Document:

Exhibit
4.20

 

EMPLOYMENT
AGREEMENT

 

This
Agreement is made by and between AETERNA ZENTARIS INC., a corporation duly incorporated under the laws of Canada, (the “Corporation”)
and Giuliano La Fratta, of 4995 de la Monrandiere Pierrefonds, Quebec, H9K 1S7 Canada
(the “Executive”) and shall be effective as of January 15, 2022 or such other date as the parties agree (the
“Effective Date”):

 

SECTION
1 - PURPOSE:

 

	 	1.1	The
  Corporation wishes to employ at the Effective Date the Executive as its Senior Vice President, Finance and Chief Financial Officer
  (“CFO”), performing the associated duties of this position (including executing the Corporation’s quarterly
  financial certifications for filing) and such other duties as may be assigned from time to time by the Corporation, and the Executive
  agrees to be employed in such manner on the terms and conditions set forth herein.

 

SECTION
2 - TERM:

 

	 	2.1	Subject
  to a background check that is satisfactory to the Corporation, this Agreement will be effective from the Effective Date and will continue
  in effect until it is terminated in accordance with Section 6 - (the “Term”). The Executive recognizes that the
  employment is conditional upon completion, to the Employer’s satisfaction, of background checks including criminal record check.
  The Executive will sign and return any forms or consents and take any steps necessary for the Corporation to conduct the background
  checks as required by the Corporation. The Corporation may use the services of a third-party background checking firm to conduct some
  or all of the background checks, and that the Employer will provide personal information, including any forms and consents, to the
  background checking firm for this purpose. If the background check is not satisfactory to the Corporation, then this Agreement is null
  and void.

 

SECTION
3 - DUTIES:

 

		3.1	The
                                            Executive will work on a full-time basis and will devote the Executive’s full time,
                                            attention, skill and efforts to the faithful performance and discharge of the duties and
                                            responsibilities as CFO in conformity with the highest professional standards, in a prudent
                                            and workmanlike manner and in a manner consistent with the obligations imposed under applicable
                                            law. While working and in his off hours the Executive shall promote the best interests of
                                            the Corporation, and shall not take any action, or fail to take any action which failure
                                            could, or could reasonably be expected to, have an adverse effect on the business of the
                                            Corporation. The Executive shall hold no other paid employment or office during the Term,
                                            except as may be permitted by the Corporation in its discretion.

 

		3.2	The
                                            Executive shall report to and closely partner with the President and Chief Executive Officer
                                            of the Corporation. The Executive shall serve as a member of the executive management team
                                            of the Corporation and report to the Corporation’s Audit Committee and Board, as required.

 

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		3.3	The
                                            Executive’s principal place of business is at his home office in Montreal and any reassignment
                                            of his principal place of business outside Montreal will be to a place mutually agreed upon
                                            by the Executive and the Corporation. The Executive will comply with any reasonable directions
                                            of the Corporation related to working from his home, including confidentiality, privacy,
                                            and occupational health and safety considerations. The Executive understands that the Executive
                                            will be required to travel domestically and internationally from time to time to further
                                            the business and interests of the Corporation.

 

		3.4	The
                                            Executive acknowledges that during the Term the Executive must comply with (i) the lawful
                                            policies and procedures established by the Corporation from time to time, including any code
                                            of ethics or business conduct adopted by the Corporation (including any future revisions
                                            of such policies, procedures or other codes of business conduct) and the Executive acknowledges
                                            having been given a copy of the Corporation’s Code of Conduct in advance of executing
                                            this Agreement; and (ii) all applicable laws, rules and regulations, and all requirements
                                            of all applicable regulatory, self-regulatory and administrative bodies.

 

SECTION
4 - COMPENSATION:

 

		4.1	Annual
                                            Base Salary. The Corporation shall pay the Executive a base annual salary (the “Base
                                            Salary”), which initially shall be $275,000(CAD), subject to applicable withholdings
                                            and deductions and payable in accordance with the Corporation’s standard payroll practices
                                            for executive officers. The Base Salary shall be reviewed annually by the Board or a committee
                                            of the Board and may be increased in accordance with the Corporation’s compensation
                                            policy. Finally, all or part of the Executive’s Base Salary may be paid through an
                                            Affiliate of the Corporation.

 

		4.2	Annual
                                            Cash Bonus. The Executive shall be eligible to earn an annual cash bonus (the “Annual
                                            Bonus”) of up to 30% of the Base Salary. The granting of an Annual Bonus, if any,
                                            shall be based on the mutually agreed objectives for the performance of the business and
                                            the Executive and it is subject to the approval by the Board in its sole discretion. The
                                            Annual Bonus, if any, payable for any calendar year shall be paid no later than March 15
                                            of the following calendar year. To be eligible to receive any Annual Bonus, the Executive
                                            must not have given notice of termination or received notice of termination of employment
                                            for Cause (as defined below) under this Agreement at the time that Annual Bonus payments
                                            are made.

 

		4.3	Stock
                                            Options. Subject to any required shareholder and/or regulatory approval, the Executive
                                            shall be eligible to receive an annual grant of stock options to purchase shares of the Corporation’s
                                            publicly-traded common stock (the “Common Stock”), subject to vesting,
                                            exercise, pricing and all other applicable terms of the Corporation’s Stock Option
                                            Plan. Granting of such annual stock options shall also be subject to the prior approval and
                                            the sole discretion of the Board and the parties agree that any such grant is a prospective
                                            benefit intended to compensate the Executive for future performance. If any shareholder or
                                            regulatory approval is required, the Corporation shall promptly undertake all reasonable
                                            efforts to secure such approval. Within 60 days of the later of Effective Date and the expiry
                                            of any blackout period in effect as of the Effective Date, the Corporation will seek Board
                                            approval to grant to the Executive 50,000 options to purchase Common Stock with a strike
                                            price to be determined on the day of the grant. These options will have a 7 year term and
                                            will vest in equal one-third amounts on each of the first three anniversaries of the grant
                                            date.

 

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		4.4	Business
                                            Expenses. The Corporation shall reimburse the Executive, upon presentation of valid receipts
                                            or vouchers, for reasonable entertainment, travel and other business expenses, incurred on
                                            behalf of or at the request of the Corporation, so long as they are in incurred accordance
                                            with the Corporation’s policies and rules for such reimbursements.

