Document:

Exhibit 10.2

 

COMMERCIAL
LEASE AGREEMENT

 

This Lease Agreement (the “Agreement”) is made and
effective April 1st, 2019,

 

		BETWEEN:	CALIFORNIA ELECTRIC BOAT COMPANY INC. (the "Landlord"), a corporation incorporated under the Canada Business
Corporation Act, with the main address located at 730 Curé Boivin boulevard, Boisbriand (Qc) J7G 2A7, represented by Alexandre
Mongeon, acting as President and Patrick Bobby, acting as Secretary-Treasurer.

 

		AND:	RIOPEL MARINE INC., (The '' Tenant '') also doing business as CANADIAN ELECTRIC BOAT COMPANY, manufacturing and selling
electric boats, incorporated August 27, 2012 under the Act of the Province of Quebec, Canada, whose head office is located at 730
Boulevard du Cure Boivin, Boisbriand (Qc) J7G 2A7, and represented by Alexandre Mongeon acting as President and Patrick Bobby,
acting as Secretary-Treasurer

 

	1.	DESCRIPTION OF PREMISES

 

Landlord leases to Tenant the premises located at 720 Cure-Boivin
boulevard, Boisbriand (Qc) J7G 2A7, a rental space of three thousand six hundred and seven (3,607) square feet, mainly used for
manufacturing electric boats.

 

		2.	GRANT OF LEASE

 

Landlord, in consideration of the rents to be paid and the covenants
and agreements to be performed and observed by the Tenant, does hereby lease to the Tenant and the Tenant does hereby lease and
take from the Landlord the property described in Paragraph 1 and by reference made a part hereof (the "Leased Premises"),
together with, as part of the parcel, all improvements located thereon.

 

	3.	LEASE TERM

 

		a.	Total Term of Lease: The term of this Lease shall begin on July 1st, 2019, and shall terminate on June 30th,
2024.

 

		b.	Commencement Date: The "Commencement Date" shall mean the date on which the Tenant shall commence to conduct
business on the Leased Premised, so long as such date is not in excess of ten (10) days subsequent to execution hereof.

 

		4.	EXTENSIONS 

 

The parties hereto may elect to extend this Agreement upon such
terms and conditions as may be agreed upon in writing and signed by the parties at the time of any such extension.

 

    	Lease Agreement: 720 Cure Boivin, Boisbriand (Qc)	Page 1 of 19

     

    

 

	5.	DETERMINATION OF RENT

 

The Tenant agrees to pay the Landlord and the Landlord agrees
to accept, during the term hereof, at such place as the Landlord shall from time to time direct by notice to the Tenant, rent at
the following rates and times:

 

		a.	Annual Rent: The annual rent is thirty thousand six hundred and fifty-nine dollars and fifty cents ($30,659.50), plus applicable
taxes, representing eight dollars and fifty cents ($8.50) per square foot, on a Net / Net basis.

 

		b.	Payment of Yearly Rent: The annual rent shall be payable in advance in equal monthly installments of one-twelfth (1/12th) of
the total yearly rent, which shall be two thousand five hundred and fifty four dollars and ninety six cents ($2,554.96), on the
first day of each and every calendar month during the term hereof, and prorata for the fractional portion of any month, except
that on the first day of the calendar month immediately following the Commencement Date, the Tenant shall also pay to the Landlord
rent at the said rate for any portion of the preceding calendar month included in the term of this Lease.

 

		c.	Reference to yearly rent hereunder shall not be implied or construed to the effect that this Lease or the obligation to pay
rent hereunder is from year to year, or for any term shorter than the existing Lease term, plus any extensions as may be agreed
upon.

 

		d.	A late fee in the amount of one hundred dollars ($100.00) shall be assessed if payment is not postmarked or received by Landlord
on or before the tenth day of each month.

 

		e.	Other expenses: the tenant will pay the costs of telecommunication, heating, electricity and air conditioning.

 

		6.	ADDITIONNAL RENT

 

This Lease is what is commonly referred to a “Net
/ Net” Lease, with the understanding that from the first month of the Lease Term, the Landlord will receive the stipulated
rent free from any other taxation, liens or expenses of any kind, unless otherwise provided in this Agreement. In addition to the
BASIC RENT, the Tenant will pay to the parties entitled thereto all insurance premiums, taxes, assessments, operating expenses,
management fees, maintenance fees and any other costs and expenses that occur or may be considered under any provision of this
lease, for all premises during the term hereof.

 

All such fees, costs and expenses will constitute
an ADDITIONNAL RENT and, if the Lessee does not pay any of these costs or expenses, the Lessor shall have the same rights and remedies
as those provided in this Lease for the Tenant’s failure to: pay the rent. The parties hereto are of the opinion that the
Lessee may not terminate this lease for any reason whatsoever and the lessee will not be entitled to any reduction or rent payable
under this lease, except in the expressly provided for. Any contrary law, present or future, must not modify this agreement between
the parties.

 

On the execution of this lease, the tenant will have
to pay, annually, to the landlord the sum of one dollar and fifty cents ($1.50) per square foot, representing:

 

ADDITIONAL RENT total annual:

Five thousand four hundred and ten dollars and fifty cents ($5,410.50)

ADDITIONAL RENT monthly:

Four hundred dollars and eighty eight cents ($450.88)

 

    	Lease Agreement: 720 Cure Boivin, Boisbriand (Qc)	Page 2 of 19

     

    

 

	7.	USE OF PROPERTY BY TENANT

 

The Leased Premises may be occupied and used by Tenant exclusively
to manufacture, assembly and sale of electric boats, to be known as a Canadian Electric Boat Company.

 

Nothing herein shall give Tenant the right to use the property
for any other purpose or to sublease, assign, or license the use of the property to any Sub-Tenant, assignee, or licensee, which
or who shall use the property for any other use.

 

	8.	RESTRICTIONS ON USE

 

Tenant shall not use the demised premises in any manner that
will increase risks covered by insurance on the demised premises and result in an increase in the rate of insurance or a cancellation
of any insurance policy, even if such use may be in furtherance of Tenant’s business purposes.

 

Tenant shall not keep, use, or sell anything prohibited by any
policy of fire insurance covering the demised premises, and shall comply with all requirements of the insurers applicable to the
demised premises necessary to keep in force the fire and liability insurance.

 

	9.	WASTE, NUISANCE, OR UNLAWFUL ACTIVITY

 

Tenant shall not allow any waste or nuisance
on the demised premises, or use or allow the demised premises to be used for any unlawful purpose.

 

	10.	DELAY IN DELIVERING POSSESSION

 

This lease agreement shall not be rendered void or voidable
by the inability of Landlord to deliver possession to Tenant on the date set forth in Section 3. Landlord shall not be liable
to Tenant for any loss or damage suffered by reason of such a delay; provided, however, that Landlord does deliver possession
no later than [date]. In the event of a delay in delivering possession, the rent
for the period of such delay will be deducted from the total rent due under this lease agreement. No extension of this lease agreement
shall result from a delay in delivering possession.

 

	11.	SECURITY DEPOSIT

 

Not applicable.

 

		12.	TAXES

 

All Property Taxes are included in the ADDITIONNAL RENT.

 

		13.	IMPROVEMENTS BY TENANTS

 

Tenant may have prepared plans and specifications for the construction
of improvements, and, if so, such plans and specifications are attached hereto as Exhibit "B" and incorporated herein
by reference. Tenant shall obtain all certificates, permits, licenses and other authorizations of governmental bodies or authorities
which are necessary to permit the construction of the improvements on the demised premises and shall keep the same in full force
and effect at Tenant's cost.

 

    	Lease Agreement: 720 Cure Boivin, Boisbriand (Qc)	Page 3 of 19

     

    

 

Tenant shall negotiate, let and supervise all contracts for
the furnishing of services, labor, and materials for the construction of the improvements on the demised premises at its cost.
All such contracts shall require the contracting party to guarantee performance and all workmanship and materials installed by
it for a period of one year following the date of completion of construction. Tenant shall cause all contracts to be fully and
completely performed in a good and workmanlike manner, all to the effect that the improvements shall be fully and completely constructed
and installed in accordance with good engineering and construction practice.

 

During the course of construction, Tenant shall, at its cost,
keep in full force and effect a policy of builder's risk and liability insurance in a sum equal, from time to time, to three times
the amount expended for construction of the improvements. All risk of loss or damage to the improvements during the course of construction
shall be on Tenant with the proceeds from insurance thereon payable to Landlord.

 

Upon completion of construction, Tenant shall, at its cost,
obtain an occupancy permit and all other permits or licenses necessary for the occupancy of the improvements and the operation
of the same as set out herein and shall keep the same in force.

 

Nothing herein shall alter the intent of the parties that Tenant
shall be fully and completely responsible for all aspects pertaining to the construction of the improvements of the demised premises
and for the payment of all costs associated therewith. Landlord shall be under no duty to investigate or verify Tenant's compliance
with the provision herein. Moreover, neither Tenant nor any third party may construe the permission granted Tenant hereunder to
create any responsibility on the part of the Landlord to pay for any improvements, alterations or repairs occasioned by the Tenant.
The Tenant shall keep the property free and clear of all liens and, should the Tenant fail to do so, or to have any liens removed
from the property within ten (10) days of notification to do so by the Landlord, in addition to all other remedies available to
the Landlord, the Tenant shall indemnify and hold the Landlord harmless for all costs and expenses, including attorney's fees,
occasioned by the Landlord in having said lien removed from the property; and, such costs and expenses shall be billed to the Tenant
monthly and shall be payable by the Tenant with that month's regular monthly rental as additional reimbursable expenses to the
Landlord by the Tenant.

