Document:

Exhibit
10.1

 

 

 

 

 

DEL
MAR PHARMACEUTICALS (BC) LTD.

AMENDED AND RESTATED STOCK OPTION PLAN

  

 

 

 

Approved
by the Board of Directors of Del Mar Pharmaceuticals (BC) Ltd. on February 1, 2012, and by the Board of Directors of DelMar Pharmaceuticals,
Inc., as amended and restated on August 16, 2013

  

     

     

    

 

TABLE
OF CONTENTS

  

	Article 1 DEFINITIONS AND INTERPRETATION	4
	 	 
	1.1	Definitions	4
	1.2	Choice of Law	7
	1.3	Effective Amendment Date	7
	1.4	Headings	7
	 	 	 
	Article 2 PURPOSE AND PARTICIPATION	7
	 	 
	2.1	Purpose	7
	2.2	Participation	7
	2.3	Notification of Award	8
	2.4	Copy of Plan	8
	2.5	Limitation	8
	 	 	 
	Article 3 TERMS AND CONDITIONS OF OPTIONS	8
	 	 
	3.1	Parent’s Board to Issue Parent Shares	8
	3.2	Number of Parent Shares	8
	3.3	Term of Option	8
	3.4	Termination	8
	3.5	Exercise Price	11
	3.6	Additional Terms	11
	3.7	Going Public Agreements	12
	3.8	Assignment of Options	12
	3.9	Adjustments	12
	3.10	Vesting Terms	12
	3.11	U.S. Participants	13
	 	 	 
	Article 4 EXERCISE OF OPTION	14
	 	 
	4.1	Exercise of Option	14
	4.2	Cashless Exercise	14
	4.3	Issue of Share Certificates	14
	4.4	Condition of Issue	14
	4.5	Withholding Taxes	15
	 	 	 
	Article 5 ADMINISTRATION	15
	 	 
	5.1	Administration	15
	5.2	Interpretation	15
	 	 	 
	Article 6 AMENDMENT, TERMINATION AND NOTICE	15
	 	 
	6.1	Prospective Amendment	15
	6.2	Retrospective Amendment	16
	6.3	Approvals	16
	6.4	Termination	16
	6.5	Agreement	16
	6.6	Notice	16
	 	 	 
	Schedule A	 	A-17
	 	 	 
	Schedule B	 	B-20

  

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STOCK
OPTION PLAN

 

Article 1

DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions

 

As
used herein, unless there is something in the subject matter or context inconsistent therewith, the following terms will have
the meanings set forth below:

 

		(a)	“Administrator”
                                         means, initially, the President of the Company and thereafter will mean such director
                                         or other senior officer or employee of the Company or an affiliate of the Company as
                                         may be designated as Administrator by the Board from time to time.

 

		(b)	“affiliate”
                                         has the meaning given to that term under the Business Corporations Act (British
                                         Columbia).

 

		(c)	“Award
                                         Date” means the date on which the Board awards a particular Option or such
                                         other effective award date determined by the Board.

 

		(d)	“Board”
                                         means the board of directors of the Company, or any committee thereof to which the board
                                         of directors of the Company has delegated the power to administer and grant Options under
                                         the Plan.

 

		(e)	“Cashless
                                         Exercise” has the meaning given to that term under section 4.2.

 

		(f)	“Cause”
                                         means:

 

		(i)	Cause
                                         as such term is defined in the written employment agreement between the Option Holder
                                         and the Company or an affiliate of the Company; or

 

		(ii)	in
                                         the event there is no written employment agreement between the Option Holder and the
                                         Company or an affiliate of the Company or Cause is not defined therein, the usual meaning
                                         of just cause under the common law or the laws of the jurisdiction in which the Option
                                         Holder is employed.

 

		(g)	“Consultant”
                                         means any Person, such as a service provider pursuant to a consulting or services agreement
                                         between such Person and the Company or an affiliate of the Company, as may, from time
                                         to time, be permitted or not precluded by the rules and policies of the applicable Regulatory
                                         Authorities to be granted Options.

 

		(h)	“Company”
                                         means Del Mar Pharmaceuticals (BC) Ltd., a company incorporated under the laws of British
                                         Columbia.

 

		(i)	“Compensation
                                         Committee” means the compensation committee of the Company, if and as constituted
                                         from time to time.

 

		(j)	“Convertible
                                         Shares” has the meaning given to that term under section 3.4(e).

 

		(k)	“Director”
                                         means any individual holding the office of director of the Company or an affiliate of
                                         the Company.

  

    	 	- 3 -	 

     

    

 

		(l)	“Effective
                                         Amendment Date” means August 16, 2013.

 

		(m)	“Employee”
                                         means any individual regularly employed on a full-time basis by the Company or an affiliate
                                         of the Company as may, from time to time, be permitted or not precluded by the rules
                                         and policies of the applicable Regulatory Authorities to be granted Options.

 

		(n)	“Equity
                                         Securities” means:

 

		(i)	Shares
                                         or any other security of Parent that carries the residual right to participate in the
                                         earnings of Parent and, on liquidation, dissolution or winding-up, in the assets of Parent,
                                         whether or not the security carries voting rights;

 

		(ii)	any
                                         warrants, options or rights entitling the holders thereof to purchase or acquire any
                                         such securities; or

 

		(iii)	any
                                         securities issued by Parent which are convertible or exchangeable into such securities.