 

		4.5	RRSP
                                            Contribution. The Corporation will contribute to Executive’s RRSP an amount equal
                                            to 5% of the Base Salary paid to the Executive or, if less, the maximum annual contribution
                                            permitted by law, without regard to any prior year’s contribution room or any allowable
                                            over contribution. This contribution will be paid directly to the Executive on a bi- weekly
                                            basis through the Corporation payroll system. The RRSP contribution is not part of the Base
                                            Salary.

 

		4.6	Benefits.
                                            The Corporation shall reimburse the Executive on a monthly basis for the cost of a health
                                            and welfare insurance program purchased by the Executive to a maximum annual amount of 3%
                                            of the Base Salary. This reimbursement will be paid to the Executive on a bi- weekly basis
                                            through the Corporation payroll system. The benefits reimbursement is not part of the Base
                                            Salary. The Corporation will not be responsible for providing any health and welfare benefits
                                            to the Executive provided that if the Corporation becomes obligated to provide any such benefits
                                            as a result of a change in the applicable law, the obligation of the Corporation to reimburse
                                            the Executive will be adjusted accordingly.

 

		4.7	No
                                            other entitlement. The Executive is not entitled to any other payment, compensation,
                                            benefit, perquisite, allowance or entitlement other than as specifically set out in this
                                            Agreement or as otherwise agreed to in writing by the Corporation and the Executive.

 

SECTION
5 - VACATION:

 

	 	5.1	The
  Executive shall be entitled to an annual vacation of four weeks, which will vest on a monthly basis, in accordance with the Corporation’s
  vacation policy for executives, subject to the approval of the Corporation’s CEO or the CEO’s designee. All of the vacation
  shall be taken during each calendar year and shall not be carried over in any amount into succeeding years, except as required by applicable
  employment standards legislation and provided that, at the written request of the CFO in advance, the Corporation may in its discretion
  allow up to 5 days of annual vacation to be carried over to the next calendar year for use in that next calendar year.

 

SECTION
6 - TERMINATION:

 

		6.1	Termination.
                                            Notwithstanding any other term of this Agreement, either the Corporation or the Executive
                                            may terminate the Executive’s employment at any time for any reason, with or without
                                            Cause, as set out below.

 

		6.2	Termination
                                            for Cause. The Executive’s employment may be terminated by the Corporation for
                                            Cause upon notice in writing transmitted to the Executive, with the Corporation being bound
                                            to pay only earned but unpaid wages, including vested vacation that is owed, to the date
                                            of termination and reimbursement for business expenses properly incurred but not reimbursed
                                            as of the date of termination. For the purpose of this subsection Fehler! Verweisquelle
                                            konnte nicht gefunden werden. and this Agreement, “Cause” means any
                                            of the following reasons:

 

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		(a)	The
                                            Executive is declared bankrupt or insolvent or makes an assignment of substantially all of
                                            the Executive’s property or is placed under protective supervision.

 

		(b)	The
                                            Executive materially fails or refuses to adequately perform the duties or responsibilities
                                            assigned by the Corporation or its Board.

 

		(c)	The
                                            Executive engages in fraud, theft, embezzlement or other criminal act of a similar nature,
                                            or commits an act of serious misconduct or willful or gross negligence in the performance
                                            of the Executive’s duties.

 

		(d)	Any
                                            act or failure to act by the Executive, the result of which is materially detrimental to
                                            the business or reputation of the Corporation.

 

		(e)	The
                                            Executive materially breaches Section 7 -, Section 8 - or Section 9 - of this Agreement.

 

		(f)	Any
                                            other act or omission or series of acts or omissions by the Executive that would, pursuant
                                            to applicable law, permit the Corporation to terminate the Executive’s employment for
                                            cause.

 

		6.3	Termination
                                            for Disability. Subject to any legal duty to accommodate the Executive, the Executive’s
                                            employment may be terminated if the Executive becomes physically or mentally disabled to
                                            such an extent as to render the Executive unable to perform the essential functions as CFO
                                            for an aggregate of 26 weeks during a period of 12 consecutive months. If there is any disagreement
                                            between the Corporation and the Executive as to the Executive’s disability or as to
                                            the date any such disability began or ended, such disagreement will be determined by a physician
                                            mutually acceptable to the Corporation and the Executive whose determination will be conclusive
                                            evidence of any such disability and of the date any such disability began or ended. In such
                                            a case, the Corporation shall be bound to pay the Executive 1) any earned but unpaid wages,
                                            including vested vacation, to the date of termination and reimbursement for business expenses
                                            properly incurred but not reimbursed as of the date of termination; and 2) those termination
                                            and severance payments required by applicable employment standards legislation. The Executive
                                            shall not be entitled to any other notice, or payment in lieu of notice in respect of the
                                            termination of the Executive’s employment.

 

		6.4	Termination
                                            by Death. In the event of the Executive’s death during the Term, the Corporation’s
                                            obligation to make payments under this Agreement shall terminate on the date of death, except
                                            the Corporation shall pay the Executive’s estate or surviving designated beneficiary
                                            or beneficiaries, as appropriate, any earned but unpaid wages, including vested vacation,
                                            and reimburse business expenses incurred but not reimbursed as of the date of death.

 

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		6.5	Voluntary
                                            Termination. If the event the Executive wishes to resign for any reason, the Executive
                                            shall give at least 30 days, and no more than 3 months, prior written notice of such resignation
                                            and will assist with transitional duties as required by the Corporation. Any such notice
                                            shall not relieve either the Executive or the Corporation of their mutual obligations to
                                            perform under this Agreement, provided that the Corporation is under no obligation to utilize
                                            the Executive’s services during this period, or to relieve the Corporation to compensate
                                            the Executive during such notice period for any earned but unpaid wages, vested vacation
                                            and reimburse business expenses incurred but not reimbursed as of the date of termination.
                                            Upon receipt of such notice, the Corporation may terminate the employment of the Executive
                                            at any time by providing the Executive with an amount equal the lesser of 30 days Base Salary
                                            and the Base Salary for the balance of the notice period provided by the Executive.

