Document:

Exhibit 4.62

DRAXIS Health Inc.

Charter of The Audit Committee

Purpose

The primary function of
the audit committee (the “Audit Committee”) of the board of directors (the “Board”)
of DRAXIS Health Inc. (the “Corporation”) is to assist the Board in fulfilling
its oversight responsibilities by:

·                  Reviewing
the integrity of the consolidated financial statements of the Corporation;

·                  Recommending
to the Board the appointment of the Independent Registered Chartered
Accountants and review the Independent Registered Chartered Accountants’
qualifications and independence;

·                  Reviewing
the performance of the Corporation’s Independent Registered Chartered
Accountants;

·                  Reviewing
the timely compliance by the Corporation with all legal and regulatory
requirements for audit and related financial functions of the Corporation;

·                  Reviewing
financial information contained in public filings of the Corporation prior to
filing;

·                  Reviewing
earnings announcements of the Corporation prior to release to the public and
any other press release containing financial information;

·                  Overseeing
the Corporation’s systems of and compliance with internal financial controls
and management’s reporting on internal controls and risk management;

·                  Reviewing
the Corporation’s auditing, accounting and financial reporting processes; and

·                  Dealing
with all complaints regarding accounting controls and auditing matters.

Consistent with
this function, the Audit Committee should encourage continuous improvement of,
and should foster adherence to, the Corporation’s policies, procedures and
practices at all levels.

Approval
of Charter

This Audit
Committee charter requires approval by the Board.

Future changes to
this charter require approval by the Board based on the recommendation of the
Audit Committee.

Structure and Composition

The Audit
Committee shall consist of no fewer than three members.

The members of the
Audit Committee shall: (i) be free from any relationship that, in the opinion
of the Board, would interfere with the exercise of his or her independent
judgment as a member of the Audit Committee; and (ii) meet the independence and
experience requirements of all applicable corporate, exchange and securities
act rules and

regulations in the
United States and Canada (the “Regulations”) including, but not limited to:

·                  the
Sarbanes-Oxley Act of 2002 (the “Act”);

·                  the
Securities Exchange Act of 1934 (the “Exchange Act”);

·                  the
rules and regulations of the Securities and Exchange Commission (the “SEC”);

·                  the
NASDAQ Stock Market, Inc. (“NASDAQ”);

·                  the
Toronto Stock Exchange (“TSX”); and

·                  Canadian
national and provincial securities rules and regulations.

All members of the
Audit Committee shall be “financially literate” as such term is defined by the
Regulations.

At least one
member of the Audit Committee shall be a “financial expert” as such term is
defined by the Regulations. Determinations as to whether any particular member
of the Audit Committee satisfies this requirement shall be made by the Board.

The members of the
Audit Committee shall be appointed by the Board annually on the recommendations
of the Nominating and Corporate Governance Committee or until successors are
duly elected.

The Board shall
normally designate the Chair of the Audit Committee. In the event that a Board
designation is not made, the members of the Audit Committee shall elect a Chair
by majority vote of the full Audit Committee membership.

In the event that
the Chair of the Audit Committee does not attend a meeting of the Audit
Committee, the members of the Audit Committee shall elect a temporary Chair for
such meeting by majority vote of the members in attendance at the meeting.

Once appointed,
Audit Committee members shall cease to be a member of the Audit Committee only
upon:

	
  (i)

  	
   

  	
  resignation from the Board;

  
	
   

  	
   

  	
   

  
	
  (ii)

  	
   

  	
  death;

  
	
   

  	
   

  	
   

  
	
  (iii)

  	
   

  	
  disability, as determined by an independent
  physician retained by the Board; or

  
	
   

  	
   

  	
   

  
	
  (iv)

  	
   

  	
  not being re-appointed pursuant to the annual
  appointment process described above.

  

 

Members of the
Audit Committee shall not simultaneously serve on the audit committees of more
than two other public companies.

Meetings

The Audit
Committee shall meet as often as it determines necessary in fulfilling its
duties, but not less frequently than quarterly.

Greater than 50%
of Audit Committee membership is required for meeting quorum.

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The Audit
Committee shall meet separately on a periodic basis with management, the
internal audit if such function is created and the Independent Registered
Chartered Accountants in separate committee sessions.

The Audit
Committee may request any officer or employee of the Corporation or the
Corporation’s outside counsel or Independent Registered Chartered Accountants
to attend a meeting of the Audit Committee or to meet and consult with any
members of the Audit Committee.

Meetings of the
Audit Committee shall normally be attended by the CEO and CFO of the
Corporation and representatives of the Independent Registered Chartered
Accountants. Others may also attend meetings as the Audit Committee may
request.

Resolutions

Resolutions of the
Audit Committee shall require approval by a simple majority of members voting
on such resolution.

Remuneration

Members of the
Audit Committee and the Chairman of the Audit Committee shall receive such
remuneration for their service on the Audit Committee as the Board may
determine from time to time.

