Document:

EX-4.4

 Exhibit 4.4 

NAVIENT CORPORATION, 

as Company, 
 and

 THE BANK OF NEW YORK MELLON, 

as Trustee 
  

 
 EIGHTH
SUPPLEMENTAL INDENTURE 
 Dated as of June 9, 2017 

to 
 INDENTURE 

Dated as of July 18, 2014 
  

 
 5.875% Senior
Notes due 2021 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE 1.
  

DEFINITIONS
	  
 

 

		
	 Section 1.1.    Definition of Terms
	  	 	2	 
	
	 ARTICLE 2.
  

GENERAL TERMS AND CONDITIONS OF THE ADDITIONAL NOTES
	  
 

 

		
	 Section 2.1.    General Terms and Conditions of the Additional
Notes
	  	 	2	 
	
	 ARTICLE 3.
  

FORM OF ADDITIONAL NOTES
	  
 

 

		
	 Section 3.1.    Form of Additional Notes
	  	 	3	 
	
	 ARTICLE 4.
  

ISSUE OF ADDITIONAL NOTES
	  
 

 

		
	 Section 4.1.    Issue of Additional Notes
	  	 	3	 
	
	 ARTICLE 5.
  

MISCELLANEOUS
	  
 

 

		
	 Section 5.1.    Ratification of Indenture
	  	 	3	 
	 Section 5.2.    Trustee Not Responsible for Recitals
	  	 	3	 
	 Section 5.3.    Governing Law
	  	 	3	 
	 Section 5.4.    Separability
	  	 	4	 
	 Section 5.5.    Counterparts
	  	 	4	 
		
	 EXHIBIT A – Form of 2021 Additional Notes
	  	 	A-1	 

  
 i 

 EIGHTH SUPPLEMENTAL INDENTURE, dated as of June 9, 2017 (this “Supplemental
Indenture”), between Navient Corporation, a Delaware corporation (the “Company”), and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”). 

WHEREAS, the Company and the Trustee executed and delivered the base indenture, dated as of July 18, 2014 (the “Base
Indenture”, as supplemented by this Supplemental Indenture, the “Indenture”), to provide for the issuance of the Company’s debt securities (the “Securities”), to be issued in one or more series;

 WHEREAS, the Company and the Trustee executed and delivered the first supplemental indenture, dated as of November 6,
2014, to provide for the establishment of two series of its notes under the Base Indenture known as its “5.000% Senior Notes due 2020” and its “5.875% Senior Notes due 2024”; 

WHEREAS, the Company and the Trustee executed and delivered the second supplemental indenture, dated as of March 27, 2015 (the
“Second Supplemental Indenture”), to provide for the establishment of a series of its notes under the Base Indenture known as its “5.875% Senior Notes due 2021”; 

WHEREAS, the Company and the Trustee executed and delivered the third supplemental indenture, dated as of July 29, 2016, to
provide for the establishment of a series of its notes under the Base Indenture known as its “6.625% Senior Notes due 2021”; 

WHEREAS, the Company and the Trustee executed and delivered the fourth supplemental indenture, dated as of September 16, 2016, to
provide for the establishment of a series of its notes under the Base Indenture known as its “7.250% Senior Notes due 2023”; 

WHEREAS, the Company and the Trustee executed and delivered the fifth supplemental indenture, dated as of March 7, 2017, to
provide for the establishment of a series of its notes under the Base Indenture known as its “6.500% Senior Notes due 2022”; 

WHEREAS, the Company and the Trustee executed and delivered the sixth supplemental indenture, dated as of March 17, 2017 (the
“Sixth Supplemental Indenture”), to issue additional 5.875% Senior Notes due 2021 under the Base Indenture and the Second Supplemental Indenture; 

WHEREAS, the Company and the Trustee executed and delivered the seventh supplemental indenture, dated as of May 26, 2017, to
provide for the establishment of a series of its notes under the Base Indenture known as its “6.750% Senior Notes due 2025”; 

WHEREAS, pursuant to Section 3.01 and Section 14.01 of the Base Indenture, the Company may, at its option and without the
consent of the Securityholders, at any time and from time to time, issue additional Securities of any series of Securities previously issued under the Indenture which together shall constitute a single series of Securities under the Indenture;