 

		6.6	Termination
                                            Without Cause. The Corporation may terminate the Executive’s employment at any
                                            time without Cause by providing written notice to the Executive. The Corporation will pay
                                            to the Executive any earned but unpaid wages, including the vested vacation, and reimburse
                                            business expenses incurred but not reimbursed to the Executive as of the date of termination.
                                            In the event that the Corporation terminates the Executive’s employment without Cause,
                                            other than as contemplated in subsection Fehler! Verweisquelle konnte nicht gefunden werden.
                                            the Corporation shall pay to the Executive Base Salary, benefit reimbursement, RRSP and
                                            Average Annual Bonus (as defined below) equal to:

 

		(a)	6
                                            months, if the employment is terminated within 12 months of the Effective Date;

 

		(b)	8
                                            months, if the employment is terminated on or after the first anniversary, and before the
                                            second anniversary, of the Effective Date;

 

		(c)	10
                                            months, if the employment is terminated on or after the second anniversary, and before the
                                            third anniversary, of the Effective Date; or

 

		(d)	12
                                            months, if the employment is terminated on or after the third anniversary of the Effective
                                            Date, (the “Severance Pay”).

 

The
Severance Pay will be made as a lump sum or salary continuance, at the Corporation’s discretion. In case of salary continuance,
payments will be made to the Executive in accordance with the Corporation’s regular payroll schedule and will include an amount
for the Average Annual Bonus. The “Average Annual Bonus” will be the annual average of the Annual Bonus paid to the Executive
for the two full bonus years preceding the date of termination provided that if the Executive has been employed for less than one full
bonus year, then the Average Annual Bonus will be the target Annual Bonus award and if the Executive has been employed for more than
one full bonus year but less than two full bonus years, then the Average Annual Bonus will be the amount of any Annual Bonus paid to
the Executive.

 

		6.7	Release.
                                            The parties agree that the provisions of subsection 6.6 are fair and reasonable and that
                                            the payments, benefits and entitlements referred to in subsection 6.6 above are reasonable
                                            estimates of the damages which will be suffered by the Executive in the event of the termination
                                            of the Executive’s employment with the Corporation. Except as otherwise provided in
                                            subsection 6.6, the Executive shall not be entitled to any further notice of termination,
                                            payment in lieu of notice of termination, severance, damages, or any additional compensation
                                            whatsoever including at common law and the amounts payable are inclusive of any statutory
                                            payments. As a condition to receiving any payment pursuant to Subsection 6.6 (except for
                                            the Corporation’s obligations pursuant to employment standards legislation), the Executive
                                            must deliver a full and final release from all actions or claims in connection therewith
                                            in favour of the Corporation, the Corporation’s affiliates, and all of their respective
                                            officers, directors, trustees, shareholders, employees, attorneys, insurers and agents, such
                                            release to be in a form satisfactory to the Corporation. In the absence of providing such
                                            a signed release, the Executive will only be entitled to the minimum notice or pay in lieu
                                            of notice, if any, required by the applicable employment standards legislation.

 

		6.8	Clawback
                                            Entitlement. If the Corporation finds, after full consideration of the facts, that the
                                            Executive engaged in fraud, theft, embezzlement or any other criminal act of a similar nature
                                            during the Executive’s employment with the Corporation, the Corporation is entitled
                                            to obtain reimbursement from the Executive, to the full extent permitted by governing law
                                            and to the extent it determines (in its sole discretion) that it is in the Corporation’s
                                            best interest to do so. Such reimbursement shall include 1) any portion of any performance-based
                                            compensation paid or awarded to the Executive, whether cash or equity based, that is greater
                                            than would have been paid or awarded in the absence of fraud, theft, embezzlement or any
                                            other criminal act of a similar nature in the performance of the Executive’s duties
                                            to the Corporation; and 2) immediately repayment to the Corporation of all amounts that were
                                            paid the Executive pursuant to subsection 6.6 of the Agreement (except for the Corporation’s
                                            obligations pursuant to employment standards legislation). This subsection 6.8 does not limit
                                            the Corporation’s right to take other appropriate actions with respect to the Executive,
                                            including termination of his employment and other remedial and recovery action.

 

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SECTION
                                            7 - NO COMPETITION, NO SOLICITATION AND LOYALTY:

 

		7.1	Competitive
                                            Business. The Corporation’s business includes developing and commercializing endocrinology
                                            products for sale in Canada, the United States, and Europe (the “Business”).
                                            The Executive will hold a senior executive role for the Corporation, will have extensive
                                            access to, and will be entrusted with, highly sensitive Confidential Information (as defined
                                            below) and will be involved in, and responsible for strategic, supervisory and managerial
                                            decisions for the Corporation. The Executive will develop important relationships with key
                                            stakeholders of the Business, including customers, partners, suppliers, prospects and employees,
                                            such that the goodwill and competitiveness of the Corporation depend in part on the Executive.
                                            As a result, the Business would be vulnerable to, and harmed by, the Executive performing
                                            duties and work that are competitive with or detrimental to the Business for a reasonable
                                            period after the employment of the Executive with the Corporation terminates.

 

		7.2	No
                                            Competition. During the Term, the Executive will not compete with the Corporation in
                                            any manner whatsoever. For a period of 12 months following the date of termination of the
                                            Executive’s employment (for any reason), the Executive shall not, in any capacity,
                                            compete with the Corporation, directly or indirectly, in the development and/or commercialization
                                            of the endocrinology products that compete, or could compete, in the territory with endocrinology
                                            products that the Corporation is developing or commercializing. For the purpose of this subsection
                                            7.2 and subsections 7.4 and 7.5, “capacity” means as an executive, employee,
                                            director, officer, employer, principal, agent, partner, contractor, franchisor, franchisee,
                                            distributor or consultant, “territory” means the United States, the provinces
                                            of Quebec, Ontario, Alberta and British Columbia within Canada, , Germany, Italy, France,
                                            Spain, and Great Britain, and “compete” means to engage in work that:

 

		(a)	is
                                            the same or similar to any of the duties of the Executive as CFO under this Agreement and
                                            relates to products and/or services that are competitive with any of the products and/or
                                            services of the Business or involve the management, direction or supervision of any person
                                            performing such duties; or

 

		(b)	is
                                            executive, management, supervisory, consultation or strategic work in circumstances where
                                            the Executive has Confidential Information that if used or disclosed in performing such work
                                            could be advantageous to a competitor of the Business or detrimental to the Business.

