Document:

Exhibit 4.10

FORM 51-102F3

MATERIAL CHANGE REPORT

 

 

		1.	Name and Address of Company

 

Profound Medical Corp.
(“Profound” or the “Company”)

Unit
6, 2400 Skymark Avenue

Mississauga,
Ontario

L4W
5K5

 

		2.	Date of Material Change

 

October 11, 2019

 

		3.	News Release

 

A press release disclosing the
material change was disseminated via Globe Newswire on October 11, 2019 and subsequently filed on SEDAR.

 

		4.	Summary of Material Change

 

On October 11, 2019, Profound
implemented a consolidation (the “Consolidation”) of its issued and outstanding common shares (“Common
Shares”) on the basis of one (1) post-Consolidation Common Share for every ten (10) pre-Consolidation Common Shares.

 

		5.	Full Description of Material Change

 

		5.1	Full Description of Material Change

 

On
October 11, 2019, Profound implemented the Consolidation of its issued and outstanding Common Shares on the basis of one (1) post-Consolidation
Common Share for every ten (10) pre-Consolidation Common Shares. The Common Shares began trading on the Toronto Stock Exchange
on a post-Consolidated basis on October 16, 2019.

 

The exercise
price and the number of Common Shares issuable under Profound’s outstanding share options and warrants were proportionally
adjusted as a result of the Consolidation.

 

No fractional
Common Shares will be issued as a result of the Consolidation. Any fractional interest in Common Shares that would otherwise result
from the Consolidation will be rounded up to the next whole Common Share, if the fractional interest is equal to or greater than
one-half of a Common Share and rounded down to the next whole Common Share if the fractional interest is less than one-half of
a Common Share. Shareholders who do not hold a sufficient number of pre-Consolidation Common Shares to receive at least one post-Consolidation
Common Share will have no further interest in Profound upon completion of the Consolidation.

 

		5.2	Disclosure for Restructuring Transactions

 

Not applicable.

 

     

     

    

 

		6.	Reliance on subsection 7.1(2) of the National Instrument
51-102

 

Not applicable.

 

		7.	Omitted Information

 

No information has been omitted
in this material change report on the basis that it is confidential information.

 

		8.	Executive Officer

 

The following is the name and
business telephone number of an executive officer of the Company who is knowledgeable about the material change and this report.

 

Stephen Kilmer

(647) 872-4849

skilmer@profoundmedical.com

 

		9.	Date of Report

 

October 17, 2019EX-4.1

 Exhibit 4.1 

FORM OF STOCK CERTIFICATE 

VELOCITY FINANCIAL, INC. 
  

					
	 NUMBER
  

COMMON STOCK
	 		  	 SHARES
  

COMMON STOCK

			
		 	INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE	  	 SEE REVERSE FOR CERTAIN DEFINITIONS
 CUSIP
                    

 This certifies that 
 is the
owner of 
 FULLY PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK PAR VALUE $0.01 EACH OF 

VELOCITY FINANCIAL, INC. 
 transferable only on
the books of the Corporation by the holder hereof in person, or by duly authorized Attorney, upon the surrender of this certificate properly endorsed. This Certificate is not valid until countersigned registered by the Transfer Agent and Registrar.

 WITNESS the facsimile signatures of the duly authorized officers of the Corporation. 

Dated:                      

 

			
	CHIEF EXECUTIVE OFFICER	 	            CHIEF FINANCIAL OFFICER
		 	  

                    COUNTERSIGNED AND REGISTERED: 

 
 AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC

TRANSFER AGENT AND REGISTRAR
  

BY

		
		 	 Authorized Signature

 [Reverse Side of Stock Certificate] 

The Corporation will furnish to any stockholder, upon request and without charge, a full statement of the designations, relative rights,
preferences and limitations of the shares of each class and series authorized to be issued, so far as the same have been determined, and of the authority, if any, of the Board to divide the shares into classes or series and to determine and change
the relative rights, preferences and limitations of any class or series. Such request may be made to the Secretary of the Corporation or to the Transfer Agent named on this certificate. 

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out
in full according to applicable laws or regulations: 
  

							
	TEN COM	 	-	 	as tenants in common	  	UNIF GIFT MIN ACT -              Custodian             
(Cust)                (Minor)    
	TEN ENT	 	-	 	as tenant by the entireties	  	
				
	JT TEN	 	-	 	as joint tenants with right of survivorship and not as tenants in common	  	 under Uniform Gifts to Minors Act

                       
                                 

(State)

 Additional abbreviations may also be used though not in the above list. 