 

		(o)	“Exercise
                                         Notice” means the notice respecting the exercise of an Option, in the form
                                         set out as Schedule B hereto, duly executed by the Option Holder.

 

		(p)	“Exercise
                                         Period” means the period during which a particular Option may be exercised
                                         and is the period from and including the Award Date through to and including the Expiry
                                         Date.

 

		(q)	“Exercise
                                         Price” means the price at which an Option may be exercised as determined in
                                         accordance with section 3.5.

 

		(r)	“Expiry
                                         Date” means the date determined in accordance with section 3.4 and after
                                         which a particular Option cannot be exercised.

 

		(s)	“Fixed
                                         Expiry Date” has the meaning given to that term under section 3.4.

 

		(t)	“Fully
                                         Diluted Basis” means, at any time, the
                                         number of issued and outstanding Parent Shares assuming all options, warrants or other
                                         convertible securities or instruments or other rights to acquire Parent Shares have been
                                         exercised or converted, as applicable, in full, regardless of whether any such options,
                                         warrants, convertible securities or instruments or other rights are then vested or exercisable
                                         or convertible in accordance with their terms.

 

		(u)	“Market
                                         Value” means the market value of the Parent Shares as determined in accordance
                                         with section 3.5.

 

		(v)	“Option”
                                         means an option to acquire Parent Shares, awarded to a Director, Employee or Consultant
                                         under the Plan.

 

		(w)	“Option
                                         Certificate” means the certificate, in the form set out as Schedule A
                                         hereto, evidencing an Option.

  

    	 	- 4 -	 

     

    

 

		(x)	“Option
                                         Holder” means a Director, Employee or Consultant, or former Director, Employee
                                         or Consultant, who holds an unexercised and unexpired Option or, where applicable, the
                                         Personal Representative of such person.

 

		(y)	“Parent”
                                         means DelMar Pharmaceuticals, Inc., a company incorporated under the laws of the state
                                         of Nevada.

 

		(z)	“Parent
                                         Shares” means shares of common stock of Parent, par value US$0.001 per share.

 

		(aa)	“Person”
                                         means any individual, partnership, joint venture, syndicate, sole proprietorship, company
                                         or corporation with or without share capital, trust, trustee, executor, administrator,
                                         or other legal personal representatives, regulatory body or agency, government or governmental
                                         agency, authority or entity howsoever designated or constituted.

 

		(bb)	“Personal
                                         Representative” means:

 

		(i)	in
                                         the case of a deceased Option Holder, the executor or administrator of the deceased duly
                                         appointed by a court or public authority having jurisdiction to do so; and

 

		(ii)	in
                                         the case of an Option Holder who for any reason is unable to manage his or her affairs,
                                         the person entitled by law to act on behalf of such Option Holder.

 

		(cc)	“Plan”
                                         means this amended and restated stock option plan.

 

		(dd)	“Purchaser”
                                         has the meaning given to that term under section 3.4(e).

 

		(ee)	“Regulatory
                                         Authorities” means all stock exchanges, inter-dealer quotation networks and
                                         other organized trading facilities on which the Shares are listed and all securities
                                         commissions or similar securities regulatory bodies having jurisdiction over the Company.

 

		(ff)	“Selling
                                         Shareholders” has the meaning given to that term under section 3.4(e).

 

		(gg)	“Shares”
                                         means Parent Shares or shares of any other class in the share capital of Parent from
                                         time to time.

 

		(hh)	“Substantial
                                         Sale” has the meaning given to that term under section 3.4(e).

 

		(ii)	“Termination
                                         Date” means:

 

		(i)	in
                                         the case of the resignation of the Option Holder’s employment or the termination
                                         of the Option Holder’s consulting or service contract by the Option Holder, the
                                         date that the Option Holder provides notice of such resignation or termination to the
                                         Company or an affiliate of the Company; or

 

		(ii)	in
                                         the case of the termination of the Option Holder’s employment or consulting or
                                         service contract by the Company or an affiliate of the Company for any reason other than
                                         death or disability, the date that the Company or an affiliate of the Company delivers
                                         written notice of termination of the Option Holder’s employment or consulting or
                                         service contract to the Option Holder; or

  

    	 	- 5 -	 

     

    

 

		(iii)	in
                                         the case of the expiry of a fixed-term employment or consulting or service contract that
                                         is not renewed or extended, the last day of the term.

 

		(jj)	“Transfer”
                                         includes any sale, exchange, assignment, gift, bequest, disposition, mortgage, charge,
                                         pledge, encumbrance, grant of a security interest or other arrangement by which possession,
                                         legal title or beneficial ownership passes from one Person to another, or to the same
                                         Person in a different capacity, whether or not voluntarily and whether or not for value,
                                         and any agreement to effect any of the foregoing, including any sale or exchange pursuant
                                         to a plan of arrangement, merger, consolidation, acquisition or similar transaction;
                                         and the words “Transferred”, “Transferring” and
                                         similar words have corresponding meanings.

 

		1.2	Choice
of Law

 

The
Plan is established under, and the provisions of the Plan will be subject to and interpreted and construed in accordance with,
the laws of the Province of British Columbia.