 

		7.3	The
                                            non-competition covenant in subsection 7.2 does not prevent the Executive from engaging in
                                            purely passive investments in the shares or other securities of a corporation or entity other
                                            than the Corporation whose securities are publicly traded on a recognized stock exchange
                                            where the securities so held by the Executive do not represent more than five percent (5%)
                                            of the voting shares of such other corporation or entity and do not allow for its control.

 

		7.4	No
                                            Solicitation – Customers, Suppliers and Prospects. For a period of 12 months following
                                            the date of termination of the Executive’s employment (for any reason) and in respect
                                            of the territory, the Executive shall not, without the prior written consent of Corporation,
                                            whether directly or indirectly, in any capacity, alone, or with any person, solicit, in a
                                            manner that is competitive with or potentially detrimental to the Corporation, customers,
                                            suppliers, or prospects of the Corporation or its affiliates with which the Executive either
                                            had material contact on behalf of the Corporation during the Term, or in respect of which
                                            had Confidential Information. A “prospect” is a prospective customer of
                                            the Corporation that was solicited by the Corporation in the 12 month period prior to the
                                            termination date and with respect to whom the Executive either had a direct and material
                                            involvement in the solicitation or had Confidential Information. The term “suppliers”
                                            includes distributors, representatives, agents and other parties with whom the Corporation
                                            or any of its affiliates deals and with whom the Executive either had direct and material
                                            contact with during the Term or with respect to whom had Confidential Information.

 

		7.5	No
                                            Solicitation – Employees. For a period of 12 months following the date of termination
                                            of the Executive’s employment (for any reason), the Executive shall not, without the
                                            prior written consent of Corporation, whether directly or indirectly, in any capacity, alone,
                                            or through any person, solicit any of the personnel of the Corporation to leave their employment
                                            or terminate their engagement with the Corporation or any of its affiliates nor to hire the
                                            personnel of the Corporation or any of its affiliates for any enterprise in which the Executive
                                            has an interest (whether or not such individual would commit any breach of their contract
                                            or terms of employment or engagement by leaving the employ or the engagement of the Corporation
                                            or any of its affiliates). For clarity, the placement by the Executive of advertising in
                                            a newspaper or other publication of general circulation, or the engagement of a personnel
                                            search agency by the Executive generally (i.e. not specifically in respect of the Corporation
                                            or targeting its personnel), that results in an employee or other individual engaged by the
                                            Corporation leaving the employment of or engagement with the Corporation shall not be considered
                                            a violation of this subsection 7.5.

 

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		7.6	Corporate
                                            Opportunities. The Executive also undertakes, during the Term, to fully disclose and
                                            make available to the Corporation and not to appropriate under any circumstance, any business
                                            opportunities relating in any way to the business and affairs of the Corporation or any of
                                            its affiliates which become known to the Executive.

 

		7.7	Acknowledgement.
                                            The Executive acknowledges that the provisions of this Section 7 - are reasonably limited
                                            as to the time period, the geographic area and the nature of the activities to what the parties
                                            deem necessary to protect the legitimate interests of the Corporation and its affiliates,
                                            while allowing the Executive to earn a living. The Executive also acknowledge that the Corporation
                                            may over time develop and commercialize other products and may make it a condition of any
                                            improvement in the compensation of the Executive that the Executive sign a revised restrictive
                                            covenant agreement to amend or replace this Section 7 -.

 

		7.8	Loyalty.
                                            Nothing in this Section 7 - shall operate to reduce or extinguish the obligations of the
                                            Executive arising at law or under this contract which survive at the termination of this
                                            Agreement, in particular, without limiting the foregoing, the Executive’s duty of loyalty,
                                            duty of confidentiality, fiduciary obligations and obligation to act faithfully, honestly
                                            and ethically.

 

SECTION
8 - CONFIDENTIALITY:

 

		8.1	The
                                            Executive acknowledges that the Executive will receive or conceive, in carrying out the duties
                                            of CFO, confidential information pertaining to the activities, the technologies, the operations
                                            and the business, past, present and future, of the Corporation, which information is not
                                            in the public domain (“Confidential Information”). The Executive acknowledges
                                            that such Confidential Information belongs to the Corporation and that its disclosure or
                                            unauthorized use could be damaging or prejudicial to the Corporation and contrary to the
                                            Corporation’s best interests.

 

Accordingly,
the Executive will respect and maintain the confidentiality of Confidential Information and not to make use of or disclose it to, or
to discuss it with, any person, other than in the ordinary course of his duties with the Corporation, or as required under applicable
law, without the explicit prior written authorization of the Corporation.

 

This
undertaking to respect the confidentiality of Confidential Information shall survive and continue to have full effect notwithstanding
the termination of the Executive’s employment with the Corporation to the greatest extent permitted by applicable law, so long
as the Confidential Information does not become public as a result of an act by the Corporation or a third party, which act does not
involve the fault of the Executive.

 

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		8.2	The
                                            term Confidential Information includes, among other things:

 

		(a)	work
                                            product resulting from or related to work or projects performed or to be performed by the
                                            Corporation, including, but not limited to, the interim and final lines of inquiry, hypotheses,
                                            research and conclusions related thereto and the methods, processes, procedures, analysis,
                                            techniques and audits used in connection therewith;

 

		(b)	products,
                                            formulae, processes and composition of products, as well as raw materials and ingredients,
                                            of whatever kind, that are used in their manufacture;

 

		(c)	technical
                                            knowledge and methods, quality control processes, inspection methods, laboratory and testing
                                            methods, information processing programs and systems, manufacturing processes, plans, drawings,
                                            tests, test reports and software;

 

		(d)	equipment,
                                            machinery, devices, tools, instruments and accessories;

 

