Document:

Exhibit 10.4

 

Mr R Passas

Denver Lodge,

Ballinastoe,

Roundwood,

Co Wicklow,

Ireland, A98 KF40

19th October 2016

 

Dear Bob

 

We are delighted to offer you a position with one of our clients to serve as President, EMEA and Asia Pacific regions, which includes Europe, Middle East, Africa, Russia, China, India, Japan and Southeast Asia. This position is full time. You will report to our client Chembio Diagnostics Systems Inc. - henceforth referred to as “Chembio” or “the Client”. We [Worldwide Workplace Ireland] may be referred to as “Employer” in this contract. Your employment in this role will commence on 10 October 2016.

 

The terms and conditions of this offer of employment are as follows;

 

		·	
You will normally be based at your home address in Ireland; however from time to time you may be required to work off-site to fulfil work duties. You will be required to be flexible in this position and must be prepared to undertake such other work as may be assigned to you by the Client and/or Employer. You will be given as much notice of any such change of place of work as is reasonably practicable

		·	
You will be paid a salary of €16,666.67 per month payable monthly in arrears on approximately the last working day of each month by direct credit subject to the usual PAYE and PRSI deductions.

		·	
In addition to the Salary, you will be eligible for an annual bonus of up to 35% of base salary, as determined by the Client and the Employer based on the achievement of mutually agreed-upon goals.

		·	
The Company’s holiday year runs from January to December. Your holiday entitlements shall be 25 days per annum in accordance with the provision of the Organization of Working Time Act, 1997. The final decision in allocating annual leave dates rests with the management of Client. Payment for annual leave will be calculated in accordance with the provisions of the Holidays (Employees) Acts 1973 - 1991. When a termination of this contract occurs and the paid holidays already taken exceed the paid holiday entitlement of the date of termination, Employer will deduct the excess holiday pay from any amounts still payable, or you will return any excess holiday to Employer.

		·	
Your entitlement to leave for Public Holidays shall be in accordance with the terms of the Holidays (Employees) Act 1973-1991, and shall not be fewer than nine paid Public Holidays per year.

		·	
A laptop computer and monthly cell phone allowance will be provided for work-related matters.

 

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		·	
During the term of this Agreement, you shall devote substantially all your business time to the performance of your duties under this Agreement, including being reasonably available at the request of Client at all times, including weekends and holidays, to meet the needs and requests of the Client. Also during the Term, you will not engage in any other activities or undertake any other commitments that conflict with or take priority over your responsibilities and obligations to the Client.

		·	
You will be required to participate in a performance appraisal during any probationary period and subsequently on an annual basis.

We look forward to having you become a member of our team. However, we recognize that you retain the option, as do each of Employer and Chembio, of ending your employment at any time, with or without notice and with or without cause. If you elect to terminate your employment, you will be required to provide a minimum of thirty day’s advance notice. Likewise, if the Employer or Company elects to terminate your employment without cause, it will, at its option, provide thirty days’ notice or pay you one month’s salary. This notice or payment will be waived if the Company terminates your employment for cause, being defined as willful misconduct, gross negligence, theft, fraud, other illegal conduct, or conduct that violates the Company’s Insider Trading Policy or Code of Business Conduct And Ethics. As such, your employment with the Company is at-will and neither this letter nor any other oral or written representations may be considered a contract for any specific period of time.

 

Except in circumstances justifying immediate termination of your employment by the Employer or the Client, you will be entitled to receive the appropriate period of notice set down in the Minimum Notice and Terms of Employment Act, 1973-1991.

 

Your employment may be terminated without notice for serious misconduct or failure to carry out such duties as may be assigned to you by the Employer or the Client from time to time.

 

Grievance Procedure

 

		·	
If you have any grievance, which you consider to be genuine in respect of any aspect of your employment, you have a right to a hearing by your immediate superior or other management as circumstances warrant. If you are unhappy with the outcome of the hearing you may appeal to more senior management. You may be accompanied by a fellow employee or other representative at this appeal hearing.

		·	
In the event of the matter not being resolved internally the matter shall be referred through normal industrial relations procedures.

		·	
The procedure referred to above shall include reference to a Rights Commissioner, Labour Relations Commission, Labour Court, Employment Appeals Tribunal or Equality Officer as appropriate. Infringement of a term of this contract or of established Company rules can lead, depending on the gravity of the breach, to an informal or formal warning, suspension with or without pay, transfer to other duties and loss of privileges. Ultimately, persistent breaches or inadequate work performance can lead, following warnings, to dismissal.

 

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It is our mutual agreement that you will not solicit employees of Trinity Biotech plc in accordance with your non-solicitation agreement with Trinity Biotech plc, nor will you provide Chembio with the names of any employees of Trinity Biotech plc. In addition, it is our mutual understanding that you will not be violating any confidentiality, non-disclosure, non-competition, or non-solicitation agreements that you have or have had with Trinity Biotech plc or any other prior employer.

 

You confirm by signing this letter agreement, that you will keep the affairs of the Client, and all persons and entities related to its business, confidential during and after your employment.

 

You will not disclose to anyone any information, in whatever form which you acquire about Clients’ products (in whatever form), affairs or those of any persons or bodies with whom the Client deals, except when required in the course of normal duty or with the express permission of the CEO, the CFO, or another Vice President of Client.

 

You will be expected to comply with the terms of the Irish Data Protection Act 1988 & 2003 at all times. On acceptance of employment, you must sign a Statement of Confidentiality and the Client’s Non-Disclosure Agreement and/or other similar documents stating that all Client matters, data, product details (in whatever state) or information in whatever form is not made available directly or indirectly or released to bodies corporate, associations or individuals during or after your employment has ceased with the Client.

 

You acknowledge and understand that you may possess non-pubic information concerning Chembio, and that U.S. securities laws prohibit anyone who possesses non-public information concerning a company (such as Chembio) whose stock is traded publicly from (a) purchasing or selling that stock, (b) disclosing any of the non-public information to others, and (c) discussing with any person the possibility, or the advantages or disadvantages, of buying or selling Chembio’s stock. You agree to comply with these securities law regulations.

 

By signing this contract you confirm that will not copy in any form any of the computer software programs or data on the Client’s computer systems for your own or any other third parties use.

 

You will not agree to, execute, or otherwise enter into any sales order or contract without the written approval of the CEO, CFO or other executive officer of Client who is based at the Company’s offices in the United States.

 

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You hereby represent and warrant you are fully aware of, and will not take any action, directly or indirectly, that would result in a violation of the United States Foreign Corrupt Practices Act of 1977, as amended (such act, including the rules and regulations thereunder, the “FCPA”), or the UK Bribery Act 2010, as amended (the “Bribery Act”). Without limiting the generality of the foregoing, you further represent and covenant, without limitation, that (1) you will not offer, pay, promise to pay or authorize the payment of any money, and that you will not offer, gift, promise to give, or authorize the giving of anything of value, to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA; and (2) you will not offer, pay, promise to pay or authorize the payment of any money, and that you will not offer, gift, promise to give, or authorize the giving of anything of value, to any person with the intent to bring about or reward improper performance of a function or activity by that person. You further represent and warrant that you will fully comply with all laws and regulations applicable to your performance and activities conducted under this Agreement, and that you will adhere to the provisions of Schedule A attached hereto, which is entitled “Compliance With The Foreign Corrupt Practice Act”.

 

You also agree that you will review and comply with the provisions of (i) Client’s Employee Handbook – or notify Client within 10 days of October 6, 2016 of any provisions with which you will not agree to comply; and (ii) Client’s Code of Business Conduct And Ethics, as located on its website.

 

If you wish to accept our offer of employment upon these terms and conditions and any additions or alterations thereto, please countersign this copy and return it to the undersigned where it will be retained in your personal file.

 

May I take this opportunity to congratulate you on your appointment and wish you every success with Worldwide Workplace Ireland.

WORLDWIDE WORKPLACE IRELAND

	
Signed:

	/s/ Paul Voakes	 

	
Printed Name: PAUL VOAKES 

	 	 

	
Title:     COO

	 	 

	
Date:

	 	
 

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I accept and agree to all the above terms and conditions of my employment.

 

	
Signed:

	/s/ Robert Passas	 

 

	
Printed Name: ROBERT PASSAS

	 	 

 

	
Date:

	 	
 

SCHEDULE A

 

COMPLIANCE WITH THE FOREIGN CORRUPT PRACTICES ACT

 

I.          GENERAL POLICY STATEMENT

 

Chembio Diagnostics Systems Inc. (the “Company”) complies with all Laws (as defined below) that apply to its business, and conducts it activities in accordance with high standards of business ethics in all respects. Although the Company seeks to succeed in the marketplace, such success may not be based on, in any way, a compromise in lawful behavior and ethical business dealings. Compliance with this policy is necessary for the Company to develop and maintain its position as a responsible member of the business community.

 

Without limiting the generality of the Policy Statement, the following Sections amplify the Company’s policy on specific aspects of the legal compliance and business ethics. For the purpose of this policy statement, “Laws” shall mean any law, regulations, rule, statute, administrative agency action or similar decree issued by any governmental authority, including without limitation any U.S. or foreign central or federal governmental entity, or sub-national, state, provincial or local governmental entity.

II.         INTEGRITY

 

The Company values and seeks to build and preserve its reputation for integrity. Although laws, customs and standards of conduct vary in the different localities in which the Company operates, no employee or any other person acting on behalf of the Company may achieve results by violating Laws or through dishonest means or unscrupulous conduct.

 

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III.        COMPLIANCE WITH APPLICABLE LAWS AND REGULATIONS

 

The Company strives to comply with all applicable Laws.

 

Accordingly employees and others acting on the Company’s behalf must comply strictly with all laws that apply to its activities. Although the Company is a U.S. corporation, actions taken outside the U.S., whether by U.S. citizens or non-U.S. citizens that may conform to local custom, are often inconsistent with U.S. laws and legal precedent. Accordingly, where U.S. laws and regulations relating to business conduct are more restrictive that those of a particular locality outside the U.S., conduct shall be governed by U.S. law.

 

Domestic or foreign laws and regulations are often ambiguous and difficult to interpret. The General Counsel of the Company has access to appropriate legal advice. Accordingly, any question about the appropriate standards, conduct, regulations or interpretation of laws, should be referred to the General Counsel before any action is taken.

 

The Company does not permit illegal, improper, corrupt or unethical payments to be made in cash, property or services by or on behalf of the Company in order to secure or retain business or other advantages. Such payments are generally made to influence the action of a person with respect to his or her employer’s business. Such payments constitute a crime in all U.S. and many foreign jurisdictions. In jurisdictions where they are not illegal, such payments are regarded by the Company as unethical.

 

1.          Public Officials. No employee, director, manager, shareholder or member of the Company or any person acting on behalf of the Company may offer, give or transfer anything of value to, or for the benefit of, directly or indirectly, any foreign or domestic government official or any government department or instrumentality (e.g. a government owned business), or any foreign political party or official thereof, for the purpose of inducing that person to assist the Company, influencing that person’s acts or decisions in an official capacity or influencing the acts of the government, department or instrumentality or of any third country government.

 

2.          Entertainment. Reasonable business entertainment, such as lunch, dinner or occasional athletic or cultural events, may be extended to suppliers, customers, union representatives or other third parties, but not to government officials. The entertainment must be reasonable in nature, frequency and cost. Similarly, the presentation of modest gifts are permitted in situations where such gifts are customary. Because no guidelines can clearly define the point at which social courtesies escalate to, and may be regarded as, improper or unethical payments, extreme care must be taken in this regard.

 

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3.          Customers and Others. With the exception of reasonable business entertainment and other activates permitted under this policy, no employee or person acting on behalf of the Company may give or transfer anything of value to, or for the benefit of, directly or indirectly, an employee or agent of another person with whom the Company does business including any customer, supplier or union representative.

 

* * * * *

 

[End of Schedule A]

 

7Exhibit 10.1

 

CLEMENTIA PHARMACEUTICALS INC.

$40,000,000 of Common Shares

(No par value per share)

 

SALES AGREEMENT

 

October 19, 2018

 

LEERINK PARTNERS LLC

1301 Avenue of the Americas, 12th Floor

New York, New York 10019

 

Ladies and Gentlemen:

 

Clementia Pharmaceuticals Inc., a corporation incorporated under
the Canada Business Corporations Act (the “Company”), confirms its agreement (this “Agreement”)
with Leerink Partners LLC (the “Agent”), as follows:

 

1. Issuance and Sale of Shares.
The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth
herein, it may issue and sell through the Agent up to US$40,000,000 common shares, no par value per share, of the Company outside
of Canada (the “Shares”), subject to the limitations set forth in Section 5(c) (the “Placement
Shares”). Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with
the limitation set forth in this Section 1 on the aggregate gross sales price of Placement Shares that may be issued and sold under
this Agreement from time to time shall be the sole responsibility of the Company, and that the Agent shall have no obligation in
connection with such compliance. The issuance and sale of Placement Shares through the Agent will be effected pursuant to the Registration
Statement (as defined below) filed by the Company with the Securities and Exchange Commission (the “Commission”)
on October 5, 2018 and initially declared effective by the Commission on October 18, 2018, although nothing in this Agreement shall
be construed as requiring the Company to issue any Placement Shares.

 

The Company has prepared and filed, in accordance with the provisions
of the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively, the “Securities
Act”), with the Commission a registration statement on Form F-3 (File No. 333-227726), including a base prospectus,
relating to certain securities, including the Placement Shares, to be issued from time to time by the Company, and which incorporates
by reference documents that the Company has filed or will file in accordance with the provisions of the Securities Exchange Act
of 1934, as amended, and the rules and regulations thereunder (collectively, the “Exchange Act”). The
Company has prepared a prospectus supplement to the base prospectus included as part of such registration statement at the time
the registration statement became effective, which prospectus supplement specifically relates to the Placement Shares to be issued
from time to time pursuant to this Agreement (the “Prospectus Supplement”). The Company will furnish
to the Agent, for use by the Agent, copies of the base prospectus included as part of such registration statement at the time it
became effective, as supplemented by the Prospectus Supplement. Except where the context otherwise requires, such registration
statement, including all documents filed as part thereof or incorporated by reference therein, and including any

    	 

    	

    

information contained in a Prospectus (as defined below) subsequently
filed with the Commission pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such registration statement
pursuant to Rule 430B or Rule 462(b) under the Securities Act, is herein called the “Registration Statement.”
The base prospectus, including all documents incorporated therein by reference, included in the Registration Statement, as it may
be supplemented by the Prospectus Supplement, in the form in which such prospectus and/or Prospectus Supplement have most recently
been filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act, together with any “issuer
free writing prospectus” (as used herein, as defined in Rule 433 under the Securities Act (“Rule 433”)),
relating to the Placement Shares that (i) is required to be filed with the Commission by the Company or (ii) is exempt from
filing pursuant to Rule 433(d)(5)(i), in each case, in the form filed or required to be filed with the Commission or, if not
required to be filed, in the form retained in the Company’s records pursuant to Rule 433(g), is herein called the “Prospectus.”

 

Any reference herein to the Registration Statement, the Prospectus
Supplement, the Prospectus or any issuer free writing prospectus shall be deemed to refer to and include the documents, if any,
that are or are deemed to be incorporated by reference therein (the “Incorporated Documents”), including,
unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents. Any reference herein
to the terms “amend,” “amendment” or “supplement” with respect to the Registration Statement,
the Prospectus Supplement, the Prospectus or any issuer free writing prospectus shall be deemed to refer to and include the filing
of any document under the Exchange Act on or after the most-recent effective date of the Registration Statement, or the respective
dates of the Prospectus Supplement, Prospectus or such issuer free writing prospectus, as the case may be, and incorporated therein
by reference. For purposes of this Agreement, all references to the Registration Statement, the Prospectus or any amendment or
supplement thereto shall be deemed to include the most recent copy filed with the Commission pursuant to its Electronic Data Gathering
Analysis and Retrieval System or, if applicable, the Interactive Data Electronic Application system when used by the Commission
(collectively, “EDGAR”).

