Document:

Exhibit 4.10

 

 

 

PROFOUND MEDICAL CORP.

 

AMENDED AND RESTATED SHARE

 

OPTION PLAN

 

July 13, 2018 

 

 

 

    	 	 	 

     

    

 

PROFOUND MEDICAL CORP.

 

Share Option Plan

 

PREAMBLE

 

		A.	The Company adopted a Share Option Plan on June 4, 2015
(the “Original Plan”), which was amended and restated on December 8, 2016.

 

		B.	The Company wishes to further amend and restate the Plan
in the manner contemplated herein.

 

ARTICLE
1

INTRODUCTION

 

		1.1	Purpose

 

The purpose of this Plan is to
assist the Company in attracting, retaining and motivating key employees, officers, directors and consultants of the Company or
of a Designated Affiliate by granting to them options to purchase Common Shares in the capital of the Company.

 

		1.2	No Changes to Outstanding Options

 

This Plan shall have no effect
on any outstanding Options granted under the Plan prior to the date hereof, which shall continue in effect in accordance with their
terms and conditions and the terms and conditions of the Plan in effect prior to the date hereof.

 

		1.3	Definitions

 

When used herein, unless the context
otherwise requires, the following terms have the following meanings, respectively:

 

“Affiliate”
has the meaning ascribed thereto in National Instrument 45-106 – Prospectus Exemptions, as amended from time to time,
and any successor to such instrument.

 

“Associate” has the meaning ascribed
thereto in the Securities Act (Ontario).

 

“Board” means the board of directors of the Company.

 

“Business Day”
means a day, other than a Saturday or Sunday, on which the principal commercial banks located in Toronto, Ontario, Canada are open
for business during normal banking hours.

 

    	 	 	 

     

    

 

“Change of Control”
means the happening of any of the following events:

 

		(a)	any transaction at any time and by whatever means
pursuant to which any Person or any group of two or more Persons acting jointly or in concert (other than the Company or a wholly-owned
subsidiary of the Company) hereafter acquires the direct or indirect “beneficial ownership” (as defined in the Business
Corporations Act (Ontario) of, or acquires the right to exercise control or direction over, securities of the Company representing
50% or more of the then issued and outstanding voting securities of the Company, including, without limitation, as a result of
a take-over bid, an exchange of securities, an amalgamation of the Company with any other entity, an arrangement, a capital reorganization
or any other business combination or reorganization;

 

		(b)	the sale, assignment or other transfer of all or substantially all of the assets of the Company
to a Person other than a wholly-owned subsidiary of the Company;

 

		(c)	the dissolution or liquidation of the Company, other than in connection with the distribution of
assets of the Company to one or more Persons which were wholly-owned subsidiaries of the Company prior to such event;

 

		(d)	the occurrence of a transaction requiring approval of the Company’s shareholders whereby
the Company is acquired through consolidation, merger, exchange of securities, purchase of assets, amalgamation, statutory arrangement
or otherwise by any other Person (other than a short form amalgamation or exchange of securities with a wholly-owned subsidiary
of the Company);

 

		(e)	the Board determines that a Change of Control shall be deemed to have occurred in such circumstances
as the Board shall determine; or

 

		(f)	individuals who comprise the Board as of the last annual meeting of shareholders of the Company
for any reason cease to constitute at least a majority of the members of the Board;

 

provided that, notwithstanding
clauses (a), (b), (c) and (d) above, a Change of Control shall be deemed not to have occurred if immediately following the transaction
set forth in clause (a), (b), (c) or (d) above: (i) the holders of securities of the Company that immediately prior to the consummation
of such transaction represented more than 50% of the combined voting power of the then outstanding securities eligible to vote
for the election of directors of the Company hold (A) securities of the entity resulting from such transaction (the “Surviving
Entity”) that represent more than 50% of the combined voting power of the then outstanding securities eligible to vote
for the election of directors (“voting power”) of the Surviving Entity, or (B) if applicable, securities of
the entity that directly or indirectly has beneficial ownership of 100% of the securities eligible to elect directors of the Surviving
Entity (the “Parent Entity”) that represent more than 50% of the combined voting power of the then outstanding
securities eligible to vote for the election of directors of the Parent Entity, and (ii) no Person, or group of two or more Persons
acting jointly or in concert, is the beneficial owner, directly or indirectly, of 50% or more of the voting power of the Parent
Entity (or, if there is no Parent Entity, the Surviving Entity) (any such transaction which satisfies all of the criteria specified
in clauses (i) and (ii) above being referred to as a “Non-Qualifying Transaction” and, following the Non-Qualifying
Transaction, references in this definition of “Change in Control” to the “Company” shall mean and refer
to the Parent Entity (or, if there is no Parent Entity, the Surviving Entity).

 

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“Committee”
has the meaning set forth in Section 2.2.

 

“Common Share”
means a common share in the capital of the Company. “Company” means Profound Medical Corp. and its successors
and assigns.

 

“Consultant Participant”
means an individual consultant or a consultant entity, other than an Employee Participant or Director Participant that:

 

		(a)	is engaged to provide services on a bona fide
basis to the Company or a Designated Affiliate, other than services provided in relation to a distribution of securities of the
Company or a Designated Affiliate;

 

		(b)	provides the services under a written contract with
the Company or a Designated Affiliate; and

 

		(c)	spends or will spend a significant amount of time and
attention on the affairs and business of the Company or a Designated Affiliate;

 

and includes, (i) for an individual
consultant, (A) a company of which the individual consultant is an employee or shareholder; or (B) a partnership of which the individual
consultant is an employee or partner, and (ii) for a consultant that is not an individual, an employee or director of the consultant,
provided that the individual employee or director spends or will spend a significant amount of time and attention on the affairs
and business of the Company or a Designated Affiliate.

 

“Date of Grant”
means, for any Option, the date specified by the Plan Administrator at the time it grants the Option (provided, however, that such
date shall not be prior to the date the Plan Administrator acts to grant the Option) or, if no such date is specified, the date
upon which the Option was granted.

 

“Designated Affiliate”
means each Subsidiary of the Company and any other Affiliate of the Company as designated by the Plan Administrator for purposes
of the Plan from time to time.

 

“Director”
means a member of the Board.

 

“Director Participant”
means a Director (i) who is not an officer or employee of the Company or of a Designated Affiliate and (ii) who is not an Associate
of a Significant Shareholder.

 

“Disabled”
or “Disability” means eligible for long-term disability under the terms of a long-term disability plan sponsored
by the Participant’s employer.

 

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“Employee Participant”
means a bona fide current employee (other than a Consultant Participant) of the Company or of a Designated Affiliate.

 

“Exercise Notice”
means a notice in writing, in the form set out in Schedule B, signed by an Optionee and stating the Optionee’s intention
to exercise a particular Option.

 

“Exercise Price”
means the price at which an Option Share may be purchased pursuant to the exercise of an Option.

 

“Expiry Date”
means the expiry date specified in the Option Agreement, provided that such date shall not be later than the tenth (10th)
anniversary of the Date of Grant, or, if not so specified, means the tenth (10th) anniversary
of the Date of Grant.

 

“Fiscal Year”
means the twelve month period ending December 31 in each calendar year or as otherwise determined by the Board.

 

“Individual Optionee”
means an Optionee who is an individual.

 

“Market Price”
means the volume-weighted average price of the Common Shares on the stock exchange where the majority of trading volume and value
of the Common Shares occurs, for the five trading days immediately preceding the relevant date on which the Market Price is to
be determined. If the Common Shares are not listed for trading on a stock exchange, the Market Price shall be the fair market value
of the Common Shares as determined by the board of directors of the Company.

 

“Option” means
a right to purchase Common Shares under this Plan that is non-assignable and non-transferable unless otherwise approved by the
Plan Administrator.

 

“Optionee”
means a Participant who has been granted one or more Options.

 

“Option Agreement”
means a signed, written agreement between an Optionee and the Company, in the form attached as Schedule A, subject to any amendments
or additions thereto as may, in the discretion of the Plan Administrator, be necessary or advisable, evidencing the terms and conditions
on which an Option has been granted under this Plan.

 

“Option Shares”
means Common Shares issuable by the Company upon the exercise of outstanding Options.

 

“Participant”
means an Employee Participant, a Director Participant or a Consultant Participant.

 

“Person” includes
an individual, sole proprietorship, corporation, company, partnership, limited partnership, joint venture, association, trust,
trustee, unincorporated organization or government or any agency or political subdivision thereof, and a natural person in his
or her capacity as trustee, executor, administrator or other legal representative.

 

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“Plan” means
this Share Option Plan as set out herein and as amended from time to time in accordance with the provisions hereof.

 

“Plan Administrator”
means the Board or, if the administration of this Plan has been delegated by the Board to the Committee pursuant to Section 2.2,
the Committee.

 

“Retirement”
means retirement from active employment under the retirement policies of the Company, its Designated Affiliates or a Consultant,
as applicable, at or after the age of 65, or, with the consent for the purposes of the Plan of such officer of the Company as may
be designated by the Plan Administrator, at or after such earlier age and upon the completion of such years of service as the Plan
Administrator may specify.

 

“Security”
has the meaning assigned to the term “security” in the Securities Act (Ontario), and “Securities”
has a corresponding meaning.

 

“Significant Shareholder”
has the meaning ascribed thereto in National Instrument 55-104 – Insider Reporting Requirements and Exemptions, as
amended from time to time, and any successor to such instrument.

 

“Subsidiary”
has the meaning assigned to the term “subsidiary” in the Securities Act (Ontario).

 

“Termination Date”
means:

 

		(a)	in the case of an Employee Participant whose employment
with the Company or a Designated Affiliate terminates in the circumstances set out in Subsection 3.9(a) or Subsection 3.9(b),
the date designated by the Company or a Designated Affiliate, as the case may be, on which an Employee Participant ceases to be
an employee of the Company or the Designated Affiliate, as the case may be, provided that in the case of termination of employment
by voluntary resignation by the Optionee, such date shall not be earlier than the date notice of resignation was given, and “Termination
Date” specifically does not mean the date of termination of any period of reasonable notice that the Company or the
Designated Affiliate (as the case may be) may be required by law to provide to the Optionee;

 

		(b)	in the case of a Consultant Participant whose consulting
agreement or arrangement with the Company or a Designated Affiliate, as the case may be, terminates in the circumstances set out
in Subsection 3.9(c) or Subsection 3.9(d), the date that is designated by the Company or the Designated Affiliate, as the case
may be, as the date on which the Optionee’s consulting agreement or arrangement is terminated, provided that in the case
of voluntary termination by the Optionee of the Optionee’s consulting agreement or arrangement, such date shall not be earlier
than the date notice of voluntary termination was given, and “Termination Date” specifically does not mean
the date on which any period of notice of termination that the Company or the Designated Affiliate (as the case may be) may be
required to provide to the Optionee under the terms of the consulting agreement or arrangement expires; or

 

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		(c)	in the case of a Director Participant who ceases to hold office in the circumstances set out in
Section 3.9(e), the date upon which the Optionee ceases to hold office.