		(e)	information
                                            relating to Developments (as defined below) prior to any public disclosure thereof, including,
                                            but not limited to, the nature of the developments, production data, technical and engineering
                                            data, test data and test results, the status and details of research and development of products
                                            and services, and information regarding acquiring, protecting, enforcing and licensing proprietary
                                            rights (including patents, copyrights and trade secrets);

 

		(f)	financial
                                            information, production cost data, marketing strategies, raw materials supplies, suppliers,
                                            staff and customer lists and related information, marketing plans, sales techniques and policies,
                                            including pricing policies, sales and distribution data, purchasing and internal cost information,
                                            internal services, operational manuals and present and future expansion plans;

 

		(g)	contracts
                                            and their contents, customer services, data provided by customers and the type, quantity
                                            and specifications of products and services purchased, leased, licensed or received by customers
                                            of the Corporation;

 

		(h)	research,
                                            experiments, inventions, discoveries, developments, improvements, ideas, industrial secrets
                                            and know-how;

 

		(i)	personnel
                                            information of employees of the Corporation; and

 

		(j)	both
                                            the existence and the terms of this Agreement.

 

		8.3	In
                                            the event the Executive is required to disclose Confidential Information pursuant to any
                                            law, regulation, governmental authority or court, the Executive shall give prompt notice
                                            to the Corporation of such requirement (where it is within the Executive’s control
                                            to provide such notice) so as to allow the Corporation sufficient opportunity to contest
                                            such requirement. The Executive will cooperate with the Corporation in any lawful efforts
                                            to prevent or limit the disclosure of such information. Any disclosure under this subsection
                                            8.3 must be limited solely to the extent of the legal requirement.
	 	 	 
		8.4	Nothing
                                            in this Section 8 - shall be read to prevent the Executive from discussing or disclosing
                                            confidential information in connection with an investigation by the U.S. Securities and Exchange
                                            Commission, or another Canadian or U.S state or federal agency, or from filing and/or pursuing
                                            a charge or complaint with any such agency.

 

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SECTION
9 - OWNERSHIP OF INTELLECTUAL PROPERTY:

 

		9.1	The
                                            Executive acknowledges and agrees that all rights, titles and interests in or to any Developments
                                            (meaning any discovery, invention, design, improvement, concept, design, specification, creation,
                                            development, treatment, computer program, method, process, apparatus, specimen, formula,
                                            formulation, product, hardware or firmware, any drawing, report, memorandum, article, letter,
                                            notebook and any other work of authorship and ideas (whether or not patentable or copyrightable)
                                            and legally recognized proprietary rights (including, but not limited to, patents, copyrights,
                                            trademarks, topographies, know-how and trade secrets), and all records and tangible embodiments
                                            relating to the foregoing, that 1) result or derive from the Executive’s employment
                                            with the Corporation or from the Executive’s knowledge or use of Confidential Information;
                                            2) are conceived or made by the Executive (alone or jointly) in the discharge of the Executive’s
                                            duties as CFO; 3) result from or derive from the use or application of the resources of the
                                            Corporation; or 4) relate to the business operations of the Corporation or the actual or
                                            demonstrably anticipated research and development by the Corporation) and all Intellectual
                                            Property (meaning all common law, statutory and other intellectual and industrial property
                                            rights, including, without limiting the generality of the foregoing: 1) rights to any patents,
                                            trademarks, service marks, trade names, domain names, copyright, database rights, designs,
                                            industrial designs, trade secrets, integrated circuit rights and topography rights; and 2)
                                            all domestic and foreign registrations, applications, divisionals, continuations, continuations-in-part,
                                            re-examinations and renewals thereof) in and to the Developments shall be owned exclusively
                                            by the Corporation.

 

		9.2	Without
                                            further compensation, the Executive hereby irrevocably quit-claims, assigns and agrees to
                                            assign to the Corporation all of the Executive’s Intellectual Property rights, title
                                            and interest in and to as of their creation and to make full and prompt disclosure to the
                                            Corporation of all information relating to any Developments unless specifically released
                                            from such obligation in writing by the Corporation’s Board of Directors. The Executive
                                            understands that this assignment is intended to, and does, extend to Developments currently
                                            in existence, in development, as well as Developments which have yet to be created.

 

		9.3	In
                                            addition, without further compensation, the Executive renounces all legal rights in any Developments.
                                            The Executive irrevocably waives, in favour of the Corporation, its successors, assigns and
                                            nominees, all moral rights arising under the Copyright Act (Canada) as amended (or
                                            any successor legislation of similar effect) or similar legislation in any applicable jurisdiction,
                                            or at common law, to the full extent that such rights may be waived in each respective jurisdiction,
                                            that the Executive may have now or in the future with respect to the Developments. The Executive
                                            acknowledges that the Corporation has the right to use, modify or reproduce any Developments
                                            realized by the Executive, at its entire discretion, without the Executive’s authorization
                                            and without the Executive’s name being mentioned.

 

    	9

    	 

    

 

		9.4	At
                                            any time during the Term or after the termination of the employment of the Executive, the
                                            Executive shall sign, acknowledge and deliver, at the Corporation’s expense, but without
                                            compensation other than a reasonable sum for the Executive’s time devoted thereto if
                                            the employment has then terminated, any document required by the Corporation to give effect
                                            to this Section 9 -. The Executive shall also provide such other assistance as the Corporation
                                            or one of its affiliates may require, without compensation other than a reasonable sum for
                                            the Executive’s time devoted thereto if the employment has then terminated, with respect
                                            to any proceeding or litigation relating to the protection or defense of intellectual property
                                            rights belonging to the Corporation or any of its affiliates. In particular, the Executive
                                            agrees to execute on demand, whether during or after the Term, any applications, transfers,
                                            assignments or other documents as the Corporation may consider necessary for the purpose
                                            of either:

 

		(a)	obtaining,
                                            maintaining, vesting or assigning absolute title in any Developments and any Intellectual
                                            Property related thereto in, to or for the Corporation; or

 

		(b)	applying
                                            for, prosecuting, obtaining or protecting any patent, copyright, industrial design or trade-mark
                                            registration or any other similar right pertaining to any Intellectual Property in Developments
                                            in any country. The Executive further agrees to cooperate and assist the Corporation in every
                                            way possible in the application for or prosecution of rights pertaining to such Intellectual
                                            Property.