 

The Company has also obtained approval from the Autorité
des marchés financiers (Québec) (the “AMF”) pursuant to Section 12 of the Securities Act
(Québec) (the “Québec Securities Act”) to permit the Placement Shares to be sold outside
of Canada without qualification by prospectus of the Placement Shares under the Québec Securities Act.

 

2. Placements. Each time that the
Company wishes to issue and sell any Placement Shares through the Agent hereunder (each, a “Placement”),
it will notify the Agent by email notice (or other method mutually agreed to in writing by the parties) (each such notice, a “Placement
Notice”) containing the parameters in accordance with which it desires such Placement Shares to be sold, which at
a minimum shall include the maximum number or amount of Placement Shares to be sold, the time period during which sales are requested
to be made, any limitation on the number or dollar amount of Placement Shares that may be sold in any one Trading Day (as defined
in Section 3) and any minimum price below which sales may not be made, a form of which containing such minimum sales parameters
is attached hereto as Schedule 1. The Placement Notice must originate from one of the individuals authorized to act
on behalf of the Company and set forth on Schedule 2 (with a copy to each of the other individuals from the Company
listed on such Schedule 2), and shall be addressed to each of the individuals from the Agent set forth on Schedule
2, as such Schedule 2 may be updated by either party from time to time by sending a written notice containing
a revised Schedule 2 to the other party in the manner provided in Section 12 (including by email correspondence to
each of the individuals of the Company set forth on Schedule 2, if receipt of such correspondence is actually acknowledged
by any of the individuals to whom the notice is sent, other than via auto-reply). The Placement Notice shall be effective upon
receipt by the Agent unless and until (i) in accordance with the notice requirements set forth in Section 4, the Agent declines
to accept the terms contained therein for any reason, in its sole discretion, within two Trading Days of the date the

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Agent receives the Placement Notice, (ii) in accordance with
the notice requirements set forth in Section 4, the Agent suspends sales under the Placement Notice for any reason in its sole
discretion, (iii) the entire amount of the Placement Shares has been sold pursuant to this Agreement, (iv) in accordance with
the notice requirements set forth in Section 4, the Company suspends sales under or terminates the Placement Notice for any
reason in its sole discretion, (v) the Company issues a subsequent Placement Notice and explicitly indicates that its parameters
supersede those contained in the earlier dated Placement Notice or (vi) this Agreement has been terminated pursuant to the provisions
of Section 11. The amount of any discount, commission or other compensation to be paid by the Company to the Agent in connection
with the sale of the Placement Shares effected through the Agent shall be calculated in accordance with the terms set forth in
Schedule 3. It is expressly acknowledged and agreed that neither the Company nor the Agent will have any obligation
whatsoever with respect to a Placement or any Placement Shares unless and until the Company delivers a Placement Notice to the
Agent and the Agent does not decline such Placement Notice pursuant to the terms set forth above, and then only upon the terms
specified therein and herein. In the event of a conflict between the terms of this Agreement and the terms of a Placement Notice,
the terms of the Placement Notice will control with respect to the matters covered thereby.

 

3. Sale of Placement Shares by
the Agent. On the basis of the representations and warranties herein contained and subject to the terms and conditions
herein set forth, including, without limitation, Section 5(c), upon the Agent’s acceptance of the terms of a Placement
Notice as provided in Section 2, and unless the sale of the Placement Shares described therein has been declined, suspended
or otherwise terminated in accordance with the terms of this Agreement, the Agent, for the period specified in the Placement
Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable
state and federal laws, rules and regulations and the rules of The Nasdaq Global Select Market
(“Nasdaq”) to sell such Placement Shares outside of Canada through the facilities of Nasdaq, any
other existing market or to or through a market maker, up to the number or amount specified in, and otherwise in accordance
with the terms of, such Placement Notice. The Agent will provide written confirmation to the Company (including by email
correspondence to each of the individuals of the Company set forth on Schedule 2, if receipt of such
correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) no
later than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made
sales of Placement Shares hereunder setting forth the number or amount of Placement Shares sold on such Trading Day, the
volume-weighted average price of the Placement Shares sold; the Net Proceeds (as defined below) payable to the Company and an
itemization of the deductions, if any, made by the Agent from the gross proceeds it receives from such sale. Unless
otherwise specified by the Company in a Placement Notice, the Agent may sell Placement Shares by any method permitted by law
deemed to be an “at the market offering” as defined in Rule 415 of the Securities Act, including, without
limitation, sales made directly on or through Nasdaq, on or through any other existing trading market for the Shares or to or
through a market maker. If expressly authorized by the Company (including in a Placement Notice), the Agent may also sell
Placement Shares in negotiated transactions to purchasers outside of Canada. Notwithstanding the provisions of Section 6(vv),
except as may be otherwise agreed by the Company and the Agent, the Agent shall not purchase Placement Shares on a principal
basis pursuant to this Agreement unless the Company and the Agent enter into a separate written agreement setting forth the
terms of such sale. The Company acknowledges and agrees that (i) there can be no assurance that the Agent will be successful
in selling Placement Shares, (ii) the Agent will incur no liability or obligation to the Company or any other person or
entity if it does not sell Placement Shares for any reason other than a failure by the Agent to use its commercially
reasonable efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules and
regulations and the rules of Nasdaq to sell such Placement Shares as required under this Agreement and (iii) the Agent shall
be under no obligation to purchase Placement Shares on a principal basis pursuant to this Agreement unless the Company and
the Agent enter into a separate written agreement setting forth the terms of such sale. For the purposes hereof,
“Trading Day” means any day on which Shares are purchased and sold on Nasdaq.

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4. Suspension of Sales.

 

(a) The Company or the Agent may, upon
notice to the other party in writing (including by email correspondence to each of the individuals of the other party set forth
on Schedule 2, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice
is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable facsimile transmission or email correspondence
to each of the individuals of the other party set forth on Schedule 2), suspend any sale of Placement Shares; provided,
however, that such suspension shall not affect or impair either party’s obligations with respect to any Placement
Shares sold hereunder prior to the receipt of such notice. Each of the parties agrees that no such notice under this Section 4
shall be effective against the other party unless notice is sent by one of the individuals named on Schedule 2 hereto
to the other party in writing (including by email correspondence to each of the individuals of the other party set forth on Schedule
2, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other
than via auto-reply).

 

(b) Notwithstanding any other provision
of this Agreement, during any period in which the Company is, or could reasonably be deemed to be, in possession of material non-public
information, the Company and the Agent agree that (i) no sale of Placement Shares will take place, (ii) the Company shall not request
the sale of any Placement Shares and shall cancel any effective Placement Notices instructing the Agent to make any sales and (iii) the
Agent shall not be obligated to sell or offer to sell any Placement Shares.

 

5. Settlement and Delivery of the Placement
Shares.

 

(a) Settlement of Placement Shares.
Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement Shares will occur on the second
Trading Day (or such earlier day as is industry practice or as is required for regular-way trading) following the date on which
such sales are made (each, a “Settlement Date”). The amount of proceeds to be delivered to the Company
on a Settlement Date against receipt of the Placement Shares sold (the “Net Proceeds”) will be equal
to the aggregate gross sales price received by the Agent at which such Placement Shares were sold, after deduction of (i) the
Agent’s commission, discount or other compensation for such sales payable by the Company pursuant to Section 2 hereof, (ii)
any other amounts due and payable by the Company to the Agent hereunder pursuant to Section 7(g) hereof and (iii) any transaction
fees imposed by any governmental or self-regulatory organization in respect of such sales.

 

(b) Delivery of Placement Shares.
On or before each Settlement Date, the Company will issue the Placement Shares being sold on such date and will, or will cause
its transfer agent to, electronically transfer such Placement Shares by crediting the Agent’s or its designee’s account
(provided the Agent shall have given the Company written notice of such designee prior to the Settlement Date) at The Depository
Trust Company through its Deposit and Withdrawal at Custodian System (“DWAC”) or by such other means
of delivery as may be mutually agreed upon by the parties hereto, which in all cases shall be duly authorized and validly issued
as fully-paid and non-assessable shares in the capital of the Company, and shall be freely tradeable, transferable, registered
Shares in good deliverable form. On each Settlement Date, the Agent will deliver the related Net Proceeds in same day funds to
an account designated by the Company on or prior to the Settlement Date. The Agent shall be responsible for providing DWAC instructions
or other instructions for delivery by other means with regard to the transfer of the Placement Shares being sold. In addition to
and in no way limiting the rights and obligations set forth in Section 9(a) hereto, the Company agrees that if the Company or its
transfer agent (if applicable), defaults in its obligation to deliver duly authorized, freely tradeable, transferable, registered
Placement Shares in good deliverable form by 2:30 P.M., New York City time, on a Settlement Date (other than as a

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result of a failure by the Agent to provide
instructions for delivery), the Company will (i) take all necessary action to cause the full amount of any Net Proceeds that were
delivered to the Company’s account with respect to such settlement, together with any costs incurred by the Agent and/or
its clearing firm in connection with recovering such Net Proceeds, to be immediately returned to the Agent or its clearing firm
no later than 5:00 P.M., New York City time, on such Settlement Date, by wire transfer of immediately available funds to an
account designated by the Agent or its clearing firm, (ii) indemnify and hold the Agent and its clearing firm harmless against
any reasonably incurred out of pocket loss, claim, damage, or expense (including reasonable legal fees and expenses), arising out
of or in connection with such default by the Company or its transfer agent (if applicable) and (iii) pay to the Agent any commission,
discount or other compensation to which it would otherwise have been entitled absent such default. Certificates for the Placement
Shares, if any, shall be in such denominations and registered in such names as the Agent may request in writing one Business Day
(as defined below) before the applicable Settlement Date. Certificates for the Placement Shares, if any, will be made available
by the Company for examination and packaging by the Agent in New York City not later than 12:00 P.M., New York City time, on the
Business Day prior to the applicable Settlement Date.

 

(c) Limitations on Offering Size.
Under no circumstances shall the Company cause or request the offer or sale of any Placement Shares if, after giving effect to
the sale of such Placement Shares, the aggregate number or gross sales proceeds of Placement Shares sold pursuant to this Agreement
would exceed the lesser of: (i) the number or dollar amount of Shares registered pursuant to, and available for offer and sale
under, the Registration Statement pursuant to which the offering of Placement Shares is being made, (ii) the number of authorized
but unissued Shares of the Company (less Shares issuable upon exercise, conversion or exchange of any outstanding securities of
the Company or otherwise reserved from the Company’s authorized capital stock), (iii) the number or dollar amount of Shares
permitted to be offered and sold by the Company under Form F-3, (iv) the number or dollar amount of Shares the Company’s
board of directors or a duly authorized committee thereof is authorized to issue and sell from time to time, and notified to the
Agent in writing, or (v) the dollar amount of Shares for which the Company has filed the Prospectus Supplement. Under no circumstances
shall the Company cause or request the offer or sale of any Placement Shares pursuant to this Agreement at a price lower than the
minimum price authorized from time to time by the Company’s board of directors or a duly authorized committee thereof, and
notified to the Agent in writing. Notwithstanding anything to the contrary contained herein, the parties hereto acknowledge and
agree that compliance with the limitations set forth in this Section 5(c) on the number or dollar amount of Placement Shares that
may be issued and sold under this Agreement from time to time shall be the sole responsibility of the Company, and that the Agent
shall have no obligation in connection with such compliance.

 

6. Representations and Warranties of
the Company. The Company represents and warrants to, and agrees with, the Agent that, except as set forth in the Registration
Statement or the Prospectus, as of the date of this Agreement, and (unless such representation or warranty is made expressly as
of the date hereof) as of (i) each Representation Date (as defined in Section 7(m)), (ii) each date on which a Placement Notice
is given, (iii) the date and time of each sale of any Placement Shares pursuant to this Agreement and (iv) each Settlement Date
(each such time or date referred to in clauses (i) through (iv), an “Applicable Time”):

 

 (a) The Company and the transactions contemplated by this Agreement meet the requirements for and comply with the conditions for the use of Form F-3 under the Securities Act. The Registration Statement has been filed with and has been declared effective by the Commission under the Securities Act. At the time the Registration Statement originally became effective, the Company met the then-applicable requirements for use of Form F-3 under the Securities Act. The Registration Statement meets, and the offering and sale of Placement Shares as contemplated hereby comply in all material respects with, the requirements of Rule

    	5

    	

    

  415(a)(1)(x) under the Securities Act. The Agent is named as the agent engaged by the Company in the section entitled “Plan of Distribution” in the Prospectus Supplement. The Company has not received, and has no notice from the Commission of, any notice pursuant to Rule 401(g)(1) under the Securities Act objecting to the use of the shelf registration statement form. No stop order of the Commission preventing or suspending the use of the base prospectus, the Prospectus Supplement or the Prospectus, or the effectiveness of the Registration Statement, has been issued, and no proceedings for such purpose are pending before or, to the knowledge of the Company, threatened by the Commission. At the time of the initial filing of the Registration Statement, the Company paid the required Commission filing fees relating to the securities covered by the Registration Statement, including the Shares that may be sold pursuant to this Agreement, in accordance with Rule 457(o) under the Securities Act. Copies of the Registration Statement, the Prospectus, any such amendments or supplements to any of the foregoing and all Incorporated Documents that were filed with the Commission on or prior to the date of this Agreement have been delivered, or are available through EDGAR, to the Agent and its counsel.

 

 (b) Each of the Registration Statement and any post-effective amendment thereto, at the time it became or becomes effective, at each deemed effective date with respect to the Agent pursuant to Rule 430B(f)(2) under the Securities Act and as of each Applicable Time, complied, complies and will comply in all material respects with the requirements of the Securities Act and did not, does not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, except that the representations and warranties set forth in this sentence do not apply to Agent’s Information (as defined below). The Prospectus and any amendment or supplement thereto, when so filed with the Commission under Rule 424(b) under the Securities Act, complied, complies and as of each Applicable Time will comply in all material respects with the requirements of the Securities Act, and each Prospectus Supplement, Prospectus or issuer free writing prospectus (or any amendments or supplements to any of the foregoing) furnished to the Agent for use in connection with the offering of the Placement Shares was identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T. Neither the Prospectus nor any amendment or supplement thereto, as of its date and as of each Applicable Time, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that the representations and warranties set forth in this sentence do not apply to Agent’s Information. Each Incorporated Document heretofore filed, when it was filed (or, if any amendment with respect to any such document was filed, when such amendment was filed), conformed in all material respects with the requirements of the Exchange Act and were filed on a timely basis with the Commission, and any further Incorporated Documents so filed and incorporated after the date of this Agreement will be filed on a timely basis and, when so filed, will conform in all material respects with the requirements of the Exchange Act; no such Incorporated Document when it was filed (or, if an amendment with respect to any such document was filed, when such amendment was filed), contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and no such Incorporated Document, when it is filed, will contain an untrue statement of a material fact or will omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The foregoing shall not apply to statements in, or omissions from, any such document made in reliance upon, and in conformity with information furnished to the Company by the Agent specifically for use in the preparation thereof.

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 (c) The Company is not an “ineligible issuer” in connection with the offering pursuant to Rules 164, 405 and 433 under the Securities Act. Any free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission in accordance with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Each free writing prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act or that was prepared by or on behalf of or used or referred to by the Company complies or will comply in all material respects with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Except for the free writing prospectuses, if any, and electronic road shows, if any, each furnished to you before first use, the Company has not prepared, used or referred to, and will not, without your prior consent, prepare, use or refer to, any free writing prospectus.