No member of the
Audit Committee may earn fees from the Corporation or any of its subsidiaries
other than fees for acting as a member of the Board or of any Board committee
(which may include cash and/or shares or options or other in-kind
consideration).  For greater certainty,
no member of the Audit Committee shall accept directly or indirectly, any
consulting, advisory or other compensatory fee from the Corporation.

Responsibilities
and Duties

i)                Minutes

The Audit Committee shall provide minutes from each
meeting held and such minutes shall be made available to all members of the
Board.

ii)            Independent Registered
Chartered Accountants

With respect to the Corporation’s Independent Registered
Chartered Accountants the Audit Committee shall:

·                  have
the sole authority to recommend to the Board the appointment or replacement of
the Independent Registered Chartered Accountants (subject, if applicable, to
shareholder approval)

·                  have
the Independent Registered Chartered Accountants report directly to the Audit
Committee

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·                  meet
with the Independent Registered Chartered Accountants prior to the annual audit
to discuss the planning, scope and staffing of the audit

·                  be
directly responsible for establishing the compensation of the Independent
Registered Chartered Accountants, subject to applicable board and shareholder
approval

·                  review
the interim and year-end letters of representation provided to the Independent
Registered Chartered Accountants by management of the Corporation

·                  approve
the selection of the senior audit partners having primary responsibility for
the audit

·                  ensure
the periodic rotation of the senior audit partners having primary
responsibility for the audit and the audit partner responsible for reviewing
the audit as required by law

·                  at
least on an annual basis, evaluate the qualifications, performance and
independence of the Independent Registered Chartered Accountants and the senior
audit partners having primary responsibility for the audit, including
considering whether the auditor’s quality controls are adequate and requiring
the Independent Registered Chartered Accountants to submit on a periodic basis
to the Audit Committee a formal written statement delineating all relationships
between the Independent Registered Chartered Accountants and the Corporation
with a view to evaluating and making recommendations to the Board with respect
to any disclosed relationship that may impact the objectivity and the
independence of the Independent Registered Chartered Accountants.

·                  obtain
and review a report from the Independent Registered Chartered Accountants at
least annually regarding: (i) the Independent Registered Chartered Accountants’
internal quality-control procedures, (ii) any material issues raised by the
most recent internal quality-control review, or peer review, of the firm, or
raised by any inquiry or investigation by governmental or professional
authorities within the preceding five years respecting one or more independent audits
carried out by the firm, (iii) any steps taken to deal with any issues, and
(iv) all relationships between the Independent Registered Chartered Accountants
and the Corporation

·                  review
and approve the Corporation’s hiring policies regarding partners, employees,
former partners or former employees of the Independent Registered Chartered
Accountants or a previous Independent Registered Chartered Accountants of the
Corporation

·                  unless
the Audit Committee adopts pre-approval policies and procedures in conformity
with the Regulations, pre-approve all auditing services and permitted non-audit
services (including fees and terms thereof) to be performed for the Corporation
or its subsidiaries by its Independent Registered Chartered Accountants or
delegate such approval authority to one or more of its members who shall report
promptly to the Audit Committee

·                  oversee
the work of the Independent Registered Chartered Accountants, including the
resolution of disagreements between management and the Independent Registered
Chartered Accountants regarding financial reporting and the review of any
problems experienced by the Independent Registered Chartered Accountants

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in conducting the
audit, including any restrictions on the scope of the Independent Registered
Chartered Accountants’ activities or any access to requested information.

iii)        Internal
audit

With respect to the
Corporation’s internal audit function, if such function is created, the Audit
Committee shall:

·                  Review
and make recommendations to the Board regarding the annual audit plan, annual
budgets, resources and the reports of the internal audit;

·                  Review
periodically the appointment and the mandate for the internal audit;

·                  Review
the annual performance review of the internal audit;

·                  Review
the objectivity of the Corporation’s internal audit function;

·                  Obtain
periodic reports from the internal audit regarding internal audit findings,
including the Corporation’s internal controls, and the Corporation’s progress
in remedying any material control deficiencies.

iv)          Reporting to Board

The Audit Committee shall
make regular reports to the Board, but not less frequently than quarterly.

v)              Financial Reporting

With respect to the Corporation’s reporting of
unaudited quarterly financial results, the Audit Committee shall:

·                  Prior
to their public release and filing with securities regulatory agencies, review
and discuss with management and the Independent Registered Chartered
Accountants the:

·                  earnings
press release

·                  consolidated
financial statements and notes thereto

·                  management’s
discussion and analysis

·                  results
of the Independent Registered Chartered Accountants’ review

The Audit Committee must
be satisfied that adequate procedures are in place for the review of the
Corporation’s public disclosure of financial information extracted or derived
from the Corporation’s financial statements and shall periodically assess the
adequacy of such procedures

·                  The
review of the Corporation’s unaudited quarterly financial results shall
include, but not be limited to:

