Document:

EX-10.1

 Exhibit 10.1 

TECHNOLOGY LICENSE AGREEMENT 

This TECHNOLOGY LICENSE AGREEMENT (the “Agreement”) was entered into this 7th day of August, 2008 (the
“Effective Date”) by and between Neptune Technologies & Bioressources Inc. (“Licensor”) and Acasti Pharma Inc. (the “Company”) (Licensor and the Company are sometimes referred to herein
individually as a “Party” and collectively as the “Parties”). Agreement was modified on February 20, 2009 and March 7, 2013. 

WHEREAS Licensor is the owner or licensee of Licensed Intellectual Property (as hereinafter defined); and 

WHEREAS the Company desires to obtain from Licensor, and Licensor desires to grant to the Company, a license to use
such Licensed Intellectual Property in certain Licensed Fields and within a specified Territory under the terms and conditions of this Agreement. 

NOW THEREFORE, in consideration of the premises, the mutual covenants, agreements and respective representations and
warranties contained herein, and other good and valuable consideration, the receipt and sufficiency for which are hereby acknowledged, the Parties hereto agree as follows: 
  

	1.	 DEFINITIONS 

“Agreement” has the meaning set forth in the preamble. 

“Additional Term” has the meaning set forth in Section 11.1. 

“Business Day” means a day other than Saturday, Sunday, or any other day on which commercial banks located in
Montreal are not required to be open for business. 
 “Cardiovascular Field” means the class of diseases
that involve the heart, blood vessels or blood. For clarity, cardiovascular disease refers to any disease that affects the cardiovascular system (as used in MeSH), including atherosclerosis, arrythmia, dyslipidemia, insulino-resistance, endothelial
abnormalities, coagulopathies, and hypertension. 
 “Company” has the meaning set forth in the Preamble.

 “Company Independent Development” means any intellectual property created, acquired or developed by the
Company that is not a Company Related Enhancement. 
 “Company Related Enhancement” means any derivative
works from, and other improvements and enhancements to, the Licensed Intellectual Property and any other intellectual property created, acquired or developed by the Company that is directly or indirectly derived from on the Licensed Intellectual
Property. 
 “Confidential Information” has the meaning set forth in Section 10. 

“Contract Year” shall mean each twelve-month period following the Effective Date. 

“Cosmeceutical” means Nutraceuticals with cosmetic claims. 

  
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 “Cost” means, with respect to a Party, all reasonably documented
costs, fees and expenses that such Party incurs in performing the applicable obligation(s) under this Agreement, as such Party determines in good faith and on a reasonable basis, including, without limitation, for (a) all out-of-pocket expenses and consultant and vendor costs, (b) personnel wages, salaries and other compensation and benefits for such Party’s employees, and
(c) other personnel-related expenses, and associated general and administrative expenses, and (d) direct equipment, software and services costs. With respect to any expenses that are incurred for the benefit of the other Party or other
entities in addition to the Party, Cost will include only a fair allocation of such multi-party expenses. 

“Effective Date” has the meaning set forth in the Preamble. 

“Enhancement Notice” shall have the meaning set forth in Section 3.5(a). 

“Gross Margin” means the revenues for each Licensed Product made, used, transferred or sold by, or on behalf
of, the Company or a sublicensee of the Company in an arm’s length transaction, less the cost of goods sold, which is defined as direct costs attributable to the purchase of the Licensed Products by the Company, including without limitation the
cost of materials, direct labor costs, indirect expenses such as distribution costs and sales force costs. 

“Initial Term” has the meaning set forth in Section 11.1. 

“Licensed Field” means the development, distribution and sale of Over-the-Counter Products, Prescription Medical Food Products and Prescription Drug Products for use in the human Cardiovascular Field and containing a concentration of phospholipids extracted from Krill:
(a) between 46% and 68%, and/or (b) between 42% and 46% but in such case only in combination with at least one more bioactive ingredient in a formulation preapproved by the Licensor, which approval shall be granted by the Licensor if such
formulation provides a significant molecular change in the bioactive component without modifying the product to be provided by the Licensor, and only if such
Over-the-Counter Product, Prescription Medical Food Product or Prescription Drug Product does not compete with a product developed by the Licensor at the time of the
request for such approval. 
 “License Grant” has the meaning set forth in Section 2.1(a). 

“Licensed Intellectual Property” means, subject to the terms and conditions of this Agreement, 

(a) the Licensed Patents and (b) all know-how, trade secrets, systems, copyrighted
materials, software (in object code form and, at Licensor’s sole discretion, in source code form), technology, Confidential Information of Licensor not included in the foregoing, and other intellectual property, other than Trademarks, owned or
controlled by, or licensed to Licensor (with the right to grant sublicenses in the Licensed Field) as of the Effective Date and necessary for exploitation of the Licensed Patents, in each case to the extent related to the Licensed Field. 

“Licensed Patents” means (i) those patents and patent applications relating to the Licensed Field owned
by Licensor, or to which Licensor has license rights (with the right to grant sublicenses) as of the Effective Date, and as set forth in Schedule A (which may be updated from time to time), and includes any divisional, continuation and / or continuation-in-part of such patents and patent applications in the Licensed Field; and (ii) any patent issued thereon and any and all reissues, re-examinations,
substitutions, extensions of and / or foreign counterparts to such patents and patent applications in the Licensed Field. 

  
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 “Licensed Products” means any and all products Used, directly or
indirectly, by the Company and within the scope of one or more claims of the Licensed Patents and within the Licensed Field. 

“Net Sales” means the revenues for each Licensed Product made, used, transferred or sold by, or on behalf of,
the Company or a sublicensee of the Company in an arm’s length transaction, less the sum of the following actual and customary deductions (net of rebates or allowances of such deductions received): cash, trade, or quantity discounts; sales or
use taxes imposed upon 
 particular sales; import/export and customs duties freight or other transportation charges; amounts
repaid or credited by reason of rejections and return of goods. 
 “Nutraceutical Products” means any
Dietary Supplement or Functional Food that has proven health and medical benefits. “Dietary Supplement” means a product isolated or purified from foods that is generally sold in medicinal forms not usually associated with food; a dietary
supplement is demonstrated to have a physiological benefit to maintain healthy physiological systems. “Functional Food” is similar in appearance to, or may be, conventional food, is consumed as part of a usual diet, and is demonstrated to
have physiological benefits to maintain healthy physiological systems beyond basic nutritional functions. 

“Nutrigenomic Products” means Nutraceuticals designed to interact with specific genes to reduce the risk of
common chronic diseases by altering the expression of genes and the structure of an individual’s genome. 
 “Over-the-Counter Products” means products intended to be used in the prevention, cure and treatment of a disease, with a monograph safety standard, requiring no
scientific review and which can be sold without a prescription from a medical doctor or in formulation with another OTC product where the safety monograph applies to at least one of the ingredients in the formulation. 

“Permitted Company Licensee” means any permitted sublicensee of the Company pursuant to the terms and
conditions of this Agreement. 
 “Person” means any natural person, corporation, partnership, limited
liability company, trust or any other legal entity. 
 “Prescription Drug Products” means products intended
for the prevention, cure or treatment of a disease, to which attach specific claims, and which has received approval from each country’s respective authorities to be marketed as a prescription drug, and which must be prescribed by a medical
doctor. 
 “Prescription Medical Food Products” means products intended to meet unique complete nutritional
requirements of a disease, which fall within the GRAS category (“Generally Recognized As Safe”) as defined by the respective regulatory authorities of each country in the Territory and which must be prescribed by a medical doctor and/or
doctors accredited to prescribe. 
 “Related Company” means a company that directly, or indirectly through
one or more intermediaries, owns, or is owned by, or is under common ownership with, the Company. For this purpose, the term “own” or “ownership” means the ownership of twenty-five percent (25%) or more of the voting shares of
such corporation or of twenty-five percent (25%) of the ownership interests in such other business entity. 

  
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 “Royalties” has the meaning set forth in Section 5.2. 

“Term” means the Initial Term and the Additional Term. 

“Territory” means worldwide. 

“Third Party” means any person other than the Licensor, the Company or the Related Company. 

“Use” means to develop, use, sell, offer for sale, import, export, have imported, have exported, distribute,
create derivative works from, improve, enhance, and modify; for the purpose of this Agreement, “Use” specifically excludes manufacturing. 
  

	2.	 LICENSE GRANT 

2.1 License to the Company. 
  

	 	(a)	 License Grant. Licensor hereby grants to the Company, and the Company hereby accepts, subject to the
terms and conditions of this Agreement, an exclusive, non-transferable license for the Term and in the Territory to Use the Licensed Intellectual Property solely within the Licensed Field and, where it relates
to the development and commercialization of Licensed Products, in accordance with the terms set out in Schedule B to this Agreement, (the “License Grant”). For purposes of clarity, the Parties agree that the Licensor:
(i) retains all Licensed Intellectual Property rights, in relation with all fields other than the Licensed Field, including without limitation Nutraceutical Products, Cosmeceutical products and Nutrigenomic products, (ii) subject to
Section 12, retains all rights to manufacture or have manufactured any Licensed Product using the Licensed Intellectual Property worldwide including within the Licensed Field and (iii) the Licensor cannot directly or indirectly and/or via
a third party commercialize products containing an ingredient with phospholipid concentrates between 46% and 68% extracted from Krill except only within a formulation with at least one or more bioactive ingredient and as long as this formulation
provides a significant molecular change in the bioactive components modifying the structure of the Licensor’s products as developed by the Licensor on the Effective Date. In addition, the Parties agree that such License Grant includes the right
for the Company to proceed to IND-enabling studies, preclinical and clinical studies and to make any and all regulatory filings required in relation to the Licensed Products. 

 

	 	(b)	 Copies. The Company shall be permitted to make such reasonable numbers of copies of the Licensed
Intellectual Property as are reasonably necessary to effectuate the License Grant; provided however, that (i) the Company shall treat all such copies as Confidential Information of Licensor to be disclosed only as permitted in Section 10,
and (ii) all such copies shall be subject to all terms and conditions of this Agreement. 

  

	 	(c)	 Derivative Works. 

 

	 	(i)	 The Company may create Company Related Enhancements from the Licensed Intellectual Property, subject to the
terms of the License Grant. 

  
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	 	(ii)	 Except as may be imposed by other provisions of this Agreement, such as confidentiality and non-compete provisions, no restrictions are imposed on the Company’s rights to create Independent Developments. 

  

	 	(d)	 Sublicenses. Subject to Section 14.1 and Section 14.2, the Company shall have the right to
sublicense the Licensed Intellectual Property but only with the prior written consent of Licensor, such consent to be at Licensor’s sole discretion, but which shall not be rejected without justified cause, provided that: 

 

	 	(i)	 the sublicense to such Permitted Company Licensee is pursuant to a written, valid and enforceable agreement
containing terms and restrictions (other than fees and without sub-licensing rights) at least substantially the same as those contained herein, including, without limitation, the following:

  

	 	(I)	 License grant limitations and sublicensee obligations relating thereto at least as restrictive as the License
Grant and sublicense obligations set forth herein; 

  

	 	(II)	 Licensor ownership of Licensed Intellectual Property, and Licensor license rights to Company Related
Enhancements and to Company Independent Development by such sublicensee at least as broad as those contained herein; and 

  

	 	(III)	 Obligations on the Permitted Company Licensee at least as broad, and rights at least as favorable to Licensor,
as those contained herein regarding protection of Licensed Intellectual Property, audit rights, remedies and liability limitations, representations, warranties, confidentiality, termination, governing law and other miscellaneous provisions.

  

	 	(ii)	 notwithstanding Section 2.1 (d)(i) above: 

 

	 	(I)	 No sublicensing of any Permitted Company Licensee will include any representations or warranties, express or
implied, made on behalf of Licensor; 

  

	 	(II)	 Except for damages related to the manufacturing of the Licensed Products by Licensor, Licensor will not be
liable for any damages, whether direct, indirect, incidental, consequential, special, punitive or other liability, arising under any such sublicenses, and the Company will at its cost defend and hold the Licensor harmless in relation thereto; and

  

	 	(III)	 Any such sublicense agreement will expressly provide that Licensor is a third party beneficiary of that
sublicense agreement; 

  
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	 	(iii)	 no sublicense will be permitted if it has, or is reasonably likely to have, any material adverse legal,
financial or tax effect on Licensor; and 

  

	 	(iv)	 the Company shall be liable for any action or inaction on the part of any sublicensee of the Company.

  

	 	(e)	 Scope of License. Except for such rights expressly granted to the Company herein, no license, right,
title or interest in or to the Licensed Intellectual Property is granted to the Company or any other entity, either expressly or by implication, estoppel or otherwise. 

 

	 	2.2	 Licensed Third Party Technology. Except as otherwise set forth in Section 5.4, for all third party
intellectual property licensed or sublicensed by Licensor for use with or within the Licensed Intellectual Property in connection with the Company’s business, the Company shall bear the Cost of such license or sublicense, based on the following
principles: (a) where the third party licensor negotiates with the Licensor a reasonable fee for the Company, the Company shall pay 100% of such fee; (b) where the third party licensor fee is based on a usage or other trackable methodology
directly related to the licensed third party intellectual property, the Company shall pay its applicable proportion as certified by Licensor in a notice to the Company; and (c) where the third party licensor has set a general fee, Licensor
shall determine a reasonable pro rata allocation of such fee to the Company and other beneficiaries of the license grant. 

  

	 	2.3	 Technology Transfer. To the extent reasonably necessary for the Company to exercise its rights and
perform its obligations under this Agreement, promptly after the Effective Date, Licensor shall provide to the Company one (1) copy of each physical embodiment of the Licensed Intellectual Property controlled by Licensor on the Effective Date
(and, from time to time thereafter during the Term, promptly after Licensor obtains control of any additional Licensed Intellectual Property). 