 

 

 (d) The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act (an “Emerging Growth Company”).

 

 (e) Each issuer free writing prospectus, as of its issue date and as of each Applicable Time, did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Prospectus, including any Incorporated Document deemed to be a part thereof that has not been superseded or modified. Each issuer free writing prospectus that the Company has filed, or is required to file, pursuant to Rule 433 or that was prepared by or on behalf of or used by the Company complies or will comply in all material respects with the requirements of the Securities Act.

 

 (f) The Company has not distributed and, prior to the later to occur of each Settlement Date and completion of the Agent’s distribution of the Placement Shares under this Agreement, will not distribute any offering material in connection with the offering and sale of the Placement Shares other than the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus (as defined below).

 

 (g) The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement and the Prospectus fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto.

 

 (h) The Company is subject to and in compliance in all material respects with the reporting requirements of Section 13 or Section 15(d) of the Exchange Act. The Shares are registered pursuant to Section 12(b) of the Exchange Act and are listed on Nasdaq, and the Company has taken no action designed to, or reasonably likely to have the effect of, terminating the registration of the Shares under the Exchange Act or delisting the Shares from Nasdaq, nor has the Company received any notification that the Commission or Nasdaq is contemplating terminating such registration or listing. The Company is in compliance with the current listing standards of Nasdaq. The Company has filed a Notification of Listing of Additional Shares with Nasdaq with respect to the Placement Shares.

 

 (i) No person (as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities Act) has the right to act as an underwriter or as a financial advisor to the Company in connection with the offer and sale of the Placement Shares hereunder, whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Placement Shares as contemplated hereby or otherwise. Except for the Agent, there is no broker, finder or other party that is entitled to receive from the Company or any of its Subsidiaries (as defined below) any

    	7

    	

    

  brokerage or finder’s fee or other fee or commission as a result of any transactions contemplated by this Agreement.

 

 (j) The Company has complied with the securities laws of the Province of Quebec, including the rules and regulations made thereunder together with applicable published national and local instruments, policy statements, notices, blanket rulings and orders of the AMF, and all discretionary rulings and orders applicable to the Company, if any, of the Canadian Securities Administrators required to be complied with by the Company in order to sell the Shares as contemplated by this Agreement, including, without limitation the approval of the AMF pursuant to Section 12 of the Quebec Securities Act, which approval has been obtained. The Company is a reporting issuer in good standing in the Province of Quebec and has timely filed with the AMF all documents required to be filed by it pursuant to Regulation 51-102 respecting Continuous Disclosure Obligations (Quebec).

 

 (k) Each preliminary prospectus filed as part of the Registration Statement as originally filed or as part of any amendment thereto, or filed pursuant to Rule 424 under the Securities Act, complied when so filed in all material respects with the Securities Act and the applicable rules and regulations of the Commission thereunder.

 

 (l) The Company has been incorporated, is validly existing as a corporation in good standing under the Canada Business Corporations Act, has the corporate power and capacity to own its property and to conduct its business as described in the Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing under any laws other than the federal laws of Canada would not have a material adverse effect on the Company and its subsidiaries, taken as a whole.

 

 (m) Each subsidiary of the Company has been duly incorporated, is validly existing in good standing under the laws of the jurisdiction of its incorporation, has the corporate power and authority to own its property and to conduct its business as described in the Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not have a material adverse effect on the Company and its subsidiaries, taken as a whole; all of the issued share capital of each subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and are owned directly by the Company, free and clear of all liens, encumbrances, equities or claims.

 

 (n) The authorized share capital of the Company conforms as to legal matters in all material respects to the description thereof contained in each of the Registration Statement and the Prospectus. As of the Closing Date, the authorized share capital of the Company will conform as to legal matters in all material respects to the description thereof contained in each of the Registration Statement and the Prospectus.

 

 (o) With respect to the stock options granted pursuant to the stock-based compensation plans of the Company and its subsidiaries (the “Company Stock Plans”), (i) each grant of a stock option was duly authorized no later than the date on which the grant of such stock option was by its terms to be effective by all necessary corporate action, including, as applicable, approval by the board of directors of the Company (or a duly constituted and authorized committee thereof) and any required stockholder approval by the necessary number of votes or written consents and

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  (ii) each such grant was made in accordance with the terms of the Company Stock Plans, and all applicable laws and regulatory rules or requirements, including all applicable United States federal and state securities laws and the securities laws and regulations of the Province of Quebec and any other applicable province or territory of Canada.

 

 (p) The operations of the Company and its subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and in compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) and all other applicable anti-money laundering statutes of jurisdictions where the Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.

 

 (q) The common shares outstanding prior to the issuance of the Placement Shares have been duly authorized and validly issued, fully paid and non-assessable.

 

 (r) The Placement Shares have been duly authorized and, when issued, paid and delivered in accordance with the terms of this Agreement, will be validly issued, fully paid and non assessable and the issuance of such Shares will not be subject to any preemptive or similar rights.

 

 (s) There is no statute, regulation, contract, agreement or other document required to be described in the Registration Statement, Prospectus or in any Incorporated Document, or to be filed as an exhibit to the Registration Statement or any Incorporated Document which is not described or filed as required. The statements set forth or incorporated by reference in the Prospectus, insofar as they purport to constitute summaries of the terms of the statutes, regulations, contracts, agreements or other documents described and filed, constitute accurate summaries of the terms thereof in all material respects. The statements set forth or incorporated by reference in the Prospectus under the headings “Risk Factors,” “Business—Intellectual Property,” “Business—License Agreements,” “Business—Government Regulation,” and “Financial Information—Legal Proceedings,” insofar as such statements summarize agreements, documents or proceedings discussed therein, are accurate and fair summaries of such agreements, documents or proceedings. Neither the Company nor any of its Subsidiaries has sent or received any communication regarding termination of, or intent not to renew or render performance under, any of the contracts or agreements referred to or described in the Prospectus or any free writing prospectus, or referred to or described in, or filed as an exhibit to, the Registration Statement, or any Incorporated Document, and no such termination or non-renewal has been threatened by the Company or any of its Subsidiaries or, to the Company’s knowledge, any other party to any such contract or agreement, which threat of termination or non-renewal has not been rescinded as of the date hereof.

 

 (t) This Agreement has been duly authorized, executed and delivered by the Company and constitutes a valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms, except as enforceability, including rights of indemnification, may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights

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  generally and by general principles of equity. This Agreement conforms in all material respects to the descriptions thereof in the Registration Statement and the Prospectus.

 

 (u) The Company is not, and after giving effect to the offering and sale of the Shares and the application of the proceeds thereof as described in the Prospectus will not be, required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.

 

 (v) The execution and delivery by the Company of, and the performance by the Company of its obligations under, this Agreement will not contravene (i) any provision of applicable law or (ii) the articles of incorporation or by laws of the Company or (iii) any agreement or other instrument binding upon the Company or any of its subsidiaries that is material to the Company and its subsidiaries, taken as a whole, or (iv) any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company or any subsidiary; and no consent, approval, authorization or order of, or qualification with, any governmental body or agency is required for the performance by the Company of its obligations under this Agreement, except (i) such as may be required by the securities or Blue Sky laws of the various states in connection with the offer and sale of the Shares or under the rules and regulations of the Financial Industry Regulatory Authority, Inc. (the “FINRA”) or (ii) the filing with the AMF of a notice under Section 12 of the Quebec Securities Act which notice has been filed, to which notice the AMF has not objected, and in respect of which the time period during which the AMF may raise any objection has elapsed, all as prescribed by Section 12 of the Quebec Securities Act.

 

 (w) The Company has not, directly or indirectly, including through any subsidiary, extended or maintained credit, or arranged for the extension of credit, or renewed any extension of credit, in the form of a personal loan to or for any of its directors or executive officers that was outstanding at or after the time of the first filing of the Registration Statement with the Commission.

 

 (x) There are no legal or governmental proceedings pending or, to the knowledge of the Company, threatened to which the Company or any of its subsidiaries is a party or to which any of the properties of the Company or any of its subsidiaries is subject (i) other than proceedings accurately described in all material respects in the Registration Statement and Prospectus and proceedings that would not have a material adverse effect on the Company and its subsidiaries, taken as a whole, or on the power or ability of the Company to perform its obligations under this Agreement or to consummate the transactions contemplated by the Prospectus or (ii) that are required to be described in the Registration Statement or the Prospectus and are not so described; and there are no statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement that are not described in all material respects or filed as required.

 

 (y) There has not occurred any material adverse change, or any development involving a prospective material adverse change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Registration Statement and the Prospectus.

 

 (z) There are no persons (as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities Act) with registration or other similar rights to have any equity or debt securities of the Company registered for sale under the Registration Statement or included in the offering contemplated by this Agreement, except for such rights as have been duly waived in a writing previously furnished to the Agent.

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 (aa) The financial statements of the Company and its consolidated subsidiaries included in the Registration Statement and the Prospectus, together with the related schedules and notes, present fairly the financial position of the Company and its consolidated subsidiaries at the dates indicated and the statement of operations, stockholders’ equity and cash flows of the Company and its consolidated subsidiaries for the periods specified; the financial statements of the Company and its consolidated subsidiaries included in the Registration Statement and the Prospectus comply with the applicable requirements of the Act and have been prepared in conformity with International Financial Reporting Standards as issued by the International Accounting Standards (“IFRS”) Board applied on a consistent basis throughout the periods involved except as disclosed therein; the supporting schedules included in the Registration Statement, if any, present fairly in accordance with IFRS the information required to be stated therein; the selected financial data and the summary financial information included in the Registration Statement and the Prospectus present fairly the information shown therein and have been compiled on a basis consistent with that of the audited financial statements included therein, except as disclosed therein. Except as included therein, no historical or pro forma financial statements or supporting schedules are required to be included or incorporated by reference in the Registration Statement or the Prospectus under the Act and the rules and regulations of the Commission thereunder; to the extent included in the Registration Statement and the Prospectus, the pro forma financial information and the related notes thereto included therein have been prepared in accordance with the applicable requirements of the Act and comply with Regulation G of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Item 10 of Regulation S-K of the Act, to the extent applicable, and the assumptions underlying such pro forma financial information are reasonable and are set forth in the Registration Statement and the Prospectus in all material respects; all other financial information included in the Registration Statement and the Prospectus has been derived from the accounting records of the Company and its consolidated subsidiaries and presents fairly in all material respects the information shown thereby.

 

 (bb) Neither the Company nor any Subsidiary is in violation or default of (i) any provision of its certificate or articles of incorporation, charter, bylaws, articles of association, limited liability company agreement, certificate or agreement of limited or general partnership, or other similar organizational documents, as the case may be, of such entity, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which it is a party or bound or to which its property or assets is subject, or (iii) any statute, law, rule, regulation, judgment, order or decree of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company, any of its Subsidiaries or any of their respective properties or assets, as applicable, except, in the case of clauses (ii) and (iii) above, for any such default or violation that would not, individually or in the aggregate, have a material adverse effect.

 

 (cc) KPMG LLP (“KPMG”), whose report on the consolidated financial statements of the Company is filed with the Commission as part of the Company’s most recent annual report on Form 20-F filed with the Commission and incorporated by reference in the Registration Statement and the Prospectus, is (i) an independent registered public accounting firm as required by the Securities Act, the Exchange Act and the rules of the PCAOB, (ii) in compliance with the applicable requirements relating to the qualification of accountants under Rule 2-01 of Regulation S-X under the Securities Act and (iii) a registered public accounting firm as defined by the PCAOB whose registration has not been suspended or revoked and who has not requested such registration to be withdrawn. KPMG has not been engaged by the Company to perform any

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  “prohibited activities” or provided to the Company any “non-audit services” (as defined in Section 10A of the Exchange Act).

 

 (dd) Except for net income taxes on underwriting commissions, no stamp duty, documentary or registration taxes, or similar charges are payable by or on behalf of the Underwriters pursuant to the laws of Canada or to any taxing authority thereof or therein in connection with (i) the execution, delivery or consummation of this Agreement, (ii) the issuance of the Shares, (iii) the sale and delivery of the Shares to the Underwriters or purchasers procured by the Underwriters, or (iv) the resale and delivery of the shares by the Underwriters to U.S. residents in the manner contemplated herein.

 

 (ee) Except as would not, individually or in the aggregate, have (or reasonably be expected to have) a material adverse effect: (1) each registered pension plan, as that term is defined in Section 248(1) of the Income Tax Act (Canada), that the Company sponsors or administers, if any (each, a “Plan”), has been administered in compliance with the terms of such Plan and applicable laws; (2) all contributions required to be made by the Company in respect of each Plan have been made in a timely fashion in accordance with the terms of each Plan and applicable laws; (3) the fair market value of assets in each Plan exceeds the present value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan); (4) the Company is not aware of any investigation, examination, proceeding, action or claim (other than routine claims for benefits) pending or threatened involving any Plan; and (5) the Company does not participate in or have any liability under a multi-employer plan, as that term is defined in Section 8500(1) of the Income Tax Regulations (Canada).

 

 (ff) No material labor dispute with the employees of the Company or any of its subsidiaries exists, except as described in the Registration Statement or Prospectus, or, to the knowledge of the Company, is imminent.

 

 (gg) Neither the Company nor, to the knowledge of the Company, any of its officers, directors or managing employees (as defined in 42 U.S.C. § 1320a-5(b)) is or has been excluded, suspended or debarred from participation in any state or federal health care program, or made subject to any pending or, to the Company’s knowledge, threatened or contemplated action which could reasonably be expected to result in such exclusion, suspension or debarment.

 

 (hh) The Company and each of its subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are, in the Company’s reasonable judgment, prudent and customary in the businesses in which they are engaged; neither the Company nor any of its subsidiaries has been refused any insurance coverage sought or applied for, other than in circumstances where such coverage was otherwise obtained; and neither the Company nor any of its subsidiaries has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a material adverse effect on the Company and its subsidiaries, taken as a whole, except as described in the Prospectus.

 

 (ii) The Company and its subsidiaries have good and marketable title in fee simple to all real property and good and marketable title to all personal property owned by them which is material to the business of the Company and its subsidiaries, in each case free and clear of all liens, encumbrances and defects except such as are described in the Prospectus or such as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and its subsidiaries; and any real property

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  and buildings held under lease by the Company and its subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not materially interfere with the use made and proposed to be made of such property and buildings by the Company and its subsidiaries, in each case except as described in the Prospectus.

 

 (jj) The Company and its subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, provincial, state or foreign regulatory authorities necessary to conduct their respective businesses, except where the failure to obtain such certificates, authorizations or permits would not have a material adverse effect on the Company and its subsidiaries, taken as a whole, and neither the Company nor any of its subsidiaries has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a material adverse effect on the Company and its subsidiaries, taken as a whole, except as described in the Prospectus.

 

 (kk) The Company and each of its subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that i) transactions are executed in accordance with management’s general or specific authorizations; ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability; iii) access to assets is permitted only in accordance with management’s general or specific authorization; iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and (v) the interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement is accurate. Since the end of the Company’s most recent audited fiscal year, there has been (i) no material weakness in the Company’s internal control over financial reporting (whether or not remediated) and (ii) no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

 (ll) The Company’s board of directors meets the independence requirements of, and has established an audit committee and a compensation committee, in each case, that meets the independence requirements of, the rules and regulations of the Commission and Nasdaq, as would be applicable to a U.S. domestic issuer.

 

 (mm) The Company and its subsidiaries i) are in compliance with any and all applicable foreign, U.S. and Canadian federal, state, provincial and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”), ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and iii) are in compliance with all terms and conditions of any such permit, license or approval, except where such noncompliance with Environmental Laws, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole.

 

 (nn) There are no costs or liabilities associated with Environmental Laws (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties) which would, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole.