 

		9.5	The
                                            entirety of this Section 9 - shall be binding on the Executive’s heirs, assigns and
                                            legal representatives.

 

SECTION
10 - RECOGNITION AND REMEDIES:

 

		10.1	Recognition.
                                            The Executive expressly recognizes and expressly acknowledges that:

 

		(a)	Section
                                            7 -, Section 8 - and Section 9 - of this Agreement are of the essence of this Agreement,
                                            and that the Corporation would not have entered into this Agreement without the inclusion
                                            of those provisions and the Executive’s commitment to abide by same.

 

		(b)	the
                                            application of Section 7 -, Section 8 - and Section 9 - of this Agreement will not have the
                                            effect of prohibiting the Executive from earning a living in a satisfactory manner in the
                                            event of the termination of employment under this Agreement.

 

		(c)	Section
                                            7 -, Section 8 - and Section 9 - of this Agreement grant to the Corporation only such reasonable
                                            protection as is necessary to preserve the legitimate interests of the Corporation and the
                                            Executive equally recognizes, in this respect, that the description of the business and the
                                            territory contained in Section 7 - are reasonable.

 

		10.2	Remedies.
                                            The Executive recognizes and expressly acknowledges that the Corporation would be subject
                                            to irreparable harm should any of the provisions of Section 7 -, Section 8 - and Section
                                            9 - be infringed, or should any of the Executive’s obligations under this Agreement
                                            be breached by the Executive, and that damages alone will be an inadequate remedy for any
                                            breach or violation thereof and that the Corporation, in addition to all other remedies,
                                            will be entitled as a matter of right to equitable relief, including temporary or permanent
                                            injunction to restrain such breach or a threatened breach.

 

    	10

    	 

    

 

SECTION
11 - OWNERSHIP OF FILES AND OTHER PROPERTY:

 

	 	11.1	Any
  property of the Corporation, including any file, sketch, drawing, letter, report, memorandum or other document, any equipment, machinery,
  tool, instrument or other device, any diskette, recording tape, compact disc, software, electronic communication device or any other
  property, which comes into the Executive’s control or possession during the Term, regardless of whether the Executive participated
  in its preparation or design, how it may have come under the Executive’s control or into the Executive’s possession and
  whether it is an original or a copy, shall at all times remain the property of the Corporation and, forthwith upon any request by the
  Corporation and upon the termination of the Executive’s employment (for any reason), shall promptly be returned to the Corporation
  or its designated representative by the Executive. The Executive may not keep a copy or give one to a third party without the prior
  expressly written permission of the Chairman of the Board.

 

SECTION
12 - NON DISPARAGEMENT:

 

	 	12.1	Except
  as may be required by law, during and following the Term neither the Corporation nor the Executive shall make any disparaging statements
  or remarks (including, without limitation, the repetition or distribution of disparaging rumours, allegations, negative reports or
  comments), verbally or in writing, in any medium, including social media, about the other to any person or entity outside the Corporation
  except to the extent required by law.

 

SECTION
13 - TERMINATION OF PRIOR CONTRACTS:

 

	 	13.1	As
  of the effective date hereof, this Agreement supersedes and cancels any prior agreement, including but not limited to any understandings,
  negotiations and discussions, verbal or written, with respect to the Executive’s employment with the Corporation.

 

SECTION
14 - NO CONFLICTING OBLIGATIONS:

 

		14.1	The
                                            Executive represents and warrants to the Corporation that:

 

		(a)	there
                                            exists no agreement or contract, and the Executive is not subject to any obligation, which
                                            restricts the Executive from (i) being employed by the Corporation; (ii) performing the duties
                                            of CFO; (iii) soliciting business for the Corporation; or (iv) using information within his
                                            knowledge or control which may be useful in the performance of the CFO duties for the Corporation;

 

		(b)	in
                                            the performance of the duties as CFO for the Corporation, the Executive shall not improperly
                                            bring to the Corporation or use any trade secrets, confidential information or other proprietary
                                            information of any third party; and

 

		(c)	the
                                            Executive shall not infringe the intellectual property of any third party.

 

    	11

    	 

    

 

SECTION
15 - SUSPENSION WITH PAY:

 

	 	15.1	The
  Executive acknowledges that, during the course of the Executive’s employment, the Board may exercise its discretion to suspend
  the Executive with pay in furtherance of any internal investigation relating to the Executive’s conduct.

 

SECTION
16 - SURVIVAL:

 

	 	16.1	Notwithstanding
  the termination of the employment of the Executive under this Agreement, each party shall remain bound by the provisions of this Agreement
  which by their terms impose obligations upon that party that extend beyond the termination of the employment of the Executive under
  this Agreement.

 

SECTION
17 - FURTHER ASSURANCES:

 

	 	17.1	The
  parties shall, with reasonable diligence, do all things and provide all reasonable assurances as may be required to give effect to
  this Agreement and carry out its provisions, including providing such further documents or instruments reasonably required by any other
  party.

 

SECTION
18 - ASSIGNMENT:

 

	 	18.1	Except
  as otherwise expressly provided herein, neither this Agreement nor any rights or obligations are assignable by the Executive. The Corporation
  may assign this Agreement to any of its affiliates or subsidiaries or to any successor (whether direct or indirect, by purchase, amalgamation,
  arrangement, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation. The Executive,
  by the Executive’s signature hereto, expressly consents to such assignment and, provided that such successor agrees to assume
  and be bound by the terms and conditions of this Agreement, all references to the “the Corporation” herein shall
  include its successor.

 

SECTION
19 - AMENDMENT OF THE AGREEMENT:

 

	 	19.1	To
  be valid and enforceable, any amendment to this Agreement must be confirmed in writing by each of the Corporation and the Executive.

 

SECTION
20 - COMPLIANCE WITH EMPLOYMENT STANDARDS LEGISLATION:

 

	 	20.1	In
  the event that the minimum standards set out in the applicable employment standards legislation (as may be amended from time to time)
  are more favorable to the Executive in any respect than a term or provision provided for in this Agreement, the statutory provisions
  will apply in respect of that term or provision.