  

	3.	 OWNERSHIP OF INTELLECTUAL PROPERTY; RIGHTS TO ENHANCEMENTS 

 

	 	3.1	 Ownership of Licensed Intellectual Property. The Company acknowledges that Licensor and its
licensors own and shall own all right, title and interest, throughout the world, in and to the Licensed Intellectual Property. The Company shall not take any action that is inconsistent with Licensor’s and its licensors’ ownership of the
Licensed Intellectual Property. The Company agrees that nothing in this Agreement and no use of the Licensed Intellectual Property by the Company pursuant to this Agreement, shall vest in the Company or be construed to vest in the Company, any
right, title or interest in or to the Licensed Intellectual Property other than the express right to Use the Licensed Intellectual Property solely in accordance with the terms and conditions of this Agreement. 

 

	 	3.2	 Ownership of Company Related Enhancements. The Company shall own all right, title, and interest in and
to all Company Related Enhancements. 

  

	 	3.3	 Company Related Enhancement Rights and Obligations. 

  
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	 	(a)	 The Company shall promptly disclose all Company Related Enhancements to Licensor. Subject to Section 14.1
and Section 14.2, the Company hereby grants to Licensor, an exclusive, irrevocable, royalty-free, worldwide, perpetual license to make, have made, use, sell, offer for sale, import, export, have import, have exported, distribute, create
derivative works from, improve, enhance, modify and/or otherwise exploit the Company Related Enhancements outside the Licensed Field. 

  

	 	(b)	 The Company shall not at any time during or after the Term of this Agreement Use, nor knowingly permit any
third party to access or Use, for the benefit of the Company or any other entity, any Company Related Enhancements outside of the Licensed Field without the prior written approval of the Licensor. 

 

	 	3.4	 Ownership of Independent Developments. Licensor agrees and acknowledges that the Company shall own all
right, title and interest in and to all Company Independent Developments throughout the world, and that there shall be no restrictions upon the Company’s right to create Independent Developments except as specifically provided in this
Agreement. 

  

	 	3.5	 Independent Development License to Licensor. 

 

	 	(a)	 Subject to Section 14.1 and Section 14.2, the Company shall promptly disclose all Company
Independent Developments to Licensor, such disclosure to be subject to the confidentiality obligations of this Agreement. Such notification shall include a description of the Company Independent Development in reasonably sufficient detail to permit
Licensor to evaluate the Company Independent Development (“Enhancement Notice”). Upon Licensor’s request, the Company shall grant to Licensor a commercially reasonable evaluation license at no Cost in order to evaluate the
Company Independent Development. 

  

	 	(b)	 Subject to Section 14.1 and Section 14.2, the Company must hereby offer to grant to the Licensor,
and Licensor may at its sole discretion accept, effective upon Licensor’s acceptance with respect to each Company Independent Development, a nonexclusive, perpetual, royalty-bearing, irrevocable, worldwide license to: (a) use, sell, offer
for sale, import, export, have imported, have exported, distribute, and (b) in collaboration with the Company or with the Company’s pre-appoval, to create derivative works from, improve, enhance,
modify and/or otherwise exploit, the Company Independent Developments in Licensor’s business in any territory and in any field of use except the Licensed Field, subject to the Parties entering into a reasonable license agreement therefore, to
be negotiated by the Parties in good faith. The license fee for such license grant shall be negotiated at a price which shall not exceed fair market value. 

  

	 	(c)	 Without limitation to Section 3. 5(b), in the event the Company determines to generally commercialize or
license the Company Independent Development, Licensor shall have the right of first negotiation to obtain exclusive rights to the Company Independent Development (other than such rights Licensor obtained pursuant to the foregoing
Section 3.5(b)) as follows: 

  
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	 	(i)	 Licensor will have thirty (30) days from the date of Licensor’s receipt of notice from the Company
of the Company’s desire to commercialize or license the Company Independent Development to notify the Company that it has elected to negotiate for the rights to the Company Independent Developments. Such notice by the Company shall include
detailed information regarding the Company’s commercialization or license plans. 

  

	 	(ii)	 If Licensor so elects to negotiate with the Company for rights to the Company Independent Developments, the
Parties will have a period of sixty (60) days in which to negotiate exclusively in good faith (“Independent Development Exclusive Negotiation Period”). The Company shall not offer to, nor consider any offer from, any third
party to license or otherwise acquire any right, title or interest in or to any such Company Independent Development, nor use such Company Independent Development itself outside of the Territory, during the Independent Development Exclusive
Negotiation Period. 

  

	 	(iii)	 If the parties are unable to reach an agreement during the Independent Development Exclusive Negotiation
Period, the Company may negotiate an agreement with third parties, provided that the Company will not offer nor agree to any terms more favorable than the terms offered to Licensor for a period of 180 days after the termination of the Independent
Development Exclusive Negotiation Period (“Independent Development Free Negotiation Period”). 

  

	 	(iv)	 If the Company desires to offer better terms than those offered to Licensor, the Company will first submit
such offer to Licensor for a new Independent Development Exclusive Negotiation Period and, if applicable, a new Independent Development Free Negotiation Period. 

 

	 	3.6	 Vested Ownership Rights. 

 

	 	(a)	 Subject to Section 14.1 and Section 14.2, to the extent any right, title or interest in or to any
Company Related Enhancement or Company Independent Development or other intellectual property or data vests in the Company, by operation of law or otherwise, in a manner contrary to the agreed upon ownership as set forth in this Agreement, the
Company shall, and hereby does, irrevocably assign to Licensor any and all such right, title and interest in such Company Related Enhancement or Company Independent Development, intellectual property or data to Licensor. 

 

	 	(b)	 Subject to Section 14.1 and Section 14.2, the Company shall take, or shall cause to be taken, all
such actions as shall be necessary, including procuring assignments from individuals, to vest ownership of any Company Related Enhancement or Company Independent Development or other intellectual property or data for all purposes in the applicable
party contemplated by clause (a) above. 

  

	 	3.7	 Trademark Rights. Nothing in this Agreement shall be deemed to give the Company any right, title or
interest in or to any of Licensor’s Trademarks. 

  
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	4.	 PROTECTION OF LICENSED INTELLECTUAL PROPERTY 

 

	 	4.1	 Maintenance of Intellectual Property Rights. The maintenance of the Licensed Patents shall be managed
by the Licensor, in its sole discretion and at its cost. Should the Licensor choose not to continue to maintain any of the patents or patent applications which form part of the Licensed Patents, the Licensor shall provide the Company with reasonably
advanced notice of at least six (6) months if possible in writing of its decision and the Company may, in its sole discretion and at its cost, choose to continue the maintenance of such patent or patent application. 

 

	 	4.2	 Protection of Intellectual Property Rights. 

 

	 	(a)	 Licensor and the Company shall cooperate to diligently police the Licensed Intellectual Property in the
Territory, and in connection with any lawsuits involving Licensed Intellectual Property. Additionally, the Company shall promptly notify Licensor and provide to Licensor relevant background facts upon becoming aware or suspicious of any
infringement, misappropriation, imitation, illegal use or misuse of the Licensed Intellectual Property in the Territory. 

  

	 	(b)	 Licensor shall have the primary right, but not the obligation, to bring, at its own expense, and control, any
suits, actions or other proceedings against any unauthorized use, infringement, misappropriation, dilution or other violation of the Licensed Intellectual Property in the Territory. The Company agrees to cooperate with Licensor, at Licensor’s
expense for the Company’s out-of-pocket Costs and such other Costs as the Parties may agree in writing, in any litigation or other enforcement action that Licensor
may undertake to enforce or protect the Licensed Intellectual Property. Upon Licensor’s request and expense, the Company shall execute, file and deliver all documents and proof necessary for such purpose, including, without limitation, being
named as a party to such litigation as required by law. The Company shall have the right to participate and be represented in any such action, suit or other proceeding by its own counsel at its own expense. The Company shall have no claim of any
kind against Licensor based on or arising out the Licensor’s handling of or decisions concerning any such action, suit, proceeding, settlement, or compromise, and the Company hereby irrevocably releases Licensor from any such claim.

  

	 	(c)	 Should the Licensor decide, at its sole discretion, not to take any litigation or other enforcement action to
enforce or protect the Licensed Intellectual Property in a given situation of infringement as further described in Section 4.2(b), it shall provide a written notice to this effect to the Company which shall then have the right but not the
obligation to undertake litigation or other enforcement action at its cost. The Company may not settle or consent to an adverse judgment in any action, claim or proceeding without obtaining the prior written consent from the Licensor if such
settlement or consent judgment would either impose a financial obligation upon the Licensor, or limit the scope of or invalidate any of the Licensed Intellectual Property. 

  
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	 	4.3	 No Assurance of Protection. The Company agrees and acknowledges that (a) except as set forth on
Schedule A, the Licensed Patents and other Licensed Intellectual Property currently are not patented or registered in the Territory, (b) except as set forth in Section 7, Licensor makes no representation or warranty regarding intellectual
property protection for the Licensed Intellectual Property in the Territory and (c) all terms and conditions of this Agreement, including, without limitation, financial terms, are made on the Parties’ understanding and acknowledgment that
protection for any or all Licensed Intellectual Property may not be obtainable in all or in part of the Territory. 

  

	 	4.4	 Defense Against Infringement Claims. Licensor and the Company shall cooperate to diligently defend the
Company, and, if applicable, Licensor, against any third party infringement claims, demands or actions relating to the Licensed Intellectual Property in the Territory (“Third Party Infringement Claims”). 

 

	 	(a)	 Licensor shall have the primary right, but not the obligation, to defend any Third Party Infringement Claims
insofar as they relate to Licensed Intellectual Property, at its expense for all out-of-pocket Costs and such other Costs as the Parties may agree in writing. The
Company agrees to cooperate with Licensor, at the Company’s expense for Costs, with respect to the foregoing. The Company shall have the right to participate and be represented in any such Third Party Infringement Claim by its own counsel at
its own expense. The Company shall have no claim of any kind against Licensor based on or arising from Licensor’s handling of or decisions concerning any such Third Party Infringement Claim, or any settlement or compromise thereof, and the
Company hereby irrevocably releases Licensor from any such claim. 

  

	 	(b)	 If Licensor does not exercise the option in Section 4.4(a), or if the Third Party Infringement Claim does
not challenge Licensor’s rights in the Licensed Intellectual Property, the Company may defend or otherwise resolve such Third Party Infringement Claim. Notwithstanding the foregoing, Licensor may intervene in the defense of such Infringement
Claim at any time at its own expense. 

  

	 	(c)	 Licensor shall, at its sole discretion, approve any settlement that involves or affects the Licensed
Intellectual Property. Except as otherwise set forth in this Section 4.4, each Party shall bear its own Costs incurred by it in complying with this provision, including, without limitation, those incurred in defending, bringing or controlling
any such suits, actions or other proceedings. 

  

	 	4.5	 Defense Against Other Claims. Licensor and the Company shall cooperate to defend the Company against
any third party claims, demands or actions, other than claims subject to Section 4.4. The Company shall have the obligation to defend and control, or otherwise resolve, any such claims, demands or actions, provided that such claims, demands or
actions are solely related to the Licensed Intellectual Property in the Licensed Field or are specifically related to the Company’s business or activities, at its own expense for Costs. Licensor agrees, at the Company’s expense for all out-of-pocket Costs and such other Costs as the Parties may agree in writing, to cooperate with the Company with respect to the foregoing to the extent related to the subject
matter of this Agreement. Licensor shall have the right to participate and be represented in any such action, suit or proceeding by its own counsel at its own expense. 

  
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	 	4.6	 Exceptions. Notwithstanding the other provisions contained in this Section 4, the Licensor shall
be solely responsible for the defense, control and resolution, at its own expense, of the claims, demands and actions set forth in Schedule 7.1 to this Agreement. 

 

	 	4.7	 Total Obligations. The Company agrees and acknowledges that this Section 4, in light of the
allocation of risk between the Parties as reflected in the terms and conditions of this Agreement, set forth the Licensor’s sole and exclusive liability, with respect to any infringement or other violation of any third party rights, including,
without limitation, in respect of third party intellectual property. Licensor’s obligations to defend and/or pay for any defense Costs as provided in this Section 4 shall not apply to the extent a claim has arisen because of any
modification or enhancement to the Licensed Intellectual Property by or on behalf of the Company, or the Company’s failure to use a commercially reasonable work-around or substitute provided by Licensor for the intellectual property at issue.
The Costs for such work-around or substitute will be allocated in the same manner as Costs for other Licensed Intellectual Property are allocated. 

  

	5.	 ROYALTIES 

  

	 	5.1	 Initial Consideration. On the Effective Date, the Company shall grant the Licensor the following
consideration (the “Initial Consideration”): (i) twenty-five million (25,000,000) Class C shares with a liquidation value of twenty cents ($0.20) per share; (ii) five million (5,000,000) Class B shares (10 votes per
share) with a liquidation value of eighty cents ($0.80) per share; and (iii) eight million (8,000,000) Category 1 warrants to purchase within two (2) years Class A shares at an exercise price of forty cents ($0.40) per share.

  

	 	5.2	 Royalties. In addition to the Initial Consideration, during the Initial Term, the Company shall pay to
Licensor, in consideration for the License Grant, a running royalty (the “Royalties”) equal to: 

  

	 	(a)	 the higher of the following amounts: (i) seven and one half percent (7.5%) of Net Sales, and
(ii) fifteen percent (15%) of the Gross Margin, from Licensed Product sales made by the Company in the Licensed Field or by any Related Company under the License Grant; plus 

 

	 	(b)	 20% of revenues and of any other consideration, compensation or advantage received in exchange for sublicense
rights granted by the Company to Third Parties. 

 If the Company or a Related Company sells Licensed
Product in the Licensed Field under the License Grant as a component or a combination of other ingredients (the “Formulation”), for the purpose of calculating the Royalties, the applicable Net Sales, Gross Margin or revenues,
as the case may be, shall calculated in proportion to the cost for the Company or for the Related Company of the product under the License Grant relative to the cost of the Formulation. 