For value received,
                     hereby sell, assign and transfer unto 

PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF
ASSIGNEE 

                          
                                         
                    
  

	
	  
 (PLEASE PRINT OR TYPE NAME AND
ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE)

	  

	  

	  

	                                      
                                         
                                         
                                         
    Shares of the Common Stock represented by the within Certificate, and do hereby irrevocably constitute and appoint
	  

 Attorney, to transfer the said stock registered on the books of the within-named Corporation with full power of substitution in
the premises. 
  

			
	Dated                     	  	                                      
                                         
                                         

  

			
	  SIGNATURE(S) GUARANTEED:	  	  
 Notice: The signature(s) to this assignment must
correspond with the name(s) as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

  

			
	  
 THE SIGNATURE(S) MUST BE GUARANTEED
BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO RULE 17Ad-15 UNDER
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.EX-10.3

 Exhibit 10.3 
  

 
 VELOCITY FINANCIAL, LLC 

2012 EQUITY INCENTIVE PLAN 

 VELOCITY FINANCIAL, LLC 

2012 EQUITY INCENTIVE PLAN 

ARTICLE I—GENERAL 
  

	1.01	 Purpose. 

The purposes of this 2012 Equity Incentive (the “Plan”) are to (i) closely associate the interests of the key employees,
officers, directors and consultants of Velocity Financing, LLC, a Delaware limited liability company (the “Company”), with the owners by reinforcing the relationship between rewards and gains in Company value; (ii) provide key
employees, officers, directors and consultants with equity ownership in the Company commensurate with performance, as reflected in increased unit value; (iii) maintain competitive compensation levels; (iv) provide an incentive to key
employees and officers for continued employment with the Company; and (v) provide an incentive to directors and consultants for continuing their relationship with the Company. 

 

	1.02	 Administration. 

 

	 	A.	 The Plan shall be administered by the Board of Managers of the Company (the “Board”).

  

	 	B.	 The Board shall have the sole discretion and authority to: 

 

	 	(i)	 Designate the employees, officers, directors and consultants to whom Units (as defined below) shall be issued
under the Plan; 

  

	 	(ii)	 Determine the class, type, terms and amount of Units provided in the Plan; 

 

	 	(iii)	 Impose limitations, restrictions and conditions on Units that are issued, including vesting, forfeiture and
repurchase requirements; and 

  

	 	(iv)	 Interpret, adopt, amend, rescind rules and regulations relating to the Plan, make all other determinations and
take all other actions necessary or advisable for the implementation and administration of the Plan. 

  

	 	C.	 Decisions and determinations of the Board on all matters relating to the Plan shall be in its sole discretion.
No member of the Board shall be liable for any action taken or decision made in good faith relating to the Plan or any Units. 

  

	1.03	 Eligibility for Participation. 

The Board may issue Units to any or all key management employees of the Company and its affiliates, officers, Managers serving on the Board, or
consultants providing services to the Company or its affiliates. In the case of consultants, the Board may issue Units to such persons only if they render bona fide services to the Company or its affiliates and such services are not rendered in
connection with the offer and sale of securities in a capital raising transaction. 

	1.04	 Aggregate Limit on Units. 

Up to 16,071,791 Units may be issued under the Plan (including the Class B Units of the Company outstanding on the date of effectiveness
of this Plan). All Units to be issued under the Plan after the effective date shall be authorized and unissued units in the Company. 
  

	1.05	 Effective Date. 

The Plan shall be effective on July 23, 2012. 
  

	1.06	 Definitions. 

In this Plan or in any unit grant agreement, the following definitions shall apply: 

 

	 	A.	 “Cause” shall mean (i) Grantee’s conviction of, or plea of guilty or nolo contendere to, a
felony or other offense involving moral turpitude; (ii) Grantee’s material breach of the unit grant agreement; (iii) the nonprescription use of any controlled substance or abuse of alcohol that interferes with Grantee’s job
performance; (iv) the refusal by Grantee to perform lawful duties directed by the Board; (v) Grantee’s fraudulent act, bad faith or willful misconduct in the performance of his or her duties to the Company or its Affiliates;
(vi) Grantee’s material dishonesty in the performance of his duties to the Company or its affiliates; or (vii) Grantee’s gross negligence in the performance of his or her duties to the Company or its affiliates.