 

SECTION
21 - NOTICES:

 

	 	21.1	Any
  notice given hereunder shall be given in writing and sent by registered or certified mail or hand-delivered. If such notice is sent
  by registered or certified mail, it shall be deemed to have been received five business days following the date of its mailing if the
  postal services are working normally. If such is not the case, the notice must be hand-delivered. In the case of hand-delivery, the
  notice shall be deemed to have been received the same day. It is agreed that if the delivery date is a non-business day, the notice
  shall be deemed to have been received on the following business day.

 

For
purposes of mailed or hand-delivered notices to be effectively delivered under this provision, the notices must be addressed as follows:

 

For
the Corporation, the address is: c/o Norton Rose Fulbright Canada, LLP, 222 Bay Street, Suite 3000, PO Box 53, Toronto Ontario M5K 1E7,
Canada.

 

For
the Executive, the address is: 4995 de la Monrandiere, Pierrefonds, Quebec, H9K 1S7 Canada.

 

SECTION
22 - SUCCESSORS:

 

	 	22.1	This
  Agreement shall be binding on the successors, heirs, assignees and legal representatives of all of the parties hereto.

 

SECTION
23 - CHOICE OF LAW AND JURISDICTION:

 

	 	23.1	This
  Agreement shall be governed by and interpreted in accordance with the laws, including conflicts of laws, by the Province of Quebec
  and the laws of Canada applicable therein. Both during and after the performance of this Agreement, each of the parties will make bona
  fide efforts to resolve any disputes arising between them by amicable negotiations. All disputes arising out of or in connection with
  this Agreement, or in respect of any relationship between the parties, will be referred to and finally and confidentially resolved
  by arbitration under the Quebec Code of Civil Procedure. The place of arbitration will be Montreal, Quebec, Canada. Either party may
  apply to the arbitrator(s) appointed pursuant to the Code of Civil Procedure seeking injunctive relief until the arbitration award
  is rendered or the controversy is otherwise resolved. Before an arbitrator makes a final determination on the merits of the controversy,
  either party also may, without waiving any remedy under this Agreement, seek from any Quebec Court having jurisdiction any interim
  or provisional relief that is necessary to protect the rights or property of that party.

 

SECTION
24 - SEVERABILITY:

 

	 	24.1	If
  any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications
  of this Agreement, which can be given effect without the invalid provisions or applications and, to this end, the provisions of this
  Agreement are declared to be severable. Moreover, if any provision of this Agreement is deemed to be overbroad or otherwise unenforceable
  as written, the parties agree that such provision should be modified and reformed, and then enforced, to the maximum extent permitted
  by applicable law.

 

    	12

    	 

    

 

SECTION
25 - LANGUAGE:

 

	 	25.1	All
  of the parties hereto expressly agree that this Agreement be drafted, read and interpreted in the English language. Les parties ont
  expressément demande que ce contrat soit rédigé en langue anglaise.

 

SECTION
26 - INDEPENDENT LEGAL ADVICE:

 

	 	26.1	The
  Executive acknowledges that the Executive has been advised to obtain, and either has obtained or has been afforded the opportunity
  to obtain, independent legal advice with respect to this Agreement and understands the nature and consequences of this Agreement.

 

SECTION
27 - PERSONAL INFORMATION

 

	 	27.1	The
  Executive acknowledges that the Corporation will collect, use and disclose health and other personal information for employment and
  business related purposes. The Executive consents to the Corporation collecting, using and disclosing health and other personal information
  of the Executive for employment and business related purposes in accordance with the privacy policy of the Corporation.

 

SECTION
28 - COUNTERPARTS:

 

	 	28.1	This
  Agreement may be executed in counterparts, each of which when so executed and delivered shall be deemed to be an original and such
  counterparts will together constitute one and the same Agreement. This Agreement may be executed and transmitted electronically and
  any version so executed and transmitted will be deemed to be as effective as if originally executed.

 

NOW,
THEREFORE, the Corporation and the Executive have duly signed this Agreement on the dates shown by their names below.

 

	AETERNA
  ZENTARIS INC.	 
	 	 	 
	By:		 
	 	 	 
	Title:	President
  and Chief Executive Officer (CEO)	 
	Printed
  Name: Dr. Klaus Paulini	 
	 	 	 
	Date:	10.
  December 2021	 

 

	GIULIANO
  LA FRATTA	 	WITNESS
	 	 	 
	Giuliano
  La Fratta	 	 
	 	 	 	 	            
	Date:	Dec
  13, 2021	 	Printed
  Name _________________________

 

    	13Exhibit 4.5

 

DESCRIPTION
OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

As of March 29, 2022, AIB Acquisition Corporation (“we,” “our,” “us” or the “Company”)
had the following three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”): (i) its units, consisting of one Class A ordinary share (as defined below) and one
right (as defined below), with each right entitling the holder thereof to receive one-tenth (1/10) of one Class A ordinary share
upon the consummation of our initial business combination (the “units”), (ii) its Class A ordinary shares, $0.0001 par value
per share (“Class A ordinary shares”), and (iii) its rights, with each right entitling the holder thereof to receive one-tenth
(1/10) of one Class A ordinary share upon the consummation of our initial business combination (the “rights”).

 

Pursuant
to our second amended and restated memorandum and articles of association, our authorized capital stock consists of 53,000,000 ordinary
shares, including 50,000,000 Class A ordinary shares, $0.0001 par value and 3,000,000 Class B ordinary shares, $0.0001 par
value, and 1,000,000 undesignated preference shares, $0.0001 par value. The following description summarizes the material terms of our
capital stock and does not purport to be complete. It is subject to, and qualified in its entirety by reference to, our second amended
and restated memorandum and articles of association and our right agreement, each of which is incorporated by reference as an exhibit
to our Annual Report on Form 10-K for the year ended December 31, 2021 (the “Report”) of which this Exhibit 4.5 is a part.

 

Defined
terms used herein but not otherwise defined shall have the meaning ascribed to such terms in the Report.

 

Units

 

Each
unit consists of one Class A ordinary share and one right. Each right entitles the holder thereof to receive one-tenth (1/10)
of one Class A ordinary share upon the consummation of an initial business combination.