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 (oo) Other than the Second Amended and Restated Registration Rights Agreement (the “Registration Rights Agreement”) in effect as of the date hereof, there are no contracts, agreements or understandings between the Company and any person granting such person the right to require the Company to file a registration statement under the Securities Act with respect to any securities of the Company or to require the Company to include such securities with the Shares registered pursuant to the Registration Statement. Any and all such rights to require the Company to file a registration statement under the Securities Act with respect to any securities of the Company or to require the Company to include such securities with the Shares registered pursuant to the Registration Statement have been validly waived by all parties to the Registration Rights Agreement.

 

 (pp) Except as would not, individually or in the aggregate, have (or reasonably be expected to have) a material adverse effect: (1) each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) that the Company or any member of its “Controlled Group” (defined as any organization which is under common control with the Company within the meaning of Section 414 of the Internal Revenue Code of 1986, as amended (the “Code”)) sponsors or maintains (each, a “Plan”) has been maintained in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code; (2) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan excluding transactions effected pursuant to a statutory or administrative exemption; (3) each Plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, has complied with the funding requirements of Section 412 and 430 of the Code and Sections 302 and 303 of ERISA; (4) the fair market value of the assets of each Plan, to the extent required to be funded by applicable law, equals or exceeds the present value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan); (5) no “reportable event” (within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur; and (6) neither the Company nor any member of the Controlled Group has incurred, nor reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the PBGC, in the ordinary course and without default) in respect of a Plan or a “multiemployer plan”, within the meaning of Section 4001(a)(3) of ERISA.

 

 (qq) The Company is in compliance with, and there is and has been no failure on the part of the Company and, to the Company’s knowledge, any of the Company’s directors or officers, in their capacities as such, to comply with, any provision of the Sarbanes-Oxley Act of 2002 and all rules and regulations promulgated thereunder or implementing the provisions thereof (the “Sarbanes-Oxley Act”) and the rules and regulations promulgated in connection therewith, including Section 402 relating to loans.

 

 (rr) (i) None of the Company or its subsidiaries or controlled affiliates, or any director, officer, or employee thereof, or, to the Company’s knowledge, any agent or representative of the Company or of any of its subsidiaries or controlled affiliates, has taken any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment, giving or receipt of money, property, gifts or anything else of value, directly or indirectly, to any government official (including any officer or employee of a government or government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) in order to influence official action, or to any person in violation of any applicable anti-corruption laws; (ii) the Company and its subsidiaries and controlled affiliates have conducted their businesses in compliance with applicable anti-corruption laws and have

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  instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote and achieve compliance with such laws and with the representations and warranties contained herein; and (iii) neither the Company nor its subsidiaries or controlled affiliates will use, directly or indirectly, the proceeds of the offering in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of any applicable anti-corruption laws.

 

 (ss) None of the Company, any Subsidiary, affiliate, director, officer or employee thereof or, to the best of the Company’s knowledge, any agent, representative or other person acting on behalf of the Company or any of its Subsidiaries or affiliates, is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of any applicable anti-corruption laws, including the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office or otherwise took any action (or failed to fully disclose any action) in contravention of the FCPA; and the Company, its Subsidiaries and each of their respective affiliates have conducted their businesses in compliance with the FCPA and have instituted and maintain, and will continue to maintain, policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.

 

 (tt) 1. None of the Company, any of its subsidiaries, or any director, officer, or employee thereof, or, to the Company’s knowledge, any agent, affiliate or representative of the Company or any of its subsidiaries, is an individual or entity (“Person”) that is, or is owned or controlled by a Person or Persons that is:

 

	 	 	a)	the subject of any sanctions administered or enforced by the
    U.S. Department of Treasury’s Office of Foreign Assets Control, Global Affairs Canada, the United Nations Security Council,
    the European Union, Her Majesty’s Treasury, or other relevant sanctions authority, including but not limited to any
    other Canadian or Japanese sanctions authorities (collectively, “Sanctions”), or
	 	 	 	 
	 	 	b)	located, organized or resident in a country or territory that is the subject
    of Sanctions (including, without limitation, Crimea, Cuba, Iran, North Korea, Sudan and Syria).
	 	 	 	 
	 	2.	The Company will not, directly or indirectly, use the proceeds
    of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or
    other Person:
	 	 	 
	 	 	a)	to fund or facilitate any activities or business of or with any Person or
    in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions; or
	 	 	 	 
	 	 	b)	in any other manner that will result in a violation of Sanctions by any
    Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise). 

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		3.	The Company and its subsidiaries have not engaged in, are not now knowingly engaged in, and will not knowingly engage in, any
dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or
was the subject of Sanctions.

 

(uu) The Company and each of its subsidiaries
owns or, in the case of certain intellectual property developed under research and collaboration agreements described in the Registration
Statement and the Prospectus, co-owns, or to the knowledge of the Company has valid, binding and enforceable licenses under all
patents, patent applications, patent rights, licenses, inventions, copyrights, know how (including trade secrets and other unpatented
and/or unpatentable proprietary or confidential information, systems or procedures), trademarks, service marks, trade names, domain
names, registrations and applications for registration of the foregoing, and other intellectual property used in or necessary for
the conduct, or the proposed conduct, of the business of the Company, in the manner described in the Registration Statement Prospectus
and the Prospectus (collectively, the “Intellectual Property”), except as would not, individually or
in the aggregate, have a material adverse effect on the Company and its subsidiaries taken as a whole, and except as enforceability
of any licenses may be limited by bankruptcy and, other similar laws affecting the rights of creditors generally and general principles
of equity; to the knowledge of the Company, the conduct of its and its subsidiaries’ respective business (including the development
and commercialization of the product candidates described in the Registration Statement and the Prospectus) has not and will not
infringe or misappropriate any intellectual property rights of others; to the knowledge of the Company the patents, trademarks,
and copyrights, if any, included within the Intellectual Property are valid, enforceable, and subsisting; to the knowledge
of the Company except as would not, individually or in the aggregate, have a material adverse effect on the Company and its subsidiaries
taken as a whole, the Intellectual Property is free and clear of all material liens or encumbrances; other than as disclosed
in the Registration Statement and the Prospectus, (i) neither the Company nor any of its subsidiaries is obligated to pay a material
royalty, grant a license to, or provide other material consideration to any third party in connection with the Intellectual Property,
(ii) neither the Company nor any of its subsidiaries has received any written notice of any claim of infringement, misappropriation
of or conflict with asserted rights of others with respect to any of the Company’s product candidates, processes or Intellectual
Property, (iii) no action, suit, claim or other proceeding is pending or, to the knowledge of the Company, is threatened, challenging
the validity, enforceability, scope, registration, ownership, inventorship or use of any of the Intellectual Property owned by
the Company or, to the knowledge of the Company, of any of the Intellectual Property licensed to the Company, except, in the case
of validity and scope, for actions in the normal course of ex parte prosecution of pending applications for registered Intellectual
Property (iv) no action, suit, claim or other proceeding other than actions in the normal course of ex parte prosecution of pending
applications for registered Intellectual Property, is pending or, to the knowledge of the Company, is threatened, challenging the
Company’s rights in or to any Intellectual Property owned by the Company or, to the knowledge of the Company, of any of the
Intellectual Property licensed to the Company, (v) to the knowledge of the Company, the development, manufacture, sale and any
currently proposed use of any of the discoveries, inventions, product candidates or processes of the Company referred to in the
Registration Statement or the Prospectus, do not currently, and will not upon commercialization, infringe, or violate any right
or issued patent claim of any third party in any material respect, (vi) to the knowledge of the Company, no third party has any
ownership right in or to any registered Intellectual Property that is owned by the Company, other than any co-owner of any patent
constituting Intellectual Property who is listed on the records of the U.S. Patent and Trademark Office or the Canadian Intellectual
Property Office and any co-owner of any patent application constituting Intellectual Property who is named in such patent application,
(vii) to the knowledge of the Company, none of the technology employed by the

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Company or its subsidiaries in the conduct of
the business in the manner described in the Registration Statement and the Prospectus has been obtained or is being used by the
Company or its subsidiaries in material violation of any contractual obligation binding on the Company or, to the knowledge of
the Company, upon any of its officers, consultants, directors or employees, (viii) the Company has taken reasonable measures to
protect its confidential information and trade secrets and to maintain and safeguard the Intellectual Property, including the execution
of appropriate nondisclosure and confidentiality agreements and (ix) the product candidate referred to as palovarotene, and described
in the Registration Statement and the Prospectus as under development by the Company or any subsidiary falls within the scope of
the claims of one or more patents owned by or licensed to the Company.

 

(vv) The Company and its subsidiaries and, to
the knowledge of the Company, its and their directors, officers and employees have operated and currently are in compliance in
all material respects with all applicable health care laws, rules and regulations of the jurisdictions in which it is conducting
business. The Company: (i) is and at all times has been in material compliance with all statutes, rules or regulations applicable
to the ownership, testing, development, processing, use, distribution, storage, import, export or disposal of any product under
development or distributed by the Company (“Applicable Laws”); (ii) has not received any FDA Form 483,
notice of adverse finding, warning letter, untitled letter or other written correspondence or notice from the U.S. Food and Drug
Administration (the “FDA”) or any other federal, state, local or foreign governmental or regulatory authority
alleging or asserting material noncompliance with any Applicable Laws or any licenses, certificates, approvals, clearances, authorizations,
permits and supplements or amendments thereto required by any Applicable Laws to conduct the Company’s business as described
in the Registration Statement and the Prospectus (“Authorizations”); (iii) possesses all material Authorizations
and such Authorizations are valid and in full force and effect and the Company is not in material violation of any such Authorizations;
(iv) has not received written notice of any pending, completed, or threatened claim, action, suit, proceeding, hearing, enforcement,
investigation, arbitration or other action from the FDA or any other federal, state, local or foreign governmental or regulatory
authority or third party alleging that any product operation or activity is in material violation of any Applicable Laws or Authorizations
and has no knowledge that the FDA or any other federal, state, local or foreign governmental or regulatory authority or third party
is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding; (v) has not received written
notice that the FDA or any other federal, state, local or foreign governmental or regulatory authority has taken, is taking or
intends to take action to limit, suspend, modify or revoke any material Authorizations and has no knowledge that the FDA or any
other federal, state, local or foreign governmental or regulatory authority is considering such action; (vi) has filed, obtained,
maintained or submitted all material reports, documents, forms, notices, applications, records, claims, submissions and supplements
or amendments as required by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications,
records, claims, submissions and supplements or amendments were materially complete and correct on the date filed (or were corrected
or supplemented by a subsequent submission); and (vii) has not, either voluntarily or involuntarily, initiated, conducted, or issued
or caused to be initiated, conducted or issued, any recall, safety alert, “dear doctor” letter, or other notice or
action relating to the alleged lack of safety of any product candidate or any alleged product candidate defect or violation and,
to the Company’s knowledge, no third party has initiated, conducted or intends to initiate any such notice or action.

 

(ww) There is no legal or governmental proceeding
to which the Company or any of its Subsidiaries is a party or of which any property or assets of the Company or any of its Subsidiaries
is the subject, including any proceeding before the FDA, the EMA or any foreign,

    	17

    	

    

local, national or other governmental agency with
jurisdiction over the types of products being developed by the Company that is required to be described in the Registration Statement
or the Prospectus and is not described therein, or which, singularly or in the aggregate, if determined adversely to the Company
or any of its Subsidiaries, could reasonably be expected to have a material adverse effect; and no such proceedings are threatened
or contemplated by governmental or regulatory authorities or threatened by others. The Company and its Subsidiaries (i) have not
received notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any
governmental authority or third party alleging that any product operation or activity is in violation of any Applicable Laws or
Governmental Permits and have no knowledge that any such governmental authority or third party is considering any such claim, litigation,
arbitration, action, suit, investigation or proceeding and (ii) have not received notice that any governmental authority has taken,
is taking or intends to take action to limit, suspend, modify or revoke any Governmental Permits and the Company has no knowledge
that any such governmental authority is considering such action.

 

(xx) The Company and each of its subsidiaries
have filed all U.S. and Canadian federal, state, provincial and local tax returns, as well as all foreign tax returns, required
to be filed through the date of this Agreement or have requested extensions thereof (except where the failure to file would not,
individually or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole) and have
paid all taxes required to be paid thereon (except for cases in which the failure to file or pay would not have a material adverse
effect on the Company and its subsidiaries, taken as a whole, or, except as currently being contested in good faith and for which
reserves required by IFRS have been created in the financial statements of the Company), and no tax deficiency has been determined
adversely to the Company or any of its subsidiaries which has had (nor does the Company nor any of its subsidiaries have any notice
or knowledge of any tax deficiency which could reasonably be expected to be determined adversely to the Company or its subsidiaries
and which could reasonably be expected to have) a material adverse effect on the Company and its subsidiaries, taken as a whole.

 

(yy) Except for net income taxes on underwriting
commissions, no stamp duty, documentary or registration taxes, or similar charges are payable by or on behalf of the Underwriters
pursuant to the laws of Canada or to any taxing authority thereof or therein in connection with (i) the execution, delivery or
consummation of this Agreement, (ii) the issuance of the Shares, (iii) the sale and delivery of the Shares to the Underwriters
or purchasers procured by the Underwriters, or (iv) the resale and delivery of the shares by the Underwriters to U.S. residents
in the manner contemplated herein.

 

(zz) The studies, tests and preclinical and clinical
trials conducted by or on behalf of the Company that are described in the Registration Statement and the Prospectus were and are
being conducted in all material respects in accordance with the protocols that have been submitted to the FDA and all Applicable
Laws and Authorizations, including, without limitation, the Federal Food, Drug, and Cosmetic Act and the rules and regulations
promulgated thereunder; the descriptions of the results of such studies, tests and trials contained in the Registration Statement
and the Prospectus are accurate and complete and fairly present the data derived from such studies, tests and trials in all material
respects; the Company is not aware of any studies, tests or trials, the results of which the Company believes are materially inconsistent
with the study, test, or trial results described or referred to in the Registration Statement or the Prospectus when viewed in
the context in which such results are described and the clinical stage of development; and the Company has not received any written
notices or written correspondence from the FDA or any other federal, state, local or foreign governmental or regulatory authority
requiring the

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termination, suspension or material modification
of any studies, tests or preclinical or clinical trials conducted by or on behalf of the Company.

 

(aaa) The Company acknowledges and agrees that
the Agent has informed the Company that Leerink may, to the extent permitted under the Securities Act and the Exchange Act, purchase
and sell Shares for its own account while this Agreement is in effect; provided, that (i) no such purchase or sales shall
take place while a Placement Notice is in effect (except to the extent the Agent may engage in sales of Placement Shares purchased
or deemed purchased from the Company as a “riskless principal” or in a similar capacity) and (ii) the Company shall
not be deemed to have authorized or consented to any such purchases or sales by the Agent, except as may be otherwise agreed by
the Company and the Agent.

 

(bbb) The Company is not a party to any agreement
with an agent or underwriter for any other “at the market” or continuous equity transaction.

 

(ccc) Except as described in the Prospectus,
the Company has not sold, issued or distributed any Common Shares during the six month period preceding the date hereof, including
any sales pursuant to Rule 144A under, or Regulation D or S of, the Securities Act, other than shares issued pursuant to employee
benefit plans, qualified stock option plans or other employee compensation plans or pursuant to outstanding options, rights or
warrants.

 

(ddd) Neither the issuance, sale and delivery
of the Placement Shares nor the application of the proceeds thereof by the Company as described in the Registration Statement and
the Prospectus will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation
of such Board of Governors.