  
 1 

 WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to issue
additional 5.875% Senior Notes due 2021, the form and substance and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture, the Second Supplemental Indenture, the Sixth Supplemental Indenture and this
Supplemental Indenture; 
 WHEREAS, the Board of Directors of the Company pursuant to the 2017 Business Plan, adopted
February 23, 2017, and certified by the Secretary’s Certificate, executed February 27, 2017, have duly authorized the issuance of the Additional Notes (as defined below) and has authorized the proper officers of the Company to execute
any and all appropriate documents necessary or appropriate to effect each such issuance; 
 WHEREAS, the Company and Navient,
LLC, entered into an Agreement and Plan of Merger on October 16, 2014, pursuant to which Navient, LLC merged with and into the Company, with the Company as the surviving corporation (the “Merger”); 

WHEREAS, as a result of the Merger, the Company assumed Navient, LLC’s obligations under an indenture, dated October 1, 2000
and an amended and restated indenture, dated April 25, 2006; 
 WHEREAS, this Supplemental Indenture is being entered
into pursuant to the provisions of Section 14.01 of the Base Indenture; 
 WHEREAS, the Company has requested and hereby
requests that the Trustee execute and deliver this Supplemental Indenture; and 
 WHEREAS, all things necessary to make this
Supplemental Indenture a valid and legally binding agreement of the Company, in accordance with its terms, and to make the Additional Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid and legally binding
obligations of the Company, have been performed, and the execution and delivery of this Supplemental Indenture has been duly authorized in all respects. 

NOW THEREFORE, in consideration of the premises and the purchase and acceptance of the Additional Notes by the Holders thereof, and for
the purpose of setting forth, as provided in the Base Indenture, the forms and terms of the Additional Notes, the Company covenants and agrees, with the Trustee, as follows: 

ARTICLE 1. 

DEFINITIONS 

Section 1.1. Definition of Terms. Unless the context otherwise requires: 

(a) each term defined in the Base Indenture has the same meaning when used in this Supplemental Indenture; 

(b) the singular includes the plural and vice versa; and 

(c) headings are for convenience of reference only and do not affect interpretation. 

  
 2 

 (d) a reference to a Section or Article is to a Section or Article of this Supplemental Indenture
unless otherwise indicated. 
 ARTICLE 2. 

GENERAL TERMS AND CONDITIONS OF THE ADDITIONAL NOTES 

Section 2.1. General Terms and Conditions of the Additional Notes. There is hereby authorized an additional $52,110,000 aggregate
principal amount of the Company’s 5.875% Senior Notes due 2021 (the “Additional Notes”). The terms, provisions and conditions of the Additional Notes, other than issue date and public offering price, will be identical to the
terms, provisions and conditions of the $593,044,000 aggregate principal amount of 5.875% Senior Notes due 2021 (the “Original Notes”) established pursuant to the Second Supplemental Indenture, the Sixth Supplemental Indenture and
the Base Indenture. The Additional Notes will have the same CUSIP number as the Original Notes. As a result of the Additional Notes issuance, the aggregate principal amount outstanding of the 5.875% Senior Notes due 2021 will be $645,154,000. Any
additional amounts of the series to be issued shall be set forth in a Company Order. 
 ARTICLE 3. 

FORM OF ADDITIONAL NOTES 

Section 3.1. Form of Additional Notes. The Additional Notes and the Trustee’s Certificate of Authentication to be endorsed
thereon, are to be substantially in the form set forth in Exhibit A hereto. 
 ARTICLE 4. 

ISSUE OF ADDITIONAL NOTES 

Section 4.1. Issue of Additional Notes. The Additional Notes may, upon execution of this Supplemental Indenture, be executed by the
Company and delivered to the Trustee for authentication, and the Trustee shall, upon Company Order, authenticate and deliver such Additional Notes as in such Company Order provided. 

ARTICLE 5. 