 

		1.3	Effective
Amendment Date

 

This
Plan has been amended and restated with effect from the Effective Amendment Date.

 

		1.4	Headings

 

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

 

Article 2

PURPOSE AND PARTICIPATION

 

		2.1	Purpose

 

The
purpose of the Plan is to provide the Company and Parent with a share-related mechanism to attract, retain and motivate qualified
Directors, Employees and Consultants, to reward such of those Directors, Employees and Consultants as may be awarded Options under
the Plan by the Board from time to time for their contributions toward the long term goals of the Company and Parent and to enable
and encourage such Directors, Employees and Consultants to acquire Parent Shares as long term investments.

 

		2.2	Participation

 

If
the Board has constituted a Compensation Committee, the Compensation Committee will, from time to time, recommend to the Board
those Directors, Employees and Consultants, if any, to whom Options should be awarded. The Board will, from time to time and in
its sole discretion, taking into account any recommendations of the Compensation Committee, determine those Directors, Employees
and Consultants, if any, to whom Options are to be awarded. The Board may, in its sole discretion, grant the majority of the Options
to insiders of the Company or of an affiliate of the Company.

  

    	 	- 6 -	 

     

    

 

		2.3	Notification
of Award

 

Following
the approval by the Board of the awarding of an Option, the Administrator will notify the Option Holder in writing of the award
and will enclose with such notice the Option Certificate (or a copy thereof) representing the Option so awarded.

 

		2.4	Copy
of Plan

 

Each
Option Holder, concurrently with the notice of the award of the Option, will be provided with a copy of the Plan. A copy of any
amendment to the Plan will be promptly provided by the Administrator to each Option Holder.

 

		2.5	Limitation

 

The
Plan does not give any Option Holder that (i) is a Director the right to serve or continue to serve as a Director of the Company
or an affiliate of the Company, (ii) is an Employee the right to be or to continue to be employed with the Company or an affiliate
of the Company or (iii) is a Consultant the right to have a consulting relationship with the Company or an affiliate of the Company
or provide services to the Company or an affiliate of the Company.

 

Article 3

TERMS AND CONDITIONS OF OPTIONS

 

		3.1	Parent’s
Board to Issue Parent Shares

 

The
Parent Shares to be issued to Option Holders upon the exercise of Options will be authorized and unissued Parent Shares, the issuance
of which will have been authorized by Parent’s board of directors.

 

		3.2	Number
of Parent Shares

 

Subject
to adjustment as provided for in section 3.9 of the Plan, the number of Parent Shares that will be available for Directors,
Employees and Consultants to acquire pursuant to Options granted under the Plan will not exceed 7.5% of the number of issued and
outstanding Parent Shares on a Fully Diluted Basis as at the time of grant and the maximum number of Parent Shares that will be
available for Employees to acquire pursuant to ISOs (as defined in section 3.11 of this Plan) will not exceed 5% of the number
of issued and outstanding Parent Shares on a Fully Diluted Basis at the time of grant. If any Option expires or otherwise terminates
for any reason without having been exercised in full, the number of Parent Shares in respect of which the Option was not exercised
will again be available for the purposes of the Plan.

 

		3.3	Term
of Option

 

An
Option Holder may exercise an Option in whole or in part at any time or from time to time during the Exercise Period. Any Option
or part thereof not exercised within the Exercise Period will terminate and become null, void and of no effect as of 5:00 p.m.
local time in Vancouver, British Columbia on the Expiry Date.

   

    	 	- 7 -	 

     

    

 

		3.4	Termination

 

The
Expiry Date of an Option will be the earlier of the date that is the tenth anniversary of the Award Date of such Option, or such
other date so fixed by the Board at the time the particular Option is awarded provided that such date will be no later than the
tenth anniversary of the Award Date of such Option (the “Fixed Expiry Date”), or the date established, if applicable,
in subsections (a) to (e) below:

 

		(a)	Death

 

In
the event that the Option Holder should die while he or she is a Director (if he or she holds his or her Option as a Director)
or Employee (if he or she holds his or her Option as an Employee) or Consultant (if he or she holds his or her Option as a Consultant),
the Expiry Date for any vested portion or portions of the Option will be the date that is twelve months after the date of the
Option Holder’s death. The Expiry Date for any unvested portion of the Option will be the date of the Option Holder’s
death.

 

		(b)	Disability

 

In
the event that the Option Holder becomes permanently disabled while he or she is a Director (if he or she holds his or her Option
as a Director) or Employee (if he or she holds his or her Option as an Employee) or Consultant (if he or she holds his or her
Option as a Consultant) and ceases to be a Director, Employee or Consultant as a result of the permanent disability, the Expiry
Date for any vested portion or portions of the Option will be the date that is six months after the date that the Option Holder
ceases to be a Director, Employee or Consultant, as the case may be. The Expiry Date for any unvested portion of the Option will
be the date that the Option Holder ceases to be a Director, Employee or Consultant, as the case may be.