 

(eee) Each of the independent directors (or independent
director nominees, once appointed, if applicable) named in the Registration Statement and Prospectus satisfies the independence
standards established by Nasdaq and, with respect to members of the Company’s audit committee, the enhanced independence
standards contained in Rule 10A-3(b)(1) promulgated by the Commission under the Exchange Act.

 

(fff) Neither the Company nor, to the Company’s
knowledge, any of its affiliates (within the meaning of Rule 144 under the Securities Act) has, prior to the date hereof, made
any offer or sale of any securities which could be “integrated” (within the meaning of the Securities Act) with the
offer and sale of the Placement Shares hereunder.

 

(ggg) Neither the Company nor any of its Subsidiaries
has (i) failed to pay any dividend or sinking fund installment on preferred stock or (ii) defaulted on any installment or payment
due on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the
aggregate, could reasonably be expected to result in a material adverse effect.

 

(hhh) Each financial or operational projection
or other “forward-looking statement” (as defined by Section 27A of the Securities Act or Section 21E of the Exchange
Act) contained in the Registration Statement or the Prospectus (i) was so included by the Company in good faith and with reasonable
basis after due consideration by the Company of the underlying assumptions, estimates and other applicable facts and circumstances
and (ii) as required, is accompanied by meaningful cautionary statements identifying those factors that could cause actual results
to differ materially from those in such forward-looking statement. No such statement was made with the knowledge of a director
or senior manager of the Company that was false or misleading.

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(iii) There are no relationships, direct or indirect,
or related party transactions involving the Company or any of its Subsidiaries or any other person (including any director, officer,
stockholder, customer or supplier of the Company or any of its Subsidiaries) required to be described in the Registration Statement
or the Prospectus that have not been described as required. There are no material outstanding loans, advances (except normal advances
for business expenses in the ordinary course of business) or guarantees of indebtedness by the Company or any of its Subsidiaries
to or for the benefit of any of the officers or directors of the Company or any of its Subsidiaries, or any of the family members
of any of such persons.

 

(jjj) The Company is not in or subject to a bankruptcy
or insolvency proceeding in any jurisdiction.

 

(kkk) The Company and its Subsidiaries (i) are
in compliance, in all material respects, with any and all applicable foreign, federal, state and local laws, rules, regulations,
treaties, statutes and codes promulgated by any and all governmental authorities (including pursuant to the Occupational Health
and Safety Act) relating to the protection of human health and safety the workplace (“Occupational Laws”);
(ii) have received all material permits, licenses or other approvals required of it under applicable Occupational Laws to conduct
their respective businesses as currently conducted; and (iii) are in compliance, in all material respects, with all terms and conditions
of such permit, license or approval. No action, proceeding, revocation proceeding, writ, injunction or claim is pending or, to
the Company’s knowledge, threatened against the Company or any of its Subsidiaries relating to Occupational Laws, and the
Company does not have knowledge of any facts, circumstances or developments relating to its operations or cost accounting practices
that could reasonably be expected to form the basis for or give rise to such actions, suits, investigations or proceedings.

 

(lll) Other than the direct and indirect subsidiaries
of the company listed in of the Registration Statement, the Company, directly or indirectly, owns no capital stock or other equity
or ownership or proprietary interest in any corporation, partnership, association, trust or other entity. As used in this Agreement
with respect to the Company, “subsidiaries” shall mean direct and indirect subsidiaries of the Company.

 

(mmm) No director or officer of the Company or
any of its Subsidiaries is subject to any non-competition agreement or non-solicitation agreement with any employer or prior employer
which could materially affect each director’s or officer’s ability to be and act in the capacity of a director or officer
of the Company or a Subsidiary.

 

(nnn) All patents and patent applications owned
by or licensed to the Company or any of its subsidiaries or under which the Company has rights have, to the knowledge of the Company,
been duly and properly filed and maintained in all material respects.

 

(ooo) Any certificate signed by any officer of
the Company and delivered to the Agent or its counsel in connection with the offering of the Placement Shares shall be deemed a
representation and warranty by the Company, as to matters covered thereby, to the Agent.

 

(ppp) The Company is a “foreign private
issuer” as defined in Rule 405 of the Securities Act.

 

(qqq) The Company is eligible for filing a registration
statement on Form F-3.

 

(rrr) The courts of Canada would recognize as
a valid judgment any final monetary judgment obtained against the Company in the courts of the State of New York.

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(sss) Neither the Company nor any of its subsidiaries
nor any of its or their properties or assets has any immunity from the jurisdiction of any court or from any legal process (whether
through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise) under the federal laws of
Canada or the laws of the Province of Québec. The irrevocable and unconditional waiver and agreement of the Company contained
in Section 14(a) hereof not to plead or claim any such immunity in any legal action, suit or proceeding based on this Agreement
is valid and binding under the federal laws of Canada and the laws of the Province of Québec.

 

(ttt) The choice of law of the State of New York
as the governing law of this Agreement is a valid choice of law under the laws of the Province of Québec and will be honored
by the courts of Québec. The Company has the power to submit, and pursuant to Section 14(a) has, to the extent permitted
by law, legally, validly, effectively and irrevocably submitted, to the jurisdiction of the Specified Courts (as defined in Section
14(a)), and has the power to designate, appoint and empower, and pursuant to Section ‎14(b), has legally, validly and effectively
designated, appointed and empowered an agent for service of process in any suit or proceeding based on or arising under this Agreement
in any of the Specified Courts.

 

(uuu) The Company and each Subsidiary has complied,
and are presently in compliance, with its cybersecurity and privacy policies and all third-party obligations regarding the collection,
use, transfer, storage, protection, disposal and disclosure by the Company and each Subsidiary of personally identifiable information,
except to the extent that the failure to do so would not reasonably be expected to have a material adverse effect.

 

7. Covenants of the Company. The Company
covenants and agrees with the Agent that:

 

(a) Registration Statement Amendments.
After the date of this Agreement and during any period in which the Prospectus relating to any Placement Shares is required to
be delivered by the Agent under the Securities Act (including in circumstances where such requirement may be satisfied pursuant
to Rule 172 under the Securities Act or a similar rule); (i) the Company will notify the Agent promptly of the time when any subsequent
amendment to the Registration Statement, other than Incorporated Documents, has been filed with the Commission and/or has become
effective or any subsequent supplement to the Prospectus, other than Incorporated Documents, has been filed and of any request
by the Commission for any amendment or supplement to the Registration Statement or Prospectus or for additional information; (ii)
the Company will prepare and file with the Commission, promptly upon the Agent’s request, any amendments or supplements to
the Registration Statement or Prospectus that, in the Agent’s reasonable opinion, may be necessary or advisable in connection
with the distribution of the Placement Shares by the Agent (provided, however, that the failure of the Agent to make such request
shall not relieve the Company of any obligation or liability hereunder, or affect the Agent’s right to rely on the representations
and warranties made by the Company in this Agreement and provided, further, that the only remedy the Agent shall have with respect
to the failure by the Company to make such filing (but without limiting the Agent’s rights under Section 9 hereof) will be to cease making sales under
this Agreement until such amendment or supplement is filed); (iii) the Company will not file any amendment or supplement to the
Registration Statement or Prospectus, other than Incorporated Documents, relating to the Placement Shares or a security convertible
into or exchangeable or exercisable for the Placement Shares unless a copy thereof has been submitted to the Agent within a reasonable
period of time before the filing and the Agent has not reasonably objected thereto (provided, however, that the failure of the
Agent to make such objection shall not relieve the Company of any obligation or liability hereunder, or affect the Agent’s
right to rely on the representations and warranties made by the Company in this Agreement and provided, further, that the only
remedy the Agent shall have with respect to the Company’s making such filing notwithstanding the Agent’s objection
(but without limiting the Agent’s

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 rights under Section 9 hereof) will be to cease making sales under this Agreement) and
the Company will furnish to the Agent at the time of filing thereof a copy of any Incorporated Document, except for those documents
available via EDGAR; and (iv) the Company will cause each amendment or supplement to the Prospectus, other than Incorporated Documents,
to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Securities Act and, in the
case of any Incorporated Document, to be filed with the Commission as required pursuant to the Exchange Act, within the time period
prescribed.

 

(b) Notice of Commission Stop Orders.
The Company will advise the Agent, promptly after it receives notice or obtains knowledge thereof, of the issuance or threatened
issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, of the suspension of the
qualification of the Placement Shares for offering or sale in any jurisdiction or of the initiation or threatening of any proceeding
for any such purpose and of the issuance of any “cease trade” order by the AMF or any other Canadian Securities regulatory
authority; and it will promptly use its commercially reasonable efforts to prevent the issuance of any stop order or cease trade
order or to obtain its withdrawal if such a stop order or cease trade order should be issued. The Company will advise the Agent
promptly after it receives any request by the Commission for any amendments to the Registration Statement or any amendment or supplements
to the Prospectus or for additional information related to the offering of the Placement Shares or for additional information related
to the Registration Statement or the Prospectus. The Company will advise the Agent promptly if it receives any correspondence or
other communication from the AMF regarding the approval received pursuant to Section 12 of the Québec Securities Act in
connection with the sales of the Placement Shares, and provide a copy of such notice or advise of the substance of such communication.

 

(c) Delivery of Prospectus; Subsequent Changes.
During any period in which the Prospectus relating to the Placement Shares is required to be delivered by the Agent under the Securities
Act with respect to the offer and sale of the Placement Shares (including in circumstances where such requirement may be satisfied
pursuant to Rule 172 under the Securities Act or a similar rule), the Company will comply with all requirements imposed upon it
by the Securities Act, as from time to time in force, and will file on or before their respective due dates (taking into account
any extensions available under the Exchange Act) all reports and any definitive proxy or information statements required to be
filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange
Act. If during such period any event occurs as a result of which the Prospectus as then amended or supplemented would include an
untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of
the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration
Statement or Prospectus to comply with the Securities Act, the Company will promptly notify the Agent to suspend the offering of
Placement Shares during such period and the Company will promptly amend or supplement the Registration Statement or Prospectus
(at the expense of the Company) so as to correct such statement or omission or effect such compliance. If the Company has omitted
any information from the Registration Statement pursuant to Rule 430B under the Securities Act, it will use its best efforts to
comply with the provisions thereof and make all requisite filings with the Commission pursuant to said Rule 430B and to notify
the Agent promptly of all such filings if not available on EDGAR.

 

(d) Listing of Placement Shares. During
any period in which the Prospectus relating to the Placement Shares is required to be delivered by the Agent under the Securities
Act with respect to the offer and sale of the Placement Shares (including in circumstances where such requirement may be satisfied
pursuant to Rule 172 under the Securities Act or a similar rule), the Company will use its commercially reasonable efforts to cause
the Placement Shares to be listed on Nasdaq. The Company will timely file with Nasdaq all material documents and notices required
by Nasdaq of companies that have or will issue securities that are traded on Nasdaq.

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(e) Delivery of Registration Statement and
Prospectus. The Company will furnish to the Agent and its counsel (at the expense of the Company) copies of the Registration
Statement, the Prospectus (including all Incorporated Documents) and all amendments and supplements to the Registration Statement
or Prospectus that are filed with the Commission during any period in which the Prospectus relating to the Placement Shares is
required to be delivered under the Securities Act (including all Incorporated Documents filed with the Commission during such period),
in each case as soon as reasonably practicable and in such quantities as the Agent may from time to time reasonably request and,
at the Agent’s request, will also furnish copies of the Prospectus to each exchange or market on which sales of the Placement
Shares may be made; provided, however, that the Company shall not be required to furnish any document (other than
the Prospectus) to the Agent to the extent such document is available on EDGAR.

 

(f) Earnings Statement. The Company will
make generally available to its security holders and to the Agent as soon as practicable, but in any event not later than 15 months
after the end of the Company’s current fiscal quarter, an earnings statement covering a 12-month period that satisfies the
provisions of Section 11(a) of and Rule 158 under the Securities Act.

 

(g) Expenses. The Company will pay all
expenses incident to the performance of its obligations hereunder, including, but not limited to, expenses relating to (i) the
preparation, printing and filing of the Registration Statement and each amendment and supplement thereto, of the Prospectus and
of each amendment and supplement thereto and of this Agreement and such other documents as may be required in connection with the
offering, purchase, sale, issuance or delivery of the Placement Shares, (ii) the preparation, issuance, sale and delivery of the
Placement Shares and any taxes due or payable in connection therewith, (iii) the qualification of the Placement Shares under securities
laws in accordance with the provisions of Section 7(y) of this Agreement, including filing fees (provided, however, that any
fees or disbursements of counsel for the Agent in connection therewith shall be paid by the Agent except as set forth in clauses
(vii) and (viii) below), (iv) the printing and delivery to the Agent and its counsel of copies of the Prospectus and any amendments
or supplements thereto, and of this Agreement, (v) the fees and expenses incurred in connection with the listing or qualification
of the Placement Shares for trading on Nasdaq, (vi) the filing fees and expenses, if any, owed to the Commission or FINRA and the
fees and expenses of any transfer agent or registrar for the Shares, (vii) the reasonable fees and disbursements of the Agent’s
outside legal counsel in an amount not to exceed $50,000.

 

(h)Use of Proceeds. The Company will
use the Net Proceeds as described in the Prospectus in the section entitled “Use of Proceeds.”

 

(i) Notice of Other Sales. Without the
prior written consent of the Agent, the Company will not, directly or indirectly, offer to sell, sell, contract to sell, grant
any option to sell or otherwise dispose of any Shares (other than the Placement Shares offered pursuant to this Agreement) or securities
convertible into or exchangeable or exercisable for Shares, warrants or any rights to purchase or acquire Shares during the period
beginning on the fifth Trading Day immediately prior to the date on which any Placement Notice is delivered to Agent hereunder
and ending on the second Trading Day immediately following the final Settlement Date with respect to Placement Shares sold pursuant
to such Placement Notice (or, if the Placement Notice has been terminated or suspended prior to the sale of all Placement Shares
covered by a Placement Notice, the date of such suspension or termination); and will not directly or indirectly in any other “at
the market offering” or continuous equity transaction offer to sell, sell, contract to sell, grant any option to sell or
otherwise dispose of any Shares (other than the Placement Shares offered pursuant to this Agreement) or securities convertible
into or exchangeable or exercisable for Shares, warrants or any rights to purchase or acquire, Shares prior to the later of the
termination of this Agreement and the sixtieth day immediately following the final Settlement Date with respect to

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Placement Shares sold pursuant to such Placement Notice; provided,
however, that such restrictions will not be required in connection with the Company’s issuance or sale of (i) Shares,
options to purchase Shares, other securities under the Company’s existing equity incentive plans, or Shares issuable upon
the exercise of options or vesting of other securities, pursuant to any employee or director stock option or benefits plan, stock
ownership plan or dividend reinvestment plan (but not Shares subject to a waiver to exceed plan limits in its dividend reinvestment
plan) of the Company whether now in effect or hereafter implemented, (ii) Shares issuable upon conversion of securities or
the exercise of warrants, options or other rights in effect or outstanding, and disclosed in filings by the Company available on
EDGAR or otherwise in writing to the Agent and (iii) Shares or securities convertible into or exchangeable for Shares as consideration
for mergers, acquisitions, other business combinations or strategic alliances occurring after the date of this Agreement which
are not issued for capital raising purposes.

 

(j) Change of Circumstances. The Company
will, at any time during the pendency of a Placement Notice, advise the Agent promptly after it shall have received notice or obtained
knowledge of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or other
document provided or required to be provided to the Agent pursuant to this Agreement.

 

(k) Due Diligence Cooperation. During
the term of this Agreement, the Company will cooperate with any reasonable due diligence review conducted by the Agent, its affiliates
agents and counsel from time to time in connection with the transactions contemplated hereby, including, without limitation, providing
information and making available documents and senior corporate officers, during regular business hours and at the Company’s
principal offices, as the Agent may reasonably request.

