Document:

Amended and Restated Share Option Plan

 Exhibit 10.3 
 ONCOTHYREON INC. 
 AMENDED AND RESTATED RESTRICTED SHARE UNIT PLAN

 Effective February 22, 2007, 
 as amended and restated on June 12, 2009, October 22, 2009 and December 1, 2011 
 1. PURPOSE OF THE PLAN. The purpose of this plan (the “Plan”) is to promote the long term success of Oncothyreon Inc. (the “Corporation”) by providing for
incentives for future services during the Grant Period in the form of Restricted Share Units (RSUs) to non-employee members of the Board of Directors. The Plan is designed to provide non-employee Directors with additional incentive to further the
growth and development of the Corporation and to acquire a proprietary interest in the Corporation through ownership of shares. 

2. DEFINITIONS. For purposes of the Plan, the terms contained in this Section 2 have the following meanings: 

“Administrator” means such administrator as may be appointed, pursuant to Section 3, by the Board of Directors from
time to time to administer the Plan; 
 “Board of Directors” means the board of directors of the Corporation
or, if duly authorized by the Board of Directors in respect of the Plan, a committee of the Board of Directors; 

“Business Day” means a day, other than a Saturday or Sunday, on which banking institutions in Seattle, WA or New York,
NY are not authorized or obligated by law to close; 
 A “Change in Control” shall be deemed to have occurred
if any person or any group of two or more persons acting jointly or in concert acquires (within the 12 month period preceding the most recent acquisition by such persons), directly or indirectly, or acquires the right to control or direct, the
beneficial ownership of stock of the Corporation possessing thirty-five percent (35%) or more of the outstanding total voting power of the securities of the Corporation or any successor to the Corporation, in any manner, including without
limitation as a result of a takeover bid or an amalgamation of the Corporation with any other corporation or any other business combination or reorganization, and for purposes hereof “outstanding total voting power of the securities”
includes any security other than a debt security carrying a voting right either under all circumstances or under some circumstances that have occurred and are continuing; 
 “CIC Date” means the date of any Change in Control; 

“Corporation” means Oncothyreon Inc. and its successors; 

“Effective Date” means for a Grant, the date which the Board of Directors determines will be the date on which the Grant
will take effect; 
 “Fiscal Year” means any fiscal year of the Corporation; 

“Grant” means the grant of RSUs allocated to a Participant at any time in accordance with Section 5 hereof;

 “Grant Period” means the period established by the Board of Directors in
respect of each Grant, which period shall commence on the Effective Date and end on the date designated by the Board of Directors; provided however that such period will not exceed five years; 

“Identification Period”, for the purposes of the definition of “Specified Employee”, shall be measured on the
basis of the calendar year; 
 “Insider” has the meaning ascribed thereto in Section 16 of the Securities
Exchange Act of 1934, as amended; 
 “Notice of Grant” refers to the notice delivered in accordance with
Section 5 to each Participant under a Grant in connection with the grant thereof that sets out the terms of the Grant in accordance with Section 5; 
 “Participant” means an individual to whom a Grant has been made; 

“Person” means, without limitation, an individual, sole proprietorship, partnership, unincorporated association,
unincorporated syndicate, unincorporated organization, trust, body corporate and a trustee executor, administrator, or other legal representative; 
 “Plan” means the amended and restated restricted share unit plan as set forth herein and as may be amended from time to time; 

“Release Date” means, for a Grant, unless otherwise determined by the Board of Directors, the day which is thirty
calendar days following the fifth anniversary of the Effective Date of the Grant; 
 “Retirement” means, in
respect of a Participant, resignation from the Board of Directors; 
 “RSU” means a restricted share unit
allocated to a Participant in accordance with Section 5 which shall upon issuance, in accordance with and subject to the provisions of the Plan, entitle the holder thereof to receive a combination of RSU Shares and cash; 

“RSU Share” means a Share delivered to a Participant in accordance with the provisions of the Plan in settlement of an
RSU issued to the Participant under the Plan; 
 “Share” means a common share in the capital of the
Corporation; 
 “Specified Employee” means a Participant who: 

(a) is an employee (as opposed to a non-employee member of the Board of Directors); 

(b) satisfies the definition in clause 409A(a)(2)(B)(i) of the U.S. Internal Revenue Code (the “Code”) (see below) at any time
during the relevant Identification Period; and 
 (c) terminates employment at any time during the 12 months following the first
day of the fourth month following the end of the last preceding Identification Period. 