 

		1.4	Interpretation

 

		(a)	Whenever the Plan Administrator is to exercise discretion in the administration of the terms and
conditions of this Plan, the term “discretion” means the sole and absolute discretion of the Plan Administrator.

 

		(b)	As used in this Plan, the terms “Article”, “Section”, “Subsection”,
 “clause”, and “Schedule” mean and refer to the specified Article, Section, Subsection, clause and Schedule
of this Plan, respectively.

 

		(c)	Where the word “including” or “includes” is used in this Plan, it means
 “including (or includes) without limitation”.

 

		(d)	Unless otherwise specified, time periods within or following which any payment is to be made or
act is to be done shall be calculated by excluding the day on which the period begins, including the day on which the period ends,
and abridging the period to the immediately preceding Business Day in the event that the last day of the period is not a Business
Day. In the event an action is required to be taken or a payment is required to be made on a day which is not a Business Day such
action shall be taken or such payment shall be made on the immediately preceding Business Day.

 

		(e)	Words importing the singular meaning include the plural and vice versa and words importing any
gender include any other gender.

 

		(f)	Unless otherwise specified, all references to money amounts are to Canadian currency.

 

ARTICLE
2

PLAN ADMINISTRATION

 

		2.1	Plan Administration

 

This Plan will be administered by the Plan Administrator
and the Plan Administrator has sole and complete authority, in its discretion, to:

 

		(a)	determine the individuals and entities (from among the Participants) to whom Options may be granted;

  

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		(b)	grant Options in such amounts and, subject to the provisions of this Plan, on such terms and conditions as it determines including:

 

		(i)	the time or times at which Options may be granted;

 

		(ii)	the Exercise Price at which Option Shares subject to each Option may be purchased;

 

		(iii)	the time or times when each Option becomes exercisable and the Expiry Date; and

 

		(iv)	whether restrictions or limitations are to be imposed on the Option Shares and the nature of such
restrictions or limitations, if any;

 

		(c)	authorize any acceleration of exercisability or waiver of termination regarding any Option, based
on such factors as the Plan Administrator may determine;

 

		(d)	cancel, amend, adjust or otherwise change any Option under such circumstances as the Plan Administrator
may consider appropriate in accordance with the provisions of this Plan;

 

		(e)	construe and interpret this Plan and all Option Agreements;

 

		(f)	adopt, amend, prescribe and rescind administrative guidelines and other rules and regulations relating
to this Plan; and

 

		(g)	make all other determinations and take all other actions necessary or advisable for the implementation
and administration of this Plan.

 

		2.2	Delegation of Plan Administration

 

		(a)	The initial Plan Administrator shall be the Board.

 

		(b)	To the extent permitted by applicable law, the Board may, from time to time, delegate to a committee
of the Board (the “Committee”) all or any of the powers conferred on the Plan Administrator pursuant to this
Plan. In such event, the Committee will exercise the powers delegated to it by the Board in the manner and on the terms authorized
by the Board. Any decision made or action taken by the Committee arising out of or in connection with the administration or interpretation
of this Plan in this context is final and conclusive.

 

		(c)	The day-to-day administration of this Plan may be delegated to such officers and employees of the
Company or a Designated Affiliate as the Plan Administrator determines.

 

		2.3	Determinations Binding

 

Any decision made or action taken
by the Plan Administrator, the Committee or any officers or employees to whom authority has been delegated pursuant to Subsection
2.2(c) arising out of or in connection with the administration or interpretation of this Plan is final, conclusive and binding
on the Company, the affected Participant(s), their legal and personal representatives and all other Persons.

 

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		2.4	Eligibility

 

All Employee Participants, Director
Participants and Consultant Participants are eligible to participate in this Plan, subject to Subsections 3.8(b) and 3.9(f). Eligibility
to participate does not confer upon any Participant any right to be granted Options pursuant to this Plan. The extent to which
any Participant is entitled to be granted Options pursuant to this Plan will be determined in the discretion of the Plan Administrator.

 

		2.5	Compliance with Regulatory Requirements

 

The Company’s obligation
to issue Common Shares in accordance with the terms of this Plan and any Options granted hereunder are subject to compliance with
any applicable legislation and the rules, regulations and published policies of any stock exchange, regulatory authority or agency
having jurisdiction over the issuance and distribution of such Common Shares in such jurisdictions as the Company may elect to
grant Options to Participants. Participants shall, to the extent applicable, cooperate with the Company in complying with such
legislation, rules, regulations and policies.

 

		2.6	Total Common Shares Subject to Options

 

		(a)	The maximum number of Common Shares reserved for issuance under this Plan shall be equal to a number
that is 13% of the issued and outstanding shares in the capital of the Company at the time of any Option grant. Subject to the
provisions and restrictions of this Plan, if any Option is exercised, cancelled, expired, surrendered or otherwise terminated for
any reason whatsoever, the number of Common Shares in respect of which the Option is exercised, cancelled, expired, surrendered
or otherwise terminated for any reason whatsoever, as the case may be, will ipso facto be immediately available for purchase
pursuant to Options granted under the Plan.

 

		(b)	The maximum number of Common Shares reserved for issuance under this Plan shall be automatically
adjusted to take into account any conversion, changing, reclassification, redivision, redesignation, subdivision or consolidation
of the Common Shares and shall also apply to securities of the Company or of any successor or continuing entity which may result
from a reorganization, amalgamation, consolidation or merger, statutory or otherwise, take-over bid or any transaction similar
to any of the foregoing. To the extent any Options terminate, lapse or are cancelled for any reason prior to exercise in full,
or are surrendered to the Company by the Participant, the Common Shares subject to such Options shall be added back to the number
of Common Shares reserved for issuance under this Plan and will again become available for issuance pursuant to the exercise of
Options granted under this Plan.

 

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		(c)	Notwithstanding anything in this Plan, the aggregate number of Common Shares that may be (i) issued
to insiders of the Company within any one-year period, or (ii) issuable to insiders of the Company at any time, in each case, under
this Plan alone or when combined with all other security-based compensation arrangements of the Company cannot exceed 10% of the
outstanding Common Shares. For purposes of this Subsection 2.6(c) and Subsection 5.1(b), “insider” and “security-
based compensation arrangement” have the meanings given to them in the Toronto Stock Exchange Company Manual in respect of
the rules governing security-based compensation arrangements, as amended from time to time.

 

		2.7	Option Agreements

 

All grants of Options under this
Plan will be evidenced by Option Agreements. Such Option Agreements will be subject to the applicable provisions of this Plan and
will contain such provisions as are required by this Plan and any other provisions that the Plan Administrator may direct which
are not inconsistent with this Plan. The Board shall authorize and empower any director or officer of the Company to execute and
deliver, for and on behalf of the Company, an Option Agreement to each Optionee.

 

ARTICLE 3

GRANT OF OPTIONS

 

		3.1	Grant of Options

 

The Plan Administrator may, from
time to time, subject to the provisions of this Plan and such other terms and conditions as the Plan Administrator may prescribe,
grant Options to any Participant.

 

		3.2	Exercise Price

 

The Board will establish the Exercise
Price at the time each Option is granted, which Exercise Price must in all cases be not less than the Market Price of the Common
Shares on the date the Option is granted.

 

		3.3	Term of Options

 

Subject to any accelerated termination
as set forth in this Plan, each Option expires on its Expiry Date.

 

		3.4	Blackout Periods

 

If an Option is due to expire on
a date that falls within a corporate blackout period applicable to the holder of such Option, or within 5 business days following
the expiry of such a blackout period, the Expiry Date of such Option shall be extended to the 10th
business day following the expiry of the blackout period.

 

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		3.5	Vesting and Exercisability

 

		(a)	Unless otherwise specified by the Plan Administrator at the time of granting an Option and except as otherwise provided in
this Plan, each Option will vest and be exercisable as follows:

 

	Total Number of Option Shares

that may be Purchased	 	Vesting Date
	 	 	 
	1/4	 	From the first anniversary of the Date of Grant.
	 	 	 
	1/36	 	On the first day of each calendar month following the first anniversary of the Date of Grant.

 

		(a)	Once an instalment becomes vested, it shall remain vested and shall be exercisable until expiration or termination of the Option,
unless otherwise specified by the Plan Administrator. Each Option or instalment may be exercised at any time or from time to time,
in whole or in part, for up to the total number of Option Shares with respect to which it is then exercisable. The Plan Administrator
has the right to accelerate the date upon which any instalment of any Option becomes exercisable.

 

		(b)	Subject to the provisions of this Plan and any Option Agreement, Options shall be exercised by means of a fully completed Exercise
Notice delivered to the Company.

 

		(c)	The Plan Administrator may provide at the time of granting an Option that the exercise of that Option is subject to additional
restrictions, such as performance- based vesting conditions.

 

		3.6	Payment of Exercise Price

 

Unless otherwise specified by
the Plan Administrator at the time of granting an Option, the Exercise Notice must be accompanied by payment in full of the purchase
price for the Option Shares to be purchased. The Exercise Price must be fully paid by certified cheque, bank draft or money order
payable to the Company or by such other means as might be specified from time to time by the Plan Administrator, provided
that under no circumstances shall satisfaction of the Exercise Price by way of surrender of a portion of the Option or Option
Shares, be permitted. No Common Shares will be issued or transferred until full payment therefor has been received by the Company.

 

		3.7	Retirement of Optionee

 

Subject to Section 3.10 or unless otherwise specified
by the Plan Administrator at the time of granting an Option, if the employment of a Participant terminates due to Retirement:

 

		(a)	such Participant shall continue to be a Participant notwithstanding the Participant’s Retirement
and each Option held by the Individual Optionee that has vested as of the date of the Individual Optionee’s Retirement or
that vests within 12 months of the date of the Individual Optionee’s Retirement (the “Post-Retirement Date”)
continues to be exercisable by the Individual Optionee until the earlier of: (i) its Expiry Date; and (ii) the Post-Retirement
Date. Any Options held by the Individual Optionee that have not been exercised as at the Post-Retirement Date immediately expire
and shall be cancelled as of the Post-Retirement Date; and

 

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		(b)	the Individual Optionee’s eligibility to receive further grants of Options under this Plan ceases as of the date of the
Individual Optionee’s Retirement.