 

(l) Required Filings Relating to Placement
of Placement Shares. The Company agrees that on or prior to such dates as the Securities Act shall require, the Company will
(i) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) under the Securities Act, which
prospectus supplement will set forth, within the relevant period, the number or amount of Placement Shares sold through the Agent,
the Net Proceeds to the Company and the compensation payable by the Company to the Agent with respect to such Placement Shares,
and (ii) deliver such number of copies of each such prospectus supplement to each exchange or market on which such sales were effected
as may be required by the rules or regulations of such exchange or market; provided, that, unless a prospectus supplement
containing such information is required to be filed under the Securities Act, the requirement of this Section 7(l) may be satisfied
by Company’s inclusion in the Company’s Form 20-F or Form 6-K, as applicable, of the number or amount of Placement
Shares sold through the Agent, the Net Proceeds to the Company and the compensation payable by the Company to the Agent with respect
to such Placement Shares during the relevant period.

 

(m) Representation Dates; Certificate.
On or prior to the date on which the Company first delivers a Placement Notice pursuant to this agreement (the “First
Placement Notice Date”) and each time the Company:

 

(i) amends or supplements the Registration Statement
or the Prospectus relating to the Placement Shares (other than a prospectus supplement filed in accordance with Section 7(l) of
this Agreement) by means of a post-effective amendment, sticker or supplement but not by means of incorporation of document(s)
by reference into the Registration Statement or the Prospectus relating to the Placement Shares;

 

(ii) files an annual report on Form 20-F or another
available annual report form under the Exchange Act (including any amendment thereto containing amended financial information or
a material amendment to the previously filed annual report);

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(iii) furnishes or files a Form 6-K under the
Exchange Act containing quarterly financial statements and accompanying Management’s discussion and analysis; or

 

(iv) furnishes or files a Form 6-K under the
Exchange Act containing amended financial information (each date of filing of one or more of the documents referred to in clauses
(i) through (iv) shall be a “Representation Date”),

 

the Company shall furnish the Agent (but in the case of clause (iv)
above only if (1) a Placement Notice is pending or in effect and (2) the Agent requests such certificate within three Business
Days after the filing or furnishing of such Form 6-K with the Commission) with a certificate, in the form attached hereto as Exhibit
7(m) (modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented),
within two Trading Days of any Representation Date. The requirement to provide a certificate under this Section 7(m) shall be waived
for any Representation Date occurring at a time at which no Placement Notice is pending or in effect, which waiver shall continue
until the earlier to occur of (1) the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall
be considered a Representation Date) and (2) the next occurring Representation Date; provided, however, that such
waiver shall not apply for any Representation Date on which the Company files its annual report on Form 20-F or another available
annual report form (including any amendment containing amended financial information or a material amendment to the previously
filed report). Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Shares following a Representation
Date on which the Company relied on the waiver referred to in the previous sentence and did not provide the Agent with a certificate
under this Section 7(m), then before the Company delivers a Placement Notice or the Agent sells any Placement Shares pursuant thereto,
the Company shall provide the Agent with a certificate, in the form attached hereto as Exhibit 7(m), dated the
date of such Placement Notice. Within two Trading Days of each Representation Date, the Company shall have furnished to the Agent
such further information, certificates and documents as the Agent may reasonably request.

 

(n) Legal Opinions. On or prior to the
First Placement Notice Date and on any date which the Company is obligated to deliver a certificate pursuant to Section 7(m) for
which no waiver is applicable, the Company shall cause to be furnished to the Agent the written opinion and negative assurance
letter of Jenner & Block LLP, counsel to the Company, or such other counsel satisfactory to the Agent (“Company
Counsel”), in form and substance satisfactory to the Agent and its counsel, dated the date that the opinion and negative
assurance letter are required to be delivered, modified, as necessary, to relate to the Registration Statement and the Prospectus
as then amended or supplemented; provided, however, that in lieu of such opinion and negative assurance letter for
subsequent Representation Dates, Company Counsel may furnish the Agent with a letter to the effect that the Agent may rely on a
prior opinion or negative assurance letter delivered by such counsel under this Section 7(n) to the same extent as if it were dated
the date of such letter (except that statements in such prior opinion or negative assurance letter shall be deemed to relate to
the Registration Statement and the Prospectus as amended or supplemented at such Representation Date).

 

(o) Foreign Legal Opinions. On or prior
to the First Placement Notice Date and on any date which the Company is obligated to deliver a certificate pursuant to Section
7(m) for which no waiver is applicable, the Company shall cause to be furnished to the Agent the written opinion of Dentons Canada
LLP, Canadian counsel to the Company, or such other counsel satisfactory to the Agent (“Company Canadian Counsel”),
in form and substance satisfactory to the Agent and its counsel, dated the date that the opinion are required to be delivered,
modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented; provided,
however, that in lieu of such opinion for subsequent Representation Dates, Company Canadian Counsel may furnish the Agent
with a letter to the effect that the Agent may rely on a prior opinion delivered by such counsel under this Section 7(o) to the

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same extent as if it were dated the date of such letter (except
that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or
supplemented at such Representation Date).

 

(p) Intellectual Property Opinion. On
or prior to the First Placement Notice Date and on any date which the Company is obligated to deliver a certificate pursuant to
Section 7(m) for which no waiver is applicable, the Company shall cause to be furnished to the Agent the written opinion of Clark+Elbing
LLP, counsel for the Company with respect to intellectual property matters, or such other intellectual property counsel satisfactory
to the Agent (“Intellectual Property Counsel”), in form and substance satisfactory to the Agent and its
counsel, dated the date that the opinion letter is required to be delivered, modified, as necessary, to relate to the Registration
Statement and the Prospectus as then amended or supplemented; provided, however, that in lieu of such written opinion
for subsequent Representation Dates, Intellectual Property Counsel may furnish the Agent with a letter to the effect that the Agent
may rely on a prior opinion letter delivered by such counsel under this Section 7(p) to the same extent as if it were dated the
date of such opinion letter (except that statements in such prior opinion letter shall be deemed to relate to the Registration
Statement and the Prospectus as amended or supplemented at such Representation Date).

 

(q) Regulatory Opinion. On or prior to
the First Placement Notice Date and on any date which the Company is obligated to deliver a certificate pursuant to Section 7(m)
for which no waiver is applicable, the Company shall cause to be furnished to the Agent the written opinion of Hyman, Phelps &
McNamara LLP, counsel for the Company with respect to regulatory matters, or such other regulatory counsel satisfactory to the
Agent (“Regulatory Counsel”), in form and substance satisfactory to the Agent and its counsel, dated
the date that the opinion letter is required to be delivered, modified, as necessary, to relate to the Registration Statement and
the Prospectus as then amended or supplemented; provided, however, that in lieu of such written opinion for subsequent
Representation Dates, Regulatory Counsel may furnish the Agent with a letter to the effect that the Agent may rely on a prior opinion
letter delivered by such counsel under this Section 7(q) to the same extent as if it were dated the date of such opinion letter
(except that statements in such prior opinion letter shall be deemed to relate to the Registration Statement and the Prospectus
as amended or supplemented at such Representation Date).

 

(r) Comfort Letter. On or prior to the
First Placement Notice Date and on any date which the Company is obligated to deliver a certificate pursuant to Section 7(m) for
which no waiver is applicable, the Company shall cause its independent registered public accounting firm (and any other independent
accountants whose report is included in the Registration Statement or the Prospectus) to furnish the Agent letters (the “Comfort
Letters”), dated the date the Comfort Letter is delivered, which shall meet the requirements set forth in this Section
7(r); provided, that if reasonably requested by the Agent, the Company shall cause a Comfort Letter to be furnished to the
Agent within 10 Trading Days of the occurrence of any material transaction or event that necessitates the filing of additional,
pro forma, amended or revised financial statements (including any restatement of previously issued financial statements). Each
Comfort Letter shall be in form and substance reasonably satisfactory to the Agent and each Comfort Letter from the Company’s
independent registered public accounting firm shall (i) confirm that they are an independent registered public accounting firm
within the meaning of the Securities Act and the PCAOB, (ii) state, as of such date, the conclusions and findings of such firm
with respect to the financial information and other matters ordinarily covered by accountants’ “comfort letters”
to underwriters in connection with registered public offerings (the first such letter, the “Initial Comfort Letter”)
and (iii) update the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had
it been given on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and
supplemented to the date of such letter.

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(s) Market Activities. The Company will
not, directly or indirectly, and will cause its officers, directors and Subsidiaries not to (i) take any action designed to cause
or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price
of any security of the Company to facilitate the sale or resale of Shares or (ii) sell, bid for, or purchase Shares in violation
of Regulation M, or pay anyone any compensation for soliciting purchases of the Placement Shares other than the Agent; provided,
however, that the Company may bid for and purchase Shares in accordance with Rule 10b-18 under the Exchange Act subject
to compliance with all applicable Canadian securities laws.

 

(t) Insurance. The Company and its Subsidiaries
shall maintain, or cause to be maintained, insurance in such amounts and covering such risks as is reasonable and customary for
the business for which it is engaged.

 

(u) Compliance with Laws. The Company
and each of its Subsidiaries shall maintain, or cause to be maintained, all material environmental permits required by federal,
state and local law in order to conduct their businesses as described in the Prospectus, and the Company and each of its Subsidiaries
shall conduct their businesses, or cause their businesses to be conducted, in substantial compliance with such permits and with
applicable Environmental Laws, except where the failure to maintain or be in compliance with such permits could not reasonably
be expected to result in a material adverse effect.

 

(v) Investment Company Act. The Company
will conduct its affairs in such a manner so as to reasonably ensure that neither it nor any of its Subsidiaries will be or become,
at any time prior to the termination of this Agreement, an “investment company,” as such term is defined in the Investment
Company Act.

 

(w) Securities Act and Exchange Act. The
Company will use its best efforts to comply with all requirements imposed upon it by the Securities Act and the Exchange Act as
from time to time in force, so far as necessary to permit the sales of, or dealings in, the Placement Shares as contemplated by
the provisions hereof and the Prospectus.

 

(x) No Offer to Sell. Other than a free
writing prospectus (as defined in Rule 405 under the Securities Act) approved in advance by the Company and the Agent, neither
the Agent nor the Company (including its agents and representatives, other than the Agent in its capacity as agent) will make,
use, prepare, authorize, approve or refer to any written communication (as defined in Rule 405 under the Securities Act), required
to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer to buy Shares hereunder.

 

(y) Blue Sky and Other Qualifications.
The Company will use its commercially reasonable efforts, in cooperation with the Agent, to qualify the Placement Shares for offering
and sale, or to obtain an exemption for the Placement Shares to be offered and sold, under the applicable securities laws of such
states and other jurisdictions (domestic or foreign) as the Agent may designate and to maintain such qualifications and exemptions
in effect for so long as required for the distribution of the Placement Shares (but in no event for less than one year from the
date of this Agreement); provided, however, that the Company shall not be obligated to file any general consent to service
of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified
or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. In each
jurisdiction in which the Placement Shares have been so qualified or exempt, the Company will file such statements and reports
as may be required by the laws of such jurisdiction to continue such qualification or exemption, as the case may be, in effect
for so long as required for the distribution of the Placement Shares (but in no event for less than one year from the date of this
Agreement). 

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(z) Sarbanes-Oxley Act. The Company
will maintain and keep accurate books and records reflecting its assets and maintain internal accounting controls in a manner designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with IFRS and including those policies and procedures that (i) pertain to the maintenance of records
that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company, (ii) provide
reasonable assurance that transactions are recorded as necessary to permit the preparation of the Company’s financial statements
in accordance with IFRS, (iii) that receipts and expenditures of the Company are being made only in accordance with management’s
and the Company’s directors’ authorization, and (iv) provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on its financial
statements. The Company will maintain such controls and other procedures, including, without limitation, those required by Sections
302 and 906 of the Sarbanes-Oxley Act, and the applicable regulations thereunder that are designed to ensure that information required
to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized
and reported, within the time periods specified in the Commission’s rules and forms, including, without limitation, controls
and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits
under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive officer
and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required
disclosure and to ensure that material information relating to the Company is made known to it by others within the Company, particularly
during the period in which such periodic reports are being prepared..

 

(aa) Emerging Growth Company. The
Company will promptly notify the Agent if the company ceases to be an Emerging Growth company at any time prior to the completion
of the Agent’s distribution of the Placement Shares pursuant to this Agreement.

 

(bb) Renewal of Registration Statement.
If, immediately prior to the third anniversary of the initial effective date of the Registration Statement (the “Renewal
Date”), any of the Placement Shares remain unsold and this Agreement has not been terminated, the Company will, prior
to the Renewal Date, file a new shelf registration statement or, if applicable, an automatic shelf registration statement relating
to the Shares that may be offered and sold pursuant to this Agreement (which shall include a prospectus reflecting the number or
amount of Placement Shares that may be offered and sold pursuant to this Agreement), in a form satisfactory to the Agent and its
counsel, and, if such registration statement is not an automatic shelf registration statement, will use its best efforts to cause
such registration statement to be declared effective within 180 days after the Renewal Date. The Company will take all other reasonable
actions necessary or appropriate to permit the public offer and sale of the Placement Shares to continue as contemplated in the
expired registration statement and this Agreement. From and after the effective date thereof, references herein to the “Registration
Statement” shall include such new shelf registration statement or such new automatic shelf registration statement, as the
case may be.

 

(cc) General Instruction of Form F-3.
If, from and after the date of this Agreement, the Company is no longer eligible to use Form F-3 (including pursuant to General
Instruction) at the time it files with the Commission an annual report on Form 20-F or any post-effective amendment to the Registration
Statement, then it shall promptly notify the Agent and, within two Business Days after the date of filing of such annual report
or amendment to the Registration Statement, the Company shall file a new prospectus supplement with the Commission reflecting the
number of Shares available to be offered and sold by the Company under this Agreement pursuant to General Instruction of Form F-3;
provided, however, that the Company may delay the filing of any such prospectus supplement for up to 30 days if,
in the reasonable judgment of the Company, it is in the best interest of the Company to do so, provided

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that no Placement Notice is in effect or pending during such
time. Until such time as the Company shall have corrected such misstatement or omission or effected such compliance, the Company
shall not notify the Agent to resume the offering of Placement Shares.

 

(dd) Tax Indemnity. The Company
will indemnify and hold harmless the Agent against any documentary, stamp or similar issue tax, including any interest and penalties,
on the issue and sale of the Placement Shares.

 

(ee) Transfer Agent. The Company
has engaged and will maintain, at its sole expense, a transfer agent and registrar for the Shares.

 

8. Conditions to the Agent’s
Obligations. The obligations of the Agent hereunder with respect to a Placement will be subject to the continuing accuracy
and completeness of the representations and warranties made by the Company herein, to the due performance by the Company of its
obligations hereunder, to the completion by the Agent of a due diligence review satisfactory to the Agent in its reasonable judgment,
and to the continuing satisfaction (or waiver by the Agent in its sole discretion) of the following additional conditions:

 

(a) Registration Statement Effective.
The Registration Statement shall be effective and shall be available for all offers and sales of Placement Shares (i) that have
been issued pursuant to all prior Placement Notices and (ii) that will be issued pursuant to any Placement Notice.

 

(b) Prospectus Supplement. The
Company shall have filed with the Commission the Prospectus Supplement pursuant to Rule 424(b) under the Securities Act not later
than the Commission’s close of business on the second Business Day following the date of this Agreement.