 

	14.	Utilities 

 

Tenant shall pay for all water, sanitation, sewer, electricity,
light, heat, gas, power, fuel, janitorial, and other services incident to Tenant's use of the Leased Premises, whether or not the
cost thereof be a charge or imposition against the Leased Premises.

 

		15.	OBLIGATIONS FOR REPAIRS 

 

		a.	Landlord’s Repairs: Subject to any provisions herein to the contrary, and except for maintenance or replacement
necessitated as the result of the act or omission of subtenants, licensees or contractors, the Landlord shall be required to repair
only defects, deficiencies, deviations or failures of materials or workmanship in the building. The Landlord shall keep the Leased
Premises free of such defects, deficiencies, deviations or failures during the first two (2) months of the term hereof.

 

		b.	Tenant’s Repairs: The Tenant shall repair and maintain the Leased Premises in good order and condition, except
for reasonable wear and tear, the repairs required of Landlord pursuant hereto, and maintenance or replacement necessitated as
the result of the act or omission or negligence of the Landlord, its employees, agents, or contractors.

 

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		c.	Requirements of the Law: The Tenant agrees that if any federal, state or municipal government or any department or division
thereof shall condemn the Leased Premises or any part thereof as not in conformity with the laws and regulations relating to the
construction thereof as of the commencement date with respect to conditions latent or otherwise which existed on the Commencement
Date, or, with respect to items which are the Landlord's duty to repair pursuant to Section a) and c) of this Article; and such
federal, state or municipal government or any other department or division thereof, has ordered or required, or shall hereafter
order or require, any alterations or repairs thereof or installations and repairs as may be necessary to comply with such laws,
orders or requirements (the validity of which the Tenant shall be entitled to contest); and if by reason of such laws, orders or
the work done by the Landlord in connection therewith, the Tenant is deprived of the use of the Leased Premises, the rent shall
be abated or adjusted, as the case may be, in proportion to that time during which, and to that portion of the Leased Premises
of which, the Tenant shall be deprived as a result thereof, and the Landlord shall be obligated to make such repairs, alterations
or modifications at Landlord's expense. All such rebuilding, altering, installing and repairing shall be done in accordance with
Plans and Specifications approved by the Tenant, which approval shall not be unreasonably withheld. If, however, such condemnation,
law, order or requirement, as in this Article set forth, shall be with respect to an item which shall be the Tenant's obligation
to repair pursuant to Section b) of this Article 9 or with respect to Tenant's own costs and expenses, no abatement or adjustment
of rent shall be granted; provided, however, that Tenant shall also be entitled to contest the validity thereof.

 

		d.	Tenant's Alterations: The Tenant shall have the right, at its sole expense, from time to time, to redecorate the Leased
Premises and to make such non-structural alterations and changes in such parts thereof as the Tenant shall deem expedient or necessary
for its purposes; provided, however, that such alterations and changes shall neither impair the structural soundness nor diminish
the value of the Leased Premises. The Tenant may make structural alterations and additions to the Leased Premises provided that
Tenant has first obtained the consent thereto of the Landlord in writing. The Landlord agrees that it shall not withhold such consent
unreasonably. The Landlord shall execute and deliver upon the request of the Tenant such instrument or instruments embodying the
approval of the Landlord which may be required by the public or quasi public authority for the purpose of obtaining any licenses
or permits for the making of such alterations, changes and/or installations in, to or upon the Leased Premises and the Tenant agrees
to pay for such licenses or permits.

 

		e.	Permits and Expenses: Each party agrees that it will procure all necessary permits for making any repairs, alterations,
or other improvements for installations, when applicable. Each Party hereto shall give written notice to the other party of any
repairs required of the other pursuant to the provisions of this Article and the party responsible for said repairs agrees promptly
to commence such repairs and to prosecute the same to completion diligently, subject, however, to the delays occasioned by events
beyond the control of such party.

 

Each party agrees to pay promptly when due the entire cost of
any work done by it upon the Leased Premises so that the Leased Premises at all times shall be free of liens for labor and materials.
Each party further agrees to hold harmless and indemnify the other party from and against any and all injury, loss, claims or damage
to any person or property occasioned by or arising out of the doing of any such work by such party or its employees, agents or
contractors. Each party further agrees that in doing such work that it will employ materials of good quality and comply with all
governmental requirements, and perform such work in a good and workmanlike manner.

 

		16.	TENANT'S COVENANTS 

 

Tenant covenants and agrees as follows:

 

		a.	To procure any licenses and permits required for any use made of the Leased Premises by Tenant, and upon the expiration or
termination of this Lease, to remove its goods and effects and those of all persons claiming under it, and to yield up peaceably
to Landlord the Leased Premises in good order, repair and condition in all respects; excepting only damage by fire and casualty
covered by Tenant's insurance coverage, structural repairs (unless Tenant is obligated to make such repairs hereunder) and reasonable
wear and tear;

 

    	Lease Agreement: 720 Cure Boivin, Boisbriand (Qc)	Page 5 of 19

     

    

 

		b.	To permit Landlord and its agents to examine the Leased Premises at reasonable times and to show the Leased Premises to prospective
purchasers of the Building and to provide Landlord, if not already available, with a set of keys for the purpose of said examination,
provided that Landlord shall not thereby unreasonably interfere with the conduct of Tenant's business;

 

		c.	To permit Landlord to enter the Leased Premises to inspect such repairs, improvements, alterations or additions thereto as
may be required under the provisions of this Lease. If, as a result of such repairs, improvements, alterations, or additions, Tenant
is deprived of the use of the Leased Premises, the rent shall be abated or adjusted, as the case may be, in proportion to that
time during which, and to that portion of the Leased Premises of which, Tenant shall be deprived as a result thereof.

 

	17.	INDEMNITY BY TENANT

 

The Tenant shall save Landlord harmless and indemnify Landlord
from all injury, loss, claims or damage to any person or property while on the Leased Premises, unless caused by the willful acts
or omissions or gross negligence of Landlord, its employees, agents, licensees or contractors. Tenant shall maintain, with respect
to the Leased Premises, public liability insurance with limits of not less than two million dollars ($2,000,000) for injury or
death from one accident and two million dollars ($2,000,000) property damage insurance, insuring Landlord and Tenant against injury
to persons or damage to property on or about the Leased Premises. A copy of the policy or a certificate of insurance shall be delivered
to Landlord on or before the commencement date and no such policy shall be cancelable without TEN (10) days prior written notice
to Landlord.

 

	18.	SIGNAGE

 

		a.	Exterior Signs: Tenant shall have the right, at its sole risk and expense and in conformity with applicable laws and
ordinances, to erect and thereafter, to repair or replace, if it shall so elect signs on any portion of the Leased Premises, providing
that Tenant shall remove any such signs upon termination of this lease, and repair all damage occasioned thereby to the Leased
Premises.

 

		b.	Interior Signs: Tenant shall have the right, at its sole risk and expense and in conformity with applicable laws and
ordinances, to erect, maintain, place and install its usual and customary signs and fixtures in the interior of the Leased Premises.

 

	19.	INSURANCE

 

		a.	Insurance Proceeds: In the event of any damage to or destruction of the Leased Premises, Tenant shall adjust the loss
and settle all claims with the insurance companies issuing such policies. The parties hereto do irrevocably assign the proceeds
from such insurance policies for the purposes hereinafter stated to any institutional first mortgagee or to Landlord and Tenant
jointly, if no institutional first mortgagee then holds an interest in the Leased Premises. All proceeds of said insurance shall
be paid into a trust fund under the control of any institutional first mortgagee, or of Landlord and Tenant if no institutional
first mortgagee then holds an interest in the Leased Premises, for repair, restoration, rebuilding or replacement, or any combination
thereof, of the Leased Premises or of the improvements in the Leased Premises. In case of such damage or destruction, Landlord
shall be entitled to make withdrawals from such trust fund, from time to time, upon presentation of:

 

		i.	bills for labor and materials expended in repair, restoration, rebuilding or replacement, or any combination thereof;

 

    	Lease Agreement: 720 Cure Boivin, Boisbriand (Qc)	Page 6 of 19

     

    

 

		ii.	Landlord's sworn statement that such labor and materials for which payment is being made have been furnished or delivered on
site; and

 

		iii.	the certificate of a supervising architect (selected by Landlord and Tenant and approved by an institutional first mortgagee,
if any, whose fees will be paid out of said insurance proceeds) certifying that the work being paid for has been completed in accordance
with the Plans and Specifications previously approved by Landlord, Tenant and any institutional first mortgagee in a first class,
good and workmanlike manner and in accordance with all pertinent governmental requirements.

 

Any insurance proceeds in excess of such proceeds
as shall be necessary for such repair, restoration, rebuilding, replacement or any combination thereof shall be the sole property
of Landlord subject to any rights therein of Landlord's mortgagee, and if the proceeds necessary for such repair, restoration,
rebuilding or replacement, or any combination thereof shall be inadequate to pay the cost thereof, Tenant shall suffer the deficiency.

 

		b.	Subrogation: Landlord and Tenant hereby release each other, to the extent of the insurance coverage provided hereunder,
from any and all liability or responsibility (to the other or anyone claiming through or under the other by way of subrogation
or otherwise) for any loss to or damage of property covered by the fire and extended coverage insurance policies insuring the Leased
Premises and any of Tenant's property, even if such loss or damage shall have been caused by the fault or negligence of the other
party.

