Document:

Exhibit 10.15
EMPLOYMENT AGREEMENT
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This Employment Agreement (“Agreement”) is made between HOOKIPA Biotech GmbH (the “Company”), and Klaus Orlinger (the “Executive”) and is made effective as of January 1, 2022 (the “Effective Date”).
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WHEREAS, the Company desires to employ the Executive and the Executive desires to be employed by the Company on the terms and conditions contained herein.
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WHERAS, the Executive was previously employed by the Company as EVP Research and is currently classed as follows under the applicable collective bargaining agreement:
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Service category: VI Years of service: 3
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and based on this classification, the minimum wage under collective bargaining agreements and the basic wage for 40 hours per week as defined in §2 Sec 2 Nr. 9 AVRAG in connection with §2g AVRAG, excluding the monthly extra allowance for dirt work (“SEG”) amount to EUR 4,396.90 gross per month.
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NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
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		1.	Employment.

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(a)Term. The term of this Agreement shall commence on the Effective Date and continue until terminated in accordance with the provisions hereof (the “Term”).
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Position and Duties. During the Term, the Executive shall serve as the Chief Scientific Officer of HOOKIPA Pharma Inc. (“Parent”) and the Company, and shall have supervision and control over and responsibility for the day-to-day business and affairs of Parent and the Company and shall have such other powers and duties as may from time to time be prescribed by the Chief Executive Officer of Parent or the Board of Directors of Parent (the “Board”). The executive shall report to the Head of Research and Chief Medical Officer. The Executive shall devote his full working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing, the Executive may serve on other boards of directors, with the approval of the Board, or engage in religious, charitable or other community activities as long as such services and activities are disclosed to the Board and do not materially interfere with the Executive’s performance of his duties to the Company as provided in this Agreement.
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(b)Place of Employment. The place of employment of the Executive is Vienna. The Company reserves the right to change the place of employment due to business reasons.
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		2.	Compensation and Related Matters.

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(a)Base Salary. During the Term, the Executive’s initial annual base salary shall be gross EUR 237,609 (two hundred thirty seven thousand six hundred and nine Euros) payable in 14 equal monthly instalments. The Executive’s base salary shall be re-determined
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annually by the Compensation Committee of the Board (the “Compensation Committee”). The base salary in effect at any given time is referred to herein as “Base Salary.” The Base Salary shall be payable in a manner that is consistent with the Company’s usual payroll practices for senior executives.
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(b)Incentive Compensation. During the Term, the Executive shall be eligible to receive cash incentive compensation as determined by the Compensation Committee from time to time. The Executive’s target annual incentive compensation shall be 40 percent of his Base Salary.
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(c)Expenses. The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its senior executive officers.
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(d)Other Benefits. During the Term, the Executive shall be eligible to participate in or receive benefits under the Company’s employee benefit plans in effect from time to time, subject to the terms of such plans.
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(e)Equity Compensation. The Executive shall also be eligible to participate in Parent’s 2019 Stock Option and Incentive Plan on such terms and conditions as determined by the Compensation Committee.
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(f)The compensation provided for in (a) to (e) compensates the Executive for all services performed by him under this Agreement also outside the regular working hours. It is well understood that the Executive will render such extra services, as well as additional services on Saturdays, Sundays and holidays if required.
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(g)Vacations. During the Term, the Executive shall be entitled to vacation of 25 paid working days in each year. The Executive shall also be entitled to all paid holidays given by the Company to its executives. The Austrian Leave Entitlement Act (Urlaubsgesetz) applies in its currently valid version.
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(h)Company phone and laptop. The Company agrees to provide the Executive with a company mobile phone and a company laptop at its own expense and agrees to pay for reasonable related costs incurred, for both business and reasonable private use. Upon termination of his employment, the Executive shall return his company laptop, company mobile phone and any other assets supplied by the Company in the course of his employment.
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3.Termination. During the Term, the Executive’s employment hereunder may be terminated without any breach of this Agreement under the following circumstances:
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		(a)	Death. The Executive’s employment hereunder shall terminate upon his

death.
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		(b)	Disability. For the termination of the Agreement in case of disability of

theExecutive,theAustrianActontheEmploymentofDisabledPersons (Behinderteneinstellungsgesetz) as amended from time to time shall apply.
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(c)Termination by Company for Cause. The Company may terminate the Executive’s employment hereunder with immediate effect for Cause. For purposes of this Agreement, “Cause” shall mean in particular: (i) conduct by the Executive constituting a
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material act of misconduct in connection with the performance of his duties, including, without limitation, misappropriation of funds or property of Parent or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Parent or Company property for personal purposes; (ii) the commission by the Executive of any felony or a misdemeanor involving moral turpitude, deceit, dishonesty or fraud, or any conduct by the Executive that would reasonably be expected to result in material injury or reputational harm to Parent or any of its subsidiaries and affiliates if he were retained in his position; (iii) continued non- performance by the Executive of his duties hereunder (other than by reason of the Executive’s physical or mental illness, incapacity or disability) which has continued for more than 30 days following written notice of such non-performance from the Board; (iv) a breach by the Executive of any of the provisions contained in Section 6 of this Agreement; (v) a material violation by the Executive of Parent or the Company’s written employment policies, including without limitation, Parent or Company policies concerning substance abuse or sexual harassment; or (vi) failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed by Parent or the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation. Sec 27 of the Austrian Salaried Employees Act (Angestelltengesetz) applies in its currently valid version.
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(d)Termination Without Cause. The Agreement, which runs for an indefinite period, may be terminated by either party at the end of each calendar month by giving six months' prior notice.
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(e)Termination by the Executive for Cause. The Executive may terminate his employment hereunder for cause without respecting the notice period and notice date mentioned under (d) for the following reasons: (i) a material diminution in the Executive’s responsibilities, authority or duties; (ii) a material diminution in the Executive’s Base Salary except for across-the-board salary reductions based on the Company’s financial performance similarly affecting all or substantially all senior management employees of the Company; (iii) a material change in the geographic location (outside of Austria) at which the Executive provides services to the Company; or (iv) the material breach of this Agreement by the Company. Sec 26 of the Austrian Salaried Employees Act (Angestelltengesetz) applies in its currently valid version.
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(f)Notice of Termination. Except for termination as specified in Section 3(a), any termination of the Executive’s employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto.
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(g)Date of Termination. “Date of Termination” shall mean: (i) if the Executive’s employment is terminated by his death, the date of his death; (ii) if the Executive’s employment is terminated on account of disability according to the Austrian Act on the Employment of Disabled Persons (Behinderteneinstellungsgesetz), the date respecting the notice period and notice date; (iii) if the Executive’s employment is terminated by the Company or the Executive under Section 3(d), the date respecting the notice period and notice date; (iv) if the Executive’s employment is terminated for cause by the Company the date Notice of Termination is given and received, and (v) if the Executive’s employment is terminated by the Executive for cause the date Notice of Termination is given and received.
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		4.	Compensation Upon Termination.