 

		(c)	Ceasing
                                         to Hold Office

 

In
the event that the Option Holder holds his or her Option as a Director and such Option Holder ceases to be a Director other than
by reason of death or permanent disability, the Expiry Date for any vested portion or portions of the Option will be, unless otherwise
provided for in the Option Certificate:

 

		(i)	the
                                         90th day following the date that the Option Holder ceases to be a Director; or

 

		(ii)	a
                                         date determined by the Board, in its sole discretion, that is on or before the date that
                                         is five years from the date that such Option Holder ceases to be a Director;

 

unless
the Option Holder ceases to be a Director as a result of:

 

		(iii)	ceasing
                                         to meet the qualifications required under applicable laws;

 

		(iv)	being
                                         removed from office in accordance with applicable laws; or

 

		(v)	an
                                         order made by any Regulatory Authority having jurisdiction to so order,

 

in
which case the Expiry Date will be the date that the Option Holder ceases to be a Director. The Expiry Date for any unvested portion
of the Option will be the date that the Option Holder ceases to be a Director.

  

    	 	- 8 -	 

     

    

 

		(d)	Ceasing
                                         to be an Employee or Consultant

 

In
the event that the Option Holder holds his or her Option as an Employee or Consultant and such Option Holder ceases to be an Employee
or Consultant other than by reason of death or permanent disability, the Expiry Date of any vested portion or portions of the
Option will be the 90th day following the Termination Date unless the Option Holder ceases to be an Employee or Consultant as
a result of:

 

		(i)	termination
                                         of employment for Cause (if he or she holds his or her Option as an Employee); or

 

		(ii)	termination
                                         for failure to fulfil services pursuant to a consulting or services agreement (if he
                                         or she holds his or her Option as a Consultant); or

 

		(iii)	an
                                         order made by any Regulatory Authority having jurisdiction to so order,

 

in
which case the Expiry Date will be the Termination Date. The Expiry Date for any unvested portion of the Option will be the Termination
Date.

 

		(e)	Substantial
                                         Sale

 

If
security holders of Parent (the “Selling Shareholders”) have agreed to Transfer to a Person, or Persons acting
jointly or in concert, (a “Purchaser”), Equity Securities representing more than 66 2/3% of the Parent Shares
(a “Substantial Sale”) and the Purchaser also offers to buy the Options of an Option Holder, then the Option
Holder must sell any Options which remain outstanding at the completion of the Substantial Sale to the Purchaser at a price equal
to:

 

	 	The
    number of Shares then Exercisable under the Option	X	The
    price per Share being paid by the Purchaser to the Selling Shareholder minus the exercise price per Share under the Option

 

and
on otherwise similar terms and conditions as are applicable under the Substantial Sale. If the Selling Shareholders have agreed
to sell Equity Securities which are convertible into Shares only (“Convertible Shares”), the price per Share
applicable in the above formula will be calculated on an as converted basis (and if there is more than one conversion rate applicable
to different classes or series of Convertible Shares outstanding, the conversion will be computed on a pro rata basis based upon
the ratio of the number of Shares which holders of each class or series of Convertible Shares may acquire to the total number
of Shares which all holders of all classes and series of Convertible Shares may acquire).

 

If
the Purchaser offers to buy the Options of an Option Holder and the Option Holder does not sell the Option Holder’s Options
to the Purchaser as contemplated above, then that Option Holder’s Options will expire, terminate and be cancelled on completion
of the Substantial Sale.

 

Notwithstanding
section 3.4(e) above, the Board may, in a manner no less favourable from a financial point of view to an Option Holder than the
treatment provided in section 3.4(e) above, determine the manner in which all unexercised Options granted under this Plan will
be treated in the event of a Substantial Sale including, without limitation, determining to accelerate the vesting of all unvested
Options.

  

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Notwithstanding
anything else contained in the Plan and subject to any necessary approval from Parent’s shareholders and the Regulatory
Authorities, the Board may in its discretion (i) extend the Expiry Date of any Option, provided that in no case will an Option
be exercisable later than the tenth anniversary of the Award Date of the Option or (ii) accelerate the vesting terms applicable
to an Option.

 

		3.5	Exercise
Price

 

The
price at which an Option Holder may purchase a Parent Share upon the exercise of an Option will be as set forth in the Option
Certificate issued in respect of such Option and in any event will not be less than the Market Value of the Parent Shares as of
the Award Date. The Market Value of the Parent Shares for any particular date will be determined as follows:

 

		(a)	for
                                         each organized trading facility on which the Parent Shares are listed, Market Value will
                                         be determined by a resolution of the Board and must be either:

 

		(i)	the
                                         closing trading price of the Parent Shares on the last trading day immediately preceding
                                         such date; or

 

		(ii)	a
                                         value that is within the parameters set by the guidelines or policies of such organized
                                         trading facility;

 

		(b)	Reserved.

 

		(c)	if
                                         the Parent Shares are listed on more than one organized trading facility, then Market
                                         Value will be the greatest of the Market Values determined for each organized trading
                                         facility on which those Parent Shares are listed as determined for each organized trading
                                         facility in accordance with subsections (a) and (b) above; and

 

		(d)	if
                                         the Parent Shares are listed on one or more organized trading facility but have not traded
                                         during the ten trading day period immediately preceding such date, then the Market Value
                                         will be, subject to the necessary approvals of the applicable Regulatory Authorities,
                                         such value as is determined by resolution of the Board.