 

		c.	Contribution: Tenant shall reimburse Landlord for all insurance premiums connected with or applicable to the Leased
Premises for whatever insurance policy the Landlord, at its sole and exclusive option, should select.

 

		20.	DAMAGE TO DEMISED PREMISES

 

		a.	Abatement or Adjustment of Rent: If the whole or any part of the Leased Premises shall be damaged or destroyed by fire
or other casualty after the execution of this Lease and before the termination hereof, then in every case the rent reserved in
Article IV herein and other charges, if any, shall be abated or adjusted, as the case may be, in proportion to that portion of
the Leased Premises of which Tenant shall be deprived on account of such damage or destruction and the work of repair, restoration,
rebuilding, or replacement or any combination thereof, of the improvements so damaged or destroyed, shall in no way be construed
by any person to effect any reduction of sums or proceeds payable under any rent insurance policy.

 

		b.	Repairs and Restoration: Landlord agrees that in the event of the damage or destruction of the Leased Premises, Landlord
forthwith shall proceed to repair, restore, replace or rebuild the Leased Premises (excluding Tenant's leasehold improvements),
to substantially the condition in which the same were immediately prior to such damage or destruction. The Landlord thereafter
shall diligently prosecute said work to completion without delay or interruption except for events beyond the reasonable control
of Landlord. Notwithstanding the foregoing, if Landlord does not either obtain a building permit within ten (10) days of the date
of such damage or destruction, or complete such repairs, rebuilding or restoration within two (2) months of such damage or destruction,
then Tenant may at any time thereafter cancel and terminate this Lease by sending ten (10) days written notice thereof to Landlord,
or, in the alternative, Tenant may, during said ten (10) day period, apply for the same and Landlord shall cooperate with Tenant
in Tenant's application. Notwithstanding the foregoing, if such damage or destruction shall occur during the last year of the term
of this Lease, or during any renewal term, and shall amount to fifty (50%] or more
of the replacement cost, (exclusive of the land and foundations), this Lease, may be terminated at the election of either Landlord
or Tenant, provided that notice of such election shall be sent by the party so electing to the other within ten (10) days after
the occurrence of such damage or destruction. Upon termination, as aforesaid, by either party hereto, this Lease and the term thereof
shall cease and come to an end, any unearned rent or other charges paid in advance by Tenant shall be refunded to Tenant, and the
parties shall be released hereunder, each to the other, from all liability and obligations hereunder thereafter arising.

 

    	Lease Agreement: 720 Cure Boivin, Boisbriand (Qc)	Page 7 of 19

     

    

 

		21.	CONDEMNATION 

 

		a.	Total Taking: If, after the execution of this Lease and prior to the expiration of the term hereof, the whole of the
Leased Premises shall be taken under power of eminent domain by any public or private authority, or conveyed by Landlord to said
authority in lieu of such taking, then this Lease and the term hereof shall cease and terminate as of the date when possession
of the Leased Premises shall be taken by the taking authority and any unearned rent or other charges, if any, paid in advance,
shall be refunded to Tenant.

 

		b.	Partial Taking: If, after the execution of this Lease and prior to the expiration of the term hereof, any public or
private authority shall, under the power of eminent domain, take, or Landlord shall convey to said authority in lieu of such taking,
property which results in a reduction by [%] or more of the area in the Leased Premises,
or of a portion of the Leased Premises that substantially interrupts or substantially obstructs the conducting of business on the
Leased Premises; then Tenant may, at its election, terminate this Lease by giving Landlord notice of the exercise of Tenant's election
within ten (10) days after Tenant shall receive notice of such taking. In the event of termination by Tenant of this Lease and
the term hereof shall cease and terminate as of the date when possession shall be taken by the appropriate authority of that portion
of the Entire Property that results in one of the above takings, and any unearned rent or other charges, if any, paid in advance
by Tenant shall be refunded to Tenant.

 

		c.	Restoration: In the event of a taking in respect of which Tenant shall not have the right to elect to terminate this
Lease or, having such right, shall not elect to terminate this Lease, this Lease and the term thereof shall continue in full force
and effect and Landlord, at Landlord's sole cost and expense, forthwith shall restore the remaining portions of the Leased Premises,
including any and all improvements made theretofore to an architectural whole in substantially the same condition that the same
were in prior to such taking. A just proportion of the rent reserved herein and any other charges payable by Tenant hereunder,
according to the nature and extent of the injury to the Leased Premises and to Tenant's business, shall be suspended or abated
until the completion of such restoration and thereafter the rent and any other charges shall be reduced in proportion to the square
footage of the Leased Premises remaining after such taking.

 

		d.	The Award: All compensation awarded for any taking, whether for the whole or a portion of the Leased Premises, shall
be the sole property of the Landlord whether such compensation shall be awarded for diminution in the value of, or loss of, the
leasehold or for diminution in the value of, or loss of, the fee in the Leased Premises, or otherwise. The Tenant hereby assigns
to Landlord all of Tenant's right and title to and interest in any and all such compensation. However, the Landlord shall not be
entitled to and Tenant shall have the sole right to make its independent claim for and retain any portion of any award made by
the appropriating authority directly to Tenant for loss of business, or damage to or depreciation of, and cost of removal of fixtures,
personality and improvements installed in the Leased Premises by, or at the expense of Tenant, and to any other award made by the
appropriating authority directly to Tenant.

 

		e.	Release: In the event of any termination of this Lease as the result of the provisions of this Article 20, the parties,
effective as of such termination, shall be released, each to the other, from all liability and obligations thereafter arising under
this lease.

 

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	22.	LANDLORD’S REMEDIES

 

In the event that:

 

		a.	Tenant shall on three or more occasions be in default in the payment of rent or other charges herein required to be paid by
Tenant (default herein being defined as payment received by Landlord ten or more days subsequent to the due date), regardless of
whether or not such default has occurred on consecutive or non-consecutive months; or

 

		b.	Tenant has caused a lien to be filed against the Landlord's property and said lien is not removed within ten (10) days of recordation
thereof; or

 

		c.	Tenant shall default in the observance or performance of any of the covenants and agreements required to be performed and observed
by Tenant hereunder for a period of ten (10) days after notice to Tenant in writing of such default (or if such default shall reasonably
take more than ten (10) days to cure, Tenant shall not have commenced the same within the ten (10) days and diligently prosecuted
the same to completion); or

 

		d.	Ten (10) days have elapsed after the commencement of any proceeding by or against Tenant, whether by the filing of a petition
or otherwise, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under
the present or future Federal Bankruptcy Act or any other present or future applicable federal, state or other statute or law,
whereby such proceeding shall not have been dismissed (provided, however, that the non-dismissal of any such proceeding shall not
be a default hereunder so long as all of Tenant's covenants and obligations hereunder are being performed by or on behalf of Tenant);
then Landlord shall be entitled to its election (unless Tenant shall cure such default prior to such election), to exercise concurrently
or successively, any one or more of the following rights:

 

		i.	Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date
specified in such notice of termination, with the same force and effect as though the date so specified were the date herein originally
fixed as the termination date of the term of this Lease, and all rights of Tenant under this Lease and in and to the Premises shall
expire and terminate, and Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination,
and Tenant shall surrender the Premises to Landlord on the date specified in such notice; or

 

		ii.	Terminate this Lease as provided herein and recover from Tenant all damages Landlord may incur by reason of Tenant's default,
including, without limitation, a sum which, at the date of such termination, represents the then value of the excess, if any, of
(a) the Minimum Rent, Percentage Rent, Taxes and all other sums which would have been payable hereunder by Tenant for the period
commencing with the day following the date of such termination and ending with the date herein before set for the expiration of
the full term hereby granted, over (b) the aggregate reasonable rental value of the Premises for the same period, all of which
excess sum shall be deemed immediately due and payable; or

 

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		iii.	Without terminating this Lease, declare immediately due and payable all Minimum Rent, Taxes, and other rents and amounts due
and coming due under this Lease for the entire remaining term hereof, together with all other amounts previously due, at once;
provided, however, that such payment shall not be deemed a penalty or liquidated damages but shall merely constitute payment in
advance of rent for the remainder of said term. Upon making such payment, Tenant shall be entitled to receive from Landlord all
rents received by Landlord from other assignees, tenants, and subtenants on account of said Premises during the term of this Lease,
provided that the monies to which tenant shall so become entitled shall in no event exceed the entire amount actually paid by Tenant
to Landlord pursuant to the preceding sentence less all costs, expenses and attorney's fees of Landlord incurred in connection
with the reletting of the Premises; or