 

		3.8	Death or Disability of Optionee

 

Subject to Section 3.10 or unless
otherwise specified by the Plan Administrator at the time of granting an Option, if an Individual Optionee dies or becomes Disabled
while an employee or officer of the Company or a Designated Affiliate:

 

		(a)	the executor or administrator of the Individual Optionee’s estate or the Individual Optionee,
as the case may be, may exercise any Options of the Individual Optionee to the extent that the Options have vested as at the date
of such death or Disability and the right to exercise each such Option terminates on the earlier of: (i) its Expiry Date; and (ii)
the date that is 180 days after the Individual Optionee’s death or Disability. Any Options held by the Individual Optionee
that have not vested as at the date of death or Disability immediately expire and shall be cancelled as of such date; and

 

		(b)	the Individual Optionee’s eligibility to receive further grants of Options under this Plan
ceases as of the date of the Individual Optionee’s death or Disability, as the case may be.

 

		3.9	Termination of Employment or Services

 

Subject to Section 3.10 or unless
otherwise specified by the Plan Administrator at the time of granting an Option:

 

		(a)	where, in the case of an Employee Participant, an Individual Optionee’s employment is terminated
by the Company or a Designated Affiliate without cause (whether such termination occurs with or without any or adequate reasonable
notice, or with or without any or adequate compensation in lieu of such reasonable notice), then each Option held by the Individual
Optionee that has vested as at the Termination Date continues to be exercisable by the Individual Optionee until the earlier of:
(i) its Expiry Date; and (ii) the date that is 90 days after the Termination Date. Any Options held by the Individual Optionee
that have not vested as at the Termination Date immediately expire and shall be cancelled as of the Termination Date;

 

		(b)	where, in the case of an Employee Participant, an Individual Optionee’s employment terminates
by reason of: (i) termination by the Company or a Designated Affiliate for cause; or (ii) voluntary resignation by the Individual
Optionee, then any Options held by the Individual Optionee, whether or not they have vested as at the Termination Date, immediately
expire and are cancelled on the Termination Date;

 

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		(c)	where, in the case of a Consultant Participant, an Optionee’s consulting agreement or arrangement
terminates by reason of: (i) termination by the Company or a Designated Affiliate for any reason whatsoever other than for breach
of the consulting agreement or arrangement (whether or not such termination is effected in compliance with any termination provisions
contained in the Optionee’s consulting agreement or arrangement); or (ii) the death or Disability of the Individual Optionee,
then each Option held by the Optionee that has vested as at the Termination Date, or at the date of the death or Disability of
the Individual Optionee, as the case may be, continues to be exercisable by the Optionee until the earlier of: (i) its Expiry Date;
and (ii) the date that is 90 days after the Termination Date. Any Options held by the Optionee that have not vested as at the Termination
Date, or at the date of the death or Disability of the Individual Optionee, as the case may be, immediately expire and shall be
cancelled as of the Termination Date;

 

		(d)	where, in the case of a Consultant Participant, an Optionee’s consulting agreement or arrangement
terminates by reason of: (i) termination by the Company or a Designated Affiliate for breach of the consulting agreement or arrangement
(whether or not such termination is effected in compliance with any termination provisions contained in Optionee’s consulting
agreement or arrangement); or (ii) voluntary termination by the Optionee (whether or not such termination is effected in compliance
with any termination provisions contained in the Optionee’s consulting agreement or arrangement), then any Options held by
the Optionee, whether or not such Options have vested as at the Termination Date, immediately expire and shall be cancelled as
of the Termination Date;

 

		(e)	where, in the case of a Director Participant, an Individual Optionee ceases to hold office, then
any Options held by the Individual Optionee that have vested as at the Termination Date continue to be exercisable by the Optionee
until the earlier of: (i) its Expiry Date; and (ii) the date that is 60 days after the Termination Date; except that this Section
3.9(e) will not apply if such Director Participant is also an Employee Participant or a Consultant Participant and such Participant’s
employment or consulting agreement is not terminated. Any Options held by the Individual Optionee that have not vested as at the
Termination Date immediately expire and shall be cancelled as of the Termination Date; except for such Director Participant who
is also an Employee Participant or a Consultant Participant and such Participant’s employment or consulting agreement is
not terminated;

 

		(f)	an Optionee’s eligibility to receive further grants of Options under this Plan ceases as
of the date that the Company or a Designated Affiliate, as the case may be, provides the Optionee with written notification that
the Optionee’s employment or consulting agreement or arrangement, as the case may be, is terminated in the circumstances
contemplated by this Section 3.9, notwithstanding that such date may be prior to the Termination Date; and

 

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		(g)	notwithstanding Subsections 3.9(a) and 3.9(c), unless the Plan Administrator, in its discretion,
otherwise determines, at any time and from time to time, Options are not affected by a change of employment or consulting arrangement
within or among the Company or a Designated Affiliate for so long as the Employee Participant continues to be an employee of the
Company or a Designated Affiliate or for so long as the Consultant Participant continues to be engaged as a consultant to the Company
or a Designated Affiliate, as the case may be.

 

		3.10	Discretion to Permit Exercise

 

Notwithstanding the provisions
of Sections 3.7, 3.8 and 3.9, the Plan Administrator may, in its discretion, at any time prior to or following the events contemplated
in such sections, permit the exercise of any or all Options held by the Optionee in the manner and on the terms authorized by the
Plan Administrator, provided that the Plan Administrator will not, in any case, authorize the exercise of an Option pursuant to
this Section 3.10 at any time after the earlier of (i) its Expiry Date or (ii) after the Post-Retirement Date or the date that
is 12 months from the Termination Date, as the case may be, and any Options held by an Individual Optionee as of such date, whether
or not they have vested, shall immediately expire and be cancelled as of such date.

 

		3.11	Change of Control

 

Upon the Company entering into
an agreement relating to, or otherwise becoming aware of, a transaction which, if completed, would result in a Change of Control,
the Company shall give written notice of the proposed Change of Control to the Participants, together with a description of the
effect of such Change of Control on Options, not less than ten (10) Business Days prior to the closing of the transaction resulting
in the Change of Control.

 

		3.12	Conditions of Exercise

 

Each Optionee will, when requested
by the Company, sign and deliver all such documents relating to the granting or exercise of Options which the Company deems necessary
or desirable.

 

ARTICLE
4

SHARE CAPITAL ADJUSTMENTS

 

		4.1	General

 

The existence of any Options does
not affect in any way the right or power of the Company or its shareholders to make, authorize or determine any adjustment, recapitalization,
reorganization or any other change in the Company’s capital structure or its business, or any amalgamation, combination,
merger or consolidation involving the Company, to create or issue any bonds, debentures, Common Shares or other securities of the
Company or to determine the rights and conditions attaching thereto, to effect the dissolution or liquidation of the Company or
any sale or transfer of all or any part of its assets or business, or to effect any other corporate act or proceeding, whether
of a similar character or otherwise, whether or not any such action referred to in this section would have an adverse effect on
this Plan or any Option granted hereunder.

 

    	 	- 13 -	 

     

    

  

		4.2	Reorganization of Company’s Capital

 

Should the Company effect a subdivision
or consolidation of Common Shares or any similar capital reorganization or a payment of a stock dividend (other than a stock dividend
that is in lieu of a cash dividend), or should any other change be made in the capitalization of the Company that, in the opinion
of the Plan Administrator, would warrant the replacement or amendment of any existing Options in order to adjust: (a) the number
of Common Shares that may be acquired on the exercise of any outstanding Options; and/or (b) the Exercise Price of any outstanding
Options in order to preserve proportionately the rights and obligations of the Optionees, the Plan Administrator, will authorize
such steps to be taken as may be equitable and appropriate to that end.

 

		4.3	Other Events Affecting the Company

 

In the event of an amalgamation,
combination, merger or other reorganization involving the Company by exchange of Common Shares, by sale or lease of assets or otherwise,
that, in the opinion of the Plan Administrator, warrants the replacement or amendment of any existing Options in order to adjust:
(a) the number of Common Shares or the securities or other property that may be acquired on the exercise of any outstanding Options;
or (b) the Exercise Price of any outstanding Options in order to preserve proportionately the rights and obligations of the Optionees,
the Plan Administrator will authorize such steps to be taken as may be equitable and appropriate to that end.

 

		4.4	Immediate Exercise of Awards

 

Where the Plan Administrator determines
that the steps provided in Sections 4.2 and 4.3 would not preserve proportionately the rights and obligations of the Optionees
in the circumstances or otherwise determines that it is appropriate, the Plan Administrator may permit the immediate exercise of
any outstanding Options that are not otherwise exercisable.

 

		4.5	Issue by Company of Additional Shares

 

Except as expressly provided in
this Article 4, neither the issue by the Company of shares of any class or securities convertible into or exchangeable for shares
of any class, nor the conversion or exchange of such shares or securities, affects, and no adjustment by reason thereof is to be
made with respect to: (a) the number of Common Shares that may be acquired on the exercise of any outstanding Options; or (b) the
Exercise Price of any outstanding Options.

 

		4.6	Fractions

 

No fractional Common Shares will
be issued on the exercise of an Option. Accordingly, if, as a result of any adjustment under Sections 4.2 to 4.4 inclusive, an
Optionee would become entitled to a fractional Common Share, the Optionee has the right to acquire only the adjusted number of
full Common Shares and no payment or other adjustment will be made with respect to the fractional Common Shares so disregarded.

 

    	 	- 14 -	 

     

    

  

		4.7	Conditions of Exercise

 

The Plan and each Option are subject
to the requirement that if at any time the Plan Administrator determines that the listing, registration or qualification of the
Common Shares subject to such Option upon any securities exchange or under any provincial, state or federal law, or the consent
or approval of any governmental body, securities exchange or of the holders of voting shares in the capital of the Company or of
the Common Shares generally, is necessary or desirable, as a condition of, or in connection with, the granting of such Option or
the issue or purchase of Common Shares thereunder, no such Option may be granted or exercised in whole or in part unless such listing,
registration, qualification, consent or approval has been effected or obtained free of any conditions not acceptable to the Plan
Administrator. The Optionees shall, to the extent applicable, cooperate with the Company in relation to such listing, registration,
qualification, consent or other approval and shall have no claim or cause of action against the Company or any of its officers
or directors as a result of any failure by the Company to obtain or to take any steps to obtain any such registration, qualification
or approval.