  
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	 	5.3	 Minimum Requirements. In order to maintain the rights granted under this Agreement, the Company shall
meet all of the following conditions: 

  

	 	(a)	 In each Contract Year, notwithstanding any payment made under Section 5.1, the Company undertakes to make
minimum payments to the Licensor, which shall include the Royalty payments made during such Contract Year, and which payments shall equal or exceed the following amounts (the “Minimum Payment Requirements”): 

 

																									
	 	  	Contract
Year 1	 	  	Contract
Year 2	 	  	Contract
Year 3	 	  	Contract
Year 4	 	  	Contract
Year 5	 	  	Contract
Year 6 and
following
Contract
Years	 
	 Medical Food Products
	  	$	0	 	  	$	50,000	 	  	$	100,000	 	  	$	150,000	 	  	$	200,000	 	  	$	250,000	 
	 Over-the-Counter
Products
	  	$	0	 	  	$	0	 	  	$	100,000	 	  	$	150,000	 	  	$	200,000	 	  	$	250,000	 
	 Prescription Products
	  	$	0	 	  	$	0	 	  	$	0	 	  	$	0	 	  	$	500,000	 	  	$	500,000	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	0	 	  	$	50,000	 	  	$	200,000	 	  	$	300,000	 	  	$	900,000	 	  	$	1,000,000	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 For purposes of clarity, the Minimum Payment Requirements are based on annual minimum payments
for each specific product category; and 
  

	 	(b)	 The Company shall have marketed and sold to arm’s length customers Over-the-Counter Products and/or Medical Food Products before the end of Contract Year 3; and 

  

	 	(c)	 The Company shall have marketed and sold to arm’s length customers Over-the-Counter Products and Medical Food Products before the end of Contract Year 4; and 

If any of the conditions set out in Section 5.3(a)(b) and Section 5.3(a)(c) are not met by the Company for reasons
other than reasons beyond the Company’s control, the Licensor may at its sole option, change this Agreement to a non-exclusive sublicense one hundred eighty (180) days after written notice to the
Company should the Company not rectify this default within such one hundred eighty (180) day period. 
 Notwithstanding
the foregoing, the Company may choose to restrict the License Field under this Agreement and to abandon its License Grant in relation to one or more of the following categories:
Over-the-Counter Products, Medical Food Products and/or Prescription Products, upon written notice to the Licensor, accompanied with a payment equal to the Minimum
Payment Requirements for the abandoned product category until the date of abandonment, less Royalties and other payments made for the abandoned product category in accordance with this Section 5 by the Company to the Licensor during the given
Contract Year, plus fifty percent (50%) of the Minimum Payment Requirements for the abandoned product category for the subsequent Contract Year. Should the Company abandon its License Grant in relation with one of the foregoing categories, this
Agreement shall be deemed to have been modified to limit the License Grant accordingly, and the Company shall not be bound to meet any further Minimum Payment Requirements or other conditions mentioned in this Section 5.3 in relation to such
abandoned category. 

  
 12 

	 	5.4	 Third Party Fees. The Company shall be responsible for all third party license and other fees and all
other Company Costs in connection with the License Grant, except for the fees to be assumed by the Licensor as set forth in Section 4.6, any fees payable to the Université de Sherbrooke related to the Beaudoin Patent and any fees related
to the action undertaken by Mr. Beaudoin as described in Schedule 7.1 hereto. 

  

	 	5.5	 Time and Place of Payment. All Royalties are payable quarterly within forty-five (45) days after
end of each such quarter, and any other fees net forty-five (45) days from invoice for same from Licensor. All payments under this Agreement shall be made in Montreal, Quebec, in Canadian currency, or such other location as Licensor may
indicate. 

  

	 	5.6	 Taxes and Other Assessments. All payments under this Agreement shall be made without deduction for
taxes, assessments or other charges of any kind that may be imposed on Licensor by any government, or subdivision of such government, other than Licensor’s Canadian income taxes, and all such taxes, assessments and charges shall be the sole
responsibility of the Company. 

  

	 	5.7	 Failure to Pay and Overdue Payments. Failure to pay the License Fee within sixty (60) days of
receipt by the Company of notice from Licensor that the License Fee has not been paid, shall constitute a material breach of this Agreement. Any payments that are not timely paid as provided hereunder shall bear interest at the annual rate of the
lower of (a) the highest rate permitted by law and (b) one and one half percent (1.5%) per month. 

  

	 	5.8	 Early Repayment of Royalties. 

 

	 	(a)	 At any time during the first year following the Effective Date if agreed by both Parties, and at any time
after one (1) year following the Effective Date, the Company may, at its option, pay in advance all or part of any future Royalties (the “Transaction”) which will become payable under Section 5.2 hereof, cash and/or through the
issuance of its shares (the “Company Shares”) subject to the approval of the Stock Exchange Authority regulating the shares where the Company is listed. 

 

	 	(b)	 The calculation of the number of Company class A and/or class B Shares to be issued shall be based on the
following formula: 

  

	 	NPV	 Royalties at T / FMV at T, 

where NPV Royalties at T = PV2009 (l+d)T- 2009 –
STRn(l+d)T-2009 

n = 2009 

and: 
  

	 	•	 	 FMV at T = “Fair Market Value” at time T 

 

	 	•	 	 NPV Royalties T = net present value at the beginning of year T of future Royalties to be paid;

  
 13 

	 	•	 	 d = discount rate depending on the evaluation of the risk to be agreed by both Parties, and being between
eight and ten percent (8%-10%) during the pre-commercialization period; 

  

	 	•	 	 T = year of the Transaction (at the beginning of the year) 

 

	 	•	 	 Rn = Royalties paid during year n 

 

	 	•	 	 n = start at year 2009 

 

	 	•	 	 PV = Present value at beginning of year 2009 of all future Royalties (Section 5) adjusted for risk and
discounted and capitalized at a discount rate “d” which will be between eight and ten percent (8%-10%) during the pre-commercialization period and between
twenty and thirty (20%-30%) during the commercialization period. 

 P.S.: At August 7th, 2008 the Present Value PV of the expected Royalties based on the evaluation report produced by Ernst and Young is $9.5M CDN. 

 

	 	(c)	 The number of shares to be issued by the Company in payment of payable Royalties shall be based on Fair Market
Value. For the purpose of this Section 5.8, “Fair Market Value” shall be determined as follows: 

  

	 	(i)	 If the Company is traded on a public exchange, the volume weighted average price of its shares for the twenty
(20) trading days prior to the issuance of the shares; 

  

	 	(ii)	 If the Company is not traded on a public exchange, the higher of (i) the price of the last financing with
an independent third party if such financing has occurred within the previous three (3) months, and (ii) the price agreed amongst the Parties. 

  

	 	(d)	 The Company cannot however proceed to the issuance of such number of Company class A Shares that would cause
as a consequence of such issuance a dilution of its issued and outstanding class A shares of over twenty-five percent (25%). 

  

	 	(e)	 

  

	 	(i)	 Subject to the Company satisfying all terms outlined in clause
5.8(a-d) and after at least the full amount corresponding to half of the present net value of the Royalties at time T will have been paid then clauses 5.3(b) and 5.3(c) will be replaced by the following:

  

					
		  	 5.3(b)
	  	 The Company shall have marketed and sold to arm’s length customers Over-the-Counter Products and/or Medical Food Products before the end of Contract Year 5; and

			
		  	 5.3(c)
	  	 The Company shall have marketed and sold to arm’s length customers Over-the-Counter Products and Medical Food Products before the end of Contract Year 6.

  
 14 

	 	(ii)	 Moreover, when the full amount corresponding to the residual unpaid net present value of the Royalties at time
T will have been paid, then clauses 5.2 will also be considered annulled. 

  

	6.	 PAYMENTS, RECORDS, AUDIT RIGHTS 

 

	 	6.1	 Payment Reports. Within forty-five (45) days after the end of each calendar quarter during the
Term, the Company shall provide the Licensor, along with the Royalties, with a report stating the Company’s Net Sales, Gross Margin, revenues from sublicenses made by the Company to third parties and, if applicable, all information used to
establish the pro-rata calculation should the Company sell a Formulation, the whole for that calendar quarter by the Company. Such report shall also indicate the quantity of Licensed Products sold by the
Company during such calendar quarter. The Company shall provide the reports due to the Licensor at the address set forth in Section 14.14. 

  

	 	6.2	 Company Maintenance of Records. The Company shall maintain complete and accurate accounting,
development and business records in accordance with sound accounting, research and development and business practices to substantiate and verify the Company’s financial information used in calculating the Royalties, any use of Licensed
Intellectual Property and any development of any software or other intellectual property related to the Licensed Intellectual Property, and will preserve such records for a period of at least five (5) years after completion of the pertinent
obligations or other work. 

  

	 	6.3	 Audit. Licensor or its designee shall have the right, at Licensor’s expense, to audit and inspect
the books and records of the Company upon five (5) Business Days’ written notice to the Company during regular business hours for the purpose of verifying that all Royalties have been paid and confirming that the Company has performed all
of its obligations under, and has complied with, the terms and conditions of this Agreement. If the audit identifies any underpayment or overpayment of Royalties by the Company, then, (a) in the case of an underpayment, the Company shall pay to
Licensor the amount of such underpayment within thirty (30) Business Days after Licensor delivers to the Company a written report describing such underpayment, or (b) in the case of an overpayment, the Company shall be entitled to a credit
against future Royalties in the amount of such overpayment as described in a written report from Licensor. If the audit reveals that the Company underpaid Royalties by more than ten percent (10%) in any calendar quarter, then all fees and expenses
of such audit shall be paid by the Company. 

  

	7.	 REPRESENTATIONS AND WARRANTIES 

 

	 	7.1	 Licensor Representations and Warranties. Except as set forth in Schedule 7.1, Licensor represents to
the Company that, to the knowledge of Licensor, with respect to the Territory (a) Licensor owns or has the right to license the Licensed Intellectual Property free and clear of any encumbrances; and (b) there are no adverse claims in the
Territory relating to the Licensed Intellectual Property. 

  
 15 

	 	7.2	 Mutual Representations and Warranties. Each Party represents and warrants to the other Party that
(a) it has the full corporate right, power and authority to enter into this Agreement and to perform its obligations hereunder, (b) the execution of this Agreement and the performance of its obligations hereunder does not and will not
conflict with or result in a breach (including, without limitation, with the passage of time) of any other agreement to which it is a party or by which any of its assets or properties is bound or affected, and (c) this Agreement has been duly
executed and delivered by such Party and constitutes the valid and binding agreement of such Party, enforceable against such Party in accordance with its terms, except to the extent that enforceability is limited by public policy or creditors’
rights generally. 

  

	 	7.3	 Disclaimer of Representations and Warranties. TO THE MAXIMUM EXTENT PERMITTED BY LAW, EXCEPT AS SET
FORTH ABOVE IN THIS SECTION 7, LICENSOR DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY, ORAL OR IN WRITING, ARISING UNDER LAWS OF CANADA, THE TERRITORY OR ANY OTHER LAWS, INCLUDING, WITHOUT LIMITATION, WITH
RESPECT TO VALIDITY, ENFORCEABILITY, NON-INTERRUPTION, ERROR-FREE OPERATION, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OR THE LIKE WITH RESPECT
TO THE LICENSED INTELLECTUAL PROPERTY, WHETHER IN THE TERRITORY OR OTHERWISE. 

  

	8.	 INDEMNIFICATION 

 

	 	8.1	 Indemnification by Licensor. Subject to Section 9, Licensor agrees to defend, indemnify, and hold
the Company, and the respective directors, officers, employees and agents of the Company, harmless from and against any and all out-of-pocket costs, damages and losses
(including, without limitation, reasonable attorneys’ fees and costs) arising out of or resulting from third party claims due to (i) the material breach by Licensor of any of its representations, warranties, covenants and agreements
contained in this Agreement, or (ii) Licensor’s material unauthorized use or disclosure of any Company Confidential Information, or (iii) any acts or omissions of the Licensor in its business arising from gross negligence or willful
misconduct. 

  

	 	8.2	 Indemnification by the Company. Subject to Section 9, the Company agrees to defend, indemnify, and
hold Licensor and the respective directors, officers, employees and agents of Licensor, harmless from and against any and all out-of-pocket costs, damages and losses
(including, without limitation, reasonable attorneys’ fees and costs) arising out of or resulting from third party claims due to (i) any material breach by the Company (or by any Permitted Company Licensee) of any of its representations,
warranties, covenants and agreements contained in this Agreement, (ii) the Company’s (or any Permitted Company Licensee’s) unauthorized use or disclosure of any Licensed Intellectual Property or material unauthorized use or disclosure
of any Confidential Information or (iii) any acts or omissions of the Company (or any Permitted Company Licensee) in its business arising from gross negligence or willful misconduct. 

  
 16 

	 	8.3	 Indemnification Obligations. In no event will the loss of profits, sales, business, data or other
indirect, incidental, consequential, special, punitive or similar damages of a third party be considered direct damages of a Party for purposes of the indemnification obligations under this Section 8. 

 

	9.	 LIMITED REMEDY 

 

	 	9.1	 Intellectual Property. TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT SHALL LICENSOR BE LIABLE TO
THE COMPANY, ANY PERMITTED COMPANY LICENSEE OR ANY OTHER ENTITY FOR ANY CLAIM, LOSS OR DAMAGE OF ANY KIND ARISING OUT OF OR IN CONNECTION WITH THE DEFICIENCY OR INADEQUACY OF THE LICENSED INTELLECTUAL PROPERTY FOR ANY PURPOSE WHETHER OR NOT KNOWN OR
DISCLOSED TO LICENSOR. 