 

		iv.	Without terminating this Lease, and with or without notice to Tenant, Landlord may in its own name but as agent for Tenant
enter into and upon and take possession of the Premises or any part thereof, and, at landlord's option, remove persons and property
there from, and such property, if any, may be removed and stored in a warehouse or elsewhere at the cost of, and for the account
of Tenant, all without being deemed guilty of trespass or becoming liable for any loss or damage which may be occasioned thereby,
and Landlord may rent the Premises or any portion thereof as the agent of Tenant with or without advertisement, and by private
negotiations and for any term upon such terms and conditions as Landlord may deem necessary or desirable in order to relet the
Premises. Landlord shall in no way be responsible or liable for any rental concessions or any failure to rent the Premises or any
part thereof, or for any failure to collect any rent due upon such reletting. Upon such reletting, all rentals received by Landlord
from such reletting shall be applied: first, to the payment of any indebtedness (other than any rent due hereunder) from Tenant
to Landlord; second, to the payment of any costs and expenses of such reletting, including, without limitation, brokerage fees
and attorney's fees and costs of alterations and repairs; third, to the payment of rent and other charges then due and unpaid hereunder;
and the residue, if any shall be held by Landlord to the extent of and for application in payment of future rent as the same may
become due and payable hereunder. In reletting the Premises as aforesaid, Landlord may grant rent concessions and Tenant shall
not be credited therefore. If such rentals received from such reletting shall at any time or from time to time be less than sufficient
to pay to Landlord the entire sums then due from Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency
shall, at Landlord's option, be calculated and paid monthly. No such reletting shall be construed as an election by Landlord to
terminate this Lease unless a written notice of such election has been given to Tenant by Landlord. Notwithstanding any such reletting
without termination, Landlord may at any time thereafter elect to terminate this Lease for any such previous default provided same
has not been cured; or

 

		v.	Without liability to Tenant or any other party and without constituting a constructive or actual eviction, suspend or discontinue
furnishing or rendering to Tenant any property, material, labor, Utilities or other service, whether Landlord is obligated to furnish
or render the same, so long as Tenant is in default under this Lease; or
	 	 	 

		vi.	Allow the Premises to remain unoccupied and collect rent from Tenant as it comes due; or

 

		vii.	Foreclose the security interest described herein, including the immediate taking of possession of all property on or in the
Premises; or

 

		viii.	Pursue such other remedies as are available at law or equity.

 

		e.	Landlord's pursuit of any remedy of remedies, including without limitation, any one or more of the remedies stated herein shall
not (1) constitute an election of remedies or preclude pursuit of any other remedy or remedies provided in this Lease or any other
remedy or remedies provided by law or in equity, separately or concurrently or in any combination, or (2) sever as the basis for
any claim of constructive eviction, or allow Tenant to withhold any payments under this Lease.

 

    	Lease Agreement: 720 Cure Boivin, Boisbriand (Qc)	Page 10 of 19

     

    

 

 

		23.	LANDLORD'S Self Help 

 

If in the performance or observance of any agreement or condition
in this Lease contained on its part to be performed or observed and shall not cure such default within ten (10) days after notice
from Landlord specifying the default (or if such default shall reasonably take more than ten (10) days to cure, shall diligently
prosecuted the same to completion), Landlord may, at its option, without waiving any claim for damages for breach of agreement,
at any time thereafter cure such default for the account of Tenant, and any amount paid or contractual liability incurred by Landlord
in so doing shall be deemed paid or incurred for the account of Tenant and Tenant agrees to reimburse Landlord therefore and save
Landlord harmless there from. Provided, however, that Landlord may cure any such default as aforesaid prior to the expiration of
said waiting period, without notice to Tenant if any emergency situation exists, or after notice to Tenant, if the curing of such
default prior to the expiration of said waiting period is reasonably necessary to protect the Leased Premises or Landlord's interest
therein, or to prevent injury or damage to persons or property. If Tenant shall fail to reimburse Landlord upon demand for any
amount paid for the account of Tenant hereunder, said amount shall be added to and become due as a part of the next payment of
rent due and shall for all purposes be deemed and treated as rent hereunder.

 

		24.	TENANT'S Self Help 

 

If Landlord shall default in the performance or observance of
any agreement or condition in this Lease contained on its part to be performed or observed, and if Landlord shall not cure such
default within ten (10) days after notice from Tenant specifying the default (or, if such default shall reasonably take more than
ten (10) days to cure, and Landlord shall not have commenced the same within ten (10) days and diligently prosecuted the same to
completion), Tenant may, at its option, without waiving any claim for damages for breach of agreement, at any time thereafter cure
such default for the account of Landlord and any amount paid or any contractual liability incurred by Tenant in so doing shall
be deemed paid or incurred for the account of Landlord and Landlord shall reimburse Tenant therefore and save Tenant harmless there
from. Provided, however, that Tenant may cure any such default as aforesaid prior to the expiration of said waiting period, without
notice to Landlord if an emergency situation exists, or after notice to Landlord, if the curing of such default prior to the expiration
of said waiting period is reasonably necessary to protect the Leased Premises or Tenant's interest therein or to prevent injury
or damage to persons or property. If Landlord shall fail to reimburse Tenant upon demand for any amount paid or liability incurred
for the account of Landlord hereunder, said amount or liability may be deducted by Tenant from the next or any succeeding payments
of rent due hereunder; provided, however, that should said amount or the liability therefore be disputed by Landlord, Landlord
may contest its liability or the amount thereof, through arbitration or through a declaratory judgment action and Landlord shall
bear the cost of the filing fees therefore.

 

		25.	TITLE

 

		a.	Subordination: Tenant shall, upon the request of Landlord in writing, subordinate this Lease to the lien of any present
or future institutional mortgage upon the Leased Premises irrespective of the time of execution or the time of recording of any
such mortgage. Provided, however, that as a condition to such subordination, the holder of any such mortgage shall enter first
into a written agreement with Tenant in form suitable for recording to the effect that:

 

    	Lease Agreement: 720 Cure Boivin, Boisbriand (Qc)	Page 11 of 19

     

    

  

		i.	in the event of foreclosure or other action taken under the mortgage by the holder thereof, this Lease and the rights of Tenant
hereunder shall not be disturbed but shall continue in full force and effect so long as Tenant shall not be in default hereunder

 

		ii.	such holder shall permit insurance proceeds and condemnation proceeds to be used for any restoration and repair required by
the provisions of this Agreement, respectively. Tenant agrees that if the mortgagee or any person claiming under the mortgagee
shall succeed to the interest of Landlord in this Lease, Tenant will recognize said mortgagee or person as its Landlord under the
terms of this Lease, provided that said mortgagee or person for the period during which said mortgagee or person respectively shall
be in possession of the Leased Premises and thereafter their respective successors in interest shall assume all of the obligations
of Landlord hereunder. The word "mortgage", as used herein includes mortgages, deeds of trust or other similar instruments,
and modifications, and extensions thereof. The term "institutional mortgage" as used in this Article 24 means a mortgage
securing a loan from a bank or trust company, insurance company or pension trust or any other lender institutional in nature and
constituting a lien upon the Leased Premises.

 

		b.	Quiet Enjoyment: Landlord covenants and agrees that upon Tenant paying the rent and observing and performing all of
the terms, covenants and conditions on Tenant's part to be observed and performed hereunder, that Tenant may peaceably and quietly
have, hold, occupy and enjoy the Leased Premises in accordance with the terms of this Lease without hindrance or molestation from
Landlord or any persons lawfully claiming through Landlord.

 

		c.	Zoning and Good Title: Landlord warrants and represents, upon which warranty and representation Tenant has relied in
the execution of this Lease, that Landlord is the owner of the Leased Premises, in fee simple absolute, free and clear of all encumbrances,
except for the easements, covenants and restrictions of record as of the date of this Lease. Such exceptions shall not impede or
interfere with the quiet use and enjoyment of the Leased Premises by Tenant. Landlord further warrants and covenants that this
Lease is and shall be a first lien on the Leased Premises, subject only to any Mortgage to which this Lease is subordinate or may
become subordinate pursuant to an agreement executed by Tenant, and to such encumbrances as shall be caused by the acts or omissions
of Tenant; that Landlord has full right and lawful authority to execute this Lease for the term, in the manner, and upon the conditions
and provisions herein contained; that there is no legal impediment to the use of the Leased Premises as set out herein; that the
Leased Premises are not subject to any easements, restrictions, zoning ordinances or similar governmental regulations which prevent
their use as set out herein; that the Leased Premises presently are zoned for the use contemplated herein and throughout the term
of this lease may continue to be so used therefore by virtue of said zoning, under the doctrine of "non-conforming use",
or valid and binding decision of appropriate authority, except, however, that said representation and warranty by Landlord shall
not be applicable in the event that Tenant's act or omission shall invalidate the application of said zoning, the doctrine of "non-conforming
use" or the valid and binding decision of the appropriate authority. Landlord shall furnish without expense to Tenant, within
ten (10) days after written request therefore by Tenant, a title report covering the Leased Premises showing the condition of title
as of the date of such certificate, provided, however, that Landlord's obligation hereunder shall be limited to the furnishing
of only one such title report.

 

		d.	Licenses: It shall be the Tenant's responsibility to obtain any and all necessary licenses and the Landlord shall bear
no responsibility therefore; the Tenant shall promptly notify Landlord of the fact that it has obtained the necessary licenses
in order to prevent any delay to Landlord in commencing construction of the Leased Premises.

 

    	Lease Agreement: 720 Cure Boivin, Boisbriand (Qc)	Page 12 of 19

     

    

 

		26.	EXTENSIONS/WAIVERS/DISPUTES

 

		a.	Extension Period: Any extension hereof shall be subject to the provisions of Article c) hereof.

 

		b.	Holding Over: In the event that Tenant or anyone claiming under Tenant shall continue occupancy of the Leased Premises
after the expiration of the term of this Lease or any renewal or extension thereof without any agreement in writing between Landlord
and Tenant with respect thereto, such occupancy shall not be deemed to extend or renew the term of the Lease, but such occupancy
shall continue as a tenancy at will, from month to month, upon the covenants, provisions and conditions herein contained. The rental
shall be the rental in effect during the term of this Lease as extended or renewed, prorated and payable for the period of such
occupancy.