  
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 As set forth in section 409A(a)(2)(B)(i) of the Code, a “specified employee”
generally is an employee that satisfies one of these three tests at any time in the year: 
 (i) is one of the top 50 officers
(or, if lesser, the greater of 3 or 10% of the employees) of the employer with compensation greater than US $130,000 (as adjusted for inflation); 
 (ii) is an employee who owns more than 5% of the total stock or the total voting stock of the employer; or 
 (iii) is an employee with compensation greater than US $150,000 who owns more than 1% of the total stock or the total voting stock of the employer; and 

3. ADMINISTRATION. The Board of Directors shall administer the Plan in accordance with its terms. The Board of Directors
may, from time to time, subject to the terms of the Plan, delegate to the Administrator, if and to the extent that one is appointed, the whole or any part of the administration of the Plan and shall determine the scope of such delegation and may
from time to time revoke or amend any such delegation. For greater certainty, no Administrator need be appointed and, if an Administrator is appointed but ceases to serve at any time and for any reason then a replacement Administrator may (but need
not be) appointed. Any decision made by the Board of Directors or the Administrator in carrying out their responsibilities with respect to the administration of the Plan shall be final and binding on all Persons, including the Participants and their
legal representatives and beneficiaries. 
 In addition to the other powers granted to the Board of Directors under the Plan and
subject to the terms of the Plan, the Board of Directors shall have full and complete authority to interpret the Plan. The Board of Directors and/or the Administrator may from time to time prescribe such rules and regulations and make all
determinations necessary or desirable for the administration of the Plan. In particular, the Board of Directors shall select the Participants to whom it recommends Grants be made and shall determine the amounts and terms of the Grants. Any such
interpretation, rule, determination or other act of the Board of Directors and/or the Administrator shall be conclusively binding on all Persons, including the Participants and their legal representatives and beneficiaries. 

No member of the Board of Directors (in his/her capacity as an administrator of the Plan as opposed to a Participant under the Plan) or
the Administrator shall be liable for any action or determination made in good faith pursuant to the Plan. To the full extent permitted by law (including but not limited to all costs and expenses on a solicitor and client full indemnity basis), the
Corporation shall indemnify and save harmless each Person made, or threatened to be made, a party to any action or proceeding by reason of the fact that such Person is or was a member of the Board of Directors (in his/her capacity as an
administrator of the Plan as opposed to a Participant under the Plan) or is or was the Administrator and, as such, is or was required or entitled to take action pursuant to the terms of the Plan. 

Except as Participants may otherwise be advised by written notice given together with the Notice of Grant, all costs of the Plan,
including any administration fees, shall be paid by the Corporation. 
 4. RSU SHARES SUBJECT TO THE PLAN. The
Corporation shall not be required to issue and/or cause to be delivered Shares or issue and/or cause to be delivered certificates evidencing Shares to be delivered pursuant to the Plan unless and until such issuance and delivery can be completed in
compliance with the applicable laws, regulations, rules, orders of governmental or regulatory authorities and the requirements of all applicable stock exchanges upon which Shares are listed. The Corporation shall be obligated to take all reasonable
action to comply with any such laws, regulations, rules, orders, or requirements. Subject to the foregoing, the Board of Directors may authorize from time to time the issuance by the Corporation of Shares or the purchase of Shares for the benefit of
Participants on the open market or by private transaction as required in order to administer the Plan and to fulfill the obligations of the Corporation pursuant to the Plan. At any time, the aggregate number of Shares issued and issuable under
Grants shall not exceed the total number of Shares reserved for issuance under the Plan. 

  
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 5. GRANTS. Subject to the provisions of the Plan, the Board of Directors
shall, in it sole discretion and from time to time, determine the Participants to whom Grants will be made under the Plan. The Board of Directors shall also determine, in connection with each Grant, the Effective Date thereof, the number of RSUs to
be allocated, the Grant Period applicable thereto, any applicable vesting terms in order for RSUs to be issued and such other terms and conditions (which need not be identical as between any two Grants, whether or not contemporaneous) as the Board
of Directors deems appropriate. 
 The number of RSUs to be allocated to a particular Participant shall equal the quotient of
(x) an aggregate U.S. dollar value selected by the Board of Directors divided by (y) the closing price of the Shares as reported by the Nasdaq Global Market, the Nasdaq Global Select Market or the Nasdaq Capital Market on the date of the
Grant, or if no closing price was reported on that date, as applicable, on the last trading date such closing price was reported. 
 Each Grant shall be evidenced by a written notice (a “Notice of Grant”) to be delivered, along with a copy of this Plan, to the Participant subject to the Grant, which notice will contain the
information referred to in Section 5 and such other terms and conditions as the Board of Directors may specify and which notice shall be acknowledged in writing by the Participant. Each Notice of Grant shall state that the Grant is subject to
the terms of the Plan and that each RSU issued pursuant to the Grant shall, subject to and in accordance with the terms of the Plan, entitle the Participant to receive one RSU Share. 