 

(c) No Material Notices. None of
the following events shall have occurred and be continuing: (i) receipt by the Company or any of its Subsidiaries of any request
for additional information from the Commission or any other federal or state governmental authority during the period of effectiveness
of the Registration Statement, the response to which would require any post-effective amendments or supplements to the Registration
Statement or the Prospectus; (ii) the issuance by the Commission or any other federal or state governmental authority of any stop
order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt
by the Company or any of its Subsidiaries of any notification with respect to the suspension of the qualification or exemption
from qualification of any of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding
for such purpose; or (iv) the occurrence of any event that makes any material statement made in the Registration Statement or the
Prospectus or any material Incorporated Document untrue in any material respect or that requires the making of any changes in the
Registration Statement, the Prospectus or Incorporated Documents so that, in the case of the Registration Statement, it will not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein not misleading and, in the case of the Prospectus, so that it will not contain any untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading.

 

(d) No Misstatement or Material Omission.
The Agent shall not have advised the Company that the Registration Statement or Prospectus, or any amendment or supplement thereto,
contains an untrue statement of fact that in the Agent’s opinion is material, or omits to state a fact that in the Agent’s
opinion is material and is required to be stated therein or is necessary to make the statements therein not misleading.

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(e) Material Changes. Except as
contemplated in the Prospectus, or disclosed in the Company’s reports filed with the Commission, there shall not have been
any material adverse change, on a consolidated basis, in the authorized capital stock of the Company or any material adverse effect
or any development that could reasonably be expected to result in a material adverse effect, or any downgrading in or withdrawal
of the rating assigned to any of the Company’s securities (other than asset backed securities), if any, by any rating organization
or a public announcement by any rating organization that it has under surveillance or review its rating of any of the Company’s
securities (other than asset backed securities), if any, the effect of which, in the judgment of the Agent (without relieving the
Company of any obligation or liability it may otherwise have), is so material as to make it impracticable or inadvisable to proceed
with the offering of the Placement Shares on the terms and in the manner contemplated in the Prospectus.

 

(f) Company Counsel Legal Opinions.
The Agent shall have received the opinions and negative assurance letters, as applicable, of Company Counsel, Company Canadian
Counsel, Intellectual Property Counsel and Regulatory Counsel required to be delivered pursuant to Section 7(n), Section 7(o),
Section 7(p) and Section 7(q), as applicable, on or before the date on which such delivery of such opinions and negative assurance
letters are required pursuant to Section 7(n), Section 7(o), Section 7(p) and Section 7(q), as applicable.

 

(g) Agent’s Counsel Legal Opinion.
The Agent shall have received from Ropes & Gray LLP, counsel for the Agent, such opinion or opinions, on or before the date
on which the delivery of the Company Counsel legal opinion is required pursuant to Section 7(n), with respect to such matters as
the Agent may reasonably require, and the Company shall have furnished to such counsel such documents as they may request to enable
them to pass upon such matters.

 

(h) Comfort Letter. The Agent shall
have received the Comfort Letter required to be delivered pursuant to Section 7(r) on or before the date on which such delivery
of such Comfort Letter is required pursuant to Section 7(r).

 

(i) Representation Certificate.
The Agent shall have received the certificate required to be delivered pursuant to Section 7(m) on or before the date on which
delivery of such certificate is required pursuant to Section 7(m).

 

(j) Secretary’s Certificate.
On or prior to the First Placement Notice Date, the Agent shall have received a certificate, signed on behalf of the Company by
its Secretary of the Company and attested to by an executive officer of the Company, dated as of such date and in form and substance
satisfactory to the Agent and its counsel, certifying as to (i) the amended and restated certificate of incorporation of the Company,
(ii) the amended and restated bylaws of the Company, (iii) the resolutions of the board of directors of the Company or duly authorized
committee thereof authorizing the execution, delivery and performance of this Agreement and the issuance and sale of the Placement
Shares and (iv) the incumbency of the officers of the Company duly authorized to execute this Agreement and the other documents
contemplated by this Agreement (including each of the officers set forth on Schedule 2).

 

(k) [Intentionally omitted.]

 

(l) No Suspension. The Shares are
duly listed, and admitted and authorized for trading, subject to official notice of issuance, on Nasdaq. Trading in the Shares
shall not have been suspended on, and the Shares shall not have been delisted from, Nasdaq.

 

(m) Other Materials. On each date
on which the Company is required to deliver a certificate pursuant to Section 7(m), the Company shall have furnished to the Agent
such appropriate further

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information, opinions, certificates, letters and other documents
as the Agent may have reasonably requested. All such information, opinions, certificates, letters and other documents shall have
been in compliance with the provisions hereof. The Company shall have furnish the Agent with conformed copies of such opinions,
certificates, letters and other documents as the Agent may have reasonably requested.

 

(n) Securities Act Filings Made.
All filings with the Commission required by Rule 424(b) or Rule 433 under the Securities Act to have been filed prior to the issuance
of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424(b)
(without reliance on Rule 424(b)(8) of the Securities Act) or Rule 433, as applicable.

 

(o) Approval for Listing. The Placement
Shares shall either have been (i) approved for listing on Nasdaq, subject only to notice of issuance, or (ii) the Company shall
have filed an application for listing of the Placement Shares on Nasdaq at, or prior to, the First Placement Notice Date and Nasdaq
shall have reviewed such application and not provided any objections thereto.

 

 (p)  FINRA. FINRA shall have raised no objection
to the terms of the offering contemplated hereby and the amount of compensation allowable or payable to the Agent as described
in the Prospectus.

 

(q) No Termination Event. There
shall not have occurred any event that would permit Leerink to terminate this Agreement pursuant to Section 11(a).

 

9. Indemnification and Contribution.

 

(a) Company Indemnification. The
Company agrees to indemnify and hold harmless the Agent, its affiliates and their respective partners, members, directors, officers,
employees and agents, and each person, if any, who (i) controls the Agent within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act or (ii) is controlled by or is under common control with the Agent, in each case from and against
any and all losses, claims, liabilities, expenses and damages (including, but not limited to, any and all investigative, legal
and other expenses reasonably incurred in connection with, and any and all amounts paid in settlement (in accordance with this
Section 9), any action, suit, investigation or proceeding between any of the indemnified parties and any indemnifying parties or
between any indemnified party and any third party (including, without limitation, any governmental or self-regulatory authority,
or otherwise, or any claim asserted or threatened), as and when incurred, to which the Agent, or any such other person may become
subject under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise,
insofar as such losses, claims, liabilities, expenses or damages arise out of or are based, directly or indirectly, on (x) any
untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or the Prospectus (or any
amendment or supplement to the Registration Statement or the Prospectus) or in any free writing prospectus or in any application
or other document executed by or on behalf of the Company or based on written information furnished by or on behalf of the Company
filed in any jurisdiction in order to qualify the Shares under the securities laws thereof or filed with the Commission, (y) the
omission or alleged omission to state in any such document a material fact required to be stated therein or necessary to make the
statements therein (solely with respect to the Prospectus, in light of the circumstances under which they were made) not misleading
or (z) any breach by any of the indemnifying parties of any of their respective representations, warranties or agreements contained
in this Agreement; provided, however, that this indemnity agreement shall not apply to the extent that such loss,
claim, liability, expense or damage arises from the sale of the Placement Shares pursuant to this Agreement and is caused, directly
or indirectly, by an untrue statement or omission, or alleged untrue statement or omission, made in reliance upon and in conformity
with the Agent’s Information.

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(b) Agent Indemnification. The
Agent agrees to indemnify and hold harmless the Company and its directors and each officer of the Company that signed the Registration
Statement, and each person, if any, who (i) controls the Company within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act or (ii) is controlled by or is under common control with the Company against any and all loss, liability,
claim, damage and expense described in the indemnity contained in Section 9(a), as incurred, but only with respect to untrue statements
or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendments thereto) or the
Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with the Agent’s Information.

 

(c) Procedure. Any party that proposes
to assert the right to be indemnified under this Section 9 will, promptly after receipt of notice of commencement of any action
against such party in respect of which a claim is to be made against an indemnifying party or parties under this Section 9, notify
each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission so to
notify such indemnifying party will not relieve the indemnifying party from (i) any liability that it might have to any indemnified
party otherwise than under this Section 9 and (ii) any liability that it may have to any indemnified party under the foregoing
provision of this Section 9 unless, and only to the extent that, such omission results in the forfeiture of substantive rights
or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies the indemnifying
party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering
written notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified
party, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably
satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of its election to
assume the defense, the indemnifying party will not be liable to the indemnified party for any other legal expenses except as provided
below and except for the reasonable costs of investigation subsequently incurred by the indemnified party in connection with the
defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other
charges of such counsel will be at the expense of such indemnified party unless (1) the employment of counsel by the indemnified
party has been authorized in writing by the indemnifying party, (2) the indemnified party has reasonably concluded (based on advice
of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition
to those available to the indemnifying party, (3) a conflict or potential conflict exists (based on advice of counsel to the indemnified
party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to
direct the defense of such action on behalf of the indemnified party) or (4) the indemnifying party has not in fact employed counsel
reasonably satisfactory to the indemnified party to assume the defense of such action within a reasonable time after receiving
notice of the commencement of the action, in each of which cases the reasonable fees, disbursements and other charges of counsel
will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not,
in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements
and other charges of more than one separate firm (plus local counsel) admitted to practice in such jurisdiction at any one time
for all such indemnified party or parties. All such fees, disbursements and other charges will be reimbursed by the indemnifying
party promptly after the indemnifying party receives a written invoice relating to such fees, disbursements and other charges in
reasonable detail. An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without
its written consent. No indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise
or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated
by this Section 9 (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent (1)
includes an unconditional release of each indemnified party, in form and substance reasonably satisfactory to such indemnified
party, from all liability arising out of

    	32

    	

    

such claim, action or proceeding and (2) does not include a
statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

 

(d) Settlement Without Consent if Failure
to Reimburse. If an indemnified party shall have requested an indemnifying party to reimburse the indemnified party
for reasonable fees and expenses of counsel for which it is entitled to be reimbursed under this Section 9, such indemnifying party
agrees that it shall be liable for any settlement of the nature contemplated by Section 9(a) effected without its written consent
if (i) such settlement is entered into more than 60 days after receipt by such indemnifying party of the aforesaid request, (ii)
such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being
entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request
prior to the date of such settlement.

 

(e) Contribution. In order to provide
for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs of this
Section 9 is applicable in accordance with its terms but for any reason is held to be unavailable or insufficient from the Company
or the Agent, the Company and the Agent will contribute to the total losses, claims, liabilities, expenses and damages (including
any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action,
suit, investigation or proceeding or any claim asserted to which the Company and the Agent may be subject in such proportion as
shall be appropriate to reflect the relative benefits received by the Company on the one hand and the Agent on the other hand.
The relative benefits received by the Company on the one hand and the Agent on the other hand shall be deemed to be in the same
proportion as the total Net Proceeds from the sale of the Placement Shares (before deducting expenses) received by the Company
bear to the total compensation received by the Agent from the sale of Placement Shares on behalf of the Company. If, but only if,
the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made
in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the
relative fault of the Company, on the one hand, and the Agent, on the other hand, with respect to the statements or omission that
resulted in such loss, claim, liability, expense or damage, or action, suit, investigation or proceeding in respect thereof, as
well as any other relevant equitable considerations with respect to such offering. Such relative fault shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state
a material fact relates to information supplied by the Company or the Agent, the intent of the parties and their relative knowledge,
access to information and opportunity to correct or prevent such statement or omission. The Company and the Agent agree that it
would not be just and equitable if contributions pursuant to this Section 9(e) were to be determined by pro rata allocation
or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount
paid or payable by an indemnified party as a result of the loss, claim, liability, expense or damage, or action, suit, investigation
or proceeding in respect thereof, referred to above in this Section 9(e) shall be deemed to include, for the purpose of this Section
9(e), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any
such action, suit, investigation, proceeding or claim to the extent consistent with this Section 9. Notwithstanding the foregoing
provisions of this Section 9(e), the Agent shall not be required to contribute any amount in excess of the commissions received
by it under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes
of this Section 9(e), any person who controls a party to this Agreement within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act, any affiliates of the Agent, any partners, members, directors, officers, employees and agents
of the Agent and each person that is controlled by or under common control with the Agent will have the same rights to contribution
as that party, and each officer of the Company who signed the Registration Statement will have the same rights

    	33

    	

    

to contribution as the Company, subject in each case to the
provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such
party in respect of which a claim for contribution may be made under this Section 9(e), will notify any such party or parties from
whom contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may
be sought from any other obligation it or they may have under this Section 9(e) except to the extent that the failure to so notify
such other party materially prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except
for a settlement entered into pursuant to the last sentence of Section 9(c) hereof or pursuant to Section 9(d) hereof, no party
will be liable for contribution with respect to any action or claim settled without its written consent if such consent is required
pursuant to Section 9(c) hereof.

 

10. Representations and Agreements
to Survive Delivery. The indemnity and contribution agreements contained in Section 9 of this Agreement and all representations
and warranties of the Company herein or in certificates delivered pursuant hereto shall survive, as of their respective dates,
regardless of (i) any investigation made by or on behalf of the Agent, any controlling persons, or the Company (or any of their
respective officers, directors, employees or controlling persons), (ii) delivery and acceptance of the Placement Shares and payment
therefor or (iii) any termination of this Agreement.

 

11. Termination.

 

(a) The Agent shall have the right, by
giving notice as hereinafter specified, at any time to terminate this Agreement if (i) any material adverse effect, or any development
that could reasonably be expected to result in a material adverse effect, has occurred that, in the judgment of the Agent, may
materially impair the ability of the Agent to sell the Placement Shares hereunder, (ii) the Company shall have failed, refused
or been unable to perform any agreement on its part to be performed hereunder; provided, however, in the case of
any failure of the Company to deliver (or cause another person to deliver) any certification, opinion or letter required under
Section 7(m), Section 7(n), Section 7(o) or Section 7(p), the Agent’s right to terminate shall not arise unless such failure
to deliver (or cause to be delivered) continues for more than 15 calendar days from the date such delivery was required, (iii)
any other condition of the Agent’s obligations hereunder is not fulfilled, (iv) any suspension or limitation of trading in
the Placement Shares or in securities generally on Nasdaq shall have occurred, (v) a general banking moratorium shall have been
declared by any of United States federal or New York authorities, or (vi) there shall have occurred any outbreak or escalation
of national or international hostilities or any crisis or calamity, or any change in the United States or international financial
markets, or any substantial change or development involving a prospective substantial change in United States or international
political, financial or economic conditions that, in the judgment of the Agent, may materially impair the ability of the Agent
to sell the Placement Shares hereunder or to enforce contracts for the sale of securities. Any such termination shall be without
liability of any party to any other party except that the provisions of Section 7(g), Section 9, Section 10, Section 16 and Section
17 hereof shall remain in full force and effect notwithstanding such termination. If the Agent elects to terminate this Agreement
as provided in this Section 11(a), the Agent shall provide the required notice as specified in Section 12.

 

(b) The Company shall have the right,
by giving 10 days’ prior notice as hereinafter specified, to terminate this Agreement in its sole discretion at any time
after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the
provisions of Section 7(g), Section 9, Section 10, Section 11(f), Section 16 and Section 17 hereof shall remain in full force and
effect notwithstanding such termination.

 

(c) The Agent shall have the right, by
giving 10 days’ prior notice as hereinafter specified, to terminate this Agreement in its sole discretion at any time after
the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions
of

    	34

    	

    

Section 7(g), Section 9, Section 10, Section 11(f), Section
16 and Section 17 hereof shall remain in full force and effect notwithstanding such termination.

 

(d) Unless earlier terminated pursuant
to this Section 11, this Agreement shall automatically terminate upon the issuance and sale of all of the Placement Shares through
the Agent on the terms and subject to the conditions set forth herein; provided that the provisions of Section 7(g), Section
9, Section 10, Section 11(f), Section 16 and Section 17 hereof shall remain in full force and effect notwithstanding such termination.