 

		c.	Waivers: Failure of either party to complain of any act or omission on the part of the other party, no matter how long
the same may continue, shall not be deemed to be a waiver by said party of any of its rights hereunder. No waiver by either party
at any time, express or implied, of any breach of any provision of this Lease shall be deemed a waiver of a breach of any other
provision of this Lease or a consent to any subsequent breach of the same or any other provision. If any action by either party
shall require the consent or approval of the other party, the other party's consent to or approval of such action on any one occasion
shall not be deemed a consent to or approval of said action on any subsequent occasion or a consent to or approval of any other
action on the same or any subsequent occasion. Any and all rights and remedies which either party may have under this Lease or
by operation of law, either at law or in equity, upon any breach, shall be distinct, separate and cumulative and shall not be deemed
inconsistent with each other, and no one of them, whether exercised by said party or not, shall be deemed to be an exclusion of
any other; and any two or more or all of such rights and remedies may be exercised at the same time.

 

		d.	Disputes: It is agreed that, if at any time a dispute shall arise as to any amount or sum of money to be paid by one
party to the other under the provisions hereof, the party against whom the obligation to pay the money is asserted shall have the
right to make payment "under protest" and such payment shall not be regarded as a voluntary payment and there shall survive
the right on the part of the said party to institute suit for the recovery of such sum. If it shall be adjudged that there was
no legal obligation on the part of said party to pay such sum or any part thereof, said party shall be entitled to recover such
sum or so much thereof as it was not legally required to pay under the provisions of this Lease. If at any time a dispute shall
arise between the parties hereto as to any work to be performed by either of them under the provisions hereof, the party against
whom the obligation to perform the work is asserted may perform such work and pay the costs thereof "under protest" and
the performance of such work shall in no event be regarded as a voluntary performance and shall survive the right on the part of
the said party to institute suit for the recovery of the costs of such work. If it shall be adjudged that there was no legal obligation
on the part of the said party to perform the same or any part thereof, said party shall be entitled to recover the costs of such
work or the cost of so much thereof as said party was not legally required to perform under the provisions of this Lease and the
amount so paid by Tenant may be withheld or deducted by Tenant from any rents herein reserved.

 

		e.	Tenant’s Right to cure Landlord’s Default: In the event that Landlord shall fail, refuse or neglect to pay
any mortgages, liens or encumbrances, the judicial sale of which might affect the interest of Tenant hereunder, or shall fail,
refuse or neglect to pay any interest due or payable on any such mortgage, lien or encumbrance, Tenant may pay said mortgages,
liens or encumbrances, or interest or perform said conditions and charge to Landlord the amount so paid and withhold and deduct
from any rents herein reserved such amounts so paid, and any excess over and above the amounts of said rents shall be paid by Landlord
to Tenant.

 

    	Lease Agreement: 720 Cure Boivin, Boisbriand (Qc)	Page 13 of 19

     

    

 

		f.	Notices: All notices and other communications authorized or required hereunder shall be in writing and shall be given
by mailing the same by certified mail, return receipt requested, postage prepaid, and any such notice or other communication shall
be deemed to have been given when received by the party to whom such notice or other communication shall be addressed. If intended
for Landlord the same will be mailed to the address herein above set forth or such other address as Landlord may hereafter designate
by notice to Tenant, and if intended for Tenant, the same shall be mailed to Tenant at the address herein above set forth, or such
other address or addresses as Tenant may hereafter designate by notice to Landlord.

 

		27.	PROPERTY DAMAGE 

 

		a.	Loss and Damage: Notwithstanding any contrary provisions of this Lease, Landlord shall not be responsible for any loss
of or damage to property of Tenant or of others located on the Leased Premises, except where caused by the willful act or omission
or negligence of Landlord, or Landlord's agents, employees or contractors, provided, however, that if Tenant shall notify Landlord
in writing of repairs which are the responsibility of Landlord under Article VII hereof, and Landlord shall fail to commence and
diligently prosecute to completion said repairs promptly after such notice, and if after the giving of such notice and the occurrence
of such failure, loss of or damage to Tenant's property shall result from the condition as to which Landlord has been notified,
Landlord shall indemnify and hold harmless Tenant from any loss, cost or expense arising there from.

 

		b.	Force Majeure: In the event that Landlord or Tenant shall be delayed or hindered in or prevented from the performance
of any act other than Tenant's obligation to make payments of rent, additional rent, and other charges required hereunder, by reason
of strikes, lockouts, unavailability of materials, failure of power, restrictive governmental laws or regulations, riots, insurrections,
the act, failure to act, or default of the other party, war or other reason beyond its control, then performance of such act shall
be excused for the period of the delay and the period for the performance of such act shall be extended for a period equivalent
to the period of such delay. Notwithstanding the foregoing, lack of funds shall not be deemed to be a cause beyond control of either
party.

 

		28.	Assignment and Subletting

 

Under the terms and conditions hereunder, Tenant shall have
the absolute right to transfer and assign this lease or to sublet all or any portion of the Leased Premises or to cease operating
Tenant's business on the Leased Premises provided that at the time of such assignment or sublease Tenant shall not be in default
in the performance and observance of the obligations imposed upon Tenant hereunder, and in the event that Tenant assigns or sublets
this property for an amount in excess of the rental amount then being paid, then Landlord shall require as further consideration
for the granting of the right to assign or sublet, a sum equal to twenty-five percent (25%) of the difference between the amount
of rental to be charged by Tenant to Tenant's subtenant or assignee and the amount provided for herein, payable in a manner consistent
with the method of payment by the subtenant or assignee to the Tenant, and/or [to
twenty-five percent (25%) of the consideration paid or to be paid to Tenant by Tenant's or Sub-Tenant or assignee.

 

		29.	Fixtures

 

All personal property, furnishings and equipment presently and
all other trade fixtures installed in or hereafter by or at the expense of Tenant and all additions and/or improvements, exclusive
of structural, mechanical, electrical, and plumbing, affixed to the Leased Premises and used in the operation of the Tenant's business
made to, in or on the Leased Premises by and at the expense of Tenant and susceptible of being removed from the Leased Premises
without damage, unless such damage be repaired by Tenant, shall remain the property of Tenant and Tenant may, but shall not be
obligated to, remove the same or any part thereof at any time or times during the term hereof, provided that Tenant, at its sole
cost and expense, shall make any repairs occasioned by such removal.

 

    	Lease Agreement: 720 Cure Boivin, Boisbriand (Qc)	Page 14 of 19

     

    

 

		30.	OPTION TO RENEW

 

Landlord grants to Tenant an option to renew this lease agreement
for a period of five (5) years after expiration of the term of this Lease agreement at a rental to be determined six (6) months
prior the expiration of the current Lease agreement, with all other terms and conditions of the renewal lease to be the same as
those in this lease agreement. To exercise this option to renew, Tenant must give Landlord written notice of intention to do so
at least six (6) months before this lease agreement expires.

 

		31.	Estoppel Certificates 

 

At any time and from time to time, Landlord and Tenant each
agree, upon request in writing from the other, to execute, acknowledge and deliver to the other or to any person designated by
the other a statement in writing certifying that the Lease is unmodified and is in full force and effect, or if there have been
modifications, that the same is in full force and effect as modified (stating the modifications), that the other party is not in
default in the performance of its covenants hereunder, or if there have been such defaults, specifying the same, and the dates
to which the rent and other charges have been paid.

 

		32.	Invalidity of Particular Provision 

 

If any term or provision of this Lease or the application hereof
to any person or circumstance shall, to any extent, be held invalid or unenforceable, the remainder of this Lease, or the application
of such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not
be affected thereby, and each term and provision of this Lease shall be valid and be enforced to the fullest extent permitted by
law.

 

		33.	Captions and Definitions of Parties 

 

The captions of the Sections of this Lease are for convenience
only and are not a part of this Lease and do not in any way limit or amplify the terms and provisions of this Lease. The word "Landlord"
and the pronouns referring thereto, shall mean, where the context so admits or requires, the persons, firm or corporation named
herein as Landlord or the mortgagee in possession at any time, of the land and building comprising the Leased Premises. If there
is more than one Landlord, the covenants of Landlord shall be the joint and several obligations of each of them, and if Landlord
is a partnership, the covenants of Landlord shall be the joint and several obligations of each of the partners and the obligations
of the firm. Any pronoun shall be read in the singular or plural and in such gender as the context may require. Except as in this
Lease otherwise provided, the terms and provisions of this Lease shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns.

 

		34.	RELATIONSHIP OF THE PARTIES

 

Nothing contained herein shall be deemed or construed by the
parties hereto nor by any third party as creating the relationship of principal and agent or of partnership or of a joint venture
between the parties hereto, it being understood and agreed that neither any provision contained herein, nor any acts of the parties
hereto, shall be deemed to create any relationship between the parties hereto other than the relationship of Landlord and Tenant.

 

    	Lease Agreement: 720 Cure Boivin, Boisbriand (Qc)	Page 15 of 19

     

    

 

		35.	Brokerage 

 

No party has acted as, by or through a broker in the effectuation
of this Agreement, except as set out hereinafter.

 

		36.	Entire Agreement 

 

This instrument contains the entire and only agreement between
the parties, and no oral statements or representations or prior written matter not contained in this instrument shall have any
force and effect. This Lease shall not be modified in any way except by a writing executed by both parties.