  

	 	B.	 “Disability” shall mean Grantee’s inability to perform the material duties required of the
Grantee as a result of physical or mental disability for a period of ninety (90) consecutive days or one hundred twenty (120) cumulative days over any three hundred sixty-five (365)-day period during
the Grantee’s employment with the Company or its affiliates. 

  

	 	C.	 “Grantee” shall mean any person issued Units pursuant to this Plan. 

 

	 	D.	 “LLC Agreement” shall mean the Amended and Restated Limited Liability Company Agreement of the
Company, (as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof), except that the reference in any unit grant agreement to the five year commitment period in
Section 3.2(c) of the LLC Agreement shall be a reference to Section 3.2(c) of the Second Amended and Restated Operating Agreement of Velocity Commercial Capital, LLC. 

 

	 	E.	 “Unit” shall mean a membership interest in the Company. 

  
 3 

 ARTICLE II – UNITS 

 

	2.01	 Issue of Units. 

The Board may issue Units to any key management employee, officer, director or consultant, subject to the provisions of the Plan and such other
terms and conditions as the Board may prescribe. The Board, in its sole discretion, may impose vesting requirements, restrictions on the transfer or sale of Units, forfeiture provisions and repurchase rights, as it determines appropriate. 

 

	2.02	 Unit Grant Agreement; LLC Agreement. 

As a condition to the issuance of a Unit pursuant to the Plan, the Grantee is required to enter into a unit grant agreement, which shall state
the number of Units issued to such Grantee and the terms of such grant as determined by the Board, and the LLC Agreement. 
 ARTICLE III
– SECURITIES LAW COMPLIANCE 
  

	3.01	 Restricted Securities. 

Units acquired pursuant to the Plan are restricted securities under the Securities Act of 1933, as amended, and may not be resold or
transferred unless the Units are first registered under the federal securities laws or unless an exemption from such registration is available (including, as applicable, Rule 701 under the Securities Act of 1933, as amended). 

 

	3.02	 Legal Compliance. 

 

	 	A.	 Units shall not be issued pursuant to this Plan unless the issuance and delivery of such Units shall comply
with all relevant provisions of law, including, without limitation, the Securities Act of 1933, the Securities Exchange Act of 1934, each as amended and the rules and regulations promulgated thereunder, and all other applicable laws.

  

	 	B.	 As a condition to the issue of a Unit pursuant to the Plan, the Company may require the Grantee to represent
and warrant at the time of grant that the Units are being purchased only for investment and without any present intention to sell or distribute such Units if, in the opinion of counsel for the Company, such a representation is required.

  

	 	C.	 The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority
is deemed by the Company’s counsel to be necessary to the lawful issuance of any Units hereunder, shall relieve the Company of any liability in respect of the failure to issue such Units as to which such requisite authority shall not have been
obtained. 

  

	 	D.	 If at any time the Board shall determine that (i) the consent or approval of any government regulatory
body; or (ii) an agreement by the Grantee with respect to the disposition of Units is necessary or desirable as a condition of, or in connection with, the issue of Units thereunder, such Units may not be issued in whole or in part unless such
consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Board. 

  
 4 

 ARTICLE IV – MISCELLANEOUS 

 

	4.01	 No Right to Continued Employment. 

Nothing in this Plan or in any agreement entered into pursuant to the Plan shall confer upon any employee or officer the right to continue in
the employment of the Company or its affiliates or affect any right which the Company or its affiliates may have to terminate the employment of such employee or officer. In the case of Managers or consultants, nothing in the Plan or in any agreement
entered into pursuant to the Plan shall confer upon any individual the right to continue as a Manager or consultant or affect any right which the Company or its affiliates may have to terminate any contract, agreement or other relationship between
the Company and its affiliates and such person. 
  

	4.02	 Non-Uniform Determinations. 

The Board’s determinations under the Plan (including, without limitation, determinations of the persons to receive Units, and their
amount, timing, and terms) need not be uniform and may be made selectively among persons who are eligible for Units under the Plan, whether or not such persons are similarly situated. Any determination made by the Board under this Plan shall be
binding and effective only for the purposes set forth herein and shall not bind the Board or the Company in making any determination for any other purpose. 
  

	4.03	 Issuance of Units. 

Units delivered to an individual under the Plan will be issued in the name of the individual. 

 

	4.04	 Amendment of the Plan. 

The Board of Managers may terminate and at any time and from time to time modify or amend the Plan in any respect. The termination or any
modification or amendment of the Plan, shall not without the consent of a Grantee, affect his or her rights regarding Units previously issued to him or her. 

  
 5

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