 

ARTICLE 5

GENERAL PROVISIONS

 

		5.1	Amendment, Suspension, or Termination of the Plan

 

The Plan Administrator may from
time to time, without notice and without approval of the holders of voting shares in the capital of the Company, amend, modify,
change, suspend or terminate the Plan or any Options granted pursuant to the Plan as it, in its discretion determines appropriate,
provided, however, that:

 

		(a)	no such amendment, modification, change, suspension or termination of the Plan or any Option granted
hereunder may materially impair any rights of a Participant or materially increase any obligations of a Participant under the Plan
without the consent of the Participant, unless the Plan Administrator determines such adjustment is required or desirable in order
to comply with any applicable securities laws or stock exchange requirements;

 

		(b)	shareholder approval (in accordance with the rules of the exchange upon which the Common Shares
may be listed) shall be required for any amendment, modification or change that:

 

		(i)	increases the number of Common Shares reserved for issuance under the Plan, except pursuant to
the provisions in the Plan which permit the Plan Administrator to make equitable adjustments in the event of transactions affecting
the Company or its capital;

 

		(ii)	reduces the exercise price of an Option (for this purpose, a cancellation or termination of an
Option of a Participant prior to its Expiry Date for the purpose of reissuing an Option to the same Participant with a lower exercise
price shall be treated as an amendment to reduce the exercise price of an Option) except pursuant to the provisions in the Plan
which permit the Plan Administrator to make equitable adjustments in the event of transactions affecting the Company or its capital;

 

    	 	- 15 -	 

     

    

  

		(iii)	extends the term of an Option beyond the original Expiry Date (except where an Expiry Date would
have fallen within a blackout period applicable to the Participant or within 5 business days following the expiry of such a blackout
period);

 

		(iv)	permits an Option to be exercisable beyond 10 years from its Date of Grant (except where an Expiry
Date would have fallen within a blackout period of the Company);

 

		(v)	permits Options to be transferred other than for normal estate settlement purposes;

 

		(vi)	removes or exceeds the insider participation limits set out in Section 2.6(c);

 

		(vii)	permits awards, other than the Options to be granted under the Plan; or

 

		(viii)	deletes or reduces the range of amendments which require approval of the holders of voting shares
in the capital of the Company under this Section 5.1.

 

		(c)	if required by the rules of the exchange upon which the Common Shares may be listed, the Company
will seek the approval of shareholders excluding the votes of securities held directly or indirectly by insiders entitled to receive
a benefit directly or indirectly under the Plan.

 

		5.2	Legal Requirement

 

The Company is not obligated to
grant any Options, issue any Common Shares or other securities, make any payments or take any other action if, in the opinion of
the Plan Administrator, in its sole discretion, such action would constitute a violation by an Optionee or the Company of any provision
of any applicable statutory or regulatory enactment of any government or government agency.

 

		5.3	Non-Transferability

 

Except as otherwise may be expressly
provided for in this Plan, no Options granted under this Plan shall be transferrable or assignable by the Participant (except to
an Optionee’s estate) and no Options may be exercised by anyone other than the Participant or his or her legal representative
during the lifetime of the Participant.

 

    	 	- 16 -	 

     

    

  

		5.4	No Other Benefit

 

No amount will be paid to, or in
respect of, a Participant under the Plan to compensate for a downward fluctuation in the price of a Common Share, nor will any
other form of benefit be conferred upon, or in respect of, a Participant for such purpose.

 

		5.5	Governing Law

 

The Plan shall be governed by,
and interpreted in accordance with, the laws of the Province of Ontario and the federal laws of Canada applicable in the Province
of Ontario.

 

		5.6	Submission To Jurisdiction

 

The Company and each Participant
irrevocably submits to the exclusive jurisdiction of the courts of competent jurisdiction in the Province of Ontario in respect
of any action or proceeding relating in any way to the Plan, including with respect to the grant of Options and any issuance of
Common Shares made in accordance with the Plan.

 

		5.7	Optionee’s Entitlement

 

Except as otherwise provided in
this Plan, Options previously granted under this Plan, whether or not then exercisable, are not affected by any change in the relationship
between, or ownership of, the Company and a Designated Affiliate and do not interfere in any way with any right of the Company
to discharge any Participant at any time for any reason whatsoever, with or without cause. For greater certainty, all Options remain
valid and exercisable in accordance with the terms and conditions of this Plan and are not affected by reason only that, at any
time, a Designated Affiliate ceases to be a Designated Affiliate.

 

		5.8	Withholding Taxes

 

In addition to the other conditions
on exercise set forth in this Plan, the exercise of each Option granted under this Plan is subject to the satisfaction of all applicable
withholding taxes or other withholding liabilities as the Company may determine to be necessary or desirable in respect of such
exercise. The Company may (a) require that a Participant pay to the Company, in addition to, and in the same manner as, the Exercise
Price, such amount as the Company is obliged to remit to the relevant taxing authority in respect of the exercise of the Option;
(b) withhold such amount from any remuneration or other amount payable by the Company or any Affiliate of the Company to the Participant;
(c) permit the Participant to sell a number of Option Shares issued upon the exercise of the Option and remit to the Company a
portion of the net proceeds from such sale sufficient to satisfy such amount; or (d) enter into any other suitable arrangements
for the receipt of such amount.

 

		5.9	Participation in this Plan

 

The participation of any Participant
in this Plan is entirely voluntary and not obligatory and shall not be interpreted as conferring upon such Participant any rights
or privileges other than those rights and privileges expressly provided in this Plan. In particular, participation in this Plan
does not constitute a condition of employment or service nor a commitment on the part of the Company to ensure the continued employment
or service of such Participant. This Plan does not provide any guarantee against any loss which may result from fluctuations in
the market value of the Common Shares. The Company does not assume responsibility for the personal income or other tax consequences
of the Participants and Participants are advised to consult with their own tax advisors.

 

    	 	- 17 -	 

     

    

  

		5.10	Corporate Action

 

Nothing contained in this Plan
or in an Option shall be construed so as to prevent the Company from taking corporate action which is deemed by the Company to
be appropriate or in its best interest, whether or not such action would have an adverse effect on this Plan or any Option.

 

		5.11	Rights of Participant/Optionee

 

No Participant has any claim or
right to be granted an Option (including an Option granted in substitution for any Option that has expired pursuant to the terms
of this Plan), and the granting of any Option is not to be construed as giving an Optionee a right to remain in the employ of the
Company or a Designated Affiliate. No Optionee has any rights as a shareholder of the Company in respect of Common Shares issuable
on the exercise of rights to acquire Common Shares under any Option until the allotment and issuance to the Optionee of certificates
representing such Common Shares.

 

		5.12	Conflict

 

In the event of any conflict between
the provisions of this Plan and an Option Agreement, the provisions of this Plan shall govern. In the event of any conflict between
or among the provisions of this Plan, an Option Agreement and an employment agreement between the Company or a Designated Affiliate
and a Participant, the provisions of such employment agreement shall govern. In the event of any conflict between the provisions
of this Plan, an Option Agreement or an employment agreement between the Company or a Designated Affiliate and a Participant and
any applicable law, regulation of any governmental agency having jurisdiction or the rule, policy or decision of any stock exchange
upon which the Common Shares are or may become listed for trading, the applicable law, regulation, rule, policy or decision, as
the case may be, shall govern.

 

		5.13	Participant Information

 

Each Participant shall provide
the Company with all information (including personal information) required by the Company in order to administer to the Plan. Each
Participant acknowledges that information required by the Company in order to administer the Plan may be disclosed to any custodian
appointed in respect of the Plan and other third parties, and may be disclosed to such persons (including persons located in jurisdictions
other than the Participant’s jurisdiction of residence), in connection with the administration of the Plan. Each Participant
consents to such disclosure and authorizes the Company to make such disclosure on the Participant’s behalf.

 

    	 	- 18 -	 

     

    

 

		5.14	International Participants

 

With respect to Participants who
reside or work outside Canada, the Plan Administrator may, in its sole discretion, amend, or otherwise modify, without shareholder
approval, the terms of the Plan or Options with respect to such Participants in order to conform such terms with the provisions
of local law, and the Plan Administrator may, where appropriate, establish one or more sub-plans to reflect such amended or otherwise
modified provisions.

 

		5.15	Successors and Assigns

 

The Plan shall be binding on all
successors and assigns of the Company and its Designated Affiliates.

 

		5.16	General Restrictions and Assignment

 

Except as required by law, the
rights of a Participant under the Plan are not capable of being assigned, transferred, alienated, sold, encumbered, pledged, mortgaged
or charged and are not capable of being subject to attachment or legal process for the payment of any debts or obligations of the
Participant.

 

		5.17	Severability

 

The invalidity or unenforceability
of any provision of the Plan shall not affect the validity or enforceability of any other provision and any invalid or unenforceable
provision shall be severed from the Plan.

 

		5.18	Notices

 

All written notices to be given
by the Optionee to the Company shall be delivered personally or by registered mail, postage prepaid, addressed as follows:

 

Profound Medical Corp.

2400 Skymark Avenue, Unit 6

Mississauga, Ontario L4W 5K5

 

	Attention:	Vice President, Finance

 

All notices to the Optionee will
be addressed to the principal address of the Optionee on file with the Company. Either the Company or the Optionee may designate
a different address by written notice to the other. Such notices are deemed to be received, if delivered personally, on the date
of delivery, and if sent by prepaid, registered mail, on the fifth business day following the date of mailing. Any notice given
by either the Optionee or the Company is not binding on the recipient thereof until received.

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

    	 	- 19 -	 

     

    

  

THIS AMENDED AND RESTATED SHARE OPTION PLAN was
adopted by the board of directors of Profound Medical Corp. on July 13, 2018.

 

PROFOUND MEDICAL CORP.

 

	By:	/s/ Aaron Davidson	 
	 	Name: Aaron Davidson	 
	 	Title:   Chief Financial Officer	 

 

Profound Medical
Corp. – Signature Page to Share Option Plan 

 

    	 	 	 

     

    

 

SCHEDULE A

Share Option Plan Option Agreement

 

Profound Medical Corp. (the “Company”)
hereby grants to the Optionee named below (the “Optionee”), an option (the “Option”) to purchase,
in accordance with and subject to the terms, conditions and restrictions of this Share Option Agreement, together with the provisions
of the Amended and Restated Share Option Plan of the Company dated n, 2018 (the “Plan”),
the number of common shares in the capital of the Company (“Common Shares”) at the price per share set forth
below:

 

	Name of Optionee:	 

 

	Type of Participant:	[Employee Participant, Director Participant or Consultant Participant]

 

	Date of Grant:	 

 

	Total No. of Common Shares Subject to Option:	 

 

	Exercise Price:	 

 

		1.	The terms and conditions of the Plan are hereby incorporated by reference as terms and conditions of this Option Agreement
and all capitalized terms used herein, unless expressly defined in a different manner, have the meanings ascribed thereto in the
Plan.

 

		2.	Subject to Sections 3.10 and 4.4 of the Plan and unless otherwise determined by the Plan Administrator at the time of granting
an Option, each Option is exercisable in the instalments set forth in Section 3.5 of the Plan.