 

		37.	Governing Law 

 

All matters pertaining to this agreement (including its interpretation,
application, validity, performance and breach) in whatever jurisdiction action may be brought, shall be governed by, construed
and enforced in accordance with the laws of the Province of Quebec. The parties herein waive trial by jury and agree to submit
to the personal jurisdiction and venue of a court of subject matter jurisdiction located in the Province of Quebec.

 

		38.	litigation

 

In the event that litigation results from or arises out of this
Agreement or the performance thereof, the parties agree to reimburse the prevailing party's reasonable attorney's fees, court costs,
and all other expenses, whether or not taxable by the court as costs, in addition to any other relief to which the prevailing party
may be entitled. In such event, no action shall be entertained by said court or any court of competent jurisdiction if filed more
than one year subsequent to the date the cause(s) of action actually accrued regardless of whether damages were otherwise as of
said time calculable.

 

If Landlord files an action to enforce any agreement contained
in this lease agreement, or for breach of any covenant or condition, Tenant shall pay Landlord reasonable attorney fees for the
services of Landlord’s attorney in the action, all fees to be fixed by the court.

 

		39.	Contractual Procedures 

 

Unless specifically disallowed by law, should litigation arise
hereunder, service of process therefore may be obtained through certified mail, return receipt requested; the parties hereto waiving
any and all rights they may have to object to the method by which service was perfected.

 

		40.	Extraordinary remedies 

 

To the extent cognizable at law, the parties hereto, in the
event of breach and in addition to any and all other remedies available thereto, may obtain injunctive relief, regardless of whether
the injured party can demonstrate that no adequate remedy exists at law.

 

		41.	Reliance on Financial Statement 

 

Tenant shall furnish concurrently with the execution of this
lease, a financial statement of Tenant prepared by an accountant. Tenant, both in corporate capacity, if applicable, and individually,
hereby represents and warrants that all the information contained therein is complete, true, and correct. Tenant understands that
Landlord is relying upon the accuracy of the information contained therein. Should there be found to exist any inaccuracy within
the financial statement which adversely affects Tenant's financial standing, or should Tenant's financial circumstances materially
change, Landlord may demand, as additional security, an amount equal to an additional six (6) months' rent, which additional security
shall be subject to all terms and conditions herein, require a fully executed guaranty by a third party acceptable to Landlord,
elect to terminate this Lease, or hold Tenant personally and individually liable hereunder.

 

    	Lease Agreement: 720 Cure Boivin, Boisbriand (Qc)	Page 16 of 19

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed this Lease
the day and year first above written or have caused this Lease to be executed by their respective officers thereunto duly authorized.

 

RIOPEL MARINE INC. (The Tenant)

 

		 	

x

	Alexandre Mongeon, President	 	Patrick Bobby, Secretary-Treasurer

 

	Dated: June 10th, 2017	 	Dated: June 10th, 2017

 

 

CALIFORNIA ELECTRIC BOAT COMPANY INC. (The Landlord)

 

	 	 	 
	x	 	 
	Alexandre
    Mongeon, President	 	Patrick Bobby,
    Secretary-Treasurer

 

	Dated: June 10th,
    2017	 	Dated: June 10th,
    2017

 

 

    	Lease Agreement: 720 Cure Boivin, Boisbriand (Qc)	Page 17 of 19

     

    

 

EXHIBIT "A" LEGAL DESCRIPTION

 

 

A site located in the city of Boisbriand, Province of Quebec,
having the cadastral designation of lot 5,251,935 (common part) of the Cadastre of the Province of Quebec, with an approximate
area of 245,450 ft2. On this site there is a 1-storey building, of approximately 125, 500 ft2, with 14 divided co-ownerships
vocation of  “Industrial / office / retail”, held by various owners under a Declaration of co-ownership, known as follow:

 

648 Cure-Boivin boulevard, Boisbriand (private
lot 5 368 927)

650 Cure-Boivin boulevard, Boisbriand (private
lot 5 251 936)

660 Cure-Boivin boulevard, Boisbriand (private
lot 5 251 937)

670 Cure-Boivin boulevard, Boisbriand (private
lot 5 251 938)

680 Cure-Boivin boulevard, Boisbriand (private
lot 5 251 939)

690 Cure-Boivin boulevard, Boisbriand (private
lot 5 251 940)

700 Cure-Boivin boulevard, Boisbriand (private
lot 5 251 941)

710 Cure-Boivin boulevard, Boisbriand (private
lot 6 032 689)

720 Cure-Boivin boulevard, Boisbriand
(private lot 6 032 688)

730 – 750 Cure-Boivin boulevard,
Boisbriand (private lot 6 032 687)

760 – 770 Cure-Boivin boulevard,
Boisbriand (private lot 5 251 943)

800 – 810 Cure-Boivin boulevard,
Boisbriand (private lot 5 251 944)

820 Cure-Boivin boulevard, Boisbriand (private
lot 5 251 945)

840 Cure-Boivin boulevard, Boisbriand (private
lot 5 251 946)

The Property known as 720 Cure-Boivin boulevard, Boisbriand (Qc), with the private lot number 6 032 688 as cadastral
division of the Province of Quebec, has a an industrial / office building with a rental area of 3,607 ft2.

 

    	Lease Agreement: 720 Cure Boivin, Boisbriand (Qc)	Page 18 of 19

     

    

 

EXHIBIT "B" TENANT PLANS
AND SPECIFICATIONS

 

    	Lease Agreement: 720 Cure Boivin, Boisbriand (Qc)	Page 19 of 19Exhibit 10.3

 

AMENDED
AND RESTATED Share Option(s) Plan

 

of

 

VISION MARINE TECHNOLOGIES
INC.

 

(the “Company”
or “Corporation”)

 

Date of Adoption:
April 22, 2020

 

ARTICLE
1 –  PURPOSE OF THE PLAN

 

		1.1	The purpose of this Share Option(s) Plan is to:

 

		(a)	Provide an Eligible Employee, Advisor, or Consultant an opportunity to participate
in the ownership of the Company;

 

		(b)	Encourage teamwork and cooperation with respect to all members and units
of the Company;

 

		(c)	Improve organizational performance;

 

		(d)	Improve the Company's ability to retain skilled Employees, Advisors, and
Consultants; and,

 

		(e)	Provide an incentive through the granting of Option(s) to acquire Common
Shares of the Company in order to secure the benefit of share ownership by key members of the Corporation.

  

ARTICLE 2 – PLAN DEFINITIONS AND
INTERPRETATION

 

		2.1	In this Plan, the following terms have the following meanings:

 

		(a)	“Act Respecting Labour Standards (Quebec)” means the Act
respecting labour standards,  CQLR c N-1.1, as amended from time to time, including the Regulations;

 

		(b)	“Advisor” means a person who gives professional advice
and is an expert in their particular field;

 

		(c)	“Acquirer” means a person, company, or organization that
acquires a controlling interest in the Company;

 

		(d)	“Consultant” means a person who provides professional
expertise to the Company;

 

		(e)	“Consulting Agreement” means a contract signed between
a Consultant and the Company that iterates their respective roles and renumeration with respect to the Company.

 

		(f)	“Constitution” means the Notice of Articles, Articles,
or other constitutional documents of the Company;

 

		(g)	“Eligible Employee, Advisor, or Consultant” means:

 

		(i)	Any Employee, Advisor, or Consultant of the Company or of affiliates of the
Company that the Company’s board of directors defines from time to time subject to any restrictions and rules as stated in
relevant Acts and Regulations in addition to their respective Consulting Agreement;

 

    Page 1 of 10

     

    

 

who have
been working with the Company (or by a predecessor or an affiliate of the Company) for a period of at least 3 months, unless
otherwise stipulated in their respective Employee, Advisor, or Consulting Agreement;

 

		(h)	“Employee Agreement” means a contract between an employer
and employee which outlines the specific terms of their employee-employer relationship;

 

		(i)	“Employee, Advisor, or Consultant Optionee” means, at
any relevant time, those persons who own Option(s) purchased under this Plan;

 

		(j)	“Fair Market Value” means the highest price, in dollars,
that a property would fetch in a free unrestricted market between two consenting individuals who are knowledgeable, well informed
and prudent and who exercise independent judgment.;

 

		(k)	“Financial Statements” means the most recent financial
statements of the Company;

 

		(l)	“Income Tax Act” means the Income Tax Act, RSC
1985, c 1 (5th Supp), as amended from time to time, including the Regulations;

 

		(m)	“Offering” means the offering period specified in the
Option(s) Offering Document during which an Eligible Employee, Advisor or Consultant will be extended an offer to purchase Option(s)
under this Plan;

 

		(n)	“Option(s)” means a benefit given by the Company to an
Eligible Employee, Advisor or Consultant to buy stock in the Company at a discount or a stated fixed price.

 

		(o)	“Optionee” means an Eligible Employee, Advisor or Consultant
who has been issued Option(s) under the Plan;

 

		(p)	“Option(s) Agreement” means an Agreement, to be signed
by both the Company and Optionee, that defines the terms with respect to the issuance of Option(s).