 

Notwithstanding
anything else contained herein, in no case will the Market Value be less than the minimum prescribed by each of the organized
trading facilities as would apply to the Award Date in question.

 

		3.6	Additional
Terms

 

Subject
to all applicable securities laws and regulations and the rules and policies of all applicable Regulatory Authorities, the Board
may attach other terms and conditions to the grant of a particular Option, such terms and conditions to be referred to in a schedule
attached to the Option Certificate. These terms and conditions may include, but are not necessarily limited to, the following:

 

		(a)	providing
                                         that an Option expires on a date other than as provided for herein, provided that in
                                         no case will an Option be exercisable later than the tenth anniversary of the Award Date
                                         of the Option;

 

		(b)	providing
                                         that a portion or portions of an Option vest after certain periods of time or upon the
                                         occurrence of certain events, or expire after certain periods of time or upon the occurrence
                                         of certain events other than as provided for herein; and

 

		(c)	providing
                                         that an Option be exercisable immediately, in full, notwithstanding that it has vesting
                                         provisions, upon the occurrence of certain events, such as a friendly or hostile takeover
                                         bid for the Company.

  

    	 	- 10 -	 

     

    

 

		3.7	Going
Public Agreements

 

If
Parent proceeds to list its Shares on a public stock exchange or commences a public offering, each Option Holder will promptly
enter into all such escrow, pooling or other agreements as are required by the securities regulatory authorities, the exchange,
the agents or the underwriters in connection with such listing or public offering.

 

		3.8	Assignment
of Options

 

Options
may not be assigned or transferred, provided however that the Personal Representative of an Option Holder may, to the extent permitted
by section 4.1, exercise the Option within the Exercise Period.

 

		3.9	Adjustments

 

If,
prior to the complete exercise of an Option, the Parent Shares are consolidated, subdivided, converted, exchanged or reclassified
or in any way substituted for (collectively, the “Event”), an Option, to the extent that it has not been exercised,
will be adjusted by the Board in accordance with such Event in the manner the Board deems appropriate. No fractional Parent Shares
will be issued upon the exercise of an Option and accordingly, if as a result of the Event, an Option Holder would become entitled
to a fractional Parent Share, such Option Holder will have the right to purchase only the next lowest whole number of Parent Shares
and no payment or other adjustment will be made with respect to the fractional interest so disregarded.

 

		3.10	Vesting
Terms

 

Unless
otherwise determined by the Board in accordance with the terms and conditions of this Plan, Options will be granted by the Board
on the following basis:

 

		(a)	any
                                         Option granted to a Director will vest over a one year period on a monthly basis in equal
                                         portions such that 1/12 of the Option will vest at the end of the first month following
                                         the Award Date, another 1/12 of the Option will vest at the end of the second month,
                                         and so forth, until the Option is fully vested; and

 

		(b)	any
                                         Option granted to an Employee will vest over a three year period on a monthly basis in
                                         equal portions such that 1/36 of the Option will vest at the end of the first month following
                                         the Award Date, another 1/36 of the Option will vest at the end of the second month,
                                         and so forth, until the Option is fully vested.

 

For
clarity, the Board may deviate from the terms of this section 3.10 with respect to the grant of Options provided that such grant
is made in accordance with the other terms of this Plan.

  

    	 	- 11 -	 

     

    

 

		3.11	U.S.
Participants

 

Any
Option granted under the Plan to an Option Holder who is a citizen or resident of the United States (including its territories,
possessions and all areas subject to the jurisdiction) (a “U.S. Participant”) may be an incentive stock option
(an “ISO”) within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended, of the United
States (the “Code”), but only if so designated by the Company in the agreement evidencing such Option. No provision
of this Plan, as it may be applied to a U.S. Participant with respect to Options which are designated as ISOs, shall be construed
so as to be inconsistent with any provision of Section 422 of the Code or the Treasury Regulations thereunder. Grants of Options
to U.S. Participants which are not designated as or otherwise do not qualify as ISOs will be treated as nonstatutory stock options
for U.S. federal tax purposes. Notwithstanding anything in this Plan contained to the contrary, the following provisions shall
apply to ISOs granted to each U.S. Participant:

 

		(a)	ISOs
                                         shall only be granted to individual U.S. Participants who are, at the time of grant,
                                         employees of the Company or an affiliate of the Company within the meaning of the Code.
                                         Any director of the Company or an affiliate of the Company who is a U.S. Participant
                                         shall be ineligible to vote upon the granting of such Option;

 

		(b)	the
                                         aggregate fair market value (determined as of the time an ISO is granted) of the Parent
                                         Shares subject to ISOs exercisable for the first time by a U.S. Participant during any
                                         calendar year under this Plan and all other stock option plans, within the meaning of
                                         Section 422 of the Code, of the Company shall not exceed One Hundred Thousand Dollars
                                         in U.S. funds (U.S.$100,000);

 

		(c)	the
                                         Exercise Price for Parent Shares under each ISO granted to a U.S. Participant pursuant
                                         to this Plan shall be not less than fair market value of such Parent Shares at the time
                                         the Option is granted, as determined in good faith by the Board at such time (unless
                                         such ISO is granted pursuant to an assumption or substitution for another option in a
                                         manner satisfying the provisions of Section 424(a) of the Code);

 