 

		3.	Subject to Section 3.4 of the Plan, in no event is the Option granted hereunder exercisable after the Expiry Date.

 

		4.	No fractional Common Shares will be issued on the exercise of the Option granted hereunder. If, as a result of any adjustment
to the number of Common Shares issuable on the exercise of the Option granted hereunder pursuant to the Plan, the Optionee would
be entitled to receive a fractional Common Share, the Optionee has the right to acquire only the adjusted number of full Common
Shares and no payment or other adjustment will be made with respect to the fractional Common Shares so disregarded.

 

		5.	Nothing in the Plan or in this Option Agreement will affect the Company’s right, or that of a Designated Affiliate, to
terminate the employment of, or consulting agreement or arrangement with, the Optionee at any time for any reason whatsoever. Upon
such termination, the Optionee’s rights to exercise Options will be subject to restrictions and time limits for the exercise
of Options. Complete details of such restrictions are set out in the Plan, and in particular in Sections 3.7, 3.8 and 3.9 of the
Plan.

 

    	 	 	 

     

    

  

		6.	Each notice relating to the Option, including the exercise thereof, must be in writing. All notices
to the Company must be delivered personally or by prepaid registered mail and must be addressed to the Secretary. All notices to
the Optionee will be addressed to the principal address of the Optionee on file with the Company. Either the Company or the Optionee
may designate a different address by written notice to the other. Such notices are deemed to be received, if delivered personally,
on the date of delivery, and if sent by prepaid, registered mail, on the fifth business day following the date of mailing. Any
notice given by either the Optionee or the Company is not binding on the recipient thereof until received.

 

		7.	When the issuance of Common Shares on the exercise of the Option may, in the opinion of the Company, conflict or be inconsistent
with any applicable law, regulation of any governmental agency having jurisdiction or the rule, policy or decision of any stock
exchange upon which the Common Shares are or may become listed for trading, the Company reserves the right to refuse to issue such
Common Shares for so long as such conflict or inconsistency remains outstanding.

 

		8.	Subject to Section 3.8 of the Plan, the Option granted pursuant to this Option Agreement may only be exercised during the lifetime
of the Optionee by the Optionee personally and, subject to Section 5.3 of the Plan, no assignment or transfer of the Option, whether
voluntary, involuntary, by operation of law or otherwise, vests any interest or right in such Option whatsoever in any assignee
or transferee, and immediately upon any assignment or transfer or any attempt to make such assignment or transfer, the Option granted
hereunder terminates and is of no further force or effect. Complete details of this restriction are set out in the Plan.

 

		9.	The Optionee hereby agrees that:

 

		(a)	any rule, regulation or determination, including the interpretation by the Plan Administrator of the Plan, the Option granted
hereunder and the exercise thereof, is final and conclusive for all purposes and binding on all persons including the Company and
the Optionee; and

 

		(b)	the grant of the Option does not affect in any way the right of the Company or any Designated Affiliate to terminate the employment
or service of the Optionee.

 

		10.	This Option Agreement has been made in and is to be construed under and in accordance with the laws of the Province of Ontario
and the laws of Canada applicable therein.

 

	 	PROFOUND MEDICAL CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	A-2	 

     

    

  

I have read the foregoing Option
Agreement and hereby accept the Option to purchase Common Shares in accordance with and subject to the terms and conditions of
such agreement and the Plan. I understand that I may review the complete text of the Plan by contacting the Secretary of the Company.
I agree to be bound by the terms and conditions of the Plan governing the award.

 

	 	 	 
	Date Accepted	 	Optionee’s Signature
	 	 	 
	 	 	 
	 	 	Optionee’s Name
	 	 	(Please Print)

 

    	 	A-3	 

     

    

  

SCHEDULE B

Share Option Plan Exercise Notice Form
 – Options

 

I,                                                                                                                                                                           ,
hereby exercise the option

(print name)

to purchase              common
shares (each, a “Common Share”) in the capital of Profound Medical Corp. (the “Company”)
at a purchase price of $             per Common Share. This
Exercise Notice is delivered in respect of the option to purchase             
Common Shares in the capital of the Company that was granted to me on                      
pursuant to the Option Agreement entered into between the Company and me. In connection with the foregoing, I enclose a certified
cheque, bank draft or money order payable to the Company in the amount of $            
as full payment for the Common Shares to be received upon exercise of the Option.

 

I understand that my exercise of
the option to purchase the number of Common Shares indicated above is subject to the satisfaction of all applicable withholding
taxes or other withholding liabilities as the Company may determine to be necessary or desirable in respect of such exercise. I
further understand that I may be required to make such payment in connection with the exercise of my options.

 

	 	 	 
	Date	 	Optionee’s SignatureExhibit 4.11

 

Execution Copy

 

 

 

AMENDED AND RESTATED EMPLOYMENT
AGREEMENT

 

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”)
dated as of the 1st day of January, 2018 (the “Effective Date”).

 

BETWEEN:

 

PROFOUND MEDICAL CORP.

 

(the “Company”)

 

AND:

 

ARUN MENAWAT

 

(the “Employee”)

 

WHEREAS the Company and the Employee entered into a letter agreement
as to employment on August 12, 2016 (the “Original Agreement”); and

 

WHEREAS the Company and the Employee wish to amend and restate
the Original Agreement on the terms and conditions set forth herein.

 

NOW THEREFORE in consideration of the covenants and agreements
herein, the sufficiency of which is acknowledged by each of the parties, the parties agree as follows:

 

		1.	EMPLOYMENT

 

		1.1	Effectiveness of the Agreement: The terms and conditions
of employment of the Employee by the Company prior to the Effective Date shall be governed by the Original Agreement and the attachments
and exhibits thereto, and as of the Effective Date will be governed by the Agreement. The Employee’s employment with the
Company commenced on August 15, 2016 and will continue until this Agreement is terminated in accordance with section 4 herein.

 

		1.2	Title: The Company agrees to continue to employ
the Employee as Chief Executive Officer upon the terms and conditions set out in this Agreement. The Employee will report to the
board of directors of the Company (the “Board”). The Employee acknowledges that he shall undertake such duties
and responsibilities for the Company and its affiliates in connection with and commensurate with the Employee’s position
as are determined by the Board. The Employee further acknowledges the Company may re-assign, re-allocate, or re-organize the Employee’s
duties and responsibilities if reasonable based on changing circumstances, provided such duties and responsibilities are consistent
with the role of a Chief Executive Officer and do not reflect a material change in the Employee’s status, duties or reporting
relationship.

 

		1.3	Service: During the term of this Agreement, in addition
to the Employee’s common law duties to the Company, the Employee covenants and agrees as follows:

 

     

     

    

 

		(a)	Loyalty
to the Company: Throughout the Employee’s employment, the Employee will faithfully serve the Company and
use the Employee’s best efforts to promote the business of the Company. The Employee will act honestly and in good faith,
in the best interests of the Company.

 

		(b)	Service: The Employee shall devote his full working
time and attention to the affairs of the Company. The Employee shall not engage in any other business, profession or occupation,
or become an officer, employee, contractor for service, agent, or representative of any other company, partnership, firm, person,
organization, or enterprise during the term of this Agreement, provided that the Employee may participate on boards of directors
of other organizations (to a maximum of two (2) at any one time) and in business associations, charitable organizations or other
similar organizations, as may be approved by the Board in its discretion, acting reasonably, and provided that such participation
does not interfere with the proper discharge of his duties to the Company. The Employee is currently a director of the boards
set forth on Exhibit A hereto and also involved in business associations, charitable organizations or other similar organizations
as set forth on Exhibit A hereto. The Parties acknowledge that, without limitation to further activities that the
Employee may perform, the Board has approved of the Employee’s involvement in the entities and activities set forth on Exhibit
A hereto.

 

		(c)	No
Personal Benefit: The Employee will not receive or accept for the Employee’s own benefit or for any other
person or entity’s benefit, either directly or indirectly, any commission, rebate, discount, gratuity or profit from any
person or entity having or proposing to have one or more business transactions with the Company, without the prior approval of
the Company, except as permitted by the Company policy.

 

		(d)	Business
Opportunities: During the Employee’s employment with the Company, the Employee will, to the extent reasonably
practicable, communicate and channel to the Company all knowledge, business and customer contacts and any other information that
could concern or be in any way beneficial to the business of the Company. Any such information communicated to the Company as
aforesaid will be and remain the property of the Company notwithstanding any subsequent termination of the Employee’s employment.

 

		(e)	Place
of Work: The Employee will work from the Company’s premises located in 2400 Skymark Avenue, Unit
#6, Mississauga, Ontario L4W 5K5 and it is anticipated that the Employee will be required to travel (both domestically and internationally)
in the course of performing the Employee’s duties. In addition, it is anticipated that the Company will increase its focus
on sales in the U.S., and the Employee may relocate to the Company’s U.S. headquarters, if and when appropriate, as determined
by the Employee and the Board, acting reasonably. In the event of such relocation, the Company and the Employee will discuss any
amendments to this Agreement as appropriate.

 

		(f)	Pre-existing Obligations: The Employee is hereby
requested and directed by the Company to comply with any existing common law, contractual or statutory obligations to the Employee’s
former employer and to any other person or entity. The Company is not employing the Employee to obtain the confidential information
or business opportunities of the Employee’s former employer or any other person or entity.

 

    	 	Page 2

     

    

 

		1.4	Directorship and Offices: Upon the termination of
employment with the Company for any reason, the Employee will immediately resign any directorship or office the Employee may hold
in the Company or any parent, subsidiary or affiliated companies of the Company and, except as provided expressly in this Agreement,
the Employee will not be entitled to receive any written notice of termination or payment in lieu of notice, or to receive any
severance pay, damages or compensation for loss of any directorship, office or otherwise. The Employee agrees that failure to
tender such resignation(s) will amount to cause for termination, for which the Company may treat the employment as being terminated
for after-acquired cause. Notwithstanding the foregoing, the termination of employment will not automatically disqualify the Employee
from serving as a director.

 

		1.5	Exclusion/Debarment: The Employee represents and
warrants that the Employee has never been, and as a condition of continued employment shall never be, during the term of this
Agreement, excluded from any contracting by any Canadian or United States government agency or authority. The Employee further
represents and warrants that the Employee is not subject to any final adverse action, as that term is defined in 42 U.S.C. §
1320a-7e(g), and that no final adverse action has previously occurred or is pending or threatened against the Employee. The Employee
represents and warrants that the Employee is not under investigation by the FDA or any other Canadian, United States or foreign
regulatory agency nor has the Employee been debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded
by any Canadian, United States or foreign government department or agency.