 

		(q)	“Option(s)
                                         Offering Document” means the offering and information document delivered to
                                         the Eligible Employee, Advisor, or Consultant in connection with an offering of Option(s)
                                         under this Plan, in the form of Schedule “A” attached to this agreement;

 

		(r)	“Plan” means this Amended and Restated Share Option(s)
Plan, as amended from time to time, in accordance with its provisions;

 

		(s)	“Purchase Price” means the purchase price for the Shares
purchased by an the Eligible Employee, Advisor, or Consultant under the Plan, calculated by multiplying the number of Shares purchased
with the Strike Price in effect during the applicable Offering;

 

		(t)	"Regulations” means the regulations enacted pursuant to
the Taxation Act (Quebec), Income Tax Act (Canada), Securities Act (Quebec), or Act respecting labour standards
(Quebec) in force from time to time;

 

		(u)	“Securities Act (Quebec)” means the Quebec Securities
Act, CQLR c V-1.1, as amended from time to time, including the Regulations;

 

		(v)	“Share Value” means the value per Share in Canadian dollars
determined from time to time as set forth in the Option(s) Offering Document;

 

    Page 2 of 10

     

    

 

		(w)	“Shares” means Voting Common Shares - Series Founder of
the Company;

 

		(x)	“Strike Price” means the price at which Option(s) may
be exercised; and,

 

		(y)	“Taxation Act (Quebec)” means the Quebec Taxation Act,
CQLR c I-3, as amended from time to time, including the Regulations.

 

		2.2	In this Plan, unless otherwise defined herein, words and phrases defined
in the Taxation Act (Quebec), Income Tax Act (Canada), Securities Act (Quebec) or the Regulations have the
meanings given to them in the respective Acts or the Regulations.

 

ARTICLE 3 – ADOPTION,
ADMINISTRATION, COMMENCEMENT, AND TERM OF THE PLAN

 

		3.1	The Company hereby adopts the Plan as its Share Option(s) Plan for the benefit
of an Eligible Employee, Advisor or Consultant.

 

		3.2	The Plan will be administered by the Corporation’s directors (the “Board”),
or a duly authorized committee, as the same may be constituted from time to time (the “Committee”).

 

		3.3	The Board or the Committee shall have full and complete latitude to interpret
the Plan and to establish the rules and regulations applying to it and to make all other determinations it deems necessary or useful
for the administration of the Plan, provided that such interpretations, rules, regulations and determinations are consistent with
applicable financial services authority legislation and the rules and regulations of relevant securities regulators in the Province
of Québec and Canada.

 

		3.4	The Plan will terminate only upon receipt by the Company of consent in writing
to its termination from the Board and a majority of Employee, Advisor, and Consultant Optionees.

 

ARTICLE 4 – OPTION(S) OFFERINGS TO ELIGIBLE
ADVISORS AND CONSULTANTS

 

		4.1	The Company will make the Option(s) offerings described in the Share Option(s)
Offering Document to the Eligible Employee, Advisor, or Consultant on the terms and conditions set out in this Plan.

 

		4.2	The Purchase Price of the Shares in respect of which Option(s) are granted
shall be determined by the Board or the Committee, in its discretion, at the time that each Option(s) is granted.

 

		4.3	Advisors and Consultants are considered as an exempt class as elaborated
on in the Securities Act (Quebec) and Regulation 45-106 respecting Prospectus Exemptions (V-1.1, r. 21).

 

		4.4	Advisors and Consultants are not considered employees under the Civil
Code of Quebec and are not bound to the provisions stipulated in the Act Respecting Labour Standards (Quebec).

 

		4.5	To receive Option(s) under the Plan, the Eligible Employee, Advisor, or Consultant
must deliver a completed and signed Option(s) Offering Document to the Company during the applicable period as determined by the
Board or Committee.

 

		4.6	The Board or the Committee may designate, from time to time, a key Employee,
Advisor, or Consultant of the Company and its subsidiaries to whom Option(s) may be granted at the discretion of the Board or the
Committee (an “Optionee”) and any performance conditions that the Board or the Committee may deem fit, may be
attached to the Option(s), such performance conditions to be outlined in the relevant Option(s) Agreements entered into.

 

    Page 3 of 10

     

    

 

		4.7	Notwithstanding the above stipulations within the Plan or in a relevant Option(s)
Offering Agreement, Option(s) will only become exercisable in the event of a “Change in Control” (as defined in Article
6) or listing and will lapse on the tenth anniversary of their date of grant if they have not been exercised by that date.

 

		4.8	The aggregate Fair Market Value of Shares subject to unexercised Option(s)
granted to Optionees (as defined herein below) under the Plan, together with the Fair Market Value of Shares subject to Option(s)
granted to the Optionees under the Plan shall not exceed 10% percent of the total Fair Market Value of the Company.

 

		4.9	In the event of a share dilution of the Company, the Optionee shall receive
a proportionate number of Shares with respect to the share dilution. For clarity, the percentage of Shares shall remain the same
even if the total Shares outstanding is increased.

 

ARTICLE 5 – OPTION(S)
VESTING, PAYMENT, AND VESTING SCHEDULE

 

		5.1	Option(s) will be provided under the Plan for cash or certified cheque consideration
only.

 

		5.2	The Eligible Employee, Advisor, or Consultant may pay for Option(s) purchased
under the Plan by:

 

		(a)	Lump sum payment delivered to the Company under the regulations set forth
by the Board or Committee.

 

		5.3	In advance of each Offering, the Company will notify the Eligible Employee,
Advisor, or Consultant in writing of the offering who is eligible to participate in the Plan and how they can get additional information
subject to any regulations or rules as stated in their respective Employee, Advisor, or Consultation Agreements.

 

		5.4	At least 14 days before the start of each Offering, the Company will complete
the Option(s) Offering Document to be used during the Offering.

 

		5.5	Unless provided otherwise, Option(s) granted pursuant to the Plan shall
be at the discretion of the Board and be included in the respective Employee, Advisor, or Consulting Agreement.

 

		5.6	Notwithstanding the above, in the event of an “Change in Control”
(as defined in Article 6), the following conditions apply:

 

		(a)	In the event of a Change in Control as a result of a sale of the Company,
the unvested part of Optionee’s outstanding Options, that Eligible Employees, Consultants, and Advisors are entitled for
at the time of sale according to the vesting schedule, shall vest as to 25% and the remaining 75% of unvested Option(s) shall
immediately lapse unless and to the extent the Board determines that the circumstances justify the exercise of a greater proportion.

 

		(b)	If there is a Change in Control as a result of a sale of the Company, then
unless and to the extent the Board determines that the circumstances justify the vesting of a greater proportion, any unexercised
Options shall be exercisable to the extent they have then vested and to the extent any applicable performance conditions have
then been satisfied and may be exercised in accordance with one of the following sub-rules of this Rule as the Board may determine
and which need not be the same in the case of all Optionees:

 

    Page 4 of 10

     

    

 

		i.	On the same day as, and immediately prior to, the Change in Control becoming
effective;

 

		ii.	If the person, company, or organisation making the offer (the ‘Acquirer’)
so requests or makes it a condition of the offer that one or more Optionees is locked-in and the Board agrees to such request or
requirement, a period of twelve months commencing no later than the date on which the Acquirer obtains Control of the Company and
any condition subject to which the offer was made has been satisfied; or,

 

		iii.	In the absence of any such request or requirement by the Acquirer, or if
the Board does not agree to any such request or requirement, within six months or such longer period as the Board may in its discretion
decide following the day on which the Acquirer obtains Control of the Company and any condition subject to which the offer was
made has been satisfied, but in any case, no longer than twelve months.

 

		5.7	All stipulations within this Article 5 may be derogated from via stipulations
provided within the relevant Employee, Advisor or Consulting Agreement, or as the Board so determines at their pure and unfettered
discretion.

 

ARTICLE 6 – EXERCISE, LAPSE OF OPTION(S),
AND CHANGE OF CONTROL

 

		6.1	Option(s) may be exercised by the Optionee, in accordance with the provisions
of the Plan and the relevant Option(s) Agreement, in whole or in part, from time to time, by delivery of notice of such exercise
to the Company marked to the attention of the Committee or Board.

 

		6.2	The notice must specify the number of Shares with respect to which the Option(s)
are being exercised and the purchase thereof. Furthermore, the Option(s) shall be deemed for all purposes to have been exercised
to the extent stated in such notice upon delivery of the notice and tender of payment in full notwithstanding any delay in the
issuance and delivery of the certificates for the Shares so purchased.

 

		6.3	On receipt of payment in full (the "Payment Date") of the
Purchase Price for Shares, in exercise of said Option(s) purchased under this Plan, the Company will issue a share certificate,
dated as of the Payment Date, representing those Shares in the name of the individual Eligible Employee, Advisor, or Consultant.

 

		6.4	Within 30 days of issuing a share certificate under Section 6.3, the Company
will arrange for an investment confirmation setting out the information required by relevant legal statutes and be delivered to
the eligible Optionee.

 

		6.5	If the Company by which Optionee is employed is liable to account for tax
or social insurance contributions (in any jurisdiction) for which Optionee is liable by virtue of the exercise of the Option(s),
it, any other group company or any other entity may:

 

		(a)	withhold the appropriate amount of tax or social security from the Optionee’s
remuneration; or

 

    Page 5 of 10

     

    

 

		(b)	make such other arrangements as it considers necessary (including the sale
of Shares on behalf of the Optionee) to finance the amounts due,

 

unless
the Optionee discharges the liability himself at the date of exercise.

 

		6.6	Except as provided in this Plan or in the relevant Option(s) Agreement, any
Option(s) granted pursuant to the Plan, and whether vested or not at the time of termination of Optionee’s employment, for
any reason other than death or disability, shall lapse on a date which is the earlier of:

 

		(a)	The date on which such Option(s) would otherwise expire;

 

		(b)	The date on which the relevant Optionee ceases to be an employee of the Company;
or,

 

		(c)	Such other date as determined by the Board which date shall not be more than
thirty (30) days after the date on which the holder thereof ceases to be an employee of the Company.