  

	 	9.2	 Exclusion of Consequential Damages. TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT SHALL A PARTY
OR ANY PERMITTED COMPANY LICENSEE BE LIABLE TO THE OTHER PARTY OR ANY PERMITTED COMPANY LICENSEE OR ANY OTHER ENTITY FOR ANY LOSS OF PROFITS, SALES, BUSINESS, DATA OR OTHER INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE OR SIMILAR DAMAGES
IRRESPECTIVE OF WHETHER LICENSOR HAS BEEN INFORMED OF, KNEW OF, OR SHOULD HAVE KNOWN OF THE LIKELIHOOD OF SUCH DAMAGES. THIS LIMITATION APPLIES TO ALL CAUSES OF ACTION IN THE AGGREGATE, INCLUDING, WITHOUT LIMITATION, BREACH OF CONTRACT, BREACH OF
WARRANTY, NEGLIGENCE, STRICT LIABILITY, MISREPRESENTATION, AND OTHER TORTS. 

  

	10.	 CONFIDENTIALITY 

 

	 	10.1	 Definition. “Confidential Information” means (a) the terms and conditions of this
Agreement, (b) any information, in whatever form, designated by a Party (“Disclosing Party”) in writing as confidential, proprietary or marked with words of like import when provided to the other Party (“Receiving
Party”); and (c) information orally conveyed if the Disclosing Party states at the time of the oral conveyance or promptly thereafter that such information is Confidential, and such statement of confidentiality is specifically
confirmed in writing within fifteen (15) days of such oral conveyance, or is disclosed under circumstances in which the Receiving Party knew or reasonably should have known was confidential. 

 

	 	10.2	 Exclusions. Confidential Information shall not include information which: (a) at or prior to the
time of disclosure was known to the Receiving Party through lawful means or through act of a third party that was not known by the Receiving Party to be unauthorized; (b) at or after the time at which the disclosure by the Disclosing Party
becomes generally available to the public through no act or omission on the Receiving Party’s part; (c) is proven in record to be developed by the Receiving Party independent of any Confidential Information it receives from the Disclosing
Party or (d) the Receiving Party lawfully receives from a third person free to make such disclosure without breach of any legal obligation. 

  
 17 

	 	10.3	 Disclosure Due to Legal Obligations. The Receiving Party may disclose Confidential Information
pursuant to any statute, regulation, order, subpoena or document discovery request, including, without limitation, in publicly filed disclosure documents of the Receiving Party under federal or state securities laws if deemed reasonably necessary on
advice of legal counsel. 

  

	 	10.4	 Requirements. Licensor and the Company shall use the Confidential Information of the other Party
solely to fulfill its obligations and exercise its rights under this Agreement, and, except as otherwise provided herein, all Confidential Information of the Disclosing Party, and any derivative works thereof, shall remain at all times the sole and
exclusive property, worldwide, of the Disclosing Party and its licensors. The Receiving Party shall use the same measures used to protect the Disclosing Party’s Confidential Information as it uses to protect its own Confidential Information,
but in no event less than commercially reasonable measures. The Receiving Party shall not disclose any of the Disclosing Party’s Confidential Information to any third party without the Disclosing Party’s prior written consent.

  

	 	10.5	 Permitted disclosure. Notwithstanding the foregoing Section 10.4, the Receiving Party may
disclose the Disclosing Party’s Confidential Information to the extent necessary to enter into or perform its obligations under sublicenses granted in accordance with this Agreement to the Receiving Party’s business partners with the
Disclosing Party’s prior written consent, such consent not to be unreasonably withheld, provided that any third party shall enter into a customary confidentiality agreement in favor of the Disclosing Party, and in form and substance reasonably
satisfactory to the Disclosing Party. 

  

	 	10.6	 Return of information. The Receiving Party shall, at the request of the Disclosing Party,
retrieve all Confidential Information from its and permitted disclosees’ officers, employees, agents, advisors and subcontractors and thereafter shall (a) promptly return all Confidential Information held or used by the Receiving Party in
whatever form or (b) at the discretion of the Disclosing Party, promptly destroy all such Confidential Information, and promptly cause an officer of the Receiving Party to certify that the requirements of this Section 10.6 have been fully
complied with; provided that, during the Term, the Disclosing Party shall not make such a request with respect to Confidential Information necessary for the Receiving Party to perform its obligations hereunder. 

 

	 	10.7	 Injunctions. In view of the difficulties of placing a monetary value on the Confidential
Information, the Disclosing Party may be entitled to a preliminary and final injunction without the necessity of posting any bond or undertaking in connection therewith to prevent any further breach of this Article or further unauthorized use of its
Confidential Information. This remedy is separate from and in addition to any other remedy the Disclosing Party may have. 

  

	11.	 TERM AND TERMINATION 

 

	 	11.1	 Term. The “Initial Term” of this Agreement shall commence on the Effective Date
and shall expire on the date of expiration of the last-to-expire of the Licensed Patents. Upon the expiry of the Initial Term, this Agreement shall be automatically
renewed for an additional term of fifteen (15) years (the “Additional Term”) except that during such Additional Term: (i) the royalties payable by the Company shall be made in consideration

  
 18 

	 	 for the Use by the Company of all Licensed Intellectual Property to the Company other than the Licensed
Patents, and (ii) the royalties payable by the Company shall be equal fifty percent (50%) of the Royalties payable in accordance with Section 5 of this Agreement. Notwithstanding the foregoing, upon agreement amongst the Parties, the
royalties payable during the Additional Term may be paid by the Company through an issuance of shares, and the value of the royalties and of the Company’s shares shall be determined based on an evaluation to be conducted by an independent third
party to be appointed by the Parties. 

  

	 	11.2	 Termination by Either Party. This Agreement may be terminated by either Party immediately upon
notice to the other Party if such other Party commits a material breach of any of the material provisions of this Agreement, and such breach is not cured within thirty (30) days after written notice of such breach is received from the non-breaching Party, except that the time period shall be fourteen (14) days for breaches in respect of Confidential Information that result or are reasonably likely to result in a material adverse effect on
the non-breaching Party; 

  

	 	11.3	 Termination by Licensor. Without limitation to Section 11.2, Licensor may terminate this
Agreement prior to expiration of the Term under the following conditions: 

  

	 	(a)	 Upon thirty (30) days written notice of such action, unless cured by the Company during such notice
period, if the Company uses any of the Licensed Intellectual Property outside of the scope of the License Grant or the Licensed Field; or 

  

	 	(b)	 Upon written notice in the event that the Company ceases doing business, becomes insolvent, is the subject of
a voluntary bankruptcy, insolvency or similar proceeding, is the subject of an involuntary bankruptcy, insolvency, or similar proceeding that is not dismissed within sixty (60) days of filing, makes an assignment for the benefit of creditors,
becomes unable to pay its debts when due or enters into an agreement with its creditors providing for the extension or composition of debt. 

  

	 	11.4	 Effect of Termination. 

 

	 	(a)	 Upon the termination of this Agreement for any reason other than: (i) its natural expiration, or
(ii) the termination of this Agreement by the Company due to a material breach of this Agreement by Licensor, then all Licensor license rights to all Company Related Enhancements and to Company Independent Developments existing at the time of
the termination shall survive unaffected by such expiration or termination. 

  

	 	(b)	 Return of Licensed Intellectual Property Upon Termination. On or before ten (10) days after
the termination of this Agreement, the Company must deliver to Licensor all Licensed Intellectual Property and Licensor Confidential Information, or at Licensor’s request, destroy, to the extent requested, all copies of the Licensed
Intellectual Property and Licensor Confidential Information created by or on behalf of the Company and cause an officer of the Company to certify that such instructions have been followed in their entirety. 

  
 19 

 12. RIGHTS RELATING TO THE MANUFACTURING OF LICENSED PRODUCTS 

 

	 	12.1	 Licensor’s Right to Manufacture. The Licensor may, at its sole option, manufacture or have
manufactured by a third party the Licensed Products for the Company. 

  

	 	12.2	 Price of Manufacturing and Standards. Should the Licensor choose to manufacture or to have manufactured
the Licensed Products: 

  

	 	(a)	 The price for the manufacturing of the Licensed Products for the Company shall be as follows: (i) for Over-the-Counter Products and Medical Food Products, at the higher of: the price at which the Licensor maintains a Licensor Gross Margin equal to twenty-five percent (25%) or
$30 per kilo; and (ii) for Prescription Products, at the higher of: the price at which the Licensor maintains a Licensor Gross Margin equal to twenty-five percent (25%) or $60 per kilo. For the purpose of this Section 12, “Licensor
Gross Margin” means for each Licensed Product manufactured by, or on behalf of, the Licensor, sales revenues less the cost of goods sold, divided by sales revenues; costs of goods sold include all direct costs attributable to the
manufacturing of the Licensed Products by the Licensor, including without limitation the cost of materials and direct labor costs. 

  

	 	(b)	 Notwithstanding the above, if the price for the manufacturing of the Licensed Products is not or does not
remain competitive when compared to similar manufacturing services in a similar industry, then: (i) the Company shall provide the Licensor with a written notice setting out in detail the facts supporting its position to the effect that the
prices are not competitive; and (ii) the Parties shall, within a sixty (60) day period from the date of receipt of the Company’s notice, negotiate in good faith the price for the manufacturing of the Licensed Products. Should
the Parties fail to agree on a new price within such sixty (60) day period, and upon the Company demonstrating its ability to obtain the identical product at a better price elsewhere, then: (a) the Licensor’s rights to manufacture or
to have manufactured the Licensed Products provided in this Agreement shall automatically cease, (b) the Company shall gain the right (using Licensor IP, trade secret, Technology and/or Process, if wished by the Company) to manufacture or to
have manufactured the Licensed Products and shall be relieved of its obligation to pay Additional Royalties in relation thereto, and (c) this Agreement shall be deemed to have been automatically amended, without further notice or delay, to add
to the definition of “Use” the terms “manufacture or have manufactured”, and to substract from such definition the terms “for the purpose of this Agreement, “Use” specifically excludes manufacturing”.

  

	 	(c)	 The Licensor shall manufacture the Licensed Products in accordance with generally accepted industry standards
in the Licensed Field, the product specifications and for the quantity provided by the Company, and shall be responsible for all direct damages caused by its negligence or willful misconduct in the manufacturing of the Licensed Products.

  
 20 

	 	(d)	 Notwithstanding the above, if the Licensor or the third party manufacturer outsourced by the Licensor fails to
comply with the generally accepted industry standards in the Licensed Field and/or the product specifications provided by the Company or does not commit to meet in time the quantity requested by the Company:, then: (i) the Company shall provide
the Licensor with a written notice setting out in detail the standards and/or specifications which were not met and/or the missing commitment for quantity/timeline as required; and (ii) the Licensor shall have a sixty (60) day period from
the date of receipt of the Company’s notice, to correct such deficiencies or to demonstrate that these standards and specifications were met and that the quantity requirement will be fulfilled in time. Should the Licensor not demonstrate that
the standards and specifications were met and/or that the quantity will be fulfilled in time and/or that it will not correct the deficiencies within such sixty (60) day period: (i) the Licensor’s rights to manufacture or to have
manufactured the Licensed Products provided in this Agreement shall automatically cease, (ii) the Company shall gain the right (using Licensor IP, trade secret, Technology and/or Process, if wished by the Company) to manufacture or to have
manufactured the Licensed Products and shall be relieved of its obligation to pay Additional Royalties in relation thereto, and (iii) this Agreement shall be deemed to have been automatically amended, without further notice or delay, to add to
the definition of “Use” the terms “manufacture or have manufactured”, and to substract from such definition the terms “for the purpose of this Agreement, “Use” specifically excludes manufacturing”.

  

	 	12.3	 Manufacturing by or on behalf of Company. Should the Licensor choose not to manufacture or have
manufactured the Licensed Products, the Company may (using Licensor IP, trade secret, Technology and/or Process, if wished by the Company) manufacture or have manufactured the Licensed Products. If the Company does so, then the Parties will amend
this License Agreement to provide: 

  

	 	(a)	 for the amendment of the definition of “Use” to add the terms “manufacture or have
manufactured” and to make other amendments related thereto, and 

  

	 	(b)	 subject to Section 12.2(c), for the amendment of the Royalties payable under this Agreement to add an
additional royalty relating to the manufacturing of the Licensed Products, which additional royalty shall be equal to the following: (i) for Over-the-Counter
Products and Medical Food Products, to an amount equal to the higher of a five percent (5%) of the Manufacturer’s Gross Margin or $10 per kilo; and (ii) for Prescription Products, to an amount equal to the higher of a five percent (5%) of
the Manufacturer’s Gross Margin or $10 per kilo. For the purpose of this Section 12.3, “Manufacturer’s Gross Margin” means for each Licensed Product manufactured by, or on behalf of, the Company, sales revenues less
the cost of goods sold; costs of goods sold include all direct costs attributable to the manufacturing of the Licensed Products by the Company or by the third party manufacturer, including without limitation the cost of materials and direct labor
costs; and 

  

	 	(c)	 to provide an undertaking by the Company to provide or to cause any third party manufacturer to provide all
financial information required to establish the Manufacturer’s Gross Margin used in calculating the additional Royalty provided in Section 12.3(b) above. 

 

	 	(d)	 to provide all details and documentation to allow the Company and/or manufacturers outsourced by the Company
to adequately use the Production knowhow, IP, trade secret, Technology related to the Production Process. 

  
 21 

	13.	 NON-COMPETITION 

During the Term of this Agreement and for a period of five (5) years thereafter, the Company shall not develop any product
containing phospholipids polyunsaturated fatty acids extracted from Krill with any competitor of the Licensor. 
  