 

(e) This Agreement shall remain in full
force and effect unless terminated pursuant to Sections 11(a), (b), (c), or (d) above or otherwise by mutual agreement of the parties;
provided, however, that any such termination by mutual agreement shall in all cases be deemed to provide that Section
7(g), Section 9, Section 10, Section 11(f), Section 16 and Section 17 shall remain in full force and effect.

 

(f) Any termination of this Agreement
shall be effective on the date specified in such notice of termination; provided, however, that such termination shall not
be effective until the close of business on the date of receipt of such notice by the Agent or the Company, as the case may be.
If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such Placement Shares shall settle
in accordance with the provisions of this Agreement. Upon termination of this Agreement, the Company shall not be required to pay
to the Agent any discount or commission with respect to any Placement Shares not otherwise sold by the Agent under this Agreement;
provided, however, that the Company shall remain obligated to reimburse the Agent’s expenses pursuant to Section
7(g).

 

12. Notices. All notices or other
communications required or permitted to be given by any party to any other party pursuant to the terms of this Agreement shall
be in writing, unless otherwise specified in this Agreement, and if sent to the Agent, shall be delivered to:

 

Leerink Partners LLC

1301 Avenue of the Americas, 12th Floor

New York, New York 10019

Attention: Gabriel Cavazos

Facsimile: (646) 499-7130

E-mail: Gabriel.Cavazos@leerink.com

 

with a copy (which shall not constitute notice) to:

 

Leerink Partners LLC

1301 Avenue of the Americas, 12th Floor

New York, New York 10019

Attention: Stuart R. Nayman, Esq.

Facsimile: (646) 499-7051

E-mail: stuart.nayman@leerink.com

 

and if to the Company, shall be delivered to:

 

Clementia Pharmaceuticals Inc.

4150 St. Catherines Street West, Suite 550

Montreal Québec, Canada H3Z 2Y5

Attention: Steve Forte

E-mail: sforte@clementiapharma.com

    	35

    	

    

with copies (which shall not constitute notice) to:

 

Jenner & Block LLP

Attention: Martin Glass

E-mail: mglass@jenner.com

 

Each party to this Agreement may change such address for notices
by sending to the parties to this Agreement written notice of a new address for such purpose. Each such notice or other communication
shall be deemed given (i) when delivered personally or by verifiable facsimile transmission (with an original to follow) on or
before 4:30 P.M., New York City time, on a Business Day, or, if such day is not a Business Day, on the next succeeding Business
Day, (ii) by Electronic Notice as set forth in the next paragraph, (iii) on the next Business Day after timely delivery to a nationally-recognized
overnight courier or (iv) on the Business Day actually received if deposited in the U.S. mail (certified or registered mail, return
receipt requested, postage prepaid). For purposes of this Agreement, “Business Day” shall mean any day
on which the Nasdaq and commercial banks in the City of New York are open for business.

 

An electronic communication (“Electronic Notice”)
shall be deemed written notice for purposes of this Section 12 if sent to the electronic mail address specified by the receiving
party in Section 12. Electronic Notice shall be deemed received at the time the party sending Electronic Notice receives actual
acknowledgment of receipt from the person whom the notice is sent, other than via auto-reply. Any party receiving Electronic Notice
may request and shall be entitled to receive the notice on paper, in a nonelectronic form (“Nonelectronic Notice”),
which shall be sent to the requesting party within 10 days of receipt of the written request for Nonelectronic Notice.

 

13. Successors and Assigns. This
Agreement shall inure to the benefit of and be binding upon the Company and the Agent and their respective successors and the affiliates,
controlling persons, officers, directors and other persons referred to in Section 9 hereof. References to any of the parties contained
in this Agreement shall be deemed to include the successors and permitted assigns of each such party. Nothing in this Agreement,
express or implied, is intended to confer upon any party other than the parties hereto, the persons referred to in the preceding
sentence and their respective successors and permitted assigns any rights, remedies, obligations or liabilities under or by reason
of this Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations under this
Agreement without the prior written consent of the other party; provided, however, that the Agent may assign its rights
and obligations hereunder to an affiliate of the Agent without obtaining the Company’s consent, so long as such affiliate
is a registered broker-dealer.

 

14. Adjustments for Share Splits.
The parties acknowledge and agree that all share-related numbers contained in this Agreement shall be adjusted to take into account
any share split, share dividend or similar event effected with respect to the Shares.

 

15. Entire Agreement; Amendment; Severability;
Waiver. This Agreement (including all schedules (as amended pursuant to this Agreement) and exhibits attached hereto and Placement
Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements
and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. Neither this Agreement
nor any term hereof may be amended except pursuant to a written instrument executed by the Company and the Agent; provided,
however, that Schedule 2 of this Agreement may be amended by either party from time to time by sending a notice
containing a revised Schedule 2 to the other party in the manner provided in Section 12 and, upon such amendment,
all references herein to Schedule 2 shall automatically be deemed to refer to such amended Schedule 2.
In the event that any one or more of the provisions contained herein, or the application

    	36

    	

    

thereof in any circumstance, is held invalid, illegal or unenforceable
as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible
extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such
invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such
provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected
in this Agreement. No implied waiver by a party shall arise in the absence of a waiver in writing signed by such party. No failure
or delay in exercising any right, power, or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise thereof preclude any other or further exercise thereof or the exercise of any right, power, or privilege hereunder.

 

16. GOVERNING LAW AND TIME; WAIVER
OF JURY TRIAL. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD RESULT IN THE APPLICATION OF LAWS OF ANY OTHER JURISDICTION. SPECIFIED
TIMES OF DAY REFER TO NEW YORK CITY TIME. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

17. Consent to Jurisdiction. Each
party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York,
Borough of Manhattan, for the adjudication of any dispute hereunder or in connection with any of the transactions contemplated
hereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum, or that
the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by mailing a copy (certified or registered mail, return
receipt requested) to such party at the address in effect for notices under Section 12 of this Agreement and agrees that such service
shall constitute good and sufficient notice of process and notice thereof. Nothing contained herein shall be deemed to limit in
any way any right to serve process in any manner permitted by law.

 

18. Construction.

 

(a) The section and exhibit headings herein
are for convenience only and shall not affect the construction hereof.

 

(b) Words defined in the singular shall
have a comparable meaning when used in the plural, and vice versa.

 

(c) The words “hereof,” “hereto,” “herein” and “hereunder” and words of similar import, when used in this Agreement, shall refer to this
Agreement as a whole and not to any particular provision of this Agreement.

 

(d) Wherever the word “include,” “includes” or “including” is used in this Agreement, it shall be deemed to be followed by the words “without
limitation.”

 

(e) References herein to any gender shall
include each other gender.

    	37

    	

    

(f) References herein to any law, statute,
ordinance, code, regulation, rule or other requirement of any governmental authority shall be deemed to refer to such law, statute,
ordinance, code, regulation, rule or other requirement of any governmental authority as amended, reenacted, supplemented or superseded
in whole or in part and in effect from time to time and also to all rules and regulations promulgated thereunder.

 

19. Permitted Free Writing Prospectuses.
The Company represents, warrants and agrees that, unless it obtains the prior written consent of the Agent, which consent shall
not be unreasonably withheld, conditioned or delayed, and the Agent represents, warrants and agrees that, unless it obtains the
prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed, it has not made
and will not make any offer relating to the Placement Shares that would constitute an issuer free writing prospectus, or that would
otherwise constitute a free writing prospectus (as defined in Rule 405), required to be filed with the Commission. Any such free
writing prospectus consented to by the Agent or by the Company, as the case may be, is hereinafter referred to as a “Permitted
Free Writing Prospectus.” The Company represents and warrants that it has treated and agrees that it will treat each
Permitted Free Writing Prospectus as an issuer free writing prospectus, and that it has complied and will comply with the requirements
of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending
and record keeping.

 

20. Absence of Fiduciary Relationship.
The Company acknowledges and agrees that:

 

(a) the Agent has been retained to act
as sales agent in connection with the sale of the Shares, the Agent has acted at arms’ length and no fiduciary or advisory
relationship between the Company or any of its respective affiliates, stockholders (or other equity holders), creditors or employees
or any other party, on the one hand, and the Agent, on the other hand, has been or will be created in respect of any of the transactions
contemplated by this Agreement, irrespective of whether the Agent has advised or is advising the Company on other matters and the
Agent has no duties or obligations to the Company with respect to the transactions contemplated by this Agreement except the obligations
expressly set forth herein;

 

(b) the Company is capable of evaluating,
and understanding and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement;

 

(c) neither the Agent nor its affiliates
have provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this Agreement and
it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;

 

(d) the Company has been advised and is
aware that the Agent and its affiliates are engaged in a broad range of transactions which may involve interests that differ from
those of the Company and that the Agent and its affiliates have no obligation to disclose such interests and transactions to the
Company by virtue of any fiduciary, advisory or agency relationship or otherwise; and

 

(e) the Company waives, to the fullest
extent permitted by law, any claims it may have against the Agent or its affiliates for breach of fiduciary duty or alleged breach
of fiduciary duty in connection with the transactions contemplated by this Agreement and agrees that the Agent and its affiliates
shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary claim or to any person asserting
a fiduciary duty claim on behalf of or in right of the Company, including stockholders (or other equity holders), creditors or
employees of the Company.

    	38

    	

    

21. Counterparts. This Agreement
may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile or electronic
transmission.

 

22. Use of Information. The Agent
may not provide any information gained in connection with this Agreement and the transactions contemplated by this Agreement, including
due diligence, to any third party other than its legal counsel advising it on this Agreement unless expressly approved by the Company
in writing.

 

23. Agent’s Information; Knowledge
of the Company. As used in this Agreement, “Agent’s Information” means solely the following
information in the Registration Statement and the Prospectus: the ninth and tenth paragraphs under the heading “Plan of Distribution”
in the Prospectus Supplement.

 

All references in this Agreement to the Registration
Statement, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with
the Commission pursuant to EDGAR. All references in this Agreement to financial statements and schedules and other information
that is “contained,” “included” or “stated” in the Registration Statement or the Prospectus
(and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other
information that is incorporated by reference in the Registration Statement or the Prospectus, as the case may be.

 

All references in this Agreement to “supplements”
to the Prospectus shall include, without limitation, any supplements, “wrappers” or similar materials prepared in connection
with any offering, sale or private placement of any Placement Shares by the Agent outside of the United States.

 

[Remainder of Page Intentionally Blank]

    	39

    	

    

If the foregoing correctly sets forth the
understanding between the Company and the Agent, please so indicate in the space provided below for that purpose, whereupon this
letter shall constitute a binding agreement between the Company and the Agent.

 

	 	Very truly yours,
	 	 	 
	 	CLEMENTIA PHARMACEUTICALS INC.
	 	 	 
	 	By: 	/s/ Steve Forte                   
	 	 	Name: Steve Forte
	 	 	Title: Chief Financial Officer
	 	 	 
	 	ACCEPTED as of the date
	 	first-above written:
	 	 	 
	 	LEERINK PARTNERS LLC
	 	 	 
	 	By:	/s/ Gabriel P. Cavazos
	 	 	Name: Gabriel P. Cavazos
	 	 	Title: Managing Director

    	 

    	

    

SCHEDULE 1

 

FORM OF PLACEMENT NOTICE

 

	From:	[                              ]
	 	[TITLE]
	 	Clementia Pharmaceuticals Inc.
	Cc:	[                              ]
	To:	Leerink Partners LLC
	Subject:	Leerink—At the Market Offering—Placement Notice

 

Ladies and Gentlemen:

 

Pursuant to the terms and subject to the conditions contained
in the Sales Agreement, dated October [●], 2018 (the “Agreement”), by and between Clementia Pharmaceuticals
Inc., a corporation incorporated under the Canada Business Corporations Act (the “Company”), and
Leerink Partners LLC (“Leerink”), I hereby request on behalf of the Company that Leerink sell up to [Ÿ]
common shares, of the Company (the “Shares”), at a minimum market price of US$[Ÿ]
per share[; provided that no more than [Ÿ] Shares shall be sold in any
one Trading Day (as such term is defined in Section 3 of the Agreement)]. Sales should begin [on the date of this Placement Notice]
and end on [DATE] [until all Shares that are the subject of this Placement Notice are sold].

    	 

    	

    

SCHEDULE 2

 

The Company

 

Steve Forte

Clarissa Desjardins

 

Leerink

 

Rahul Chaudhary

Gabe Cavazos

Pat Morely

Sam Spector

Stuart Nayman

Eric Olson

Brian Swanson

    	 

    	

    

SCHEDULE 3

 

Compensation

 

The Company shall pay Leerink compensation in cash equal to
3% of the gross proceeds from the sales of Shares pursuant to the terms of the Sales Agreement of which this Schedule 3
forms a part.

    	 

    	

    

Exhibit 7(m)

 

OFFICERS’ CERTIFICATE

 

Each of [●], the duly qualified and elected Chief Executive
Officer of Clementia Pharmaceuticals Inc., a corporation incorporated under the Canada Business Corporations Act (the “Company”),
and [●], the duly qualified and elected Chief Financial Officer of the Company, does hereby certify in his respective capacity
and on behalf of the Company, pursuant to Section 7(m) of the Sales Agreement, dated October [●], 2018 (the “Sales
Agreement”), by and between the Company and Leerink Partners LLC, that, after due inquiry, to the best of the knowledge
of the undersigned:

 

(i) The representations and warranties
of the Company in Section 6 of the Sales Agreement (A) to the extent such representations and warranties are subject to qualifications
and exceptions contained therein relating to materiality or material adverse effect, are true and correct on and as of the date
hereof with the same force and effect as if expressly made on and as of the date hereof, and (B) to the extent such representations
and warranties are not subject to any qualifications or exceptions relating to materiality or material adverse effect, are true
and correct in all material respects as of the date hereof as if made on and as of the date hereof with the same force and effect
as if expressly made on and as of the date hereof.

 

(ii) The Company has complied with all
agreements and satisfied all conditions on its part to be performed or satisfied pursuant to the Sales Agreement at or prior to
the date hereof.

 

(iii) As of the date hereof, (A) the Registration
Statement complies in all material respects with the requirements of the Securities Act and does not contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
therein not misleading, (B) the Prospectus complies in all material respects with the requirements of the Securities Act does not
contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in
order to make the statements therein, in light of the circumstances under which they were made, not misleading and (C) no event
has occurred as a result of which it is necessary to amend or supplement the Registration Statement or the Prospectus in order
to make the statements therein not untrue or misleading or for clauses (A) and (B) above, to be true and correct.

 

(iv) There has been no material adverse
change, or any development that could reasonably be expected to result in a material adverse change, in the condition (financial
or otherwise), earnings, results of operations, business, properties, operations, assets, liabilities or prospects of the Company
and its Subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business, since the
date as of which information is given in the Prospectus, as amended or supplemented to the date hereof.

 

(v) The Company does not possess any material
non-public information.

 

(vi) The maximum amount of Placement Shares
that may be sold pursuant to the Sales Agreement has been duly authorized by the Company’s board of directors or a duly authorized
committee thereof pursuant to a resolution or unanimous written consent in accordance with the Company’s amended and restated
articles of incorporation, amended and restated bylaws and applicable law.

    	 

    	

    

Capitalized terms used but not defined herein
shall have the meanings ascribed to them in the Sales Agreement.

 

IN WITNESS WHEREOF, each of the undersigned,
in his respective capacity as Chief Executive Officer and Chief Financial Officer of the Company, has executed this Officers’
Certificate on behalf of the Company.

 

	 	By: 	 
	 	 	Name:
	 	 	Title: Chief Executive Officer
	 	 	Date:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: Chief Financial Officer
	 	 	Date:

 

[Company Signature Page to Officers’ Certificate]

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