	 
	 	 	 	 
	 	Address
    of Participant as it is to appear on the register of common shares of the Corporation (and to which a certificate representing the
    common shares being purchased is to be delivered):	 	 
	 
	 
	 
	 	 	 	 
	 	Dated	 	 	 	 
	 	 	 	 	 	Name of Participant
	 	 	 	 	 	(Please print)
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	Signature of Participant20220130 Offer Letter - Chris Teufel

		
			﻿
		

		
			Exhibit 10.17
		

		
			﻿
		

		
			﻿
		

		
			
		

		
			﻿
		

		
			January 24, 2020
		

		
			﻿
		

		
			Dear Chris:
		

		
			﻿
		

		
			It is my pleasure to extend the following promotion to you on behalf of Duluth Trading Company.
		

		
			﻿
		

		
			Position Title: Senior Vice President of IT & Logistics
		

		
			﻿
		

		
			Effective Date: February 3, 2020
		

		
			﻿
		

		
			Base Salary: Your annual base salary will be $325,000 annual, which is paid bi-weekly and is subject to deductions for taxes and other withholdings that are required by law. Your salary will be reviewed for merit consideration in April of 2020.
		

		
			﻿
		

		
			Bonus: For Fiscal 2020, your bonus target is 50% of your base salary wages earned. You will be eligible for payout in the spring of 2021 and is contingent upon the Company meeting certain financial thresholds that are established annually.
		

		
			﻿
		

		
			I look to your continued contributions at Duluth Trading Company.
		

		
			﻿
		

		
			Sincerely,
		

		
			﻿
		

		
			/s/ Steve Schlecht            
		

		
			Steve Schlecht, CEO
		

		
			Duluth Trading Company
		

		
			﻿
		

		
			﻿
		

		
			ACCEPTED:
		

		
			﻿
		

		
			/s/ Christopher Teufel                                                                                                                                   1/24/2020      
		

		
			Chris Teufel                                                                                                                                                          Date
		

		
			﻿
		

		 

		

			1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]