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(a)Termination Generally. If the Executive’s employment with the Company is terminated for any reason, the Company shall pay or provide to the Executive (or to his authorized representative or estate) any Base Salary earned until the Date of Termination and unpaid expense reimbursements (subject to, and in accordance with, Section 2(c) of this Agreement). Unused vacation that accrued until the Date of Termination will be paid according to the Austrian Leave Entitlement Act (Urlaubsgesetz). Any vested benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the “Accrued Benefit”).
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(b)Termination by the Company Without Cause or by the Executive with Cause. During the Term, if the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates his employment for cause as provided in Section 3(e), then the Company shall pay the Executive his Accrued Benefit. In addition, subject to the Executive signing a separation agreement containing, among other provisions, a general release of claims in favor of the Company and related persons and entities, confidentiality, return of property and non-disparagement, in a form and manner satisfactory to the Company (the “Separation Agreement and Release”) and the Separation Agreement and Release becoming irrevocable within the time period set forth in the Separation Agreement and Release, and in no event longer than 60 days after the Date of Termination:
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(i)the Company shall pay the Executive an amount equal to 100 percent of the annual Executive’s Base Salary (the “Severance Amount”); provided that the Severance Amount shall be reduced by the amount of any payment Executive receives in lieu of the notice period specified in Section 3(d) above. Notwithstanding the foregoing, if the Executive breaches any of the provisions contained in this Agreement or the Separation Agreement and Release, all payments of the Severance Amount shall immediately cease; and
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(ii)continued participation at active employee rates in the benefit plans set forth under Section 2(d) for the 12-month period following the Date of Termination; and
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(iii)the amounts payable under this Section 4(b) shall be paid out in 14 equal installments in accordance with the Company’s payroll practice over 12 months commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, the Severance Amount shall begin to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch- up payment to cover amounts retroactive to the day immediately following the Date of Termination.
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5.Change in Control Payment. The provisions of this Section 5 set forth certain terms of an agreement reached between the Executive and the Company regarding the Executive’s rights and obligations upon the occurrence of a Change in Control. These provisions are intended to assure and encourage in advance the Executive’s continued attention and dedication to his assigned duties and his objectivity during the pendency and after the occurrence of any such event. These provisions shall apply in lieu of, and expressly supersede, the provisions of Section 4(b) regarding severance pay and benefits upon a termination of
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employment, if such termination of employment occurs within 12 months after the occurrence of the first event constituting a Change in Control. These provisions shall terminate and be of no further force or effect beginning 12 months after the occurrence of a Change in Control.
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(a)Change in Control. During the Term, if within 12 months after a Change in Control, the Executive’s employment is terminated by the Company without cause as provided in Section 3(d) or the Executive terminates his employment for cause as provided in Section 3(e), then, subject to the signing of the Separation Agreement and Release by the Executive and the Separation Agreement and Release becoming irrevocable, within the time period set forth in the Separation Agreement and Release, and in no event longer than 60 days after the Date of Termination,
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(i)the Company shall pay the Executive a lump sum in cash in an amount equal to 1.0 times the sum of (A) the Executive’s current annual Base Salary (or the Executive’s annual Base Salary in effect immediately prior to the Change in Control, if higher) plus (B) the Executive’s target annual incentive compensation; provided that any amounts payable under this Section 5(a)(i) shall be reduced by the amount of any payment Executive receives in lieu of the notice period specified in Section 3(d) above; and
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(ii)continued participation at active employee rates in the benefit plans set forth under Section 2(d) for the 12-month period following the Date of Termination; and
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(iii)notwithstanding anything to the contrary in any applicable option agreement or stock-based award agreement, all stock options and other stock-based awards held by the Executive shall immediately accelerate and become fully exercisable or non-forfeitable as of the Date of Termination; and
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(iv)The amounts payable under this Section 5(a) shall be paid or commence to be paid within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payment shall be paid or commence to be paid in the second calendar year by the last day of such 60-day period.
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(b)Definitions. For purposes of this Section 5, the following terms shall have the following meanings:
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“Change in Control” shall mean any of the following:
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(i)any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Act”) (other than Parent, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together with all “affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of securities of Parent representing 50 percent or more of the combined voting power of Parent’s then outstanding securities having the right to vote in an election of the Board (“Voting Securities”) (in such case other than as a result of an acquisition of securities directly from Parent); or
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(ii)the date a majority of the members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; or
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(iii)the consummation of (A) any consolidation or merger of Parent where the stockholders of Parent, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, shares representing in the aggregate more than 50 percent of the voting shares of Parent issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (B) any sale or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of Parent.
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Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred for purposes of the foregoing clause (i) solely as the result of an acquisition of securities by Parent which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of Voting Securities beneficially owned by any person to 50 percent or more of the combined voting power of all of the then outstanding Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from Parent) and immediately thereafter beneficially owns 50 percent or more of the combined voting power of all of the then outstanding Voting Securities, then a “Change in Control” shall be deemed to have occurred for purposes of the foregoing clause (i).
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		6.	Confidential Information, Noncompetition and Cooperation.