6. TERMS AND CONDITIONS OF RESTRICTED SHARE UNITS. Certificates need not be issued with respect to RSUs covered by a Grant
or RSUs when issued. The Corporation or the Administrator shall maintain records showing the number of RSUs allocated to each Participant under the Plan. Each Participant shall be notified by the Notice of Grant of the number of RSUs covered by a
Grant and of the terms and conditions of such Grant, including those described below in this Section 6: 
 (a) Number of
RSUs. Each Notice of Grant shall state the number of RSUs allocated to the Participant and state that each such RSU shall, subject to and in accordance with the terms of the Plan, entitle the Participant to receive one RSU Share; 

(b) Issue of RSUs. Subject to paragraphs 6(c) and 6(d), at the time a Grant is made, subject to meeting the vesting and other
requirements set forth in the Grant, a Participant shall be allocated the RSUs covered by the Grant (that will generally be issued and settled (on the applicable Release Date) in the form of RSU Shares and cash as specified in the following
sentence). On the Release Date, a Participant shall receive: (i) a number of RSU Shares equal to 75% of the applicable RSU Grant (rounded down to the nearest share); and (ii) an amount of cash equal to the product of (x) the closing
price of the Corporation’s common stock as reported by the NASDAQ Global Market on the vesting date and (y) the total number of Shares underlying the applicable RSU Grant minus the transfer of Shares actually deliverable on the applicable
Release Date pursuant to Section 6(b)(i). If the relevant vesting date does not fall on a day on which the Corporation’s common stock was traded, the Corporation shall use the closing price on the most recent trading day prior to the
applicable vesting date. 
 (c) Right to RSUs in the Event of Death, Retirement or Resignation. Unless otherwise
determined by the Board of Directors and subject to the terms set out in the Grant Notice: 
 (i) In the event of the death of
a Participant while a director of the Corporation, and with respect to each Grant to such Participant for which the established Grant Period has not ended and 

  
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for which RSUs have not otherwise been issued prior to the date of death, all unvested RSUs shall immediately vest and the RSU Shares and cash (as set forth in Section 6(b)) shall be issued
by the later of the end of the calendar year of the date of the death or by the 15th day of the 3rd calendar month following the date of the death. 
 (ii) Subject to: 
 (A) paragraph 6(d); and 

(B) the terms and conditions upon which the Grant was made, including those relating to vesting; 

(i) provided the Participant is not a Specified Employee at the date of termination, in the event a Participant’s membership on the
Board of Directors terminates for any cause other than death of the Participant, and with respect to the RSUs covered by any Grant to such Participant with respect to which the Release Date has not occurred and for which RSUs have not been issued
prior to such termination, the Participant shall receive, subject to and in accordance with the provisions of the Plan, RSUs issued in the form of RSU Shares and cash (as set forth in Section 6(b)) as if the Grant Period had ended. The RSU
Shares and cash (as set forth in Section 6(b)) shall be issued by the later of the end of the calendar year of the termination or by the 15th day of the 3rd calendar month following the date of the termination. 

(ii) if the Participant is a Specified Employee at the date of termination, in the event a Participant’s membership on the Board of
Directors terminates for any cause other than death of the Participant, and with respect to the RSUs covered by any Grant to such Participant with respect to which the Release Date has not occurred and for which RSUs have not been issued prior to
such termination, the Participant shall receive, subject to and in accordance with the provisions of the Plan, RSUs issued in the form of RSU Shares and cash (as set forth in Section 6(b)) as if the Grant Period had ended. The RSU Shares and
cash (as set forth in Section 6(b)) will be delivered by the 30th day of the date following the date which is six months following the date of termination. 
 (d) Right to RSUs in the Event of a Change in Control. Notwithstanding any other provision of the Plan, in the event of the occurrence of a Change in Control of the Corporation and with respect to
all the Grants that are outstanding for such Participant on the CIC Date, all unvested RSUs shall immediately vest and each Participant who has received any such Grants shall be entitled to receive, on the date which is ten Business Days following
the CIC Date, an amount in full settlement of a RSU covered by a Grant, which amount shall be either (i) one Share for each Covered RSU, or (ii) if so specified in a Participant’s written election provided to the Corporation within
five Business Days following the CIC Date (provided the Participant has notice thereof), a cash payment equal to the Special Value for each Covered RSU, provided that such Participant is continuously a member of the Board of Directors of the
Corporation from the Effective Date of such Grant to the CIC Date. 
 The term “Special Value” means an amount with
respect to each Covered RSU determined as follows: 
 (i) if any Shares are sold as part of the transaction constituting the
Change in Control, the Special Value shall equal the weighted average of the prices paid for those Shares by the acquiror, provided that if any portion of the consideration paid for such Shares by the acquiror is paid in property other than cash,
the Board of Directors (as constituted immediately prior to the CIC Date) shall determine that fair market value of such property as of the CIC Date for purposes of determining the Special Value under this paragraph 6(d); and 