		(d)	if
                                         any U.S. Participant to whom an ISO is to be granted under the Plan at the time of the
                                         grant of such ISO is the owner of shares possessing more than ten percent (10%) of the
                                         total combined voting power of all classes of shares of Parent, then the following special
                                         provisions shall be applicable to the ISO granted to such individual:

 

		(i)	the
                                         Exercise Price (per share) subject to such ISO shall not be less than one hundred ten
                                         percent (110%) of the fair market value of one Parent Share at the time of grant; and

 

		(ii)	for
                                         the purposes of this section 3.11 only, the Exercise Period shall not exceed five (5)
                                         years from the date of grant;

 

		(e)	no
                                         ISO may be granted hereunder to a U.S. Participant following the expiration of ten (10)
                                         years after the date on which this Plan is adopted by the Company or the date on which
                                         the Plan is approved by the shareholders of Parent, whichever is earlier; and

 

		(f)	no
                                         ISO granted to a U.S. Participant under the Plan shall become exercisable unless and
                                         until the Plan shall have been approved by the shareholders of Parent.

  

    	 	- 12 -	 

     

    

 

Article 4

EXERCISE OF OPTION

 

		4.1	Exercise
of Option

 

An
Option may be exercised only by the Option Holder or the Personal Representative of the Option Holder. Subject to section 4.2,
an Option Holder or the Personal Representative of the Option Holder may exercise the vested portion or portions of an Option
in whole or in part at any time or from time to time during the Exercise Period up to 5:00 p.m. local time in Vancouver, British
Columbia on the Expiry Date by delivering to the Administrator an Exercise Notice, the applicable Option Certificate and a certified
cheque or bank draft payable to “DelMar Pharmaceuticals, Inc.” in an amount equal to the aggregate Exercise
Price of the Parent Shares to be purchased pursuant to the exercise of the Option or consideration received by the Company under
a cashless exercise program implemented by the Company in connection with the Plan.

  

		4.2	Cashless
Exercise

 

Notwithstanding
section 4.1, in lieu of paying the Exercise Price for Shares to be issued pursuant to the exercise of an Option, the Option
Holder or the Personal Representative of the Option Holder that is entitled to exercise an Option may elect to receive a number
of Parent Shares subject to the Option determined by (i) subtracting the Exercise Price under the Option from the Market Price
of the Parent Shares as of the date of exercise, (ii) multiplying the difference by the number of Parent Shares in respect of
which the Option Holder or Personal Representative, as the case may be, wishes to exercise the Option and (iii) dividing that
product by the Market Price of the Parent Shares as of the date of exercise, rounded down to the next lowest whole number of Parent
Shares (the “Cashless Alternative”). Upon making an election pursuant to this section 4.2, the Option Holder
or Personal Representative, as the case may be, shall make payment of the aggregate Exercise Price of the Parent Shares to be
so purchased by exchanging the Option or the portion of the Option being exercised for such number of Parent Shares.

  

		4.3	Issue
of Share Certificates

 

As
soon as practicable following the receipt of the Exercise Notice, the Administrator will, in his sole discretion, either cause
to be delivered to the Option Holder a certificate for the Parent Shares purchased by the Option Holder. If the number of Parent
Shares in respect of which the Option was exercised is less than the number of Parent Shares subject to the Option Certificate
surrendered, the Administrator will forward a new Option Certificate (or a copy thereof) to the Option Holder concurrently with
delivery of the share certificate for the balance of the Parent Shares available under the Option.

 

		4.4	Condition
of Issue

 

The
Options and the issue of Parent Shares pursuant to the exercise of Options are subject to the terms and conditions of the Plan
and compliance with the rules and policies of all applicable Regulatory Authorities with respect to the granting of such Options
and the issuance and distribution of such Parent Shares, and to all applicable securities laws and regulations. The Option Holder
agrees to comply with all such laws, regulations, rules and policies and agrees to furnish to the Company and Parent any information,
reports or undertakings required to comply with, and to fully cooperate with, the Company and Parent in complying with such laws,
regulations, rules and policies.

 

		4.5	Withholding
Taxes

 

Without
limiting the generality of section 4.4, the Company may withhold any amount the Company is required by applicable law to withhold
or deduct on account of income taxes or other deductions required by any Canadian or foreign federal, provincial, state or local
taxing authorities or other amounts required by law to be withheld in relation to any Cashless Alternative election and may deduct
such amount from any payment required to be made under the Option, or any other amount payable by the Company to the Option Holder
or Personal Representative. The Option Holder or Personal Representative shall bear and be responsible for any and all income
or other tax imposed in respect of any Cashless Alternative election. If the Company so determines, the Company shall have the
right to require, prior to delivery of any Parent Shares upon exercise of an Option pursuant to the Cashless Alternative, payment
by the Option Holder or Personal Representative of the excess of any applicable Canadian or foreign federal, provincial, state
local or other taxes over any amounts withheld by the Company, in order to satisfy the tax obligations in respect of any Cashless
Alternative election. If the Company does not withhold an amount, or require payment of an amount by an Option Holder or Personal
Representative, sufficient to satisfy all income tax obligations, the Option Holder or Personal Representative shall make reimbursement,
on demand, in cash, of any amount paid by the Company in satisfaction of any tax obligation.