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(a)Confidential Information. As used in this Agreement, “Confidential Information” means information belonging to Parent or the Company which is of value to Parent or the Company in the course of conducting its business and the disclosure of which could result in a competitive or other disadvantage to Parent or the Company. Confidential Information includes, without limitation, financial information, reports, and forecasts; inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities) which have been discussed or considered by the management of Parent and/or the Company. Confidential Information includes information developed by the Executive in the course of the Executive’s employment by the Company or function as an executive of Parent, as well as other information to which the Executive may have access in connection with the Executive’s employment. Confidential Information also includes the confidential information of others with which Parent or the Company has a business relationship. Notwithstanding the foregoing, Confidential Information does not include information in the public domain, unless due to breach of the Executive’s duties under Section 6 (b).
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(b)Confidentiality. The Executive understands and agrees that the Executive’s employment creates a relationship of confidence and trust between the Executive and the Company with respect to all Confidential Information. At all times, both during the Executive’s employment with the Company and after its termination, the Executive will keep
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in confidence and trust all such Confidential Information and will not use or disclose any such Confidential Information without the written consent of Parent, except as may be necessary in the ordinary course of performing the Executive’s duties to the Company. For avoidance of doubt, nothing in this Agreement shall be interpreted or applied to prohibit the Executive from making any good faith report to any governmental agency or other governmental entity concerning any act or omission that the Executive reasonably believes constitutes a possible violation of law or making other disclosures that are protected under the anti-retaliation or whistleblower provisions of applicable law.
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(c)Documents, Records, etc. All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining to Confidential Information, which are furnished to the Executive by Parent or the Company or are produced by the Executive in connection with the Executive’s employment will be and remain the sole property of Parent or the Company, as applicable. The Executive will return to the Company all such materials and property as and when requested by the Company. In any event, the Executive will return all such materials and property immediately upon termination of the Executive’s employment for any reason. The Executive will not retain with the Executive any such material or property or any copies thereof after such termination.
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(d)Noncompetition and Nonsolicitation. During the Executive’s employment with the Company and for 12 months thereafter (subject to automatic extension for an additional period equal to the period of any breach of the covenants in this Section 6 (d), within the framework of Sec 7, 36 to 38 Austrian Salaried Employees Act (Angestelltengesetz), the Executive (i) will not, directly or indirectly, whether as owner, partner, shareholder, consultant, agent, employee, co-venturer or otherwise, engage, participate, assist or invest in any Competing Business (as hereinafter defined); (ii) will refrain from directly or indirectly employing, attempting to employ, recruiting or otherwise soliciting, inducing or influencing any person to leave employment with Parent or the Company (other than terminations of employment of subordinate employees undertaken in the course of the Executive’s employment with the Company); and (iii) will refrain from soliciting or encouraging any customer or supplier to terminate or otherwise modify adversely its business relationship with Parent or the Company. The Executive understands that the restrictions set forth in this Section 6 (d) are intended to protect Parent’s and the Company’s interest in its Confidential Information and established employee, customer and supplier relationships and goodwill, and agrees that such restrictions are reasonable and appropriate for this purpose. For purposes of this Agreement, the term “Competing Business” shall mean a business conducted anywhere in the world which is primarily engaged in viral immunotherapy (for prophylactic or therapeutic use) in indication areas in which the Company is active at the time of termination of the Executive’s employment. Notwithstanding the foregoing, the Executive may own (i) up to one percent (1%) of the outstanding stock of a publicly held corporation which constitutes or is affiliated with a Competing Business, and (ii) up to five percent (5%) in companies which do not directly compete with the Company.
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(e)Third-Party Agreements and Rights. The Executive hereby confirms that the Executive is not bound by the terms of any agreement with any previous employer or other party which restricts in any way the Executive’s use or disclosure of information or the Executive’s engagement in any business. The Executive represents to the Company that the Executive’s execution of this Agreement, the Executive’s employment with the Company and the performance of the Executive’s proposed duties for the Company will not violate any obligations the Executive may have to any such previous employer or other party. In the
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Executive’s work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights of any such previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging to or obtained from any such previous employment or other party.
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(f)Litigation and Regulatory Cooperation. During and after the Executive’s employment, the Executive shall cooperate fully with Parent or the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of Parent or the Company which relate to events or occurrences that transpired while the Executive was employed by the Company. The Executive’s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of Parent or the Company at mutually convenient times. During and after the Executive’s employment, the Executive also shall cooperate fully with Parent and the Company in connection with any investigation or review of any authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company. The Parent and the Company shall reimburse the Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive’s performance of obligations pursuant to this Section 6 (f).
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(g)Injunction. The Executive agrees that it would be difficult to measure any damages caused to the Company which might result from any breach by the Executive of the promises set forth in this Section 6. In event of violation of the provision 6 (d) Noncompetition and Nonsolicitation, the Executive shall be obliged to pay the Company a contractual penalty in the amount of his last net monthly remuneration multiplied by six. The contractual penalty is due at the time of the violation of the contractual provision. The agreement to pay a contractual penalty does not eliminate any claim to cease and desist such actions or any other damage.
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		7.	Inventions.

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The Executive assigns to the Company the exclusive right of use and exploitation, unrestricted in time, territory and content, for all work output which is capable of copy right protection or of protection under trademark, patent, registered design and utility model and other intellectual property rights, which the Executive produces during the period of his relationship with the Company, insofar as they relate to his duties under this Agreement. The Executive is obliged to notify the Company immediately of any invention. The provisions of the Austrian Patent Act (Patentgesetz), as amended from time to time, apply to inventions made by the Executive.
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The assignment of the use and exploitation rights includes the authorization to further modify and issue licenses and is fully compensated for by the remuneration set out in this Agreement. The Executive expressly waives all other rights as holder of copyright or other intellectual property rights in the work output, in particular the right to determining a name and to make the work accessible.
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This applies mutatis mutandis to all inventions, discoveries, designs, developments and improvements that are not capable of copyright protection or of protection under a trademark, patent, registered design and/or utility model or any other intellectual property rights.
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		8.	Data Protection.

			

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The Executive acknowledges that the Company will process the Executive's personal data electronically in order to manage the employment relationship and fulfill legal obligations. Furthermore, the Company is obliged by law to transfer certain personal data of the Company to authorities or legal entities. Such communications are made only to the extent required by law.
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In the context of his work for the Company as well as for Parent personal data (Art 4 Paragraph 1 General Data Protection Regulation) will become accessible to the Executive. He therefore is obliged to data protection and data security (Art 32 General Data Protection Regulation), whether data is processed automatically or not. He must always carefully store user IDs, passwords and other access authorizations available to him. He is obliged to follow the data protection rules in the currently applicable version (Art 5 General Data Protection Regulation) for each processing of personal data. Additionally, he must comply with all company regulations concerning the use of personal data in the currently applicable version. Personal data may only be processed for the legitimate performance of official duties.
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The Executive is also obliged to maintain data secrecy in accordance with the data protection laws in force at the time, currently Sec 6 DSG 2018 (Datenschutzgesetz). He will treat all personal data as confidential for an unlimited period of time, even after the end of the employment relationship, and will keep it secret from everyone. This applies also to data regarding his executive function of Parent.
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The Executive is prohibited from making personal data available to unauthorized bodies or third parties or from making it possible or easier for them to gain knowledge of it. He is also prohibited from using data for any purpose other than required for the lawful performance of his or her duties. He will only disclose accessible personal data as a result of his work, if expressly ordered to do so by the Company or its representative verbally or in writing. Only if there is a legal obligation for the processing of personal data by the Executive, an explicit order from the Company is not required.
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The violation of data secrecy can make the Executive liable for damages and/or have consequences under Austrian labor law.
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9.Section 409A. This Section 9 shall apply only to the extent the Executive is subject to U.S. income tax.
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(a)Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Executive’s separation from service, or (B) the Executive’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule.
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(b)All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
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(c)To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such payments or benefits shall be payable only upon the Executive’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).
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(d)The parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.
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(e)The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.
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10.Consent to Jurisdiction. The locally competent courts in Austria shall have jurisdiction over any disputes arising from this Agreement.
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11.Integration. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements between the parties concerning such subject matter. For the avoidance of doubt, the Executive shall remain entitled to all benefits, including holiday entitlement, accrued through the Executive’s ongoing employment with the Company up until the effective date of this Agreement.
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12.Withholding. All payments made by the Company to the Executive under this Agreement shall be net.
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13.Successor to the Executive. This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Executive’s death after his termination of employment but prior to the completion by the Company of all payments due him under this Agreement, the Company shall continue such payments to the Executive’s beneficiary
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designated in writing to the Company prior to his death (or to his estate, if the Executive fails to make such designation).
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14.Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction of Austria, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.
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15.Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.
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16.Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board.
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17.Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative of the Company. In addition, the Company requires approval by resolution of the Board. This provision shall also apply to any waiver of the requirement of written form.
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		18.	Governing Law. This Agreement is exclusively governed by Austrian law.