  
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 (ii) if no Shares are sold as part of the transaction constituting the Change in Control,
the Special Value shall equal the arithmetic average of the closing prices for the Shares on the Nasdaq Global Market, the Nasdaq Global Select Market or the Nasdaq Capital Market, as applicable, for the five trading days immediately preceding the
CIC Date. 
 The term “Covered RSUs” means, with respect to each Grant that is outstanding on the CIC Date, the number
of RSUs that would have been issued to a Participant on the Release Date during the applicable Grant Period and settled in the form of RSU Shares had the Participant continued as a member of the Board of Directors of the Corporation until the
Release Date during the applicable Grant Period. 
 (e) Non-Transferability. The rights or interests of a Participant
under the Plan shall not be assignable or transferable, otherwise than by will or the laws governing the devolution of property in the event of death and such rights or interests shall not be encumbered. 

(f) RSUs Not Shares. Under no circumstances shall RSUs be considered Shares, nor entitle any Participant to the exercise of voting
rights, the receipt of dividends or the exercise of any other rights attaching to ownership of Shares. 
 7. EFFECTS
OF ALTERATION OF SHARE CAPITAL. If at any time during the currency of the Plan: 
 (a) a dividend is declared upon the
Shares payable in Shares of the Corporation; or 
 (b) any or all of the outstanding Shares are changed into or exchanged for a
different number or kind of shares or other securities of the Corporation or of another corporation, whether through an arrangement, amalgamation or other similar statutory procedure, or a share recapitalization, subdivision or consolidation; or

 (c) there is any change, other than those specified in paragraphs 7(a) and (b), in the number or kind of outstanding
Shares or of any shares or other securities into which such Shares shall have been changed or for which they shall have been exchanged; or 
 (d) there is a distribution of assets or shares to shareholders of the Corporation out of the ordinary course of business; 
 then, if the Board of Directors shall in its sole discretion determine such change equitably requires an adjustment in the number of RSUs with respect to which Grants may be made pursuant to the Plan but
have not yet been covered by Grants, or the number of RSUs then covered by Grants, or the number of RSUs generally available for Grants under the Plan or the number of RSUs available for Grant under the Plan in any calendar year, then such
adjustment may be made by the Board of Directors and shall, subject to any required regulatory or other approval, be effective and binding for all purposes. 
 No adjustment provided for in this Section 7 will entitle a Participant to be allocated a fractional RSU, or receive a fractional RSU Share or any payment in lieu thereof, and the total adjustment
with respect to each RSU shall be limited accordingly. 

  
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 8. AMENDMENT AND TERMINATION. The Board of Directors may from time to time
suspend or terminate the Plan in whole or in part. The Board of Directors of the Corporation may amend the Plan at any time; provided however, that any amendment that may materially and adversely affect any rights previously granted to a Participant
under the Plan must be consented to in writing by the Participant or the other person then entitled to exercise such RSU. Examples of the types of amendments to the Plan that the board of directors of the Corporation is entitled to make without
shareholder approval include, without limitation: (a) amendments of a “housekeeping” nature; (b) amendments of a typographical, grammatical, clerical nature or of administrative nature of which are required to comply with
regulatory requirements; (c) a change to the vesting provisions of a RSU or the Plan; (d) a change to the termination provisions of a RSU or the Plan; and (e) a change to the persons to whom RSUs may be granted which does not have the
potential of broadening or increasing Insider participation. Notwithstanding the foregoing, the Plan shall be amended or discontinued, as appropriate, in the manner and to the extent required by law or by the regulations, rules, by-laws or policies
of any regulatory authority or stock exchange. 
 9. MISCELLANEOUS PROVISIONS. 