 

		1.6	Company Policy: The Employee acknowledges and agrees
that the employment relationship will be governed by the standards and terms established by the Company’s policies as they
are established from time to time and the Employee agrees to comply with the terms of such policies which may be introduced, amended,
deleted or modified in the sole discretion of the Company, provided that doing so does not constitute a material change in the
Employee’s terms of employment.

 

		1.7	Professional Conduct: The Employee acknowledges
and agrees that effective performance of the Employee’s duties requires integrity and the Company’s confidence in
the Employee’s working relationships with other employees of the Company and with all other persons with whom the Employee
deals in the course of employment.

 

		2.	COMPENSATION

 

		2.1	Base Salary: The Employee will earn an annual salary
equivalent to US$500,000.00 (the “Base Salary”), less applicable deductions, payable in arrears for all services
and work the Employee performs for the Company. Any increases will be in the discretion of the Board. The Base Salary will be
payable in accordance with the Company’s normal payroll practices and will be payable in Canadian dollars at the U.S./Canadian
dollar Bank of Canada noon exchange rate on the applicable payroll date. The Employee’s hours and schedule may change from
time to time depending on the Company’s business needs.

 

		2.2	Annual Discretionary Bonus: Provided the Employee
remains an employee of the Company in good standing and the Employee has not received or given notice of termination, for each
calendar year, the Employee will be eligible to receive an annual bonus of up to 65% of the Employee’s Base Salary based
on the assessment of the Board of the Employee’s and the Company’s achievement of certain milestones and objectives
determined by the Board. Such milestones and objectives (including the evaluation of achievement thereof), and the bonus amount,
will be at the sole discretion of the Board and will be payable in accordance with the Company’s standard payroll policies,
subject to applicable payroll deductions and withholdings. Such bonus shall be paid within ninety (90) days after
the end of the applicable calendar year.

 

    	 	Page 3

     

    

 

		2.3	Stock Options: The options to purchase common shares
of the Company previously received by the Employee (“Stock Options”) shall continue to vest during the term
of this Agreement in accordance with their terms. The Company shall consider compensation as a whole annually, including stock
incentives and the number of options, of chief executive officers of comparable companies when considering compensation or the
grant of stock options for the Employee by reference to comparable companies and information and/or reports from independent compensation
consultants (which information and reports will be shared with the Employee).

 

		2.4	Benefits: The Employee will be entitled to participate
in the standard insurance plans and other benefit programs (the “Employee Benefits”) which the Company may
offer to executive level employees from time-to-time. The Company reserves the right to unilaterally revise the terms of the Employee
Benefits, to change carriers, or to eliminate any Employee Benefits altogether. The Employee Benefits will be provided in accordance
with the formal plan documents or policies and any issues with respect to entitlement or payment of benefits under any of the
Employee Benefits will be governed by the terms of such documents or policies establishing the benefits in issue and will be a
matter between the Employee and the insurer. The Company’s liability with respect to the Employee Benefits will be limited
to the payment of its share of applicable premiums.

 

		2.5	Car Allowance: The Company shall provide the Employee
with a monthly car allowance of CDN$1,000 in accordance with the Company’s payroll policy, as amended from time to time.

 

		2.6	Expenses: The Company will reimburse the Employee
for all reasonable business expenses actually and exclusively incurred in connection with the performance of duties under this
Agreement, provided such expenses are incurred and accounted for in accordance with the general policies and procedures of the
Company, as established from time to time.

 

		2.7	Statutory Holidays: The Company recognizes the statutory
holidays observed in Ontario.

 

		2.8	Vacation: The Employee shall be entitled to 4 weeks
of paid vacation per annum, to be taken at such reasonable times as the Company shall in its discretion permit and in accordance
with the Company’s vacation policy in effect from time to time. Vacation entitlement for any partial year of employment
shall be pro-rated based on the portion of the year worked by the Employee.

 

		3.	TERMINATION OF AGREEMENT AND EMPLOYMENT

 

		3.1	Obligations Upon Termination: Upon termination of
the Employee’s employment, for any reason:

 

		(a)	the Company shall pay the Employee all unpaid Base Salary
and vacation pay earned up to and including the Employee’s last day of employment (the “Termination Date”),
inclusive of any vacation pay required by Ontario Employment Standards Act 2000, as amended;

 

		(b)	all benefits coverage and other perquisites of the Employee’s
employment shall cease on the later of the Termination Date or as specified in 3.3(a);

 

		(c)	all files, computer disks, information and documents pertaining
to the Company’s business shall remain the property of the Company, and shall promptly be delivered by the Employee to the
Company’s office, and no copy, duplication or reproduction of any kind whatsoever shall be made of such files, computer
disks, information or documents, or retained by the Employee, without the express written consent of the Company. The Employee
agrees to deliver all electronic information to the Company and to destroy any copies held by the Employee belonging to the Company.

 

    	 	Page 4

     

    

 

		3.2	Termination by the Employee: The Employee may terminate
this Agreement at any time by providing the Company with ninety (90) days’ prior written notice. Upon receipt of such notice,
the Company may at any time terminate the employment of the Employee and pay the Employee the amount of Base Salary and continue
all Employee Benefits the Employee would have otherwise received during the balance of the aforementioned notice period.

 

		3.3	Termination by the Company: The Company may terminate
the Employee’s employment at any time:

 

		(a)	without Cause by providing the Employee with the greater
of: (i) pay in lieu of notice, benefit continuation (and severance pay, if applicable) that is required by the Ontario Employment
Standards Act, 2000 as amended or (ii) (A) twelve (12) months of pay of Base Salary in lieu of notice (the “Severance
Period”) and (B) an amount equal to the then current target annual bonus prorated based on the number of days elapsed
in the calendar year until the date of termination as a percentage of the total number of days in such calendar year. The Employee
will continue to provide reasonable services to the Company on an as-needed and part-time basis for a period of up to three (3)
months following the termination of his employment (the “Transition Period”), including assistance with transition
of duties, unless the requirement for active service is expressly waived in whole or in part by the Company, in its sole discretion.
The Employee agrees that the Company may, in its sole discretion, limit or discontinue the Executive’s access to business
records and Confidential Information during the Transition Period. The Employee agrees that any services provided to the Company
during the Transition Period shall be for no additional compensation in excess of the severance payments and benefits contemplated
under this Agreement. Regardless of whether or not the Employee provides active service during the Transition Period, the Employee
shall continue to abide by all obligations owing under this Agreement. The payments due the Employee hereunder are not subject
to mitigation if the Employee receives compensation during the Severance Period from third parties as long as the Employee provides
the services during the Transition Period as set forth herein.

 

		(b)	for frustration of contract upon the death of the Employee
or any incapacitation of the Employee that constitutes an undue hardship for the Company;

 

		(c)	at any time for just Cause, without notice or pay in lieu
of notice or any other form of compensation, severance pay or damages. For the purposes of this Agreement, “Cause”
includes:

 

		i.	any material breach of the provisions of this Agreement
or the Company’s policies by the Employee if the Company has provided the Employee, with written notice of such breach and
such breach has not been remedied within thirty (30) days thereafter;

 

		ii.	any intentional or grossly negligent disclosure of any
confidential information by the Employee;

 

		iii.	any fraud, misappropriation of the property or funds of
the Company or its subsidiaries, embezzlement, or other similar acts of dishonesty;

 

    	 	Page 5

     

    

 

		iv.	the willful allowance by the Employee of the Employee’s
duty to the Company and the Employee’s personal interests to come into conflict in a material way in relation to any transaction
or matter that is of a substantial nature, other than conflicts which are fully disclosed and approved by the Board;

 

		v.	the Employee’s criminal, or other conviction of any
criminal summary conviction offence or indictable offence that is detrimental to the business or reputation of the Company;

 

		vi.	if the Employee’s misconduct causes the Employee
to be subject to a final and non-appealable enforcement order (or regulatory settlement in respect thereof) concerning a securities,
financial services, health or other regulatory offence that is detrimental to the business or reputation of the Company; and/or

 

		vii.	any and all commissions, omissions or other conduct which
would constitute just cause at law, in addition to the specified causes noted above.

 

		3.4	Termination in Connection with Change In Control:
This Agreement terminates if it is not assumed by the successor corporation (or affiliate thereto) upon a Change in Control (as
defined below).

 

		(a)	“Change in Control” means a reorganization
or merger of the Company with or into any other corporation or corporations or on an acquisition of securities of the Company
(excluding an equity financing of the Company with the principal purpose of raising capital or a merger with any subsidiary or
other affiliate) in which transaction the Company’s shareholders immediately prior to such transaction own immediately after
such transaction, less than 50% of the voting power of the surviving corporation or its parent, and/or (ii) the sale or disposition
by the Company to an unrelated third party of substantially all of its business and assets. Without limiting the foregoing, a
transaction will not constitute a Change in Control if (x) its sole purpose is to change the jurisdiction of the Company’s
incorporation, or (y) its sole purpose is to create a holding company or other entity that will be owned in substantially the
same proportions by the persons who held the Company’s securities immediately prior to such transaction.

 

		(b)	If the Company terminates this Agreement other than for
Cause in advance of the closing relating to a Change of Control, or the Company’s successor terminates this Agreement other
than for Cause within 12 months following the occurrence of a Change in Control, and the Employee signs and returns to the Company
without revocation a release prepared by the Company of all legally waivable claims related to or arising from the Employee’s
employment with the Company, then (i) the Company shall pay the Employee a sum equal to (A) twenty-four (24) months of the
Employee’s then-current annual Base Salary and (B) the then current annual target bonus and (ii) the Stock Options
shall vest as set forth in Section 3.4(d) (collectively, the “Change in Control Benefits”).

 

		(c)	If, within twelve (12) months following a Change in Control,
there is a material diminution of the Employee’s role in the company, change in work location of more than 50 kilometers
(except as contemplated pursuant to Section 1.3(e) hereto), diminution of status, any materially detrimental change in compensation
(including options and bonus) or benefits (considered as a whole), or diminution of reporting structure, the Employee shall have
the right to resign and receive the Change in Control Benefits.

 

    	 	Page 6

     

    

 

		(d)	If the Employee is entitled to Change in Control Benefits,
then any unvested Stock Options shall immediately vest. If any provision of this Agreement conflicts with a provisions of the
Stock Options or applicable stock option plan, the provision more favorable to the Employee shall govern.

 

		3.5	Timing of Payments: All amounts payable hereunder
in respect of Base Salary or with respect to payments made under the Ontario Employment Standards Act, 2000, as amended,
shall be paid in installments in accordance with the Company’s normal payroll practices. Payments in respect of annual or
prorated bonuses shall be paid at the time the annual bonus would otherwise be paid.