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19.Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document.
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20.Successor to Company. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company would be required to perform it if no succession had taken place. Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material breach of this Agreement.
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21.D&O Insurance. The Parent has concluded a directors and officers insurance policy (D&O insurance) at its own expense for the benefit of the Executive, which includes civil and criminal defense coverage.
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22.Gender Neutral. Wherever used herein, a pronoun in the masculine gender shall be considered as including the feminine gender unless the context clearly indicates otherwise.
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[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year first above written.
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HOOKIPA Biotech GmbH.
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By: /s/ Joern Aldag​ ​ Its: CEO​ ​
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Date signature: 31 December, 2021
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EXECUTIVE
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/s/ Klaus Orlinger
Klaus Orlinger
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Date signature:14 March 2022

12Exhibit 4.1

 

TITAN MEDICAL INC.

 

STOCK OPTION PLAN

 

(Amended
and Restated effective as of June 9, 2021)

 

	1.	The Plan and Definitions

 

A stock option plan (this “Plan”),
pursuant to which options to purchase common shares in the capital of Titan Medical Inc. (the “Corporation”) may be
granted to the directors, officers and employees of the Corporation and to Service Providers retained by the Corporation, is hereby established
on the terms and conditions set forth herein.

 

The trading price of the Common Shares
may vary from time to time and the advantage conferred by the granting of an Option may not be guaranteed. Accordingly, each person who
has been granted an Option must decide, in accordance with his own estimate and financial situation, if it is appropriate to exercise
any Option granted under this Plan. The decision to exercise or to not exercise an Option shall not affect in any way the status of the
option holder within the Corporation or its subsidiaries.

 

The following capitalized terms used
herein shall have the meanings ascribed thereto as follows:

 

		(a)	“Affiliate”
shall have the meaning ascribed thereto in the Securities Act (Ontario) and regulations and instruments published and adopted
pursuant thereunder;

 

		(b)	“Black Out
Period” means the period during which the Corporation has imposed trading restrictions on its
insiders and certain other persons pursuant to its insider trading and disclosure policies;

 

		(c)	“Board”
means the Board of Directors of the Corporation;

 

		(d)	“Code”
means the United States Internal Revenue Code of 1986, as amended;

 

		(e)	“control”
and “controlled” shall have the meanings ascribed thereto in the Securities Act
(Ontario);

 

		(f)	“Common Shares”
means the common shares in the capital of the Corporation;

 

		(g)	“Compensation
Plans” means this Plan, the DSU Plan and the SU Plan;

 

		(h)	“Disability”
means any disability with respect to a Participant which the Board, in its sole and unfettered discretion, considers likely to prevent
permanently the Participant from:

 

		(i)	being employed or engaged
by the Corporation, its subsidiaries or another employer, in a position the same as or similar to that in which he was last employed
or engaged by the Corporation or its subsidiaries; or

 

		(ii)	acting as a director or
officer of the Corporation or its subsidiaries;

 

		(i)	“DSU Plan”
means the Deferred Share Unit Plan of the Corporation effective as of May 29, 2019;

 

		(j)	“Eligible
Assignee” means, in respect of a Participant, that person’s spouse, minor children or minor
grandchildren, Eligible Retirement Plan, Eligible Corporation or Eligible Family Trust;

 

     

     

    

 

		(k)	“Eligible
Corporation” means, in respect of a Participant, a corporation controlled by that person and
all the shares of which are held by that person and/or Eligible Assignees of that person;

 

		(l)	“Eligible
Family Trust” means, in respect of a Participant, a trust of which the Eligible Person is a trustee
and of which all beneficiaries are that person and/or Eligible Assignees;

 

		(m)	“Eligible
Retirement Plan” means, in respect of a Participant in Canada, a registered retirement savings
plan or registered retirement income fund established by that person or under which the beneficiary or annuitant is that person, and
in respect of a Participant in the United States, a 401(k) plan or individual retirement account established by that person or under
which the beneficiary or annuitant is that person;

 

		(n)	“Exchange”
means the Toronto Stock Exchange and/or such other stock exchange upon which the Common Shares may become listed;

 

		(o)	“Incentive
Stock Option” means an Option that qualifies an Incentive Stock Option under section 422 of the
Code;

 

		(p)	“Insider”
means a “reporting insider” (as such term is defined in National Instrument 55-104 – Insider Reporting Requirements
and Exemptions) and “associates” and “affiliates” thereof (as such terms are defined in the rules of the
Exchange or where they are not so defined, as such terms are defined in the Securities Act (Ontario));

 

		(q)	“Insider Participation
Limit” means the number of Common Shares:

 

		(i)	issued to Insiders, within
any one year period, and

 

		(ii)	issuable to Insiders, at
any time,

 

under this Plan, and
when combined with the SU Plan, DSU Plan and all of the Corporation’s other security based compensation arrangements (if any), do
not exceed 15% of the Corporation’s total issued and outstanding common shares;

 

		(r)	“Nonqualified
Stock Option” means an Option that is not an Incentive Stock Option;

 

		(s)	“Option Period”
shall mean the period during which an Option may be exercised;

 

		(t)	“Options”
shall mean options to purchase Common Shares granted under this Plan and includes Incentive Stock Options and Nonqualified Stock Options;

 

		(u)	“Participant”
shall have the meaning ascribed to in Section 6(a);

 

		(v)	“Service Providers”
shall mean persons engaged by the Corporation or by any Affiliate of the Corporation to provide services (i) where the person is
in the United States, on a continuous basis for an initial, renewable or extended period of twelve months or more and, in the United
States, shall only include those persons who may participate in an “Employee Benefit Plan” as set forth in Rule 405
of the U.S. Securities Act, or (ii) where the person is outside the United States, the said person meets the definition of a “consultant”
as such term is defined in National Instrument 45-106 – Prospectus Exemptions; provided that such persons are natural persons,
provide bona fide services to the Corporation and such services are not in connection with the offer or sale of securities in a capital-raising
transaction and do not directly or indirectly promote or maintain a market for the Corporation’s securities;

 

		(w)	“SU Plan”
mans the Share Unit Plan of the Corporation effective as of May 29, 2019;

 

		(x)	“U.S. Securities
Act” means the United States Securities Act of 1933, as amended;

 

    2 

     

    

 

		(y)	“U.S. Participant”
means a Participant who is a citizen of the United States or a resident of the United States, in each case as defined in section 7701(a)(30)(A)
and section 7701(b)(1) of the Code, and such other Participant to the extent their Options awarded under the Plan are subject to U.S.
federal income tax under the Code; and

 

		(z)	“VWAP”
means the volume weighted average trading price of the Common Shares on the Exchange, calculated by dividing the total value by the total
volume of Common Shares traded for the relevant period.