(a) Participation. No non-employee director of the Corporation shall have any claim or right to receive Grants under the Plan, and
the Grant and issuance of RSUs under the Plan shall not be construed as giving a Participant any right to continue as a member of the Board of Directors of the Corporation. 
 (b) Withholding Tax. Notwithstanding any other provision of the Plan, the Board of Directors and/or the Administrator may adopt and apply rules that in its opinion will ensure that the Corporation
will be able to comply with applicable provisions of any federal, provincial, state or local law relating to the withholding of tax, including on the amount, if any, included in income of a Participant. The Corporation or the Administrator may
withhold from any amount payable to a Participant, either under this Plan, or otherwise, such amount as may be necessary so as to ensure that the Corporation will be able to comply with applicable provisions of any federal, provincial, state or
local law relating to withholding of tax or other required deductions, including on the amount, if any, to be included in income of a Participant. The Corporation or the Administrator shall, in this connection, have the right in its discretion to
satisfy any such withholding tax liability by retaining or acquiring any Shares which would otherwise be issued or provided to a Participant hereunder, or withholding any portion of any cash amount payable to a Participant hereunder. The Corporation
or the Administrator shall also have the right to withhold the delivery of any RSUs and RSU Shares and any cash payment payable to a Participant hereunder unless and until such Participant pays to the Corporation a sum sufficient to indemnify the
Corporation for any liability to withhold tax in respect of the amounts included in the income of such Participant as a result of the settlement of RSUs under this Plan, to the extent that such tax is not otherwise being withheld from payments to
such Participant by the Corporation or the Administrator. 
 (c) Acceptance of Terms by Participant. Participation in the
Plan by any Participant shall be construed as acceptance of the terms and conditions of the Plan by the Participant and as to the Participant’s agreement to be bound thereby. 

(d) Governing Law. The Plan shall be construed in accordance with and governed by the laws of Delaware. 

(e) Number, etc. In this Plan, whenever the context so requires, the masculine gender includes the feminine gender and a singular
number includes the plural number. 

  
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 (f) Discretion. Any discretion, power, judgment, decision, election, or choice
referred to in this Plan as being available to the Board of Directors, or to any committee of the Board of Directors, or to any Administrator shall be deemed to be an unfettered discretion, power, judgment, decision, election, or choice on the part
of the Board of Directors, the committee of the Board of Directors or the Administrator in question. 
 (g) Severance.
Any void, illegal, or unenforceable provisions of this Plan shall not affect the validity or enforceability of the remaining provisions. Any provision which would otherwise be held by a court or tribunal of competent jurisdiction to be void,
illegal, or unenforceable shall be deemed to be modified (by reducing its scope, duration or applicability) to the extent necessary to render it valid and enforceable, or if such modification is not possible, then such provisions shall be binding
and enforceable and construed without such severed provisions. 
 10. EFFECTIVE DATE AND TERM OF THE PLAN. The
Plan, and any amendments to the Plan, shall become effective upon its or their adoption by the Board of Directors. The Plan shall terminate on the date determined by the Board of Directors in accordance with Section 8 and no Grants may become
effective under the Plan after the date of termination, but such termination will not affect any Grants which became effective pursuant to the Plan prior to such termination. 

  
 -8-Form of Restricted Share Unit Agreement

 Exhibit 10.4 
 ONCOTHYREON INC. 
 AMENDED AND RESTATED RESTRICTED SHARE UNIT PLAN

 RESTRICTED SHARE UNIT AGREEMENT 
 Unless otherwise defined herein, the terms defined in the Oncothyreon Inc. (formerly Biomira Inc.) (the “Company”) Amended and Restated Restricted Share Unit Plan (the
“Plan”) will have the same defined meanings in this Restricted Share Unit Agreement (the “Agreement”). 
 NOTICE OF RESTRICTED SHARE UNIT GRANT 
  

					
	Participant Name:	 	  
	 	

					
	Address:	 	  
	 	

 You have been granted the right to receive an award of restricted share units
(“RSUs”), subject to the terms and conditions of the Plan and this Agreement, as follows: 
  

					
	Grant Number:	 	  
	 	
			
	Date of Grant:	 	  
	 	
			
	Vesting Commencement Date:	 	  
	 	
			
	Number of Restricted Share Units:	 	  
	 	
			
	Vesting Schedule:**	 		 	

 Subject to any acceleration provisions contained in the Plan or set forth below, the RSU will vest in
accordance with the following schedule: 
 One hundred percent (100%) of the RSUs shall vest on the two (2) year
anniversary of the Vesting Commencement Date, subject to Participant’s continued service as a member of the Company’s Board of Directors (the “Board”) through such date. 