 

		6.7	In the event of death or disability of the Optionee, any Option(s) held and
vested at the time of the death or cessation of employment due to disability, as the case may be, shall:

 

		(a)	Lapse on a date which is the earlier of the date on which such Option(s)
would otherwise expire or twelve (12) months after the date of such death or cessation; and,

 

		(b)	Any Option(s) granted pursuant to the Plan but not vested at the time of
death or cessation of employment due to disability shall lapse forthwith unless and to the extent the Board determines that it
should vest.

 

		6.8	Option(s) offered in this Plan will only become exercisable in the event
of a “Change in Control” (as defined in this Article) or listing and will lapse on the tenth anniversary of their date
of grant if they have not been exercised by that date.

 

		6.9	Notwithstanding the above provisions, the Board or the Committee may in their
discretion, if they consider that the circumstances so justify, allow Option(s) to remain exercisable after termination of the
Optionee’s employment regardless of the reason for that termination for such period as they shall determine provided that
the Option(s) shall not be capable of exercise after the tenth anniversary of its grant.

 

		6.10	For the purpose of this Agreement, a Change in Control will be deemed to
have occurred when:

 

		(a)	Any person, together with all persons acting jointly or in concert with such
person, who, immediately prior to the date of the acquisition, beneficially held less than 50% of any class of the outstanding
Shares of the Company having the power to vote for the election of Directors of the Company, acquires any class of the outstanding
Shares of the Company having the power to vote for the election of the Directors of the Company in one or more transaction or series
of transaction and after such transaction or transactions such person or person beneficially own(s) 50% or more of the outstanding
Shares of any class of the Company having the power to vote for the election of the Directors of the Company;

 

		(b)	There is consummated a sale or other disposition of assets of the Company
representing 50% or more of the book value of all assets of the Company as at the date of the last audited financial statements
of the Company as well as the rights to the intellectual property in the Company; or,

 

		(c)	The Board adopts a resolution to the effect that, for the purposes of this
Plan, a Change in Control has occurred.

 

    Page 6 of 10

     

    

 

ARTICLE
7 – GENERAL REPRESENTATIONS AND COVENANTS

 

		7.1	With respect of each offering and issuance of Shares under the Plan, the
Company represents, warrants and covenants as follows:

 

		(a)	The Company is validly existing and in good standing under the laws of Québec
and Canada and pursuant to which it was incorporated;

 

		(b)	The Plan is a validly subsisting and binding obligation of the Company;

 

		(c)	The Company is not party to, and will not become party to, any agreement
which prohibits or restricts it from complying with the terms of the Plan;

 

		(d)	Option(s) granted pursuant to the Plan may not be transferred, assigned or
pledged by the holder thereof.

 

		(e)	The participation in the Plan of an employee of the Company shall be entirely
optional and shall not be interpreted as conferring upon Optionee any right or privilege whatsoever except for the rights and privileges
set out expressly in the Plan and in the relevant Option(s) Offering Documents. Furthermore:

 

		i.	Neither the Plan nor any act that is done under the terms of the Plan shall
be interpreted as restricting the right of the Company to terminate the employment of an employee at any time;

 

		ii.	Any notice of dismissal given to an employee at the time his or her employment
is terminated, or any payment in the place and stead of such notice, or any combination of the two, shall not have the effect of
extending the duration of the employment for purposes of the Plan; and,

 

		iii.	No Optionee is entitled to damages for the loss of Option(s) on cessation
of employment for any reason whatsoever.

 

		(f)	The Shares are of a class of Shares of the Company, once exercised by
the Optionee, that:

 

		i.	Are not directly restricted in their right to share in the profits of the
Company or in the division of the Company's assets on dissolution or winding up;

 

		ii.	Include a restriction on transfer to third parties, pursuant to Article 7.1(d)
of this Agreement; and,

 

		iii.	Do not have any rights and restrictions prohibited by the Regulations within
the Taxation Act (Quebec), Income Tax Act (Canada), or the Securities Act (Quebec);

 

		(g)	Option(s) to be issued under the Plan will be from the treasury of the Company
and will not have been previously issued;

 

		(h)	The Purchase Price per Option(s) at which the Option(s) will be offered to
the Eligible Employee, Advisor, or Consultant in any given Offering will not be greater than the Share Value in effect at that
time;

 

		(i)	The Plan does not provide for any guarantee in respect of any loss or profit
which may result from fluctuations in the price of the Shares;

 

    Page 7 of 10

     

    

 

		(j)	The Company shall assume no responsibility as regards the tax consequences
under the Taxation Act (Quebec) or the Income Tax Act (Canada) that participation in the Plan will have for an employee
or director of the Company and such persons are responsible for payment of all taxes incurred in relation to the exercise of Option(s)
and urged to consult their own tax advisors in that regard.

 

		(k)	All Financial Statements issued under the Plan will be prepared in accordance
with generally accepted accounting principles and present fairly the financial position of the Company as at the date thereof and
do not omit to state any material liability or financial obligation of the Company as at the date thereof;

 

		(l)	Since the date of the Financial Statements there has been no material adverse
change in the financial position or condition of the Company, except as disclosed in the Option(s) Offering Document;

 

		(m)	The Option(s) Offering Document discloses all outstanding Option(s), warrants
and conversion rights granted by the Company in respect of its securities and contains no misrepresentations;

 

		(n)	All Option(s) granted under the Plan must be supported by a duly executed
individual Option(s) Offering Document as signed by the Optionee and the Company; and,

 

		(o)	The Company will comply with the requirements of the Plan, the Taxation
Act (Quebec), Income Tax Act (Canada), Securities Act (Quebec), and their Regulations.

 

		7.2	With respect to the Plan and the Option(s) granted to the Optionee, the Eligible
Employee, Advisor, or Consultant shall be bound by a confidentiality covenant. As part of this covenant, the Optionee agrees to
maintain secret and confidential all information relating to the Plan and shall not divulge or disclose any such information except
as may be required under the obligation of law or is required by the Company during the Optionee's employment.

 

		7.3	Optionees shall be required, as a condition to the exercise or conversion
of any options or convertible securities, either (a) to enter into an appropriate written contractual obligation to become a Party
to and bound by any shareholder agreement of the Company; or (b) to become a party to a Share Restriction Agreement.

 

		7.4	The Eligible Employee, Advisor, or Consultant will be deemed to have relied
on the representations and warranties and covenants contained in this Article.

 

    Page 8 of 10

     

    

 

 

ARTICLE 8 – PLAN
AMENDMENTS

 

		8.1	With the approval
                                         of the Board but without the approval of the Employee, Advisor, or Consultant Optionees,
                                         the Company may amend the Plan to reflect changes made to the Securities Act (Quebec),
                                         Income Tax Act (Canada), and the Taxation Act (Quebec), Regulations or Policy Statements
                                         enacted since the adoption of the Plan.

 

		8.2	Alterations to
                                         the Plan, except as stated in paragraph 8.1, may only be made with the approval of the
                                         Board and a majority of the Employee, Advisor, or Consultant Optionees.

 

		8.3	The Company will
                                         not amend its Constitution in any manner which would affect a term of condition of the
                                         Plan without the prior written consent of the Board.

 

ARTICLE 9 –
GENERAL 

 

		9.1	The Plan will
                                         be construed and enforced in accordance with the laws of the province of Quebec and the
                                         laws of Canada applicable therein.

 

		9.2	Time will be
                                         of the essence in this Plan.

 

		9.3	The Plan will
                                         ensure to the benefit of and be binding upon the Eligible Employee, Advisor, or Consultant,
                                         the Employee, Advisor, or Consultant Optionees, the Company and their respective heirs,
                                         personal representatives and successors.

 

		9.4	Each of the
                                         parties to this Plan will do all such other acts and things as may be required to carry
                                         out the true intent and meaning of the Plan.

 

IN
WITNESS WHEREOF the Company has adopted the Plan as of the date written above.

 

	VISION MARINE TECHNOLOGIES INC.	 
	 	 
	 	)	 
	 	 
	 	)	 

 

	Name: Alexandre Mongeon	)	 
	 	 
	Title: President	)	 

 

    Page 9 of 10

     

    

 

SCHEDULE “A”

 

SHARE OPTION(S) PLAN

 

OPTION(S) OFFERING DOCUMENT

 

(Date)

 

(Address)

 

To the Attention of the Committee
or Board:

 

I, the undersigned,                 
, hereby request Option(s) to purchase                    
Voting Common Shares - Series Founder of VISION MARINE TECHNOLOGIES INC. (the “Company”), granted at an exercise
price of                     under
the terms of the Share Option(s) Agreement between the undersigned and the Company in accordance with the terms of the Share Option(s)
Plan, as well as in accordance with the terms of the relevant Employee, Advisor, or Consulting Agreement, as the case may be,
and I enclose herewith my cheque (or cash) made payable to the order of VISION MARINE TECHNOLOGIES INC. in the amount of                     Canadian
Dollars in payment of the desired Option(s).

 

	 	 
	(Signature)	 
	 	 
	 	 
	(Name)	 
	 	 
	 	 
	 	 
	(Full Address)	 
	 	 
	 	 
	(Telephone)	 

 

    Page 10 of 10

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