MISCELLANEOUS 

Section 5.1. Ratification of Indenture. The Base Indenture, as supplemented by the Second Supplemental Indenture, the Sixth
Supplemental Indenture and this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided; provided that
the provisions of this Supplemental Indenture apply solely with respect to the Additional Notes. 

  
 3 

 Section 5.2. Trustee Not Responsible for Recitals. The recitals and statements herein
contained are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 

Section 5.3. Governing Law. This Supplemental Indenture and each Additional Note shall be deemed to be contracts made under the law of
the State of New York, and for all purposes shall be governed by and construed in accordance with the law of said State. 
 Section 5.4.
Separability. In case any provision in the Indenture or in the Additional Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. 
 Section 5.5. Counterparts. This Supplemental Indenture may be executed in any number of counterparts each of which shall
be an original; but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and
delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture and signature pages for all purposes. 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, all as of the day and year first above written. 
  

			
	NAVIENT CORPORATION, as Company
		
	By:	 	 /s/ Stephen J. O’Connell

		 	 Name:  Stephen J. O’Connell

		 	 Title:    Senior Vice President & Treasurer

	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 /s/ Laurence J. O’Brien

		 	 Name:  Laurence J. O’Brien

		 	 Title:    Vice President

  

 EXHIBIT A 

[FORM OF FACE OF SECURITY] 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 A-1 

 CUSIP No. 63938CAC2 

NAVIENT CORPORATION 

5.875% SENIOR NOTES DUE 2021 
  

							
	No.	 		 		  	 $
  

As revised by the Schedule of Increases or Decreases in Global Security attached hereto

 Interest. Navient Corporation, a Delaware corporation (herein called the “Company”, which
term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of
                 dollars ($                ), as revised by the Schedule of Increases or
Decreases in Global Security attached hereto, on March 25, 2021 and to pay interest thereon from March 25, 2017 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on
March 25 and September 25 in each year, commencing September 25, 2017 at the rate of 5.875% per annum, until the principal hereof is paid or made available for payment. 

Method of Payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in
such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such interest, which shall be the Business Day immediately preceding the relevant
Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice thereof having been given to Holders of Securities of this series not less than 10
days prior to such Special Record Date, all as more fully provided in said Indenture. Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the Corporate Trust Office in U.S. Dollars. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Authentication. Unless the certificate of authentication hereon has
been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.  

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its duly authorized
officer. 
 June 9, 2017 
  

			
	NAVIENT CORPORATION

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

Dated: June 9, 2017 
 THE BANK OF NEW YORK MELLON 

as Trustee, certifies 
 that this
is one of 
 the Securities referred 

to in the Indenture. 

			
		
	By:	 	 
		 	Authorized Signatory

  
 A-3 

 [FORM OF REVERSE OF SECURITY] 

Indenture. This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”),
issued and to be issued in one or more series under an Indenture, dated as of July 18, 2014, among Navient Corporation (the “Company”) and The Bank of New York Mellon, as trustee (herein called the “Trustee”, which term
includes any successor trustee under the Indenture), as supplemented and amended by the Second Supplemental Indenture, dated March 27, 2015, the Sixth Supplemental Indenture, dated March 17, 2017, and the Eighth Supplemental Indenture,
dated June 9, 2017 (as so supplemented, herein called the “Indenture”), between the Company and the Trustee, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof, limited in aggregate principal amount to $645,154,000. 
 Optional Redemption. The Securities of this
series are subject to redemption at the Company’s option, at any time and from time to time, in whole or in part, at a Redemption Price equal to the greater of (i) 100% of the principal amount to be redeemed plus accrued and unpaid
interest thereon to the Redemption Date, and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to
the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30 day months) at the applicable Treasury Rate (as defined below) plus 50 basis points plus accrued and unpaid interest on the principal amount being redeemed to
the Redemption Date. 
 For purposes of determining the optional redemption price, the following definitions are applicable: 

“Treasury Rate” means, with respect to any Redemption Date for the Securities, the rate per annum equal to the semi-annual
equivalent yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury
Price for such Redemption Date. 
 The Treasury Rate will be calculated on the third business day preceding the Redemption Date. 