Notwithstanding the foregoing, in the event Participant’s membership on the Board terminates for any reason, including death, one
hundred percent (100%) of the RSUs shall immediately vest upon such termination; provided, however, that the termination of Participant’s membership on the Board constitutes a “separation from service” within the meaning of
Section 409A (as defined in Section 4(b) of the Agreement) or such later time as described in Section 4 of the Agreement. Further, in the event of a Change in Control of the Company that constitutes a “change in control”
within the meaning of Section 409A, one hundred percent (100%) of the RSUs shall immediately vest, subject to Participant’s continued service as a member of the Board through the closing of the Change in Control. 

 

	**	Important additional information on vesting and forfeiture of the RSUs covered by this grant is contained in the attached Agreement. Please be sure to read the entire
Agreement. 

  
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 By Participant’s signature and the signature of the representative of Oncothyreon Inc.
(the “Company”) below, Participant and the Company agree that this award of RSUs is granted under and governed by the terms and conditions of the Plan and this Agreement, including the Terms and Conditions of Restricted Share
Unit Grant, attached hereto as Exhibit A, all of which are made a part of this document. Participant has reviewed the Plan and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this
Agreement and fully understands all provisions of the Plan and Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and
Agreement. Participant further agrees to notify the Company upon any change in the residence address indicated below. 
  

					
	PARTICIPANT:	 		 	ONCOTHYREON INC.
			
	  
	 		 	  

	Signature	 		 	By
			
	  
	 		 	  

	Print Name	 		 	Title
			
	Residence Address:	 		 	
			
	  
	 		 	
			
	  
	 		 	

  
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 EXHIBIT A 

TERMS AND CONDITIONS OF RESTRICTED SHARE UNIT GRANT 
 1. Grant. The Company hereby grants to the individual named in the Notice of Grant of this Agreement (“Participant”) under the Plan an award of RSUs, subject to all of the
terms and conditions in this Agreement and the Plan, which is incorporated herein by reference. Subject to Section 8 of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this
Agreement, the terms and conditions of the Plan will prevail. 
 2. Company’s Obligation to Pay. Each RSU represents
the right to receive a combination of RSU Shares and cash on the vesting date (or at such later time as indicated in this Agreement). Unless and until the RSUs vest, Participant will have no right to receive Shares under such RSUs. Prior to actual
distribution of Shares pursuant to any vested RSUs, such RSUs will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. When the RSUs are paid out to Participant, they will be paid out in
whole Shares and cash only (as described in Section 6(b) of the Plan) and the purchase price will be deemed paid by Participant for each RSU through the past services rendered by Participant, and will be subject to the appropriate tax reporting
and, if applicable, appropriate tax withholding, as set forth in Section 5 hereof. 
 3. Vesting Schedule. Subject
to Section 4 of this Agreement and Section 6 of the Plan, the RSUs awarded by this Agreement will vest in accordance with the vesting provisions set forth in the Notice of Grant attached to this Agreement. RSUs scheduled to vest on a
certain date or upon the occurrence of a certain condition will not vest in Participant in accordance with any of the provisions of this Agreement, unless Participant will have been continuously a member of the Board from the Date of Grant until the
date such vesting occurs. 
 4. Payment after Vesting. 

(a) Subject to Section 5, any RSUs that vest will be paid to Participant (or in the event of Participant’s death, to his or her
properly designated beneficiary or estate) in whole Shares and cash (as described in Section 6(b) of the Plan). Subject to the provisions of Sections 4(b), 4(c) and 4(d), such vested RSUs shall be paid in whole Shares and cash (as described in
Section 6(b) of the Plan) as soon as practicable after vesting, but in each such case within thirty (30) days following the vesting date. In no event will Participant be permitted, directly or indirectly, to specify the taxable year of
payment of any RSUs payable under this Agreement. 
 (b) Change in Control. If the vesting of all or a portion of the
RSUs accelerate in the event of a Change in Control and such Change in Control constitutes a “change in control” within the meaning of Section 409A, then the payment of such accelerated RSUs shall be paid no later than ten
(10) business days following the closing of the Change in Control. Any such payment shall be settled in Shares, unless Participant specifies in a written election provided to the Company within five (5) business days following the Change
in Control to settle his or her vested RSUs in cash equal to the Special Value (as described in Section 6(d) of the Plan). Notwithstanding anything in the Plan or this Agreement to the contrary, if the vesting of