 

	2.	Purpose

 

The purpose of this Plan is to advance
the interests of the Corporation by encouraging the directors, officers and employees of the Corporation and Service Providers retained
by the Corporation to acquire Shares, thereby: (i) increasing the proprietary interests of such persons in the Corporation; (ii) aligning
the interests of such persons with the interests of the Corporation’s shareholders generally; (iii) encouraging such persons
to remain associated with the Corporation and (iv) furnishing such persons with an additional incentive in their efforts on behalf
of the Corporation.

 

	3.	Administration

 

		(a)	This Plan shall be administered
by the Board.

 

		(b)	Subject to the terms and
conditions set forth herein, the Board is authorized to provide for the granting, exercise and method of exercise of Options, all on
such terms (which may vary between Options granted from time to time) as it shall determine. In addition, the Board shall have the authority
to: (i) construe and interpret this Plan and all option agreements entered into hereunder; (ii) prescribe, amend and rescind
rules and regulations relating to this Plan and (iii) make all other determinations necessary or advisable for the administration
of this Plan. All determinations and interpretations made by the Board shall be binding on all Participants (as hereinafter defined)
and on their legal, personal representatives and beneficiaries and permitted assignees hereunder.

 

		(c)	The Board’s authority
to make amendments to this Plan without shareholder approval shall be in accordance with Section 19 below.

 

		(d)	Notwithstanding the foregoing
or any other provision contained herein, the Board shall have the right to delegate the administration and operation of this Plan, in
whole or in part, to a committee of the Board or to the Chief Executive Officer or any other officer of the Corporation. Whenever used
herein, the term “Board” shall be deemed to include any committee or officer to which the Board has, fully or partially,
delegated responsibility and/or authority relating to the Plan or the administration and operation of this Plan pursuant to this Section 3.

 

		(e)	Options shall be evidenced
by (i) an agreement, signed on behalf of the Corporation and by the person to whom an Option is granted, which agreement shall be
in such form as the Board shall approve, or (ii) a written notice or other instrument, signed by the Corporation, setting forth
the material attributes of the Options.

 

		(f)	The Board shall not grant
Options to residents of the United States unless such Options are registered under the U.S. Securities Act or are issued in compliance
with an available exemption from the registration requirements of the U.S. Securities Act.

 

	4.	Shares Subject to Plan

 

		(a)	Subject to Section 16
below, the securities that may be acquired by Participants upon the exercise of Options shall be deemed to be fully authorized and issued
Common Shares. Whenever used herein, the term “Common Shares” shall be deemed to include any other securities that may be
acquired by a Participant upon the exercise of an Option the terms of which have been modified in accordance with Section 16 below.

 

    3 

     

    

 

		(b)	The aggregate number of
Common Shares reserved for issuance under this Plan and all of the other Compensation Plans of the Corporation, shall not, at the time
of the stock option grant, exceed fifteen percent (15%) of the total number of issued and outstanding Common Shares (calculated
on a non-diluted basis) unless the Corporation receives the permission of the stock exchange or exchanges on which the Shares are then
listed to exceed such limit.

 

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

 

	5.	Maintenance Of Sufficient
Capital

 

The Corporation shall at all times during
the term of this Plan ensure that the number of Common Shares it is authorized to issue shall be sufficient to satisfy the Corporation’s
obligations under all outstanding Options granted pursuant to this Plan.

 

	6.	Eligibility And Participation

 

		(a)	The Board may, in its discretion,
select any of the following persons to participate in this Plan and to receive Options under this Plan:

 

		(i)	directors of the Corporation
and of any Affiliate of the Corporation;

 

		(ii)	officers of the Corporation
and of any Affiliate of the Corporation;

 

		(iii)	employees of the Corporation
and of any Affiliate of the Corporation; and

 

		(iv)	Service Providers;

 

(any such person having
been selected for participation in this Plan by the Board is herein referred to as a “Participant”).

 

		(b)	The Board may from time
to time, in its discretion, grant an Option to any Participant, upon such terms, conditions and limitations as the Board may determine,
including the terms, conditions and limitations set forth herein, provided that Options granted to any Participant shall be approved
by the shareholders of the Corporation if the rules of any stock exchange on which the Shares are listed require such approval.

 

	7.	Exercise Price

 

The Board shall, at the time an Option
is granted under this Plan, fix the exercise price at which Common Shares may be acquired upon the exercise of such Option provided that
such exercise price may not be lower than the greater of (i) the VWAP of the Common Shares on the Exchange over the period of five days
immediately preceding the date of the grant, and (ii) the closing price of the Common Shares on the Exchange on the last trading
day preceding the date of grant. In addition, the exercise price of an Option must be paid in cash. Disinterested shareholder approval
shall be obtained by the Corporation prior to any reduction to the exercise price if the affected Participant is an Insider.

 

	8.	Number Of Optioned Shares

 

The number of Common Shares that may
be acquired under an Option granted to a Participant shall be determined by the Board as at the time the Option is granted, provided that
the aggregate number of Shares reserved for issuance to any one Participant under this Plan or any other plan of the Corporation, shall
not exceed five percent (5%) of the total number of issued and outstanding Common Shares (calculated on a non-diluted basis) in any
12-month period.

 

    4 

     

    

 

This Plan limits the number of Options
which may be granted to Insiders to the Insider Participation Limit except in circumstances where the Corporation has obtained disinterested
shareholder approval for grants of Options to Participants who are Insiders where any such grant or grants would result in the Insider
Participation Limit being exceeded.

 

	9.	Term

 

The Option Period shall be determined
by the Board at the time that the Option is granted, subject to any vesting limitations which may be imposed by the Board in its sole
and unfettered discretion at the time that such Option is granted and Sections 11, 12 and 17 below, provided that:

 

		(a)	no Option shall be exercisable
for a period exceeding ten (10) years from the date that the Option is granted unless the Corporation receives the required
approval of the stock exchange or exchanges on which the Common Shares are then listed and as specifically provided by the Board and
as permitted under the rules of any stock exchange or exchanges on which the Shares are then listed;

 

		(b)	no Option in respect of
which shareholder approval is required under the rules of any stock exchange or exchanges on which the Common Shares are then listed
shall be exercisable until such time as the Option has been approved by the shareholders of the Corporation;

 

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

 

		(d)	notwithstanding the expiration
date applicable to any Option, if an Option would otherwise expire during a Black Out Period or during the period of ten business days
immediately following the last day of a Black Out Period, the expiration date of such Option shall be the tenth business day following
the expiration of the Black Out Period, provided that in no event shall the period during which said Option is exercisable be extended
beyond 10 years from the date such Option is granted to the Participant.

 

	10.	Method of Exercise of
Option

 

		(a)	Except as set forth in
Sections 11 and 12 below or as otherwise determined by the Board, no Option may be exercised unless the holder of such Option is,
at the time the Option is exercised, a director, officer, employee or Service Provider of the Corporation or an Eligible Assignee.