“Comparable Treasury Issue” means the U.S. Treasury security or securities selected by an Independent Investment Banker as having an
actual or interpolated maturity comparable to the remaining term of the Securities that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining terms of the Securities. 
 “Comparable Treasury Price” means, with respect to any Redemption Date: 

  
 A-4 

 (a) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after
excluding the highest and lowest Reference Treasury Dealer Quotations, or 
 (b) if the Independent Investment Banker is unable to obtain at
least four such Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations obtained by the Independent Investment Banker. 

“Independent Investment Banker” means J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC, as specified by the
Company, or if these firms are unwilling or unable to select the applicable Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company. 

‘‘Reference Treasury Dealer’’ means J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC (and their
respective successors) plus two others or their affiliates which are primary U.S. government securities dealers (each a “Primary Treasury Dealer”), provided however, that if any of the foregoing shall cease to be a Primary Treasury Dealer,
the Company will substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with
respect to each Reference Treasury Dealer and any Redemption Date for the Securities, an average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Securities (expressed in each
case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York City time, on the third business day preceding such redemption date. 

Notice of any redemption will be sent at least 30 days but not more than 60 days before the redemption date to each registered holder of
Securities to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Securities or portions of the Securities called for redemption. If fewer than all of
the Securities are to be redeemed, the Trustee will select, not more than 60 days prior to the redemption date, the particular Securities or portions thereof for redemption from the outstanding Securities not previously called by such method as the
Trustee deems fair and appropriate. 
 Defaults and Remedies. If an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

Repurchase Upon a Change of Control. Upon the occurrence of a Change of Control Triggering Event, the Holders of the Securities will
have the right to require that the Company purchase such Holder’s outstanding Securities, in whole or in part, at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the
date of purchase. 
 Amendment, Modification and Waiver. The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be  

  
 A-5 

 
affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of
each series to be affected. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such
series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon
such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

Restrictive Covenants. The Indenture does not limit the issuance of debt of the Company or any of its Subsidiaries. 

Denominations, Transfer and Exchange. The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and in integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of
Securities of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 As provided in
the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the Registrar accompanied by a written request
for transfer in form satisfactory to the Company and the Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 No service charge shall be made
for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Persons Deemed Owners. Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by
notice to the contrary. 
 Miscellaneous. The Indenture and this Security shall be governed by and construed in accordance
with the laws of the State of New York, without regard to the conflicts of law rules of said State. 
 All terms used in this
Security and not defined herein shall have the meanings assigned to them in the Indenture. 

  
 A-6 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security repurchased by the Company pursuant to Section 2.9 of the Supplemental Indenture, check the
box below: 
 ☐  Section 2.9 

If you want to elect to have only part of the Security purchased by the Company pursuant to Section 2.9 of the Supplemental Indenture,
state the amount you elect to have repurchased: 
 $
                                 

Date:
                                     

Your
Signature:                                       
                  
 (Sign exactly as your name appears

 on the face of this Note) 
 Tax
Identification
No.:                                        
      
 Signature Guarantee*:
                                         
                    
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-7 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The following increases or decreases in this Global Security have been made: 

 

									
	 Date of

Exchange
	  	Amount of increase in
Principal Amount of
this Global Security	  	Amount of decrease
in Principal Amount
of this Global
Security	  	Principal Amount of
this Global Security
following each
decrease or increase	  	Signature of
authorized signatory
of Trustee

  
 A-8Exhibit 4.1

 

Non-qualified
Stock Option Agreement

 

This
Incentive Stock Option Agreement (this “Agreement”) is made and entered into as of ______________ by and between
(i) Q BioMed Inc. (the “Company”) on behalf of its Subsidiary Q BioMed Cayman SEZC (the “Subsidiary”)
and (ii) Denis Corin (the “Participant”).

 

Grant
Date: Date of Agreement

 

Exercise
Price per Share: [__________________________]

 

Number
of Option Shares: 150,000

 

Expiration
Date: Five years from the Grant Date

 

1.  Grant
of Option.

 

1.1  Grant; Type of
Option. The Company hereby grants to the Participant an option (the “Option”) to purchase the total number
of shares of Common Stock of the Company equal to the number of Option Shares set forth above, at the Exercise Price set forth
above.