 

		3.6	No
Implied Entitlement: Other than as expressly provided herein, the Employee will not be entitled to receive any
further pay or compensation, severance pay, notice, payment in lieu of notice, incentives, bonuses, benefits or damages of any
kind from the Company or from any affiliate of the Company. Any payment in lieu of the Severance Period payment provided to the
Employee will be inclusive of any entitlements upon termination or severance pay pursuant to the Ontario Employment Standards
Act, 2000 as amended, contract, tort, common law or otherwise, and will be subject to statutory withholdings. The Employee
will not be entitled to receive any further pay or compensation (except for pay, if any, accrued and owing under this Agreement
up to the date of termination of employment) from the Company, and for clarity, without limiting the foregoing, the Employee will
not be entitled to any bonus or pro rata bonus payment that has not already been awarded to the Employee by the Company, except
as set out in paragraph 3.3(a) or except for that which was specified as part of the Change in Control Benefits.

 

		3.7	Continued
Effect: Notwithstanding any changes in the terms and conditions of the Employee’s employment which may
occur in the future, including any changes in position, duties or compensation, the termination provisions in this Agreement will
continue to be in effect for the duration of the Employee’s employment with the Company unless otherwise amended in
writing and signed by the Company.

 

		3.8	Obligations Upon Termination: The Employee agrees that he shall not be entitled to
                                                                             receive any severance fee or other benefits under Section 3 of this Agreement if the Employee breaches any of his obligations
                                                                             arising under Sections 4, 5, 6,  7, 8, 9 and 11 hereof. The Employee acknowledges that until a release in the form of Exhibit
                                                                             B hereto (a “Release”) is timely executed and delivered to the Company, the Company will not be
                                                                             obligated to make any severance payments or provide any other benefits due under this Agreement following termination of the
                                                                             Employee. The Employee further acknowledges that if the Release is not timely executed and delivered to the Company, the
                                                                             severance payments and other benefits described in this Section 3 shall be forfeited, except as required by statutory minimum
                                                                             standards.

 

		4.	CONFIDENTIAL INFORMATION PROTECTIONS

 

		4.1	At all times during and after the Employee’s employment,
the Employee will hold in confidence and will not disclose, use, lecture upon, or publish any of Company’s Confidential
Information (defined below), except as may be required in connection with the Employee’s work for Company, or as expressly
authorized by the Board. Unless forming part of the Employee’s customary duties for the Company, the Employee will obtain
the written approval of the Board before publishing or submitting for publication any material (written, oral, or otherwise) that
relates to the Employee’s work at Company and/or incorporates any Confidential Information. The Employee hereby assigns
to Company any rights the Employee may have or acquire in any and all Confidential Information and recognize that all Confidential
Information shall be the sole and exclusive property of Company and its assigns.

 

    	 	Page 7

     

    

 

		4.2	The term “Confidential Information” shall mean
any and all confidential knowledge, data or information related to Company’s or its affiliates business or its actual or
demonstrably anticipated research or development, including without limitation (a) trade secrets, inventions, ideas, processes,
computer source and object code, data, formulae, programs, other works of authorship, know-how, improvements, discoveries, developments,
designs, and techniques; (b) information regarding products, services, plans for research and development, marketing and business
plans, budgets, financial statements, contracts, prices, suppliers, employees and customers; (c) information regarding the skills
and compensation of Company’s employees, contractors, and any other service providers of Company; and (d) the existence
of any business discussions, negotiations, or agreements between Company and any third party.

 

		4.3	The Employee understands that Company has received and
in the future will receive from third parties confidential or proprietary information (“Third Party Information”)
subject to a duty on Company’s part to maintain the confidentiality of such information and to use it only for certain limited
purposes. During and after the term of the Employee’s employment, the Employee will hold Third Party Information in strict
confidence and will not disclose to anyone (other than Company personnel who need to know such information in connection with
their work for Company) or use, Third Party Information, except in connection with the Employee’s work for Company or unless
expressly authorized by an officer of Company in writing.

 

		4.4	The Employee represents that employment by Company does
not and will not breach any agreement with any former employer, including any non-compete agreement or any agreement to keep in
confidence or refrain from using information acquired by the Employee prior to employment by Company. The Employee further represents
that the Employee has not entered into, and will not enter into, any agreement, either written or oral, in conflict with the Employee’s
obligations under this Agreement. During employment by Company, the Employee will not improperly make use of, or disclose, any
information or trade secrets of any former employer or other third party, nor will the Employee bring onto the premises of Company
or use any unpublished documents or any property belonging to any former employer or other third party, in violation of any lawful
agreements with that former employer or third party. The Employee will use in the performance of the Employee’s duties only
information that is generally known and used by persons with training and experience comparable to the Employee’s own, is
common knowledge in the industry or otherwise legally in the public domain, or is otherwise provided or developed by Company.

 

		5.	INVENTIONS

 

		5.1	As used in this Agreement, the term “Invention”
means any ideas, concepts, information, materials, processes, data, programs, know-how, improvements, discoveries, developments,
designs, artwork, formulae, other copyrightable works, and techniques and all Intellectual Property Rights in any of the items
listed above. The term “Intellectual Property Rights” means all trade secrets, copyrights, trademarks, mask
work rights, patents and other intellectual property rights recognized by the laws of any jurisdiction or country. The term “Moral
Rights” means all paternity, integrity, disclosure, withdrawal, special and any other similar rights recognized by the
laws of any jurisdiction or country.

 

    	 	Page 8

     

    

 

		5.2	The Employee has disclosed in Exhibit C a complete
list of all Inventions that (a) the Employee has, or has caused to be, alone or jointly with others, conceived, developed, or
reduced to practice prior to the commencement of the Employee’s employment by Company; (b) in which the Employee has an
ownership interest or which the Employee has a license to use; (c) and that the Employee wishes to have excluded from the scope
of this Agreement (collectively referred to as “Prior Inventions”). If no Prior Inventions are listed in Exhibit
C, the Employee warrants that there are no Prior Inventions. The Employee agrees that the Employee will not incorporate, or
permit to be incorporated, Prior Inventions in any Company Inventions (defined below) without Company’s prior written consent.
If, in the course of the Employee’s employment with Company, the Employee incorporates a Prior Invention into a Company
process, machine or other work, the Employee hereby grants Company a non-exclusive, perpetual, fully-paid and royalty-free, irrevocable
and worldwide license, with rights to sublicense through multiple levels of sublicensees, to reproduce, make derivative works
of, distribute, publicly perform, and publicly display in any form or medium, whether now known or later developed, make, have
made, use, sell, import, offer for sale, and exercise any and all present or future rights in, such Prior Invention.

 

		5.3	Inventions assigned to the Company or to a third party
as directed by the Company pursuant to the subsection 5.5 are referred to in this Agreement as “Company Inventions”.
Subject to the subsection 5.5 (including the proviso set forth therein) and the Prior Inventions Employee has set forth in Exhibit
C, the Employee hereby assigns and agrees to assign in the future (when any such Inventions or Intellectual Property Rights
are first reduced to practice or first fixed in a tangible medium, as applicable) to the Company all rights, title, and interest
in and to any and all Inventions (and all Intellectual Property Rights with respect thereto) made, conceived, reduced to practice,
or learned by the Employee, either alone or with others, during the period of the Employee’s employment by the Company.
Any assignment of Inventions (and all Intellectual Property Rights with respect thereto) hereunder includes an assignment of all
Moral Rights. To the extent such Moral Rights cannot be assigned to the Company and to the extent the following is allowed by
the laws in any country where Moral Rights exist, the Employee hereby unconditionally and irrevocably waives the enforcement of
such Moral Rights, and all claims and causes of action of any kind against the Company or related to the Company’s customers,
with respect to such rights. The Employee further acknowledges and agrees that neither the Employee’s successors-in-interest
nor legal heirs retain any Moral Rights in any Inventions (and any Intellectual Property Rights with respect thereto).

 

		5.4	During the period of employment, the Employee will promptly
and fully disclose to the Company in writing (a) all Inventions authored, conceived, or reduced to practice by the Employee, either
alone or with others, and (b) all patent applications filed by the Employee or in which the Employee is named as an inventor or
co-inventor; provided, however, that such disclosure obligation does not apply to Inventions (or Intellectual Property Rights
with respect thereto) which are not directly or indirectly related to the Company’s then current or future business or are
not invented with Company resources or during Employee’s working hours. The Employee agrees to keep and maintain adequate
and current records (in the form of notes, sketches, drawings and in any other form that is required by the Company) of all Inventions
made by the Employee during the period of the Employee’s employment by the Company, which records shall be available to,
and remain the sole property of, the Company at all times.

 

		5.5	The Employee agrees that, as directed by the Company, the
Employee will assign to the Company or a third party, including without limitation, all rights, title, and interest in and to
any particular Company Invention; provided, however, it is understood that the Company will not elect to direct such assignment
of a Company Invention if it is not directly or indirectly related to the Company’s then current or future business or was
not invented with Company resources or during Employee’s working hours.

 

    	 	Page 9

     

    

 

		5.6	During and after the period of employment and at the Company’s
request and expense, the Employee will provide reasonable assistance to the Company, including consenting to and joining in any
action, to obtain and enforce Canadian, United States and foreign Intellectual Property Rights and Moral Rights relating to Company
Inventions in all countries. If the Company is unable to secure the Employee’s signature on any document needed in connection
with such purposes, the Employee hereby irrevocably designates and appoints the Company and its duly authorized officers and agents
as the Employee’s agent and attorney in fact, which appointment is coupled with an interest, to act on the Employee’s
behalf to execute and file any such documents and to do all other lawfully permitted acts to further such purposes with the same
legal force and effect as if executed by the Employee.

 

		5.7	The Employee agrees that the Employee will not incorporate
into any Company software or otherwise deliver to the Company any software code licensed under the GNU General Public License
or Lesser General Public License or any other license that, by its terms, requires or conditions the use or distribution of such
code on the disclosure, licensing, or distribution of any source code owned or licensed by the Company.

 

		6.	RETURN
                                         OF COMPANY PROPERTY

 

		6.1	Without limiting the provisions
of Section 3.1(c), upon termination of the Employee’s employment or upon the Company’s request at any
other time, the Employee will deliver to the Company all of the Company’s property, equipment, and documents, together with
all copies thereof, and any other material containing or disclosing any Inventions, Third Party Information or Confidential Information
and certify in writing that the Employee has fully complied with the foregoing obligation. The Employee agrees that the Employee
will not copy, delete, or alter any information contained upon any Company computer or Company equipment before the Employee returns
it to the Company. In addition, if the Employee has used any personal computer, server, or e-mail system to receive, store, review,
prepare or transmit any Company information, including but not limited to, Confidential Information, the Employee agrees to provide
the Company with a computer-useable copy of all such Confidential Information and then permanently delete and expunge such Confidential
Information from those systems; and the Employee agrees to provide the Company access to the Employee’s system as reasonably
requested to verify that the necessary copying and/or deletion is completed.