  
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all or a portion of the RSUs accelerates pursuant to any plan, agreement, resolutions or arrangement that provides for acceleration in the event of a change in control that is not a “change
in control” within the meaning of Section 409A, then payment of the RSUs shall not be accelerated in accordance with this Section 4(b) and shall otherwise continue to be subject to the terms of this Agreement and the Plan. For
purposes of this Agreement, “Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and any proposed, temporary or final Treasury Regulations and Internal Revenue
Service guidance thereunder, as each may be amended from time to time. 
 (c) Termination of Service.
Notwithstanding anything in the Plan or this Agreement to the contrary, if the vesting of the balance, or some lesser portion of the balance, of the RSUs is accelerated in connection with Participant ceasing to be as a member of the Board, such
accelerated RSUs will not be payable by virtue of such acceleration until and unless Participant has a “separation from service” within the meaning of Section 409A. Further, notwithstanding anything in the Plan or this Agreement to
the contrary, if the vesting of the balance, or some lesser portion of the balance, of the RSUs is accelerated in connection with Participant ceasing to be a member of the Board (provided that such cessation of service is a “separation from
service” within the meaning of Section 409A, as determined by the Company), other than due to death, and if (x) Participant is a “specified employee” within the meaning of Section 409A at the time of such
termination as a service provider and (y) the payment of such accelerated RSUs will result in the imposition of additional tax under Section 409A if paid to Participant on or within the six (6) month period following
Participant’s termination as a service provider, then the payment of such accelerated RSUs will not be made until the
30th day following the date that is six (6) months
following the date of Participant’s termination as a service provider, unless Participant dies following his or her termination as a service provider, in which case, the RSUs will be paid in Shares and cash (as described in Section 6(b) of
the Plan) to Participant’s estate or properly designated beneficiary as soon as practicable following his or her death (in accordance with Section 4(d)). 

(d) Death of Participant. If the vesting of all or a portion of the RSUs accelerate in the event of the death
of Participant while a member of the Board, then the payment of such accelerated RSUs shall be paid no later than the later of (i) the end of the calendar year in which Participant dies or (ii) the fifteenth (15th) day of the third (3rd) calendar month following Participant’s death. Any
distribution or delivery to be made to Participant under this Agreement will, if Participant is then deceased, be made to Participant’s designated beneficiary, provided such beneficiary has been designated prior to Participant’s death in a
form acceptable to the Administrator, or if no beneficiary survives Participant, the administrator or executor of Participant’s estate (or such other person to whom the RSUs are transferred pursuant to Participant’s will or in accordance
with the laws of descent and distribution). Any such transferee must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and
compliance with any laws or regulations pertaining to said transfer. 
 (e) Section 409A. It is the intent of this
Agreement to comply with the requirements of Section 409A so that none of the RSUs provided under this Agreement or Shares issuable thereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein
will be interpreted to so comply. 

  
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 5. Withholding of Taxes. Notwithstanding any contrary provision of this Agreement, no
certificate representing the Shares will be issued to Participant, unless and until satisfactory arrangements (as determined by the Administrator) will have been made by Participant with respect to the payment of income, employment and other taxes
which the Company determines must be withheld with respect to such Shares. If Participant fails to make satisfactory arrangements for the payment of any required tax withholding obligations hereunder at the time any applicable RSUs otherwise are
scheduled to vest, Participant will permanently forfeit such RSUs and any right to receive Shares thereunder and the RSUs will be returned to the Company at no cost to the Company. 

The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit Participant to
satisfy such tax withholding obligation, in whole or in part (without limitation) by (a) paying cash or remitting a check, (b) electing to have the Company withhold otherwise deliverable Shares having a fair market value equal to the
minimum amount required to be withheld, (c) delivering to the Company already vested and owned Shares having a fair market value equal to the amount required to be withheld, (d) selling a sufficient number of such Shares otherwise
deliverable to Participant through such means as the Company may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld, or (e) a combination thereof. To the extent determined
appropriate by the Company in its discretion, it will have the right (but not the obligation) to satisfy any tax withholding obligations by reducing the number of Shares otherwise deliverable to Participant. If Participant fails to make satisfactory
arrangements for the payment of any required tax withholding obligations hereunder at the time any applicable RSUs otherwise are scheduled to vest, Participant will permanently forfeit such RSUs and any right to receive Shares thereunder and the
RSUs will be returned to the Company at no cost to the Company. 
 6. Rights as Shareholder. Neither Participant nor any
person claiming under or through Participant will have any of the rights or privileges of a shareholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares (which may be in book entry
form) will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to Participant (including through electronic delivery to a brokerage account). After such issuance, recordation and delivery,
Participant will have all the rights of a shareholder of the Company with respect to voting such Shares and receipt of dividends and distributions on such Shares. 
 7. No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF THE RSUS PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A MEMBER OF THE
BOARD AT THE WILL OF THE COMPANY AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OF RSUS OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE
VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED 