 

1.2  Consideration.
The grant of the Option is made in consideration of the services to be rendered by the Participant to the Subsidiary pursuant
to the Advisory Agreement between the Subsidiary and the Participant dated as of the date hereof (the “Advisory Agreement”
which term, when used in connection with the termination of the Advisory Agreement, shall mean any advisory agreement or employment
agreement similar services that is entered into between (i) the Company or the Subsidiary and (ii) the Participant during or shortly
after the termination of the Advisory Agreement).

 

2.  Exercise
Period; Vesting.

 

2.1  Vesting
Schedule. The Option will become vested and exercisable as follows: (i) 37,500 will become vested and exercisable on the three-month
anniversary hereof, (ii) 37,500 will become vested and exercisable on the six-month anniversary hereof, (iii) 37,500 will become
vested and exercisable on the nine-month anniversary and (iv) 37,500 will become vested and exercisable on the twelve-month anniversary.
If the Advisory Agreement is terminated without cause, all unvested options shall immediately become vested and exercisable. If
the Advisory Agreement is otherwise terminated, no unvested options shall ever vest hereunder.

 

2.2  Expiration.
The Option will expire on the Expiration Date set forth above, or earlier as provided in this Agreement.

 

2.3       Restriction
on Exercise/Sale. The Participant agrees that if any Option hereunder are exercised within six months of vesting, the Participant
shall not dispose of the shares underlying those Options within six months of the date that the Options vested and that the Company
may place a restrictive legend to that effect on any certificates or book entry representing those underlying shares. The Participant
further agrees that it shall not sell of otherwise transfer any Option granted hereunder within six months of such Option vesting.

 

3.  Termination
of Advisory Agreement.

 

3.1  Termination
for Reasons Other Than Cause, Death, Disability. If the Advisory Agreement is terminated by the Subsidiary for any reason
other than cause or the death or disability of the Participant, the Participant may exercise the vested portion of the Option,
but only within such period of time ending on the earlier of (a) the date three months following such termination or (b) the Expiration
Date.

 

     

     

    

 

3.2  Termination for
Cause. If the Advisory Agreement is terminated by the Subsidiary for cause, the Option (whether vested or unvested) shall
immediately terminate and cease to be exercisable.

 

3.3  Termination due
to Disability. If the Advisory Agreement is terminated by the Subsidiary as a result of the Participant’s disability,
the Participant may exercise the vested portion of the Option, but only within such period of time ending on the earlier of (a)
the date 12 months following the termination of the Advisory Agreement or (b) the Expiration Date.

 

3.4  Termination due
to Death. If the Advisory Agreement is terminated by the Subsidiary as a result of the Participant’s death, the vested
portion of the Option may be exercised by the Participant’s estate, by a person who acquired the right to exercise the Option
by bequest or inheritance or by the person designated to exercise the Option upon the Participant’s death, but only within
the time period ending on the earlier of (a) the date 12 months following the Participant’s death or (b) the Expiration
Date.

 

4.  Manner
of Exercise.

 

4.1  Election to Exercise.
To exercise the Option, the Participant (or in the case of exercise after the Participant’s death or incapacity, the Participant’s
executor, administrator, heir or legatee, as the case may be) must deliver to the Company a notice of intent to exercise (the
“Exercise Notice”), which shall set forth, inter alia:

 

(a)  the
Participant’s election to exercise the Option;

 

(b)  the
number of shares of Common Stock being purchased;

 

(c)  any
restrictions imposed on the shares; and

 

(d)  any
representations, warranties and agreements regarding the Participant’s investment intent and access to information as may
be required by the Company to comply with applicable securities laws].

 

If someone other
than the Participant exercises the Option, then such person must submit documentation reasonably acceptable to the Company verifying
that such person has the legal right to exercise the Option.