	14.	 LICENSOR’S CHANGE IN OWNERSHIP OF THE COMPANY 

14.1 Should, at any time during the Term of this Agreement: 

 

	 	(a)	 the Licensor own, directly and/or indirectly, itself and/or through one or more intermediaries, an aggregate
number of voting shares of the Company which in total, is equal or less than eighty percent (80 %) of the number of such issued and outstanding shares, or 

  

	 	(b)	 the Licensor own, directly and/or indirectly, itself and/or through one or more intermediaries, an aggregate
number of non-voting shares which entitle the holder to the right to receive dividends and to participate in assets of the Company upon its dissolution, which in total, is equal or less than sixty-six and two thirds percent (66 2/3 %) of the number of such issued and outstanding shares, or 

  

	 	(c)	 the Company have effected the payment of at least fifty percent (50%) of Royalties in shares, as further
provided in Section 5.8, 

 then this Agreement shall be automatically amended as follows: 

 

	 	•	 	 The first paragraph of Section 2.1(d) shall be replaced by the following:

 “(d) Sublicenses. The Company shall have the right to sublicense the Licensed Intellectual
Property but only after having provided a prior written notice to the Licensor, and provided that:” 
  

	 	•	 	 Section 3.3(a) shall be replaced by the following: 

“(a) The Company shall promptly, but in all cases no more than thirty (30) days following the aforementioned
development, inform the Licensor of the development of all Company Related Enhancements and disclose, by written notice to the Licensor, a description of the Company Related Enhancement in reasonably sufficient detail to permit Licensor to evaluate
the Company Related Enhancement. In such notice, the Company shall offer to the Licensor an exclusive, irrevocable, royalty-bearing, worldwide, perpetual license to make, have made, use, sell, offer for sale, import, export, have import, have
exported, distribute, create derivative works from, improve, enhance, modify and/or otherwise exploit the Company Related Enhancements outside the Licensed Field. The Licensor shall respond within
fourty-

  
 22 

 five (45) days to such Company notice to indicate whether it its interested
in entering into a license agreement with respect to such Company Related Development. Upon Licensor’s request, the Company shall grant to Licensor a commercially reasonable evaluation license at no Cost in order to evaluate the Company Related
Enhancement. Should the Licensor indicate its interest as provided herein, the Parties shall negotiate in good faith the terms of such license agreement. ” 
  

	 	•	 	 Section 3.5 shall be replaced by the following: 

“The Company may, at its option, disclose any Company Independent Development to Licensor, such disclosure to be subject
to the confidentiality obligations of this Agreement. Such notification shall include a description of the Company Independent Development in reasonably sufficient detail to permit the Licensor to evaluate the Company Independent Development. Upon
the Licensor’s request, the Company shall grant to the Licensor a commercially reasonable evaluation license at no Cost in order to evaluate the Company Independent Development. The Parties may at their option, negotiate the terms of a license
agreement with respect to each Company Independent Development.” 
  

	 	•	 	 Section 3.6 shall be replaced by the following: 

“(a) Subject to the Licensor having evaluated the Company Related Enhancement as provided in Section 3.3(a), to the
extent any right, title or interest in or to any Company Related Enhancement or other intellectual property and/or data related to the Company Related Enhancement, vests in the Company, by operation of law or otherwise, in a manner contrary to the
agreed upon ownership as set forth in this Agreement, the Company shall, and hereby does, irrevocably assign to Licensor any and all such right, title and interest in such Company Related Enhancement, intellectual property and/or data related to the
Company Related Enhancement, to Licensor subject to the payment by the Licensor to the Company of Royalties payable in accordance with Section 3.3.(a). 

(b) The Company shall take, or shall cause to be taken, all such actions as shall be necessary, including procuring
assignments from individuals, to vest ownership of any Company Related Enhancement or other intellectual property or data for all purposes in the applicable party as contemplated by clause (a) above.” 

 

	 	•	 	 Section 4.2 (b) shall be replaced by the following: 

“(b) Licensor shall have the primary right, but not the obligation, to bring, at its own expense, and control, any suits,
actions or other proceedings against any unauthorized use, infringement, misappropriation, dilution or other violation of the Licensed Intellectual Property in the Territory. The Company agrees to cooperate with Licensor, at Licensor’s expense
for the Company’s out-of-pocket Costs and such other Costs as the Parties may agree in writing, in any litigation or other enforcement action that Licensor may
undertake to enforce or protect the Licensed Intellectual Property. Upon Licensor’s request and expense, the Company shall execute, file and deliver all documents and proof necessary for such purpose, including, without limitation, being named
as a party to such litigation as required by law. The Company shall have the right to participate and be represented in any such action, 

  
 23 

 suit or other proceeding by its own counsel at its own expense. The Licensor may
not settle or consent to an adverse judgment in any action, claim or proceeding without obtaining the prior written consent from the Company if such settlement or consent judgment would either impose a financial obligation upon the Company, and/or
limit the scope of and/or invalidate any of the Licensed Intellectual Property.” 
  

	 	•	 	 Section 4.4(a) shall be replaced by the following: 

(a) Licensor shall have the primary right, but not the obligation, to defend any Third Party Infringement Claims insofar as
they relate to Licensed Intellectual Property, at its expense for all out-of-pocket Costs and such other Costs as the Parties may agree in writing. The Company agrees to
cooperate with Licensor, at the Company’s expense for Costs, with respect to the foregoing. The Company shall have the right to participate and be represented in any such Third Party Infringement Claim by its own counsel at its own expense. The
Licensor may not settle or consent to an adverse judgment in any action, claim or proceeding without obtaining the prior written consent from the Company if such settlement or consent judgment would either impose a financial obligation upon the
Company, or limit the scope of or invalidate any of the Licensed Intellectual Property. 
  

	 	•	 	 Section 4.4(c) shall be replaced by the following: 

“(c) Company shall also approve any settlement that involves or affects the Licensed Intellectual Property. Except as
otherwise set forth in this Section 4.4, each Party shall bear its own Costs incurred by it in complying with this provision, including, without limitation, those incurred in defending, bringing or controlling any such suits, actions or other
proceedings.” 
  

	 	•	 	 Section 12.3(b) shall be replaced by the following: 

“(b) for the amendment of the Royalties payable under this Agreement to add an additional royalty relating to the
manufacturing of the Licensed Products, which additional royalty shall be equal to the following: (i) for Over-the-Counter Products and Medical Food Products, to an
amount equal to the higher of a four percent (4 %) of the Manufacturer’s Gross Margin or $6 per kilo; and (ii) for Prescription Products, to an amount equal to the higher of a four percent (4%) of the Manufacturer’s Gross Margin or $6
per kilo. For the purpose of this Section 12.3, “Manufacturer’s Gross Margin” means for each Licensed Product manufactured by, or on behalf of, the Company, sales revenues less the cost of goods sold; costs of goods sold
include all direct costs attributable to the manufacturing of the Licensed Products by the Company or by the third party manufacturer, including without limitation the cost of materials and direct labor costs. 

 

	 	14.2	 Should, at any time during the Term of this Agreement: 

 

	 	(a)	 the Licensor own, directly and/or indirectly, itself and/or through one or more intermediaries, an aggregate
number of voting shares of the Company which in total, is equal or less than forty percent (40 %) of the number of such issued and outstanding shares, or 

  
 24 

	 	(b)	 the Licensor own, directly and/or indirectly, itself and/or through one or more intermediaries, an aggregate
number of non-voting shares which entitle the holder to the right to receive dividends and to participate in assets of the Company upon its dissolution, which in total, is equal or less than forty percent (40
%) of the number of such issued and outstanding shares, or 

  

	 	(c)	 the Company have effected the payment of at least fifty percent (50%) of Royalties in shares, as further
provided in Section 5.8, 

 then this Agreement shall be automatically amended as follows: 

 

	 	•	 	 The first paragraph of Section 2.1(d) shall be replaced by the following:

 “(d) Sublicenses. The Company shall have the right to sublicense the Licensed Intellectual
Property but only after having provided a prior written notice to the Licensor, and provided that:” 
  

	 	•	 	 Section 3.3(a) shall be replaced by the following: 

“(a) The Company shall promptly, but in all cases no more than thirty (30) days following the aforementioned
development, inform the Licensor of the development of all Company Related Enhancements and disclose, by written notice to the Licensor, a description of the Company Related Enhancement in reasonably sufficient detail to permit Licensor to evaluate
the Company Related Enhancement. In such notice, the Company shall offer to the Licensor an exclusive, irrevocable, royalty-bearing, worldwide, perpetual license to make, have made, use, sell, offer for sale, import, export, have import, have
exported, distribute, create derivative works from, improve, enhance, modify and/or otherwise exploit the Company Related Enhancements outside the Licensed Field. The Licensor shall respond within fourty-five (45) days to such Company notice to
indicate whether it its interested in entering into a license agreement with respect to such Company Related Development. Upon Licensor’s request, the Company shall grant to Licensor a commercially reasonable evaluation license at no Cost in
order to evaluate the Company Related Enhancement. Should the Licensor indicate its interest as provided herein, the Parties shall negotiate in good faith the terms of such license agreement. ” 

 

	 	•	 	 Section 3.5 shall be replaced by the following: 

“The Company may, at its option, disclose any Company Independent Development to Licensor, such disclosure to be subject
to the confidentiality obligations of this Agreement. Such notification shall include a description of the Company Independent Development in reasonably sufficient detail to permit the Licensor to evaluate the Company Independent Development. Upon
the Licensor’s request, the Company shall grant to the Licensor a commercially reasonable evaluation license at no Cost in order to evaluate the Company Independent Development. The Parties may at their option, negotiate the terms of a license
agreement with respect to each Company Independent Development.” 

  
 25 

	 	•	 	 Section 3.6 shall be replaced by the following: 

“(a) Subject to the Licensor having evaluated the Company Related Enhancement as provided in Section 3.3(a), to the
extent any right, title or interest in or to any Company Related Enhancement or other intellectual property and/or data related to the Company Related Enhancement, vests in the Company, by operation of law or otherwise, in a manner contrary to the
agreed upon ownership as set forth in this Agreement, the Company shall, and hereby does, irrevocably assign to Licensor any and all such right, title and interest in such Company Related Enhancement, intellectual property and/or data related to the
Company Related Enhancement, to Licensor subject to the payment by the Licensor to the Company of Royalties payable in accordance with Section 3.3.(a). 

(b) The Company shall take, or shall cause to be taken, all such actions as shall be necessary, including procuring
assignments from individuals, to vest ownership of any Company Related Enhancement or other intellectual property or data for all purposes in the applicable party as contemplated by clause (a) above.” 

 

	 	•	 	 Section 4.2 (b) shall be replaced by the following: 

“(b) Licensor shall have the primary right, but not the obligation, to bring, at its own expense, and control, any suits,
actions or other proceedings against any unauthorized use, infringement, misappropriation, dilution or other violation of the Licensed Intellectual Property in the Territory. The Company agrees to cooperate with Licensor, at Licensor’s expense
for the Company’s out-of-pocket Costs and such other Costs as the Parties may agree in writing, in any litigation or other enforcement action that Licensor may
undertake to enforce or protect the Licensed Intellectual Property. Upon Licensor’s request and expense, the Company shall execute, file and deliver all documents and proof necessary for such purpose, including, without limitation, being named
as a party to such litigation as required by law. The Company shall have the right to participate and be represented in any such action, suit or other proceeding by its own counsel at its own expense. The Licensor may not settle or consent to an
adverse judgment in any action, claim or proceeding without obtaining the prior written consent from the Company if such settlement or consent judgment would either impose a financial obligation upon the Company, and/or limit the scope of and/or
invalidate any of the Licensed Intellectual Property.” 
  

	 	•	 	 Section 4.4(a) shall be replaced by the following: 

(a) Licensor shall have the primary right, but not the obligation, to defend any Third Party Infringement Claims insofar as
they relate to Licensed Intellectual Property, at its expense for all out-of-pocket Costs and such other Costs as the Parties may agree in writing. The Company agrees to
cooperate with Licensor, at the Company’s expense for Costs, with respect to the foregoing. The Company shall have the right to participate and be represented in any such Third Party Infringement Claim by its own counsel at its own expense. The
Licensor may not settle or consent to an adverse judgment in any action, claim or proceeding without obtaining the prior written consent from the Company if such settlement or consent judgment would either impose a financial obligation upon the
Company, or limit the scope of or invalidate any of the Licensed Intellectual Property. 

  
 26 

	 	•	 	 Section 4.4(c) shall be replaced by the following: 

“(c) Company shall also approve any settlement that involves or affects the Licensed Intellectual Property. Except as
otherwise set forth in this Section 4.4, each Party shall bear its own Costs incurred by it in complying with this provision, including, without limitation, those incurred in defending, bringing or controlling any such suits, actions or other
proceedings.” 
  

	 	•	 	 And Section 12.3 shall also be replaced by the following: 

Manufacturing by or on behalf of Company. The Company may (using Licensor IP, trade secret, Technology and/or Process,
if wished by the Company) manufacture or have manufactured the Licensed Products. If the Company does so, then the Parties will amend this License Agreement to provide: 
  

	 	(a)	 for the amendment of the definition of “Use” to add the terms “manufacture or have
manufactured” and to make other amendments related thereto, and 

  

	 	(b)	 for the amendment of the Royalties payable under this Agreement to add an additional royalty relating to the
manufacturing of the Licensed Products, which additional royalty shall be equal to the following: (i) for Over-the-Counter Products and Medical Food Products, to an
amount equal to the higher of a two percent (2%) of the Manufacturer’s Gross Margin or $4 per kilo; and (ii) for Prescription Products, to an amount equal to the higher of a two percent (2%) of the Manufacturer’s Gross Margin or $4
per kilo. For the purpose of this Section 12.3, “Manufacturer’s Gross Margin” means for each Licensed Product manufactured by, or on behalf of, the Company, sales revenues less the cost of goods sold; costs of goods sold
include all direct costs attributable to the manufacturing of the Licensed Products by the Company or by the third party manufacturer, including without limitation the cost of materials and direct labor costs; and 

 

	 	(c)	 to provide an undertaking by the Company to provide or to cause any third party manufacturer to provide all
financial information required to establish the Manufacturer’s Gross Margin used in calculating the additional Royalty provided in Section 12.3(b) above. 

 

	 	(d)	 to provide all details and documentation to allow the Company and/or manufacturers outsourced by the Company
to adequately use the Production knowhow, IP, trade secret, Technology related to the Production Process. 