 

		(b)	Options that are otherwise
exercisable in accordance with the terms thereof may be exercised in whole or in part from time to time.

 

		(c)	Any Participant (or his
legal, personal representative) or Eligible Assignee wishing to exercise an Option shall deliver to the Corporation, at its principal
office in the City of Toronto, Ontario:

 

		(i)	a written notice expressing
the intention of such Participant (or his legal, personal representative) or Eligible Assignee to exercise the Option and specifying
the number of Common Shares in respect of which the Option is exercised; and

 

		(ii)	a cash payment, certified
cheque or bank draft, representing the full purchase price of the Common Shares in respect of which the Option is exercised.

 

		(d)	Upon the exercise of an
Option as aforesaid, the Corporation shall use reasonable efforts to forthwith deliver, or cause the registrar and transfer agent of
the Common Shares to deliver, to the relevant Participant (or his legal, personal representative) or to the order thereof, a certificate
representing the aggregate number of fully paid and non-assessable Common Shares in respect of which the Option has been duly exercised.

 

		(e)	No Option holder who is
resident in the United States may exercise Options unless the Common Shares to be issued upon exercise are registered under the U.S.
Securities Act or are issued in compliance with an available exemption from the registration requirements of the U.S. Securities Act.

 

    5 

     

    

 

		(f)	The Corporation shall be
entitled to take all steps necessary to ensure that sufficient funds are provided to the Corporation by the Participant or Eligible Assignee
to enable the Corporation to satisfy all withholding tax and other source deduction requirements in respect of the exercise of an
Option by the Participant or Eligible Assignee that are imposed by any applicable law, including:

 

		(i)	deducting and withholding
any amount from any payments made to the Participant or Eligible Assignee, whether hereunder or otherwise;

 

		(ii)	requiring from the
Participant or Eligible Assignee a cash payment, certified cheque or bank draft in the amount specified by the Corporation; and

 

		(iii)	requiring that the Participant
or Eligible Assignee enter into a same-day sale in respect of some or all of the Common Shares received on the exercise of an Option,
with a portion of the sale proceeds being remitted directly to the Corporation.

 

	11.	Ceasing To Be a Director,
Officer, Employee or Service Provider

 

Unless the Board otherwise determines:

 

		(a)	if a Participant is dismissed
for cause as a director, officer or employee of, or Service Provider to, the Corporation or one of its subsidiaries, all unexercised
Option rights of that Participant or such Participant’s Eligible Assignee (where the Participant has assigned the Option to such
Eligible Assignee) under this Plan shall immediately become terminated and shall lapse notwithstanding the original term of the Option
granted to such Participant under this Plan; and

 

		(b)	if any Participant shall
cease to hold the position or positions of director, officer, employee or Service Provider of the Corporation (as the case may be) as
a result of (i) retirement at the normal retirement age prescribed by the Corporation, if any; (ii) resignation; or (iii) termination
other than for cause; such Participant or such Participant’s Eligible Assignee (where the Participant has assigned the Option to
such Eligible Assignee) shall have the right for a period to be determined by the Board not exceeding 90 days, or such longer period
determined by the Board at its discretion in respect of a specific Option on a date after such Option is granted notwithstanding an earlier
determination by the Board, from the date of the Participant ceasing to be a director, officer, employee or Service Provider to exercise
his Options under this Plan with respect to all Common Shares issuable thereunder to the extent that the Options were exercisable on
the date of such Participant ceasing to hold any such position with the Corporation, or until the normal expiry date of the Option, whichever
is earlier. Upon the expiration of such period, all unexercised Option rights of that Participant and any Eligible Assignee thereof under
this Plan shall immediately become terminated and shall lapse notwithstanding the original term of the Option granted to such Participant
under this Plan.

 

For greater certainty, the termination
of any Options held by the Participant or his Eligible Assignee, and the period during which the Participant or his Eligible Assignee
may exercise any Options, shall be without regard to any notice period arising from the Participant’s ceasing to hold the position
or positions of director, officer, employee or Service Provider of the Corporation (as the case may be).

 

Neither the selection of any person
as a Participant nor the granting of an Option to any Participant under this Plan shall: (i) confer upon such Participant any right
to continue as a director, officer, employee or Service Provider of the Corporation, as the case may be; or (ii) be construed as
a guarantee that the Participant will continue as a director, officer, employee or Service Provider of the Corporation, as the case may
be.

 

    6 

     

    

 

	12.	Death or Disability of
a Participant

 

In the event of the death of a Participant,
any Option previously granted to him shall be exercisable until the end of the Option Period or until the expiration of 12 months
after the date of death of such Participant, whichever is earlier, and then only:

 

		(a)	by the person or persons
to whom the Participant’s rights under the Option shall pass by the Participant’s will or applicable law; and

 

		(b)	to the extent that he was
entitled to exercise the Option as at the date of his death.

 

Notwithstanding Section 11, in
the event of the Disability of a Participant, any Option previously granted to him shall be exercisable until the end of the Option Period
or until the expiration of 12 months after the determination by the Board of the Disability, whichever is earlier.

 

	13.	Incentive Stock Options
Awarded to U.S. Participants

 

U.S. Participants may be awarded Incentive
Stock Options or Nonqualified Stock Options, provided that an Incentive Stock Option may be granted only to employees of the Corporation
or employees of a Subsidiary of the Corporation as defined in Code Section 424(f). Notwithstanding anything to the contrary in this Plan,
the following provisions in this Section 13 will apply to Incentive Stock Options.

 

		(a)	Each agreement or notice
evidencing the grant of an Option as contemplated by Section 3(e) of the Plan shall specify whether the related Option is an Incentive
Stock Option or a Nonqualified Stock Option. If no such specification is made, the Option will be a Nonqualified Stock Option.

 

		(b)	Notwithstanding any other
provision of this Plan to the contrary, the aggregate number of Common Shares available for Incentive Stock Options is 10,164,544 subject
to adjustment pursuant to Section 16 of this Plan and subject to the provisions of Sections 422 and 424 of the Code. For clarity, the
foregoing sentence in this sub-Section 13(b) shall not be interpreted to limit the number of Nonqualified Stock Options that the Corporation
may grant (and the number of Common Shares that may be issuable thereunder), at the discretion of the Board, pursuant to this Plan.

 

		(c)	The exercise price per
Common Share payable upon exercise of an Incentive Stock Option will be not less than one hundred percent (100%) of the fair market value
of a Common Share on the applicable grant date; provided, however, that the exercise price per common Share payable upon exercise of
an Incentive Stock Option granted to a U.S. Participant who is a 10% Shareholder (within the meaning of Code Sections 422 and 424) on
the applicable grant date will be not less than one hundred ten percent (110%) of the fair market value of a Common Share on the applicable
grant date.