 

4.2  Payment of Exercise
Price. The entire Exercise Price of the Option shall be payable in full at the time of exercise to the extent permitted by
applicable statutes and regulations, either:

 

(a)  in
cash or by certified or bank check at the time the Option is exercised;

 

(b)  through
a “cashless exercise program” established with a broker;

 

(c)  by
reduction in the number of shares otherwise deliverable upon exercise of such Option with a Fair Market Value equal to the aggregate
Exercise Price at the time of exercise; or

 

(d)  by
any combination of the foregoing methods; or

 

4.3  Withholding.
Prior to the issuance of shares upon the exercise of the Option, the Participant must make arrangements satisfactory to the Company
to pay or provide for any applicable federal, state and local withholding obligations of the Company.

 

4.4  Issuance of Shares.
Provided that the Exercise Notice and payment are in form and substance satisfactory to the Company, the Company shall issue the
shares of Common Stock registered in the name of the Participant, the Participant’s authorized assignee, or the Participant’s
legal representative, and shall deliver certificates representing the shares with the appropriate legends affixed thereto.

 

    	 	2	 

     

    

 

5.  No
Right to Continued Employment; No Rights as Shareholder. Neither the Plan nor this Agreement shall confer upon the Participant
any right to be retained in any position, as an Employee, Consultant or Director of the Company. Further, nothing in the Plan
or this Agreement shall be construed to limit the discretion of the Company to terminate the Advisory Agreement at any time, with
or without Cause. The Participant shall not have any rights as a shareholder with respect to any shares of Common Stock subject
to the Option prior to the date of exercise of the Option.

 

6.  Transferability.
The Option is not transferable by the Participant other than to a designated beneficiary upon the Participant’s death or
by will or the laws of descent and distribution, and is exercisable during the Participant’s lifetime only by him or her.
No assignment or transfer of the Option, or the rights represented thereby, whether voluntary or involuntary, by operation of
law or otherwise (except to a designated beneficiary upon death by will or the laws of descent or distribution) will vest in the
assignee or transferee any interest or right herein whatsoever, but immediately upon such assignment or transfer the Option will
terminate and become of no further effect.

 

7.  Tax
Liability and Withholding. Notwithstanding any action the Company takes with respect to any or all income tax, social insurance,
payroll tax, or other tax-related withholding (”Tax-Related Items”), the ultimate liability for all Tax-Related
Items is and remains the Participant’s responsibility and the Company (a) makes no representation or undertakings regarding
the treatment of any Tax-Related Items in connection with the grant, vesting, or exercise of the Option or the subsequent sale
of any shares acquired on exercise; and (b) does not commit to structure the Option to reduce or eliminate the Participant’s
liability for Tax-Related Items.

 

8.  Compliance
with Law. The exercise of the Option and the issuance and transfer of shares of Common Stock shall be subject to compliance
by the Company and the Participant with all applicable requirements of federal and state securities laws and with all applicable
requirements of any stock exchange on which the Company’s shares of Common Stock may be listed. No shares of Common Stock
shall be issued pursuant to this Option unless and until any then applicable requirements of state or federal laws and regulatory
agencies have been fully complied with to the satisfaction of the Company and its counsel. The Participant understands that the
Company is under no obligation to register the shares of Common Stock with the Securities and Exchange Commission, any state securities
commission or any stock exchange to effect such compliance.

 

9.  Notices.
Any notice required to be delivered to the Company under this Agreement shall be in writing and addressed to the President of
the Company at the Company’s principal corporate offices. Any notice required to be delivered to the Participant under this
Agreement shall be in writing and addressed to the Participant at the Participant’s address as shown in the records of the
Company. Either party may designate another address in writing (or by such other method approved by the Company) from time to
time.

 

10.  Governing
Law. This Agreement will be construed and interpreted in accordance with the laws of the State of New York without regard
to conflict of law principles. Any disagreements hereunder shall exclusively be brought in the state and federal courts located
in New York County, New York. Each party submits to the jurisdiction of such courts.

 

11.  Severability.
The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability
of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and
enforceable to the extent permitted by law.

 

12.  Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute
one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic
mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial
appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

 

    	 	3	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	 
	Q BIOMED INC.
	 	 	 
	 
	By:
    	            
	 	Name:	 
	 	Title:	 

 

	 
	DENIS CORIN
	 	 
	 
	By:	                 
	 	Name:	

 

 

 

 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]