  

	15.	 MISCELLANEOUS 

 

	 	15.1	 Further Assurances. Each Party shall take such action as the other Party may reasonably request to
effect, perfect or confirm such other Party’s ownership interests and other rights as set forth in this Agreement, including, without limitation, by promptly (a) executing instruments of assignment, declarations, affirmations or other
documents in connection with the applicable provisions of this Agreement, and (b) confirming in writing all waivers and consents under this Agreement, that are requested by a Party from time to time. 

  
 27 

	 	15.2	 Assignment. This Agreement may not be assigned, in whole or in part, by the Company without
Licensor’s express, prior written consent. Any attempted assignment by the Company shall be null and void. Licensor may assign this Agreement in whole or in part upon notice to the Company, provided that Licensor’s successor agrees to be
bound by the terms and conditions of this Agreement. 

  

	 	15.3	 Successors; Assigns. The provisions of this Agreement shall be binding upon the Parties and their
respective permitted successors and assigns. 

  

	 	15.4	 Section Headings. The section headings of this Agreement are for organizational purposes only and shall
not be used in interpreting this Agreement. References to a section includes reference to all subsections of that section. 

  

	 	15.5	 Severability. In the event that any provision of this Agreement is found by a court of competent
jurisdiction to be invalid or unenforceable, that provision shall be construed so as to give closest effect to the intent of the Parties, and the remaining portions of this Agreement shall remain in full force and effect. 

 

	 	15.6	 Relationship. Nothing contained in this Agreement shall be construed as creating a joint venture,
partnership, agency, fiduciary or employment relationship between the Parties. 

  

	 	15.7	 Waiver. No waiver of any term or breach hereof shall be effective unless such waiver is in writing and
signed by the party against whom such waiver is claimed. No waiver of, or failure to enforce, any term or breach hereof shall be deemed to be a waiver of any other term or breach or subsequent breach. 

 

	 	15.8	 Survival. Termination of this Agreement for any cause shall not release any Party hereto from any
liability which at the time of termination has already accrued to the other parties hereto or which thereafter may accrue in respect of any act or omission prior to such termination, nor shall any such termination hereof affect in any way the
survival of and right, duty, or obligation of any parties hereto which is expressly stated elsewhere in this Agreement to survive termination hereof. 

  

	 	15.9	 Entire Agreement; Amendments. This Agreement, including all schedules hereto, which are hereby
incorporated by reference, constitute the entire agreement between the Parties with respect to the subject matter hereof, and supersede all previous or contemporaneous agreements, proposals, understandings and representations, written or oral, with
respect to the terms and conditions hereof. No amendment, change, waiver, or discharge hereof shall be valid unless in writing and signed by the Party against which such amendment, change, waiver or discharge is sought to be enforced.

  

	 	15.10	 Governing Law. This Agreement shall be governed exclusively by the laws in effect in the province of
Quebec, without regard to the conflict of laws principles thereof, except for the construction or enforcement of any Licensed Patents in which case the laws of the jurisdiction under which any such Licensed Patent was issued shall govern such
Licensed Patent’s construction and enforcement to the extent necessary. 

  
 28 

	 	15.11	 Arbitration. All disputes arising out of this Agreement shall be finally settled by final and binding
arbitration in Montreal, Canada, before, and under the then current commercial arbitration rules of the Quebec Civil Code, subject to the additional limitations set forth herein. The arbitration shall be conducted by a single arbitrator appointed in
accordance with such rules. Discovery (e.g., document production; examination of the other Party’s witnesses and depositions) will be permitted in the written form only, except for cross-examination as further provided herein. The Parties agree
that the decision of the arbitrator shall be final and binding. The arbitration hearing shall be held no later than two (2) months from the date of the notice from one Party to another Party of its intent to proceed to arbitration. The
arbitration shall take no more than two days, and each Party shall have a total of up to four (4) hours to cross-examine the other Party’s witnesses on the first day, and each Party shall have a total of up to four (4) hours to
present/rebut its case on the second day, with the arbitrator announcing the decision at the end of such presentations/rebuttals. Judgment on any decision made by the arbitrator may be entered and enforced in any court of competent jurisdiction. All
fees and charges of the arbitrator shall be shared equally by the Parties unless otherwise specified by the arbitrator; each Party shall be responsible for the payment of all fees and expenses connected with the presentation of its respective case,
provided that the arbitrator may in his/her discretion award to the prevailing Party the costs and expenses incurred by the prevailing Party in connection with the arbitration proceeding. The arbitration shall be confidential. The arbitrator shall
not include any confidential information of the Parties in his/her arbitration decision or append any document which includes confidential information to his/her arbitration decision. 

 

	 	15.12	 Injunctive Relief. Notwithstanding anything herein to the contrary, either Party may seek from a court
of competent jurisdiction interim, provisional or permanent relief in the form of a temporary restraining order, preliminary injunction, permanent injunction or other equitable relief concerning any Dispute. Without limiting the generality of the
foregoing, Section 14.15 shall be specifically enforceable by both Parties. 

  

	 	15.13	 Force Majeure. Neither Party shall be liable for any failure or delay in its performance under this
Agreement (other than payment obligations) due to any cause beyond its reasonable control, including, without limitation, any act of war, acts of God, earthquake, flood, embargo, riot, sabotage, labor shortage or dispute, governmental act or failure
of the Internet (each, a “Force Majeure Event”), provided that the affected Party: (a) gives the other Party prompt notice of such cause, and (b) uses its commercially reasonable efforts to correct promptly, such failure
or delay in performance. If the performance of any part of this Agreement by either Party is prevented, hindered, delayed or otherwise made impracticable by reason of any flood, riot, fire, judicial or governmental action, labor shortage or dispute,
act of God or any other causes beyond the control of either Party, that Party shall be excused from such to the extent, and for so long as, it is prevented, hindered or delayed by such causes. 

 

	 	15.14	 Notice. Any notice pursuant to this Agreement, if specified to be in writing, shall be in writing and
shall be deemed given (a) if by hand delivery, upon receipt thereof, (b) if by facsimile transmission, upon electronic confirmation thereof, if promptly followed by a confirmation copy sent by registered mail, return receipt requested,
(c) if by electronic mail, upon receipt of confirmation electronic mail message, if promptly followed by a confirmation copy registered mail, return receipt requested, or (d) if by internationally recognized courier delivery service (such
as Federal Express), upon such delivery. All notices shall be addressed as follows (or such other address as either Party may in the future specify in writing to the other): 

  
 29 

			
	 In the case of Licensor:
	  	 Neptune Technologies & Bioressources Inc.

		  	 225, Promenade du Centropolis, Suite 200

		  	 Laval, Quebec, Canada

		  	 H7T 0B3

		  	 Fax: (450) 687-2262

		
	 In the case of the Company:
	  	 Acasti Pharma Inc.

		  	 225, Promenade du Centropolis, Suite 200

		  	 Laval, Quebec, Canada

		  	 H7T 0B3

		  	 Fax: (450) 687-2262

  

	 	15.15	 Marking Obligations. The Company shall accurately produce or reproduce all Licensor copyright notices
and other proprietary rights logos and legends, on all copies of Licensed Intellectual Property and any related documentation the Company produces or reproduces. 

 

	 	15.16	 Interpretation. The Company and Licensor agree and acknowledge that this Agreement has been freely
negotiated and entered into by each Party and that no court should in any manner construe any ambiguity against the draftsman solely by virtue of its role as draftsman. 

 

	 	15.17	 Counterparts. This Agreement may be executed in several counterparts, which may be delivered by
facsimile transmission (provided that originals are thereafter promptly delivered by registered mail, return receipt requested), all of which taken together shall constitute the entire agreement between the Parties hereto. 

IN WITNESS WHEREOF the Parties hereto have executed this Agreement by persons duly authorized as of the date and year
first above written. 
  

			
	NEPTUNE TECHNOLOGIES & BIORESSOURCES INC.

 
			
		
	 By:
	 	 /s/ André Godin

		 	 André Godin

		 	Vice-President, Administration and Finance

 
			
	
	 ACASTI PHARMA INC.

			
		
	 By:
	 	 /s/ Henri Harland

		 	 Henri Harland

		 	 President and CEO

  
 30 

 SCHEDULE A 

LICENSED PATENTS 

  
 31 

 LICENSOR PATENTS AND PATENT APPLICATIONS 

 

			
	 Title:
	  	 Krill and/or marine extracts for prevention and/or treatment of cardiovascular diseases, arthritis, skin cancer, diabetes,
premenstrual syndrome and transdermal transport.

  

					
	 Application /

Registration Number
	 	 Country /

Jurisdiction
	 	 Status

	8,057,825	 	United States	 	Granted
			
	13/216,694	 	United States	 	Pending (continuation of the ‘825)
			
	09104847.8	 	Hong Kong	 	Pending
			
	02734945.5	 	Austria	 	Granted
			
	1,406,641	 	Belgium	 	Granted
			
	2,449,898	 	Canada	 	Pending
			
	1,406,641	 	Switzerland	 	Granted
			
	1,406,641	 	Liechtenstein	 	Granted
			
	02812181.3	 	China	 	Pending

  
 1 

					
	201110219831.4 (div.)	 	China	 	Pending
			
	CY1108986	 	Cyprus	 	Granted
			
	1,406,641	 	Germany	 	Granted
			
	1,406,641	 	Denmark	 	Granted
			
	1,406,641	 	European Patent	 	Granted
			
	08164524.4 (div.)	 	European Patent	 	Granted (opposed)
			
	1,406,641	 	Spain	 	Granted
			
	1,406,641	 	Finland	 	Granted
			
	1,406,641	 	France	 	Granted
			
	1,406,641	 	United Kingdom	 	Granted
			
	1,406,641	 	Greece	 	Granted
			
	05100648.1	 	Hong Kong	 	Pending
			
	1,406,641	 	Ireland	 	Granted
			
	1,406,641	 	Italy	 	Granted
			
	5,135,568	 	Japan	 	Granted

  
 2 

					
	2009-276478 (div.)	 	Japan	 	Allowed
			
	2009-276479 (div.)	 	Japan	 	Pending
			
	1,406,641	 	Luxembourg	 	Granted
			
	1,406,641	 	Monaco	 	Granted
			
	1,406,641	 	Netherlands	 	Granted
			
	332,690	 	Norway	 	Granted
			
	1,406,641	 	Portugal	 	Granted
			
	1,406,641	 	Sweden	 	Granted
			
	1,406,641	 	Turkey	 	Granted

  

			
	 Title:
	  	 Natural marine source phospholipids comprising flavonoids, polyunsaturated fatty acids and their
applications.

  
 3 

					
	 Application /

Registration Number
	 	 Country /

Jurisdiction
	 	 Status

			
	8,030,348	 	United States	 	Granted
			
	8,278,351	 	United States	 	Granted (1st continuation of ‘348)
			
	8,383,675	 	United States	 	Granted (2nd continuation of ‘348)
			
	13/280,182	 	United States	 	Pending
			
	13/545,830	 	United States	 	Pending
			
	13/750,663	 	United States	 	Pending
			
	1,417,211	 	Austria	 	Granted, opposed and under appeal
			
	2002322233	 	Australia	 	Opposition filed
			
	1,417,211	 	Belgium	 	Granted, opposed and under appeal
			
	1,417,211	 	Bulgaria	 	Granted, opposed and under appeal
			
	2,493,888	 	Canada	 	Allowed
			
	1,417,211	 	Switzerland	 	Granted, opposed and under appeal
			
	1,417,211	 	Cyprus	 	Granted, opposed and under appeal
			
	1,417,211	 	Czech Republic	 	Granted, opposed and under appeal
			
	60220415.1	 	Germany	 	Granted, opposed and under appeal
			
	1,417,211	 	Denmark	 	Granted, opposed and under appeal

  
 4 

					
	1,417,211	 	Estonia	 	Granted, opposed and under appeal
			
	1,417,211	 	European Patent Office	 	Granted, opposed and under appeal
			
	1,417,211	 	Spain	 	Granted, opposed and under appeal
			
	1,417,211	 	Finland	 	Granted, opposed and under appeal
			
	1,417,211	 	France	 	Granted, opposed and under appeal
			
	1,417,211	 	United Kingdom	 	Granted, opposed and under appeal
			
	1,417,211	 	Greece	 	Granted, opposed and under appeal
			
	1,417,211	 	Ireland	 	Granted, opposed and under appeal
			
	1,417,211	 	Italy	 	Granted, opposed and under appeal
			
	1,417,211	 	Luxembourg	 	Granted, opposed and under appeal
			
	1,417,211	 	Monaco	 	Granted, opposed and under appeal
			
	1,417,211	 	Netherlands	 	Granted, opposed and under appeal
			
	1,417,211	 	Portugal	 	Granted, opposed and under appeal
			
	1,417,211	 	Sweden	 	Granted, opposed and under appeal
			
	1,417,211	 	Slovakia	 	Granted, opposed and under appeal
			
	1,417,211	 	Turkey	 	Granted, opposed and under appeal

  
 5 

 Compositions for treatment of cardiometabolic disorders 

 

					
	13/305,254	 	United States	 	Filed (continuation in part of ‘348)

  
 6 

 Licensed Patents 

An exclusive and worldwide license was also granted to Neptune in 2001 on the following patents:  

 

	Title:	 Method of extracting lipids from marine and aquatic animal tissues. 