  

    	 	- 13 -	 

     

    

 

Article 5

ADMINISTRATION

 

		5.1	Administration

 

The
Plan will be administered by the Administrator on the instructions of the Board. The Compensation Committee may, from time to
time, recommend to the Board how the Plan should be administered. The Board may make, amend and repeal at any time and from time
to time such policies not inconsistent with the Plan as it may deem necessary or advisable for the proper administration and operation
of the Plan and such policies will form part of the Plan. The Board may delegate to the Administrator or any director, officer
or employee of the Company or an affiliate of the Company such administrative duties and powers as it may see fit.

 

		5.2	Interpretation

 

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

 

Article 6

AMENDMENT, TERMINATION AND NOTICE

 

		6.1	Prospective
Amendment

 

The
Board may, from time to time and in accordance with any third party obligations of the Company, amend the Plan and the terms and
conditions of any Option thereafter to be granted and, without limiting the generality of the foregoing, may make such amendment
for the purpose of meeting any changes in any relevant law, rule or regulation applicable to the Plan, any Option or the Parent
Shares, or for any other purpose which may be permitted by all relevant laws, regulations, rules and policies provided always
that any such amendment (with the exception of an amendment pursuant to section 3.4(e)) will not alter the terms or conditions
of any Option or impair any right of any Option Holder pursuant to any Option awarded prior to such amendment.

 

		6.2	Retrospective
Amendment

 

The
Board may from time to time retrospectively amend the Plan and, with the consent of the affected Option Holders, retrospectively
amend the terms and conditions of any Options which have been previously granted.

  

		6.3	Approvals

 

The
Plan and any amendments hereto are subject to all necessary approvals of the applicable Regulatory Authorities.

 

		6.4	Termination

 

The
Board may terminate the Plan at any time provided that such termination will not alter the terms or conditions of any Option or
impair any right of any Option Holder pursuant to any Option awarded prior to the date of such termination which will continue
to be governed by the provisions of the Plan.

 

		6.5	Agreement

 

The
Company and every Option awarded hereunder will be bound by and subject to the terms and conditions of the Plan. By accepting
an Option granted hereunder, the Option Holder has expressly agreed with the Company to be bound by the terms and conditions of
the Plan.

 

		6.6	Notice

 

Any
notice or other communication contemplated under the Plan to be given by the Company to an Option Holder will be given by the
Company delivering or faxing the notice to the Option Holder at the last address for the Option Holder in the Company’s
records. Any such notice will be deemed to have been given on the date on which it was delivered, or in the case of fax, the next
business day after transmission. An Option Holder may, at any time, advise the Company of a change in the Option Holder’s
address or fax number.

  

    	 	- 14 -	 

     

    

 

Schedule A

 

DEL
MAR PHARMACEUTICALS

STOCK OPTION PLAN

 

OPTION
CERTIFICATE

 

This
Certificate is issued pursuant to the provisions of the DelMar Pharmaceuticals, Inc. amended and restated stock option plan (the
“Plan”) and evidences that ____________________ is the holder (the “Option Holder”) of an
option (the “Option”) to purchase up to _____________ shares of common stock, par value US $0.001 per share
(the “Parent Shares”) in the capital of DelMar Pharmaceuticals, Inc. (“Parent”). The Exercise
Price of the Option is U.S. $_____ per Parent Share.

 

Subject
to the provisions of the Plan:

 

		(a)	the
                                         Award Date of the Option is ________________, ______; and

 

		(b)	the
                                         Fixed Expiry Date of the Option is _______________, _____.

 

The
vested portion or portions of the Option may be exercised at any time and from time to time from and including the Award Date
through to 5:00 p.m. local time in Vancouver, British Columbia on the Expiry Date by delivering to the Administrator of the Plan
an Exercise Notice, in the form provided in the Plan, together with this Certificate and a certified cheque or bank draft payable
to “DelMar Pharmaceuticals, Inc.” in an amount equal to the aggregate of the Exercise Price of the Parent Shares in
respect of which the Option is being exercised.

 

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

 

The
Option is also subject to the terms and conditions contained in the schedules, if any, attached hereto. All terms not otherwise
defined in this Certificate will have the meanings given to them under the Plan.

 

Dated
this ____ day of __________________, ______.

  

	DELMAR PHARMACEUTICALS, INC.	 
	 	 	 
	Per:	 	 
	 	Administrator, Stock Option Plan

DelMar Pharmaceuticals, Inc.	 

 

Acknowledged and agreed this ____ day of _________________,
______

 

	 	 
	Signature of Option Holder	 

  

     

     

    

 

OPTION
CERTIFICATE - SCHEDULE

  

The
additional terms and conditions attached to the Option represented by this Certificate are as follows:

 

1.     
●;
and

 

2.      ●.

 

	DELMAR
    PHARMACEUTICALS, INC.	 
	 	 	 
	Per:	 	 
	 	Administrator,
    Stock Option Plan

    DelMar Pharmaceuticals, Inc.	 

 

     

     

    

 

Schedule B

 

DelMar
Pharmaceuticals, INC.

STOCK OPTION PLAN

 

NOTICE
OF EXERCISE OF OPTION

 

		TO:	The
                                         Administrator, Stock Option Plan

                                         DelMar Pharmaceuticals, Inc.