  
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ENGAGEMENT AS A MEMBER OF THE BOARD FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY TO TERMINATE
PARTICIPANT’S RELATIONSHIP AS A MEMBER OF THE BOARD AT ANY TIME, WITH OR WITHOUT CAUSE. 
 8. Address for
Notices. Any notice to be given to the Company under the terms of this Agreement will be addressed to the Company, in care of its Corporate Controller at Oncothyreon Inc., 2601 Fourth Avenue, Suite 500, Seattle, Washington, 98121, or at such
other address as the Company may hereafter designate in writing. 
 9. Grant is Not Transferable. Except to the limited
extent provided in Section 4(d), this grant and the rights and privileges conferred hereby will not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and will not be subject to sale under
execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar
process, this grant and the rights and privileges conferred hereby immediately will become null and void. 
 10. Binding
Agreement. Subject to the limitation on the transferability of this grant contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

 11. Additional Conditions to Issuance of Shares. The Company shall not be required to issue any certificate or
certificates for Shares hereunder prior to fulfillment of all the following conditions: (a) the admission of such Shares to listing on all stock exchanges on which such class of stock is then listed; (b) the completion of any registration
or other qualification of such Shares under any U.S. state or federal law or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body, which the Administrator shall, in its absolute
discretion, deem necessary or advisable; (c) the obtaining of any approval or other clearance from any U.S. state or federal governmental agency or any other governmental regulatory body, which the Administrator shall, in its absolute
discretion, determine to be necessary or advisable; and (d) the lapse of such reasonable period of time following the date of vesting of the RSUs as the Administrator may establish from time to time for reasons of administrative convenience.
Where the Company determines that the delivery of the payment of any Shares will violate federal securities laws or other applicable laws, the Company will defer delivery until the earliest date at which the Company reasonably anticipates that the
delivery of Shares will no longer cause such violation. The Company will make all reasonable efforts to meet the requirements of any such state or federal law or securities exchange and to obtain any such consent or approval of any such governmental
authority. 
 12. Restrictions on Sale of Securities. The Shares issued as payment for vested RSUs under this Agreement
will be registered under U.S. federal securities laws and will be freely tradable upon receipt. However, Participant’s subsequent sale of the Shares may be subject to any market blackout-period that may be imposed by the Company and must comply
with the Company’s insider trading policies, and any other applicable securities laws. 

  
 -6-

 13. Plan Governs. This Agreement is subject to all terms and provisions of the Plan.
In the event of a conflict between one or more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan will govern. Capitalized terms used and not defined in this Agreement will have the meaning set forth in
the Plan. 
 14. Administrator Authority. The Administrator will have the power to interpret the Plan and this Agreement
and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any RSUs have
vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons. No member of the Administrator will be personally
liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement. 
 15.
Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to RSUs awarded under the Plan or future RSUs that may be awarded under the Plan by electronic means or request Participant’s consent
to participate in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or
another third party designated by the Company. 
 16. Captions. Captions provided herein are for convenience only and are
not to serve as a basis for interpretation or construction of this Agreement. 
 17. Agreement Severable. In the event
that any provision in this Agreement will be held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement.

 18. Entire Agreement; Modifications to the Agreement. This Agreement constitutes the entire understanding of the
parties on the subjects covered. Participant expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement or the
Plan can be made only in an express written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Agreement, the Company reserves the right to revise this Agreement as it deems
necessary or advisable, in its sole discretion and without the consent of Participant, to comply with Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A in connection to this award
of RSUs. Each payment and benefit payable under this Agreement is intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 

19. Amendment, Suspension or Termination of the Plan. By accepting this award, Participant expressly warrants that he or she has
received an award of RSUs under the Plan, and has received, read and understood a description of the Plan. Participant understands that the Plan is discretionary in nature and may be amended, suspended or terminated by the Company at any time.

  
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 20. Governing Law. This Agreement will be governed by the laws of the State of
Washington, without giving effect to the conflict of law principles thereof. For purposes of litigating any dispute that arises under this award of RSUs or this Agreement, the parties hereby submit to and consent to the jurisdiction of the State of
Washington, and agree that such litigation will be conducted in the courts of King County, Washington, or the federal courts for the United States for the Western District of Washington, and no other courts, where this award of RSUs is made and/or
to be performed. 

  
 -8-

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