 

	Owner:	 Sherbrooke University (Beaudoin) 

 

					
	 Application /

Registration Number
	 	 Country / Jurisdiction
	 	 Status

	1,123,368	 	European Patent	 	Granted
			
	1,123,368	 	Germany	 	Granted
			
	1,123,368	 	Denmark	 	Granted
			
	1,123,368	 	Spain	 	Granted
			
	1,123,368	 	Finland	 	Granted
			
	1,123,368	 	France	 	Granted
			
	1,123,368	 	Italy	 	Granted
			
	1,123,368	 	Netherlands	 	Granted
			
	1,123,368	 	Portugal	 	Granted

  
 7 

					
	1,123,368	 	Sweden	 	Granted
			
	1,123,368	 	Belgium	 	Granted
			
	1,123,368	 	Switzerland	 	Granted
			
	1,123,368	 	Ireland	 	Granted
			
	1,123,368	 	Monaco	 	Granted
			
	1,123,368	 	Austria	 	Granted
			
	1,123,368	 	Luxembourg	 	Granted
			
	1,123,368	 	United Kingdom	 	Granted
			
	2,346,979	 	Canada	 	Granted
			
	6,800,299	 	United States	 	Granted
			
	2001/3235	 	South Africa	 	Granted
			
	765,464	 	Australia	 	Granted
			
	P19914699,1	 	Brazil	 	Granted
			
	916-2001	 	Chile	 	Pending
			
	ZL 99812417,6	 	China	 	Granted

  
 8 

					
	38,118	 	North Korea	 	Granted
			
	454,899	 	South Korea	 	Granted
			
	4 181,305	 	Japan	 	Granted
			
	257,157	 	Mexico	 	Granted
			
	321,481	 	Norway	 	Granted
			
	201,771	 	Poland	 	Granted
			
	2,236,441	 	Russia	 	Granted
			
	76,029	 	Ukraine	 	Granted
			
	HK1,038,765	 	Hong Kong	 	Granted

 PATENTS AND PATENT APPLICATIONS LICENSED BY THIRD PARTIES TO LICENSOR 

  
 9 

 SCHEDULE B 

DEVELOPMENT AND COMMERCIALIZATION OF LICENSED PRODUCTS 

The Company undertakes to develop Licensed Products in the Field, for application in the following
end-user categories: 
  

	 	•	 	 Over-The-Counter Products

  

	 	•	 	 Prescription Medical Food Products 

 

	 	•	 	 Prescription Drug Products. 

The Company shall be responsible, at its own cost, for the development, for the conduct of all clinical research required as well as for the
commercialization of the Licensed Products in the Licensed Field. 
 The Company agrees that the Licensed Products to be commercialized
shall always conform to the following specifications: 
  

	 	•	 	 The concentration of phospholipids contained in the Licensed Products shall be at all times between fifty
percent (50%) and sixty-five percent (65%). 

  

	 	•	 	 The Company must ensure that the above-concentrations of phospholipids are stable within the Licensed Products
for a period of twelve (12) months. 

  
 1 

					
	1,123,368	 	Sweden	 	Granted
			
	1,123,368	 	Belgium	 	Granted
			
	1,123,368	 	Switzerland	 	Granted
			
	1,123,368	 	Ireland	 	Granted
			
	1,123,368	 	Monaco	 	Granted
			
	1,123,368	 	Austria	 	Granted
			
	1,123,368	 	Luxembourg	 	Granted
			
	1,123,368	 	United Kingdom	 	Granted
			
	2,346,979	 	Canada	 	Granted
			
	6,800,299	 	United States	 	Granted
			
	2001/3235	 	South Africa	 	Granted
			
	765,464	 	Australia	 	Granted
			
	P19914699,1	 	Brazil	 	Granted
			
	916-2001	 	Chile	 	Pending
			
	ZL 99812417,6	 	China	 	Granted

  
 8 

					
	38,118	 	North Korea	 	Granted
			
	454,899	 	South Korea	 	Granted
			
	4 181,305	 	Japan	 	Granted
			
	257,157	 	Mexico	 	Granted
			
	321,481	 	Norway	 	Granted
			
	201,771	 	Poland	 	Granted
			
	2,236,441	 	Russia	 	Granted
			
	76,029	 	Ukraine	 	Granted
			
	HK1,038,765	 	Hong Kong	 	Granted

 PATENTS AND PATENT APPLICATIONS LICENSED BY THIRD PARTIES TO LICENSOR 

  
 9 

 SCHEDULE B 

DEVELOPMENT AND COMMERCIALIZATION OF LICENSED PRODUCTS 

The Company undertakes to develop Licensed Products in the Field, for application in the following
end-user categories: 
  

	 	•	 	 Over-The-Counter Products

  

	 	•	 	 Prescription Medical Food Products 

 

	 	•	 	 Prescription Drug Products. 

The Company shall be responsible, at its own cost, for the development, for the conduct of all clinical research required as well as for the
commercialization of the Licensed Products in the Licensed Field. 
 The Company agrees that the Licensed Products to be commercialized
shall always conform to the following specifications: 
  

	 	•	 	 The concentration of phospholipids contained in the Licensed Products shall be at all times between fifty
percent (50%) and sixty-five percent (65%). 

  

	 	•	 	 The Company must ensure that the above-concentrations of phospholipids are stable within the Licensed Products
for a period of twelve (12) months. 

  
 1 

 SCHEDULE 7.1 

CLAIMS RELATING TO THE LICENSED INTELLECTUAL PROPERTY 

Please refer to: 
  

	 	•	 	 the action taken by the Université de Sherbrooke, Groupe against Conseil Harland and Neptune
Technologies & Bioressources Inc. in the Province of Quebec, district of St-François, file number 450-17-004341-112; and 

  

	 	•	 	 the following opposition: 

Opposition details: 

European Patent No. 1 417 211 

Title: Natural phospholipids of marine origin containing flavonoids and polyunsaturated fatty acids and their uses 

Status: Granted 30 May 2007 on application no. 02753988.1 

Proprietor: Neptune Technologies and Bioressources Inc. 

Opposing parties: 
  

	 	a.	 AkerBiomarine, Norway, filed on February 28, 2008 

 

	 	b.	 Enzymotec Ltd., Israel, filed on February 29, 2008 

European Patent No. 1 997 498 

Title: Krill extracts for prevention and/or treatment of cardiovascular diseases 

Status: Granted 25 April 2012 on application no. 08164524.4 

Proprietor: Neptune Technologies and Bioressources Inc. 

Opposing parties: 
  

	 	a.	 AkerBioMarine ASA, Norway, filed on January 25, 2013 

 

	 	b.	 Fresenius Kabi Deutschland GmbH, filed on January 25, 2013 

 

	 	•	 	 the following Reexamination: 

Reexamination details: 

US Patent No. 8,030,348 

	 	Title:	 Natural phospholipids of marine origin containing flavonoids and polyunsaturated fatty acids and their uses

 Status: Patent Issued 2 October 2011 on application no. 10/485,094; 

Proprietor: Neptune Technologies and Bioressources Inc. 

  
 2 

 US Patent No. 8,278,351 

	 	Title:	 Natural phospholipids of marine origin containing flavonoids and polyunsaturated fatty acids and their uses

 Status: Granted 4 October 2012 on application no. 10/485,094 (1st continuation) 
 Proprietor: Neptune Technologies and Bioressources Inc.

 US Patent No. 8,057,825 

	 	Title:	 Krill extracts for treatment of cardiovascular diseases 

Status: Granted 16 november 2012 on application no. 02753988.1 

Proprietor: Neptune Technologies and Bioressources Inc. 

  
 3EX-10.2

 Exhibit 10.2 

THIS PREPAYMENT AGREEMENT is made on December 4, 2012 

BETWEEN: 
 NEPTUNE
TECHNOLOGIES & BIORESSOURCES INC., a corporation governed by the laws of Quebec, 

(“Neptune”) 

- and - 

ACASTI PHARMA INC., a corporation governed by the laws of Quebec, 

(“Acasti”). 

RECITALS: 
  

	A.	 Neptune and Acasti (each, a “Party”, and together, the “Parties”) entered
into a technology license agreement on August 7, 2008 (the “License Effective Date”), which was amended on February 20, 2009 and January 28, 2011 (as amended, the “License Agreement”), pursuant to
which Neptune granted to Acasti a license to use Licensed Intellectual Property (as such term is defined in Section 1 of the License Agreement) in consideration for the payment of Royalties (as such term is defined in Section 5.2 of the
License Agreement) by Acasti. 

  

	B.	 Effective August 7, 2011, Acasti is not required to pay any Royalties on
Over-the-Counter Products (as such term is defined in the License Agreement), as Acasti abandoned its right to develop
Over-the-Counter Products pursuant to the License Agreement. 

  

	C.	 Pursuant to Section 5.8 of the License Agreement, at any time after one (1) year following the
License Effective Date, Acasti may, at its option, pay in advance all or part of any future Royalties which will become payable under Section 5.2 of the License Agreement, in cash or through the issuance of Class “A” Shares in the
share capital of Acasti (the “Acasti Shares”). 

  

	D.	 Acasti wishes to exercise its option to pay in advance all of the future Royalties payable under
Section 5.2 of the License Agreement through the issuance of Acasti Shares issuable upon the exercise of a warrant, the whole in accordance with the terms and conditions of the License Agreement and this prepayment agreement (the
“Agreement”). 

  

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

  

 THEREFORE, the Parties agree as follows: 

ARTICLE 1 
 DEFINITIONS
AND PRINCIPLES OF INTERPRETATION 
 1.1 Certain Rules of Interpretation 

In this Agreement: 
  

	 	(a)	 Consent – Whenever a provision of this Agreement requires an approval or consent and the approval
or consent is not delivered within the applicable time limit, then, unless otherwise specified, the Party whose consent or approval is required shall be conclusively deemed to have withheld its approval or consent. 

 

	 	(b)	 Governing Law – This Agreement is a contract made under and shall be governed by and construed in
accordance with, the laws of the Province of Quebec and the federal laws of Canada applicable in the Province of Quebec. 

  

	 	(c)	 Headings – Headings of Articles and Sections are inserted for convenience of reference only and do
not affect the construction or interpretation of this Agreement. 

  

	 	(d)	 Including – Where the word “including” or “includes” is used in this
Agreement, it means “including (or includes) without limitation”. 

  

	 	(e)	 Number and Gender – Unless the context otherwise requires, words importing the singular include
the plural and vice versa and words importing gender include all genders. 

  

	 	(f)	 Severability – If, in any jurisdiction, any provision of this Agreement or its application to any
Party or circumstance is restricted, prohibited or unenforceable, the provision shall, as to that jurisdiction, be ineffective only to the extent of the restriction, prohibition or unenforceability without invalidating the remaining provisions of
this Agreement and without affecting the validity or enforceability of such provision in any other jurisdiction, or without affecting its application to other Parties or circumstances. 

 

	 	(g)	 Time – Time is of the essence in the performance of the Parties’ respective obligations.

  
 - 2 - 

 ARTICLE 2 

PREPAYMENT OF ROYALTIES 
  

	2.1	 Prepayment 

The Parties hereby agree that: 
  

	 	(a)	 Acasti shall issue to Neptune a warrant entitling Neptune to acquire 6,750,000 Acasti Shares at a price of
$2.30 per Acasti Share attached as Schedule C to this Agreement (the “Warrant”), subject to the terms and conditions of this Agreement; 

 

	 	(b)	 an amount of $15,525,000 is payable at the time and in the manner provided in Section 2.7 below by Acasti
to Neptune as payment of all of the Royalties which are payable as at the date of this Agreement (the “Effective Date”) under Section 5.2 of the License Agreement and will become payable thereafter under Section 5.2 of the License
Agreement (the “Prepayment Amount”); 

  

	 	(c)	 the aggregate fair market value of the Acasti Shares issuable upon the exercise of the Warrant is
approximately $15,525,000 and represents the payment in advance of all of the Royalties which are payable as at the Effective Date and will become payable thereafter under Section 5.2 of the License Agreement, the whole in accordance with
Schedule A to this Agreement; 

  

	 	(d)	 the Fair Market Value (as defined in the License Agreement) of each Acasti Share to be issued pursuant to this
Section 2.1 upon the exercise of the Warrant, as calculated in accordance with Section 5.8(c) of the License Agreement, is $2.30; 

  

	 	(e)	 the number of Acasti Shares to be issued on the Effective Date pursuant to Section 2.1 of this Agreement
is correctly calculated in accordance with the formula set forth in Section 5.8 of the License Agreement. 

  

	2.2	 Taxes 

Acasti and Neptune acknowledge and agree that the prepayment payable under this Agreement is exclusive of any retail sales tax, value-added
tax, goods and services tax or harmonized sales tax that is required to be collected by Neptune from Acasti (collectively, “Sales Taxes”) and that, upon approvals provided in Section 2.6 below and on the Meeting Date (as
defined below), Acasti will pay to Neptune, in addition to the prepayment, any applicable Sales Tax calculated on the prepayment in accordance with the applicable legislation. 

 

	2.3	 No Dilution Exceeding 25% 

Acasti acknowledges that the issuance of the Acasti Shares as set forth in this Agreement does not contravene Subsection 5.8(e) of the License
Agreement in that it does not cause a dilution of its issued and outstanding Acasti Shares of over twenty-five percent (25%). 

  
 - 3 - 

	2.4	 Minimum Requirements 

Acasti and Neptune acknowledge that following the issuance of the Acasti Shares pursuant to Section 2.1, the conditions set out in
Section 5.3(a)(b) and Section 5.3 (a)(c) of the License Agreement shall be deemed to have been met by Acasti within the delays contemplated by the License Agreement. 

 

	2.5	 Reimbursement by Neptune 

In the event that, during the Initial Term of the License Agreement (as such term is defined in the License Agreement), Acasti terminates the
License Agreement in accordance with Section 11.2 of the License Agreement, Neptune shall reimburse to Acasti, in cash, that portion of the prepayment paid by Acasti to Neptune pursuant to Section 2.1 of this Agreement, the whole in
accordance with Schedule B to this Agreement. 
  

	2.6	 Approvals 

  

	 	(a)	 The issuance of the Acasti Shares upon the exercise of the Warrant shall be subject to the receipt of
applicable regulatory approvals, including the approval of the TSX Venture Exchange. 

  

	 	(b)	 The issuance of the Acasti Shares shall be subject to the approval of the disinterested shareholders of Acasti
(excluding Neptune and non-arm’s length parties to Neptune) at the next annual meeting of shareholders of Acasti. Acasti covenants to use its reasonable best efforts to seek such shareholder approval at
such meeting and cause its board of directors to recommend to shareholders that they provide such approval. 