 

		7.	NON-COMPETITION/NON-SOLICITATION

 

		7.1	The Employee covenants and agrees that for the period of
the Employee’s employment by the Company and for one (1) year after termination of such employment for any reason, the Employee
will not, without the Company’s express written consent, anywhere in the world, be employed by or contribute to any business
activity that is competitive with the business of the Company or involves the use of real-time magnetic resonance imaging or ultrasound
or similar technologies in the delivery of ablative tools.

 

		7.2	The Employee covenants and agrees that for the period of
the Employee’s employment by the Company and for one (1) year after termination of such employment for any reason, the Employee
will not, either directly or indirectly, solicit or attempt to solicit any employee, independent contractor, or consultant of
the Company to terminate his, her or its relationship with Company in order to become an employee, consultant, or independent
contractor to or for any other person or entity.

 

    	 	Page 10

     

    

 

		8.	NOTIFICATION OF NEW EMPLOYER

 

		8.1	After the termination of this Agreement, the Employee consents
to the notification of any new employer of the Employee’s rights and obligations under this Agreement, by the Company providing
a copy of this Agreement.

 

		9.	INJUNCTIVE RELIEF

 

		9.1	The Employee acknowledges that, because the Employee’s
services are personal and unique and because the Employee will have access to the Confidential Information of the Company, any
breach of this Agreement would cause irreparable injury to the Company for which monetary damages would not be an adequate remedy
and, therefore, will entitle the Company to injunctive relief (including specific performance). The rights and remedies provided
to each party in this Agreement are cumulative and in addition to any other rights and remedies available to such party at law
or in equity.

 

		10.	PUBLICITY

 

		10.1	Except to the extent required by the Employee’s duties
or customarily performed by the Employee, the Employee shall not, without the prior written consent of the Company, make or give
any public announcements, press releases or statements to the public or the press regarding the Employee’s work or the Company’s
business.

 

		11.	NOTICES

 

		11.1	All notices, requests, demands and other communications
to be given pursuant to the terms of this Agreement shall be in writing and shall be deemed to have been duly given (i) on the
date of delivery if personally delivered or sent by a recognized overnight courier or (ii) on the date of transmission if sent
by email (provided notice is then also promptly delivered personally or by a recognized overnight courier), in each case to the
parties at the addresses listed below:

 

		(a)	If to the Employee, at the Employee’s then current
address in the Company’s payroll records;

 

		(b)	If to the Company:

 

Profound Medical Corp.

2400 Skymark Avenue, Unit 6

Mississauga, ON L4W 5K5

 

Attention:    Chair
of the Board of Directors

 

E-mail:          damian@genesyscapital.com

 

Each party may change its address for receipt of notice
by giving notice of the change to the other party.

 

		12.	SURVIVAL

 

		12.1	The Employee’s obligations under this Agreement shall
survive the termination of the Employee’s employment, regardless of the manner or reason for termination, including, without
limitation, those set forth in Sections 4 through 7 hereof.

 

    	 	Page 11

     

    

 

		12.2	The assignment of this Agreement by the Company to any
successor or other assignee and shall be binding upon the Employee’s heirs and legal representatives.

 

		13.	SEVERABILITY

 

		13.1	If any provision of this Agreement is, for any reason,
held to be invalid or unenforceable, the other provisions of this Agreement will remain enforceable and the invalid or unenforceable
provision will be deemed modified so that it is valid and enforceable to the maximum extent permitted by law.

 

		14.	WAIVER

 

		14.1	Any waiver or failure to enforce any provision of this
Agreement on one occasion will not be deemed a waiver of that provision or any other provision on any other occasion.

 

		15.	ASSIGNMENT

 

		15.1	The Company may assign this Agreement to (i) an affiliate,
subsidiary, related company or partnership without prior notice or consent of the Employee, or (ii) a new employer in connection
with any transaction or reorganization; provided that any such successor or assignee expressly assumes in writing the Company’s
obligations under this Agreement and has responsibility for managing the underlying business of the Company. The Employee may
not assign any of his rights nor delegate any of the duties hereunder.

 

		16.	ENTIRE AGREEMENT

 

		16.1	This Agreement is the final, complete and exclusive agreement
of the parties with respect to the subject matter hereof and supersedes and merges all prior communications between us with respect
to such matters. No modification of or amendment to this Agreement, or any waiver of any rights under this Agreement, will be
effective unless in writing and signed by the Employee and the Company. Any subsequent change or changes in duties, salary or
compensation will not affect the validity or scope of this Agreement.

 

		17.	HEADINGS

 

		17.1	The headings utilized in this Agreement are for convenience
only and are not to be construed in any way as additions or limitations of the covenants and agreements contained in this Agreement.

 

		18.	INDEPENDENT LEGAL ADVICE

 

		18.1	The Employee acknowledges that the Employee has read and
understands this Agreement, and acknowledges that an opportunity was provided to obtain legal advice about it. The Company shall
reimburse the Employee for the reasonable costs of obtaining legal advice regarding this Agreement, but in no event more than
CDN$3,500 plus HST or such reasonable amount over and above CDN$3,500 plus HST.

 

		19.	COUNTERPARTS

 

		19.1	This Agreement may be
executed in two or more counterparts, each of which will be deemed to be an original and all of which will constitute one Agreement.

 

    	 	Page 12

     

    

 

		20.	LAWS

 

		20.1	This Agreement shall be governed by and interpreted in
accordance with the laws of Ontario and the laws of Canada applicable therein. The Employee and the Company hereby attorn to the
exclusive jurisdiction of the superior courts of Ontario to resolve any dispute arising from this Agreement except to the extent
the Company seeks injunctive relief outside Ontario where applicable to enforce the Employee’s covenants hereunder.

 

[Signature Page to Follow]

 

    	 	Page 13

     

    

 

IN WITNESS WHEREOF the parties have duly
executed this Agreement as of the __1st___ day of ________January_______, 2018.

 

	Signed, Sealed and Delivered in the presence of:	)	 
	/s/ Maureen Belza	)	 
	Name (witness)	)	 
	Maureen Belza	)	 
	Address	)	 
	2460 Willowburne Drive	)	 
	 	)	 
	Director, Human Resources	)	/s/ Arun Menawat
	Occupation	)	ARUN MENAWAT
	 	)	 

 

PROFOUND MEDICAL CORP.

 

	Per:	/s/ Damian Lamb	 
	 	Name:	Damian Lamb	 
	 	Title:	Chair of the Board	 

 

     

     

    

 

Exhibit A

 

CURRENT
BOARD POSITIONS and Other Business Activities

Approved by the Company

 

Elminda Ltd, Chairman of the Board

 

Stereotexis Inc., Director

 

Baylis Medical, Advisor

 

Sudev Foundation, Advisor

 

     

     

    

 

Exhibit B

 

R E L
E A S E

 

I, Arun Menawat of the City of ________, in the Province of
Ontario, for and in consideration of the sum of * ($*)
and other good and valuable consideration which is being delivered to me concurrently with the execution and delivery hereof (the
receipt and sufficiency of which is hereby acknowledged) do hereby remise, release and forever discharge PROFOUND MEDICAL CORP.
(hereinafter called the “Company”), its officers, directors, servants, employees and agents, including any related
or associated companies, and their heirs, executors, administrators, successors and assigns, as the case may be, of and from any
and all manner of actions, causes of action, suits, contracts, claims, damages, costs and expenses of any nature or kind whatsoever,
whether in law or in equity, which, as against the Company or such persons as aforesaid or any of them I have ever had, now have,
or at any time hereafter I or my personal representatives can, shall or may have, by reason of or arising out of the termination
of my employment with the Company or in any other way connected with my employment with the Company (except as otherwise set forth
below), and more specifically, without limiting the generality of the foregoing, any and all claims for damages for termination
of my employment, constructive termination of my employment, loss of position, loss of status, loss of future job opportunity,
loss of opportunity to enhance my reputation, the timing of the termination and the manner in which it was effected, loss of bonuses,
loss of benefits, including life insurance and short and long-term disability benefit coverage, and any other type of damages;
provided, however, that notwithstanding anything contained herein, this Release does not apply to any claims related to
(i) equity in the Company or its affiliates that I hold, directly or indirectly, including without limitation, the options
granted to me in connection with my employment with the Company, or (ii) any unpaid reimbursement of expenses and accrued
but unpaid salary or termination payments provided for in the Employment Agreement.

 

I FURTHER AGREE that this Release includes any and all claims
I may have arising under contract, the Ontario Employment Standards Act, 2000, as amended, common law or other applicable
law related to my employment with the Company and that the consideration provided includes any amount that I may be entitled to
under such legislation and I agree to immediately withdraw any complaint as settled and not to file any complaint pursuant to such
legislation with respect to my employment or the termination of my employment.

 

     

     

    

 

IT IS UNDERSTOOD that the Company has withheld income tax and
other statutory deductions from the aforesaid consideration and I agree to indemnify and hold harmless the Company from any further
assessment for income tax or other statutory deductions which may be made under statutory authority.

 

IT IS FURTHER UNDERSTOOD that as a former officer of the Company
I owe a fiduciary duty to the Company and I agree that the Company will suffer irreparable harm if confidential information or
information unique to the Company is disclosed in any way by me without authorization of the Company and that I have returned to
the Company originals or copies of the Company’s corporate records, files, financial documents, client lists, or any other
material that is related to the Company’s business, clients, personnel or operations.

 

IT IS FURTHER UNDERSTOOD AND AGREED that this is not to be construed
or considered as an admission of liability on the part of the Company. The terms of this Release set out the entire agreement between
myself and the Company and are intended to be contractual and not a mere recital.

 

    	 	Page 2

     

    

 

IT IS EXPRESSLY ACKNOWLEDGED that the contents, terms and effect
of this Release have been explained to me by my lawyer and are fully understood.

 

IN WITNESS WHEREOF I, Arun Menawat, have hereunto set my hand
and seal this ____ day of __________________, 20___ in the City of __________________, Province of Ontario.

 

	 	 
	Arun Menawat	 

 

    	 	Page 3

     

    

 

Exhibit
C

 

INVENTIONS

 

1.        Prior
Inventions Disclosure. The following is a complete list of all Prior Inventions (as provided in Subsection 5.2 of the attached
Employment Agreement):

 

		 ̈	None

 

		 ̈	See immediately below:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00299-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00299-of-00352.parquet"}]]