                                         c/o David Frost

1300
– 777 Dunsmuir Street

Vancouver,
British Columbia, V7Y 1K2

 

The
undersigned hereby irrevocably gives notice, pursuant to the DelMar Pharmaceuticals, Inc. amended and restated stock option plan
(the “Plan”), of the exercise of the Option to acquire and hereby subscribes for (cross out inapplicable items):

 

		(a)	all
                                         of the Parent Shares which are the subject of the Option;

 

		(b)	___________________
                                         of the Parent Shares which are the subject of the Option; or

 

		(c)	subject
                                         to the terms of the Plan and the Option, the number of Parent Shares which may be purchased
                                         under the Option pursuant to the Cashless Alternative set out in section 4.2 of
                                         the Plan, in exchange for the option to purchase ____________ of the Parent Shares which
                                         may be purchased under the Option.

 

Unless
the undersigned has elected the Cashless Alternative, undersigned tenders herewith a certified cheque or bank draft (circle one)
payable to “DelMar Pharmaceuticals, Inc..” in an amount equal to the aggregate Exercise Price of the aforesaid Parent
Shares. The undersigned directs Parent to issue the certificate evidencing said Parent Shares in the name of the undersigned to
be mailed to the undersigned at the following address:

 

___________________________________

 

___________________________________

 

___________________________________

 

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

 

DATED
this ______ day of ____________________, __________.

 

	 	 
	Signature of Option HolderExhibit 10.2

 

Schedule A

 

DELMAR PHARMACEUTICALS INC.

STOCK OPTION PLAN

OPTION CERTIFICATE

 

This Certificate is issued pursuant to the provisions of the
DelMar Pharmaceuticals Inc. (the “Company”) amended and restated stock option plan (the “Plan”)
and evidences that ______ is the holder (the “Option Holder”) of an option (the “Option”)
to purchase up to ________ shares of common stock, par value US $0.001 per share (the “Parent Shares”) in the
capital of DelMar Pharmaceuticals, Inc. (“Parent”). The Exercise Price of the Option is US $______ per Parent
Share.

 

Subject to the provisions of the Plan:

 

		(a)	the Award Date of the Option is ________; and

 

		(b)	the Fixed Expiry Date of the Option is _____________.

 

The vested portion or portions of the Option may be exercised
at any time and from time to time from and including the Award Date through to 5:00 p.m. local time in Vancouver, British Columbia
on the Expiry Date by delivering to the Administrator of the Plan an Exercise Notice, in the form provided in the Plan, together
with this Certificate and a certified cheque or bank draft payable to “DelMar Pharmaceuticals Inc.” in an amount equal
to the aggregate of the Exercise Price of the Parent Shares in respect of which the Option is being exercised.

 

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

 

The Option is also subject to the terms and conditions contained
in the schedules, if any, attached hereto. All terms not otherwise defined in this Certificate will have the meanings given to
them under the Plan.

 

Dated this ____ day of ______________.

 

	DELMAR PHARMACEUTICALS INC.	 
	 	 	 
	Per:		 
	 	________, Administrator, Stock Option Plan

DelMar Pharmaceuticals Inc.	 

 

 

     

     

    

 

OPTION CERTIFICATE - SCHEDULE

 

The additional terms and conditions attached to the Option represented
by this Certificate are as follows:

 

The Option will vest as to the following schedule:

 

		1.	_____________________.

 

	DELMAR PHARMACEUTICALS INC.	 
	 	 	 
	Per:	 	 
	 	_________, Administrator, Stock Option Plan

DelMar Pharmaceuticals Inc.	 

 

     

     

    

 

Schedule B

 

DelMar
Pharmaceuticals INC.

STOCK OPTION PLAN

 

NOTICE OF EXERCISE OF OPTION

 

		TO:	The Administrator, Stock Option Plan

DelMar Pharmaceuticals Inc.

c/o Jeffrey Bacha

720- 999 West Broadway

Vancouver, British Columbia, V5Z
1K5

 

The undersigned hereby irrevocably gives notice, pursuant to
the DelMar Pharmaceuticals Inc. amended and restated stock option plan (the “Plan”), of the exercise of the
Option to acquire and hereby subscribes for (cross out inapplicable items):

 

		(a)	all of the Parent Shares which are the subject of the Option;

 

		(b)	___________________ of the Parent Shares which are the subject of the Option; or

 

		(c)	subject to the terms of the Plan and the Option, the number of Parent Shares which may be purchased under the Option pursuant
to the Cashless Alternative set out in section 4.2 of the Plan, in exchange for the option to purchase ____________ of the
Parent Shares which may be purchased under the Option.

 

Unless the undersigned has elected the Cashless Alternative,
undersigned tenders herewith a certified cheque or bank draft (circle one) payable to “DelMar Pharmaceuticals Inc.”
in an amount equal to the aggregate Exercise Price of the aforesaid Parent Shares. The undersigned directs Parent to issue the
certificate evidencing said Parent Shares in the name of the undersigned to be mailed to the undersigned at the following address:

 

	 	 	 
	 	 	 
	 	 	 

 

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

 

DATED this ______ day of ____________________, __________.

 

	 	 
	Signature of Option Holder

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