  

	2.7	 Payment of Prepayment Amount and Conversion of Warrant 

If on the date of the end of the next annual meeting of shareholders of Acasti (the “Meeting Date”) the
approvals required by Section 2.62.6(a) and 2.62.6(b) are obtained, then effective on the Meeting Date (or such other date as may be agreed to between the Parties): 
  

	 	(a)	 the Prepayment Amount shall become automatically due and payable; 

 

	 	(b)	 the Warrant shall be automatically exercised and converted in full and the payment of the exercise price shall
be satisfied by the deemed payment by Acasti to Neptune of the Prepayment Amount; and 

  

	 	(c)	 effective immediately upon the exercise in full of the Warrant in accordance with paragraph (b) above,
the Prepayment Amount shall be deemed to have been made and satisfied in full and, subject to the payment of any applicable taxes to be made by Acasti in accordance with Section 2.2, Acasti shall no longer from and after the Effective Date be
required to pay any Royalties to Neptune under the License Agreement for the use of the Licensed Intellectual Property. 

  
 - 4 - 

	2.8	 Termination if Approvals Not Obtained 

In the event that the approvals required by Section 2.62.6(a) and 2.62.6(b) are not obtained at the latest on the Meeting
Date, (i) this Agreement and the Warrant shall automatically terminate and be void and of no effect, and (ii) Acasti will be required to pay any and all Royalties owing to Neptune on or after the Effective Date, as if this Agreement had
not been entered into. 
 ARTICLE 3 

GENERAL 
  

	3.1	 Notices 

Any notice, consent or approval required or permitted to be given in connection with this Agreement (in this Section referred to as a
“Notice”) shall be in writing and shall be sufficiently given if delivered (whether in person, by courier service or other personal method of delivery), or if transmitted by facsimile or
e-mail: 
  

	 	(a)	 in the case of a Notice to Neptune at: 

Neptune Technologies & Bioressources Inc. 

545, Promenade du Centropolis, Suite 100 

Laval, Quebec, Canada 

H7T 0B3 

Fax: 450.687.2262 

Attention: President 
  

	 	(b)	 in the case of a Notice to Acasti at: 

Acasti Pharma Inc. 

545, Promenade du Centropolis, Suite 100 

Laval, Quebec, Canada 

H7T 0B3 

Fax: 450.687.2262 Attention: President 

Any Notice delivered or transmitted to a Party as provided above shall be deemed to have been given and received on the day it is delivered or
transmitted, provided that it is delivered or transmitted on a day other than Saturday, Sunday, or any other day on which commercial banks located in Montreal are no required to be open for business (a “Business Day”) prior to 5:00
p.m. local time in the place of delivery or receipt. If the Notice is delivered or transmitted after 5:00 p.m. local time or if the day is not a Business Day, then the Notice shall be deemed to have been given and received on the next Business Day.

 Any Party may, from time to time, change its address by giving Notice to the other Parties in accordance with the provisions of this
Section. 

  
 - 5 - 

	3.2	 Amendment 

No amendment, supplement, modification or waiver or termination of this Agreement and, unless otherwise specified, no consent or approval by
any Party, is binding unless executed in writing by the Party to be bound. 
  

	3.3	 Assignment 

No Party may assign this Agreement or any of the benefits, rights or obligations under this Agreement without the prior written consent of the
other Party. 
  

	3.4	 Enurement 

This Agreement enures to the benefit of and is binding upon the Parties and their respective successors (including any successor by reason of
amalgamation of any Party) and permitted assigns. 
  

	3.5	 Further Assurances 

The Parties shall, with reasonable diligence, do all things and provide all such reasonable assurances as may be required to consummate the
transactions contemplated by this Agreement, and each Party shall provide such further documents or instruments required by any other Party as may be reasonably necessary or desirable to effect the purpose of this Agreement and carry out its
provisions. 
  

	3.6	 Execution and Delivery 

This Agreement may be executed by the Parties in counterparts and the counterparts may be executed and delivered by electronic means, with all
counterparts together constituting one agreement. 
  

	3.7	 Language 

The Parties confirm that it is their wish that this Agreement, as well as any other documents relating to this Agreement, including notices,
schedules and authorizations have been and shall be drawn up in the English language only. Les signataires confirment leur volonté que la présente convention, de même que tous les documents s’y rattachant, y compris tout
avis, annexe et autorisation, soient rédigés en anglais seulement. 
 [Signature page follows] 

  
 - 6 - 

 IN WITNESS OF WHICH the Parties have duly executed this Agreement. 

 
  

							
	NEPTUNE TECHNOLOGIES & BIORESSOURCES INC.	 	ACASTI PHARMA INC.
				
	 By:
	 	 “André Godin”
	 	 By:
	 	 “Pierre Lemieux”

		 	 Name: André Godin
	 		 	 Name: Pierre Lemieux

		 	 Title: Chief Financial Officer
	 		 	 Title: Chief Operating Officer

 Prepayment Agreement re: Technology License Agreement – Neptune/Acasti 

  
 S-1 

 SCHEDULE A – PAYMENT OF ROYALTIES 

 

					
	 Year
	  	Payment of Royalties	 
	 2012
	  	$	64,031.04	 
	 2013
	  	$	178,596.08	 
	 2014
	  	$	217,291.04	 
	 2015
	  	$	274,918.98	 
	 2016
	  	$	330,412.56	 
	 2017
	  	$	326,827.01	 
	 2018
	  	$	827,013.67	 
	 2019
	  	$	1,386,942.15	 
	 2020
	  	$	1,977,041.28	 
	 2021
	  	$	2,598,546.98	 
	 2022
	  	$	3,252,740.36	 
	 2023
	  	$	4,090,638.84	 

  

 SCHEDULE B – REIMBURSEMENT 

 

					
	 Year
	  	Reimbursement	 
	 2012
	  	$	15,525,000.00	 
	 2013
	  	$	15,346,403.92	 
	 2014
	  	$	15,129,112.87	 
	 2015
	  	$	14,854,193.89	 
	 2016
	  	$	14,523,781.33	 
	 2017
	  	$	14,196,954.32	 
	 2018
	  	$	13,369,940.65	 
	 2019
	  	$	11,982,998.50	 
	 2020
	  	$	10,005,957.22	 
	 2021
	  	$	7,407,410.24	 
	 2022
	  	$	4,154,669.89	 
	 2023
	  	$	64,031.04	 

  

 SCHEDULE C - WARRANT 

(attached) 

  

 EXERCISABLE WITHIN TWENTY-FOUR (24) MONTHS FROM THE DATE HEREOF, SUCH DATE ENDING AT 5:00
P.M. (MONTREAL TIME) 
 ON DECEMBER 4, 2014, AFTER WHICH TIME THIS WARRANT SHALL BE VOID AND OF NO EFFECT 

THIS WARRANT AND THE CLASS A COMMON SHARES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933,
AS AMENDED (THE “U.S. SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (A) TO THE COMPANY; (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 903 OR 904 UNDER
REGULATIONS OF THE U.S. SECURITIES ACT, IF AVAILABLE, OR (C) IN ACCORDANCE WITH RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE. THIS WARRANT MAY ONLY BE EXERCISED IN THE UNITED STATES PURSUANT TO AN EXEMPTION FROM THE RESGITARTION
REQUIREMENTS OF THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. 
 ACASTI PHARMA INC. 

(the “Company”) 

WARRANT TO PURCHASE 6,750,000 CLASS A COMMON SHARES 

OF THE COMPANY 
 This
warrant (this “Warrant”) certifies that, for value received, the holder hereof, Neptune Technologies & Bioressouces Inc. (the “holder” or “Warrantholder”), is hereby entitled, subject to
the provisions of this Warrant and only in accordance with Section 2.7 of the prepayment agreement dated the date hereof between Acasti and the Warrantholder (the “Prepayment Agreement”), within twenty-four (24) months,
that is to say prior to 5:00 p.m. (Montreal time) on December 4, 2014 (the “Expiry Date”), to subscribe for and purchase 6,750,000 Class A Common Shares of the Company at a price of Cdn $2.30 per Class A Common Share
(the “Exercise Price”), subject to the adjustments as set out herein. 
 As provided in Section 2.7 of the Prepayment
Agreement, if on the date of the end of the next annual meeting of shareholders of Acasti (the “Meeting Date”) the approvals required by Sections 2.6(a) and 2.6(b) of the Prepayment Agreement are obtained, this Warrant shall be
automatically exercised in accordance with Section 2.7 of the Prepayment Agreement. As provided in Section 2.8 of the Prepayment Agreement, in the event that the approvals required by Sections 2.6(a) and 2.6(b) are not obtained at the
latest on the Meeting Date, this Warrant shall automatically terminate and be void and of no effect. 
 Upon such automatic exercise, the
Company shall cause to be issued to the holder the number of Class A Common Shares subscribed for and the holder shall become a shareholder of the Company in respect of the Class A Common Shares subscribed for with effect from the Meeting
Date and shall be entitled to delivery of a certificate evidencing the Class A Common Shares and the Company shall cause such certificate or certificates to be mailed to the holder at the address or addresses specified by the Warrantholder at
that time within the best possible delay following the Meeting Date. 
 The holder acknowledges that if the Prepayment Agreement is
terminated for any reason, this Warrant shall be void and of no effect. The Warrant may not be transferred by the holder. 
 The holding of
this Warrant shall not constitute the holder hereof a holder of Class A Common Shares nor entitle the holder to any right or interest in respect thereof. Nothing herein contained or done pursuant hereto shall obligate the holder to subscribe
for or the Company to issue any Class A Common Shares except those Class A Common Shares in respect of which the holder shall have exercised its right to purchase hereunder in the manner provided herein. 

Covenants of the Company 

The Company covenants and agrees that so long as this Warrant remains outstanding, it shall reserve and there shall remain unissued out of its
authorized capital a sufficient number of Class A Common Shares to satisfy the right of purchase herein provided for and such Class A Common Shares shall be issued as fully paid and non-assessable
Class A Common Shares and the holders thereof shall not be liable to the Company or to its creditors in respect thereof. 

Representation and Warranty of the Company 

The Company hereby represents and warrants with and to the holder that the Company is duly authorized and has the corporate power and authority
to create and issue this Warrant and the Class A Common Shares issuable upon the exercise hereof and to perform its obligations hereunder and that this Warrant represents a valid, legal and binding obligation of the Company enforceable in
accordance with its terms. 
 Adjustments 

In the event of any reclassification, subdivision or re-division of the issued Class A Common
Shares of the Company at any time prior to the Expiry Date into a greater number of Class A Common Shares (including the declaration or payment of any stock dividend), the Company shall deliver at the time of any exercise thereafter of this
Warrant, at no additional cost to the holder, but only as to the Class A Common Shares in respect of which this Warrant is then exercised, the number of Class A Common Shares which the holder would have been entitled 

  
 1/2 

 to if it had exercised the option immediately prior to the date of reclassification, subdivision
or re-division, it being understood that such number of Class A Common Shares will be thereafter automatically adjusted according to such reclassification, subdivision or
re-division. The holder shall pay for the number of Class A Common Shares delivered upon exercise as aforesaid an amount calculated by multiplying the Exercise Price by the number of Class A Common
Shares over which the right would have been exercised if such exercise had been made prior to the date of such reclassification, subdivision or re-division. 

In the event of any consolidation or change in the Class A Common Shares of the Company at any time prior to the Expiry Date into a
lesser number of Class A Common Shares, the Company shall deliver at the time of any exercise thereafter of this Warrant, but only as to the Class A Common Shares in respect of which the option is then exercised, the number of Class A
Common Shares which the holder would have been entitled to if it had exercised the option immediately prior to the date of such consolidation or change, it being understood that such number of Class A Common Shares will be thereafter
automatically adjusted according to such consolidation or change. The holder shall pay for the number of Class A Common Shares delivered upon exercise as aforesaid, an amount calculated by multiplying the Exercise Price by the number of
Class A Common Shares over which the right would have been exercised if such exercise had been made prior to the date of such consolidation or change. 

In the event that the Company shall at any time prior to the Expiry Date, amalgamate, consolidate with or merge into another Company, the
holder shall thereafter receive, upon the exercise of its option, but only as to the Class A Common Shares in respect of which this Warrant is then exercised, the securities or property which the holder would have been entitled to if it had
exercised the option immediately prior to the amalgamation, consolidation or merger, as the case may be, and the Company will take steps in connection with such amalgamation, consolidation or merger as may be necessary to ensure that the provisions
hereof shall thereafter be applicable, as near as reasonably may be possible in relation to any securities or properties thereafter delivered upon the exercise of this Warrant. A sale of all or substantially all of the assets of the Company for a
consideration (apart from the assumption of obligations) consisting primarily of securities, shall be deemed a consolidation, amalgamation or merger for the foregoing purposes. 

Adjustments shall be made successively whenever any event referred to in this paragraph shall occur. Upon any adjustment of the number of
Class A Common Shares which may be purchased hereunder, the Company shall give written notice to the holder, giving particulars of such adjustment. 

Notice and Other Matters 

The holder acknowledges being solely responsible for consulting with appropriate counsel in determining the consequences to the holder of the
acquisition, ownership, exercise and disposition of this Warrant and the underlying Class A Common Shares under applicable tax laws. 

A notice to be given hereunder will be deemed to be validly given if the notice is sent by facsimile or prepaid same day courier addressed to
the holder at the latest address of the holder as recorded on the books of the Company. 
 This Warrant shall be governed by and performed,
construed and enforced in accordance with the laws of the Province of Quebec. Time shall be of the essence hereof. 
 IN WITNESS WHEREOF
the Company has caused this Warrant to be signed by its duly authorized officer as of December 4, 2012. 
  

			
		 	ACASTI PHARMA INC.
		
	 Per:
	 	 “Henri Harland”

		 	 Henri Harland

		 	 Chief Executive Officer

  
 2/2

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