 

		(d)	No Incentive Stock Option
may be granted more than ten (10) years after the earlier of (i) the date on which this Plan is adopted by the Board or (ii) the date
on which this Plan is approved by the shareholders of the Corporation.

 

		(e)	An Incentive Stock Option
will terminate and no longer be exercisable no later than ten (10) years after the applicable grant date; provided, however, that
an Incentive Stock Option granted to a U.S. Participant who is a 10% Shareholder (within the meaning of Code Sections 422 and 424) on
the applicable grant date will terminate and no longer be exercisable no later than five (5) years after the applicable grant date.

 

		(f)	The aggregate fair market
value of the Common Shares (determined as of the applicable grant date) with respect to which Incentive Stock Options are exercisable
for the first time by any U.S. Participant during any calendar year (pursuant to this Plan and all other plans of the Corporation and
of any parent or subsidiary of the Corporation, as defined under Code Section 424(e) and (f)) will not exceed one hundred thousand United
States dollars (US$100,000) or any other limitation subsequently set forth in Section 422(d) of the Code. To the extent that an Option
that is designated as an Incentive Stock Option becomes exercisable for the first time during any calendar year for Common Shares having
a fair market value greater than US$100,000, the portion that exceeds such amount will be treated as a Nonqualified Stock Option.

 

    7 

     

    

 

		(g)	An Incentive Stock Option
granted to a U.S. Participant may be exercised during such U.S. Participant’s lifetime only by such U.S. Participant.

 

		(h)	An Incentive Stock Option
granted to a U.S. Participant may not be transferred, assigned, pledged, hypothecated or otherwise disposed of by such U.S. Participant,
except by will or by the laws of descent and distribution.

 

		(i)	In the event the Plan is
not approved by the shareholders of the Corporation in accordance with the requirements of Section 422 of the Code within twelve (12)
months of the date of adoption of the Plan, Options otherwise designated as Incentive Stock Options will be Nonqualified Stock Options.

 

		(j)	The Corporation shall have
no liability to a U.S. Participant or any other party if any Option (or any part thereof) intended to be an Incentive Stock Option is
not an Incentive Stock Option.

 

		(k)	An Incentive Stock Options
shall be exercisable in accordance with its terms under the Plan and the applicable agreement or certificate awarding the Option and
related exhibits and appendices thereto, if any. However, in order to retain its treatment as an Incentive Stock Option for United States
federal income tax purposes, the Incentive Stock Option must be exercised within the following time periods (to the extent it otherwise
is exercisable during such period pursuant to the terms of the Option):

 

		(i)	For Incentive Stock Option
treatment, if a U.S. Participant who has been granted an Incentive Stock Option ceases to be an Employee due to the disability of such
U.S. Participant (within the meaning of Code Section 22(e)), such Incentive Stock Option must be exercised (to the extent such Incentive
Stock Option was exercisable on the date of disability) by the date that is one year following the date of such disability (but in no
event beyond the end of the Option Period of such Option).

 

		(ii)	For Incentive Stock Option
treatment, if a U.S. Participant who has been granted an Incentive Stock Option ceases to be an employee for any reason other than the
death or disability(within the meaning of Code Section 22(e)) of such U.S. Participant, such Incentive Stock Option must be exercised
(to the extent such Incentive Stock Option was exercisable on the date of termination) by such U.S. Participant within three months following
the date of termination (but in no event beyond the end of the Option Period of such Option).

 

		(iii)	For the purposes of this
Section 13(k), the employment of a U.S. Participant who has been granted an Incentive Stock Option will not be considered interrupted
or terminated upon (a) sick leave, military leave or any other leave of absence approved by the Corporation that does not exceed ninety
(90) days in the aggregate; provided, however, that if reemployment upon the expiration of any such leave is guaranteed by contract or
applicable law, such ninety (90) day limitation will not apply, or (b) a transfer from one office of the Corporation (or of any parent
or subsidiary of the Corporation as defined in Code Sections 424(e) and (f)) to another office of the Corporation (or of any such parent
or subsidiary) or a transfer between the Corporation and any such parent or subsidiary.

 

	14.	Rights of Participants

 

No person entitled to exercise any Option
granted under this Plan shall have any of the rights or privileges of a shareholder of the Corporation in respect of any Common Shares
issuable upon exercise of such Option until such Common Shares have been paid for in full and issued to such person.

 

    8 

     

    

 

	15.	Proceeds from Exercise
of Options

 

The proceeds from any issuance of Common
Shares upon the exercise of Options shall be added to the general funds of the Corporation and shall thereafter be used from time to time
for such corporate purposes as the Board may determine and direct.

 

	16.	Adjustments

 

		(a)	The number of Common Shares
subject to the Plan shall be increased or decreased proportionately in the event of the subdivision or consolidation of the outstanding
Common Shares of the Corporation, and in any such event a corresponding adjustment shall be made to the number of Common Shares deliverable
upon the exercise of any Option granted prior to such event without any change in the total price applicable to the unexercised portion
of the Option, but with a corresponding adjustment in the price for each Common Share that may be acquired upon the exercise of the Option.
In case the Corporation is reorganized or merged or consolidated or amalgamated with another corporation, appropriate provisions shall
be made for the continuance of the Options outstanding under this Plan and to prevent any dilution or enlargement of the same.

 

		(b)	Adjustments under this
Section 16 shall be made by the Board, whose determination as to what adjustments shall be made, and the extent thereof, shall be
final, binding and conclusive. No fractional Common Shares shall be issued upon the exercise of an Option following the making of any
such adjustment.

 

	17.	Change of Control

 

Notwithstanding any vesting restrictions
otherwise applicable to the relevant Options, in the event of a sale by the Corporation of all or substantially all of its assets or in
the event of a change of control of the Corporation, each Participant or his Eligible Assignee shall be entitled to exercise, in whole
or in part, the Options granted to such Participant hereunder, either during the term of the Option or within 90 days after the date
of the sale or change of control, whichever first occurs.

 

For the purpose of this Plan, “change
of control of the Corporation” means and shall be deemed to have occurred upon:

 

		(a)	the acceptance by the holders
of Common Shares of the Corporation, representing in the aggregate, more than 50 percent (50%) of all issued Common Shares of the
Corporation, of any offer, whether by way of a takeover bid or otherwise, for all or any of the outstanding Common Shares of the Corporation;
or

 

		(b)	the acquisition, by whatever
means, by a person (or two or more persons who, in such acquisition, have acted jointly or in concert or intend to exercise jointly or
in concert any voting rights attaching to the Common Shares acquired), directly or indirectly, of beneficial ownership of such number
of Common Shares or rights to Common Shares of the Corporation, which together with such person’s then owned Common Shares and
rights to Common Shares, if any, represent (assuming the full exercise of such rights to voting securities) more than fifty percent
(50%) of the combined voting rights of the Corporation’s then outstanding Common Shares; or

 

		(c)	the entering into of any
agreement by the Corporation to merge, consolidate, amalgamate, initiate an arrangement or be absorbed by or into another corporation;
or

 

		(d)	the passing of a resolution
by the Board or shareholders of the Corporation to substantially liquidate the assets or wind-up the Corporation’s business or
significantly rearrange its affairs in one or more transactions or series of transactions or the commencement of proceedings for such
a liquidation, winding-up or re-arrangement (except where such re-arrangement is part of a bona fide reorganization of the Corporation
in circumstances where the business of the Corporation is continued and where the shareholdings remain substantially the same following
the re-arrangement); or

 

    9 

     

    

 

		(e)	individuals who were members
of the Board immediately prior to a meeting of the shareholders of the Corporation involving a contest for or an item of business relating
to the election of directors, not constituting a majority of the Board following such election.