 

Ordinary
Shares

 

Class A
ordinary shareholders and Class B ordinary shareholders of record are entitled to one vote for each share held on all matters to
be voted on by shareholders, except as required by law; provided that, prior to our initial business combination, only holders of our
Class B ordinary shares will have the right to vote on the appointment of directors, and holders of a majority of our Class B
ordinary shares may remove a member of the board of directors for any reason. With respect to any other matter submitted to a vote of
our shareholders, including any vote in connection with our initial business combination, except as required by law, holders of Class A
ordinary shares and holders of Class B ordinary shares will vote together as a single class. There is no cumulative voting with
respect to the appointment of directors, with the result that the holders of more than 50% of the founder shares voted for the appointment
of directors can elect all of the directors prior to our initial business combination. Our shareholders are entitled to receive ratable
dividends when, as and if declared by the board of directors out of funds legally available therefor.

 

We
will provide our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our
initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account
as of two business days prior to the consummation of our initial business combination, including interest (which interest shall
be net of taxes payable), divided by the number of then issued and outstanding public shares, subject to the limitations described herein.
At the completion of our initial business combination, we will be required to purchase any Class A ordinary shares properly delivered
for redemption and not withdrawn. Our initial shareholders have entered into a letter agreement with us, pursuant to which they have
agreed to waive their redemption rights with respect to their founder shares and any public shares held by them in connection with the
completion of our initial business combination. Our directors and officers have also entered into the letter agreement, imposing similar
obligations on them with respect to public shares acquired by them, if any. Permitted transferees of our initial shareholders, officers
or directors will be subject to the same obligations.

 

If
we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business
combination pursuant to the tender offer rules, our second amended and restated memorandum and articles of association provide that a
public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert
or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares
with respect to more than an aggregate of 15% of the ordinary shares sold in our initial public offering, which we refer to as the “Excess
Shares,” without our prior consent. However, we would not be restricting our shareholders’ ability to vote all of their shares
(including Excess Shares) for or against our initial business combination. Our shareholders’ inability to redeem the Excess Shares
will reduce their influence over our ability to complete our initial business combination, and such shareholders could suffer a material
loss in their investment if they sell such Excess Shares on the open market. Additionally, such shareholders will not receive redemption
distributions with respect to the Excess Shares if we complete the business combination. As a result, such shareholders will continue
to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their shares in open market
transactions, potentially at a loss.

 

     

     

    

 

In
the event of a liquidation, dissolution or winding up of the company after a business combination, our shareholders at such time will
be entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision
is made for each class of shares, if any, having preference over the ordinary shares. Our shareholders have no preemptive or other subscription
rights. There are no sinking fund provisions applicable to the ordinary shares, except that we will provide our shareholders with the
opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust
account, including interest (which interest shall be net of taxes payable), upon the completion of our initial business combination,
subject to the limitations described herein.

 

Rights

 

Each
holder of a right will receive one-tenth (1/10) of one Class A ordinary share upon consummation of our initial business combination,
even if the holder of such right redeemed all Class A ordinary shares held by him, her or it in connection with the initial business
combination or an amendment to our Memorandum and Articles of Association with respect to our pre-business combination activities.
No additional consideration will be required to be paid by a holder of rights in order to receive his, her or its additional Class A
ordinary shares upon consummation of an initial business combination as the consideration related thereto has been included in the unit
purchase price paid for by investors. The shares issuable upon exchange of the rights will be freely tradable (except to the extent held
by affiliates of ours).

 

If
we enter into a definitive agreement for a business combination in which we will not be the surviving entity, the definitive agreement
will provide for the holders of rights to receive the same per share consideration the holders of the Class A ordinary share will
receive in the transaction on an as-converted into ordinary share basis, and each holder of a right will be required to affirmatively
convert his, her or its rights in order to receive the 1/10 share underlying each right (without paying any additional consideration)
upon consummation of the business combination. More specifically, the right holder will be required to indicate his, her or its election
to convert the rights into underlying shares as well as to return the original rights certificates to us. If we are unable to complete
an initial business combination within the required time period and we liquidate the funds held in the trust account, holders of rights
will not receive any of such funds with respect to their rights, nor will they receive any distribution from our assets held outside
of the trust account with respect to such rights, and the rights will expire worthless.

 

As
soon as practicable upon the consummation of our initial business combination, we will direct registered holders of the rights to return
their rights to our rights agent. Upon receipt of the rights, the rights agent will issue to the registered holder of such right(s) the
number of full Class A ordinary shares to which he, she or it is entitled. We will notify registered holders of the rights to deliver
their rights to the rights agent promptly upon consummation of such business combination and have been informed by the rights agent that
the process of exchanging their rights for ordinary shares should take no more than a matter of days. The foregoing exchange of
rights is solely ministerial in nature and is not intended to provide us with any means of avoiding our obligation to issue the shares
underlying the rights upon consummation of our initial business combination. Other than confirming that the rights delivered by a registered
holder are valid, we will have no ability to avoid delivery of the shares underlying the rights. Nevertheless, there are no contractual
penalties for failure to deliver securities to the holders of the rights upon consummation of an initial business combination. Additionally,
in no event will we be required to net cash settle the rights. Accordingly, the rights may expire worthless.

 

Although
a company incorporated in the Cayman Islands may issue fractional shares, it is not our intention to issue any fractional shares upon
conversions of the rights. In the event that any holder would otherwise be entitled to any fractional share upon exchange of his, her
or its rights, we will reserve the option, to the fullest extent permitted by the Memorandum and Articles of Association, the Act and
other applicable law, to deal with any such fractional entitlement at the relevant time as we see fit, which would include the rounding
down of any entitlement to receive ordinary shares to the nearest whole share (and in effect extinguishing any fractional entitlement),
or the holder being entitled to hold any remaining fractional entitlement (without any share being issued) and to aggregate the same
with any future fractional entitlement to receive shares in the Company until the holder is entitled to receive a whole number. Any rounding
down and extinguishment may be done with or without any in lieu cash payment or other compensation being made to the holder of the relevant
rights, such that value received on exchange of the rights may be considered less than the value that the holder would otherwise expect
to receive. All holders of rights shall be treated in the same manner with respect to the issuance of shares upon conversions of the
rights.

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