 

	18.	Transferability

 

		(a)	Subject to sub-Section 18(b),
all Options and all benefits, interests and rights accruing to any Participant (or such Participant’s Eligible Assignee) in accordance
with the terms and conditions of this Plan may only be exercised by the Participant (or such Participant’s Eligible Assignee) during
the lifetime of a Participant and shall be non-transferrable and non-assignable and may not be made subject to execution, attachment
or similar process, save and except with the prior written permission of the Board, or in the event of the death of a Participant, by
the person or persons to whom the Participant’s rights under the Option pass by the Participant’s will or applicable laws
of descent and distribution.

 

		(b)	Notwithstanding sub-Section 18(a)
but subject to obtaining any necessary approvals in advance from the Corporation and from each Exchange on which the Common Shares are
listed and which reserves the right to approve such assignments, a Participant may assign Options granted to him under the Plan to Eligible
Assignees and Eligible Assignees may, in turn, assign such Options to the original Participant or to other Eligible Assignees of the
original Participant. Notwithstanding any such assignment, (i) all Options granted under the Plan shall be deemed to be the Option
of the original Participant for the purposes of applying the rules and policies of the Exchange on which the Common Shares are listed
and (ii) the Corporation shall continue to treat the original Participant as the holder of the assigned Options unless and until
such time as the Corporation is provided with notice in writing from the original Participant or its legal representative and the Eligible
Assignee, together with such other documentation as the Corporation may require, confirming that the assignee is an Eligible Assignee.

 

	19.	Amendment and Termination
of Plan

 

The Board may also, at any time, amend
or revise the terms of this Plan, subject to the receipt of all necessary shareholder, Exchange and regulatory approvals, and any such
amendment or revision shall apply to any Options theretofore granted under this Plan.

 

The Board has the discretion to make
amendments to this Plan which it may deem necessary, without having to obtain shareholder approval including, without limitation:

 

		(a)	minor changes of a “housekeeping
nature”;

 

		(b)	amending Options under
this Plan, including with respect to the Option Period (provided that the period during which an Option is exercisable does not exceed
10 years from the date the Option is granted and that such Option is not held by an Insider), vesting period, exercise method and
frequency, subscription price (provided that such Option is not held by an Insider) and method of determining the subscription price,
assignability and effect of termination of a Participant’s employment or cessation of the Participant’s directorship;

 

		(c)	changing the class of Participants
eligible to participate under this Plan;

 

		(d)	accelerating the vesting
of any Option;

 

		(e)	extending the expiration
date of any Option provided that the period during which an option is exercisable does not exceed 10 years from the date the Option
is granted and provided that such Option is not held by an Insider, and where such Option is held by an Insider in such case, shareholder
approval shall be obtained in connection with the extension;

 

		(f)	changing the terms and
conditions of any financial assistance which may be provided by the Corporation to Participants to facilitate the purchase of Common
Shares under this Plan; and

 

    10 

     

    

 

		(g)	adding a cashless exercise
feature, payable in cash or securities, which provides for a full deduction of the number of underlying Common Shares from this Plan
reserve.

 

Shareholder approval will be required
in the case of: (i) any amendment to the amendment provisions of this Plan; (ii) any increase in the maximum number of Common
Shares issuable under this Plan; (iii) any reduction in the exercise price or extension of the Option Period benefiting an insider
of the Corporation; and (iv) any amendment to remove or exceed the Insider Participation Limit, in addition to such other matters
that may require shareholder approval under the rules and policies of the Exchange.

 

	20.	Necessary Approvals

 

The obligation of the Corporation to
issue and deliver Common Shares in accordance with this Plan and Options granted hereunder is subject to applicable securities legislation
and to the receipt of any approvals that may be required from any regulatory authority or stock exchange having jurisdiction over the
securities of the Corporation. If Common Shares cannot be issued to a Participant upon the exercise of an Option for any reason whatsoever,
the obligation of the Corporation to issue such Common Shares shall terminate and any funds paid to the Corporation in connection with
the exercise of such Option will be returned to the relevant Participant (or his Eligible Assignee) as soon as practicable.

 

	21.	Stock Exchange Rules

 

This Plan and any option agreements
entered into hereunder shall comply with the requirements from time to time of the Exchange.

 

	22.	Market Fluctuations

 

No amount will be paid to, or in respect
of, a Participant (or any Eligible Assignee) under the Plan to compensate for a downward fluctuation in the price of Common Shares, nor
will any other form of benefit be conferred upon, or in respect of, a Participant (or any Eligible Assignee) for such purpose.The Corporation
makes no representations or warranties to Participants (or any Eligible Assignee) with respect to the Plan or the Options whatsoever.
Participants (and any Eligible Assignees) are expressly advised that the value of any Options in the Plan will fluctuate as the trading
price of Common Shares fluctuates.

 

In seeking the benefits of participation
in the Plan, a Participant (and each Eligible Assignee) agrees to exclusively accept all risks associated with a decline in the market
price of Common Shares whether before or after the exercise of Options and all other risks associated with participation in the Plan.

 

	23.	Right To Issue Other Shares

 

The Corporation shall not by virtue
of this Plan be in any way restricted from declaring and paying stock dividends, issuing further Common Shares, varying or amending its
share capital or corporate structure or conducting its business in any way whatsoever.

 

	24.	Notice

 

Any notice required to be given by this
Plan shall be in writing and shall be given by registered mail, postage prepaid or delivered by courier or by facsimile transmission addressed,
if to the Corporation, at its principal address in Toronto, Ontario (Attention: Chief Financial Officer); or if to a Participant (or to
an Eligible Assignee), to such Participant at his address as it appears on the books of the Corporation or in the event of the address
of any such Participant not so appearing then to the last known address of such Participant; or if to any other person, to the last known
address of such person.

 

	25.	Gender

 

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

 

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	26.	Interpretation

 

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

 

This Plan is subject to the approval
of the stock exchange or exchanges on which the Common Shares are listed and, if applicable, of the shareholders of the Corporation.

 

	27.	Effective Date of Plan

 

This amended and restated Plan became
effective upon approval by shareholders of the Corporation on June 9, 2021, with prior approval by the Board on May 9, 2021.

 

 

12

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