·                  any
significant judgments (e.g. estimates and reserves) made in the preparation of
financial statements and the view of each as to the appropriateness of such
judgments

·                  any
significant disagreements among management and the Independent Registered
Chartered Accountants in connection with the preparation of financial
statements

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·                  the
extent to which changes or improvements in financial or accounting practices,
as approved by the Audit Committee, have been implemented

·                  significant
financial reporting issues and judgments made in connection with the
preparation of the Corporation’s financial statements, including any
significant changes in the Corporation’s selection or application of accounting
principles, any major issues as to the adequacy of the Corporation’s internal
controls and any special steps adopted in light of material control
deficiencies

·                  the
Corporation’s use of “pro forma” or “adjusted” non-GAAP information

·                  the
Corporation’s use of forward-looking financial guidance

·                  critical
accounting policies and practices

·                  alternative
treatments of financial information within generally accepted accounting
principles that have been discussed with management, ramifications of the use
of such alternative disclosures and treatments, and the treatment preferred by
the Independent Registered Chartered Accountants

·                  any
written communications between the Independent Registered Chartered Accountants
and management (e.g. management letters, schedule of unadjusted differences)

·                  the
effect of regulatory and accounting initiatives as well as off-balance sheet
structures on the Corporation’s financial statements

·                  management
certifications of reports filed by the Corporation pursuant to the Regulations

·                  integrity
of the Corporation’s financial reporting processes

·                  any
correspondence with regulators or governmental agencies and any published
reports which raise material issues regarding the Corporation’s financial
statements or accounting policies

·                  Recommend
to the Board whether the unaudited financial results should be approved by the
Board

vi)          Year-End Audit

With respect to the Corporation’s annual audit, the
Audit Committee shall:

·                  Prior
to their public release and filing with securities regulatory agencies, review
and discuss with management and the Independent Registered Chartered
Accountants the:

·                  earnings
press release

·                  financial
statements and notes thereto for consolidated and separate entities

·                  management’s
discussion and analysis

·                  results
of the Independent Registered Chartered Accountants’ audit

·                  The
review of the Corporation’s audited financial results, shall include, but not
be limited to:

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·                  all
matters described above with respect to unaudited quarterly financial results

·                  results
of the Independent Registered Chartered Accountants’ audit

·                  matters
required to be discussed by Statement on Auditing Standards No. 61 relating to
the conduct of the audit, including any difficulties encountered in the course
of the audit work, any restrictions on the scope of activities or access to
requested information, and any significant disagreements with management

·                  a
verbal and/or written report, as appropriate, from the Independent Registered
Chartered Accountants describing (i) all critical accounting policies and
practices to be used, (ii) all alternative treatments of financial information
within generally accepted accounting principles that have been discussed with
management, ramifications of the use of such alternative disclosures and
treatments, and the treatment preferred by the Independent Registered Chartered
Accountants, and (iii) other material communications between the Independent
Registered Chartered Accountants and management, such as the annual management
letter or schedule of unadjusted 
differences

·                  Recommend
to the Board whether the audited financial results should be approved by the
Board

vii)      Annual Proxy Statement

The Audit Committee shall issue the reports required
of the Audit Committee to be included in the Corporation’s annual proxy
statement.

viii)  Regulatory Filings

The Audit Committee shall review and recommend to the
Board the approval of all documents filed with securities regulatory agencies
including, but not limited to:

·                  annual
report

·                  Form
20-F

·                  prospectuses

·                  management
proxy circulars

ix)         “Whistle Blower” and
Related Procedures

The Audit Committee shall have procedures for the
receipt, retention and treatment of complaints received by the Corporation
regarding accounting, internal accounting controls or auditing matters and for
the confidential, anonymous submission by employees of the Corporation of
concerns regarding questionable accounting or auditing matters.

x)             Fraud

Management shall report to the Audit Committee on a
timely basis all discovered incidents of fraud within the Corporation,
regardless of monetary value.

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xi)         Related Party
Transactions

The Audit Committee shall review and, if appropriate,
approve, together with the other independent members of the Board, all
related-party transactions including those between the Corporation and its
officers or directors.

xii)     Legal Matters

The Audit Committee shall review with management, and
if necessary, the Corporation’s counsel, any legal matter which could
reasonably be expected to have a material impact on the Corporation’s financial
statements or accounting policies.

xiii)             Risk Management

The Audit Committee shall discuss with management the
Corporation’s major financial risk exposures and the steps management has taken
to monitor and control such exposures, including the Corporation’s risk
assessment and risk management policies including the use of derivative
financial instruments.  Areas to be
considered in this respect include, but are not limited to:

·                  insurance
coverage

·                  foreign
currency exposure

·                  interest
rate exposure

·                  post
retirement obligations, if appropriate.

xiv)   Internal Controls

The Audit Committee shall review and assess the
Corporation’s system of internal controls, control culture, and risk assessment
and control activities, shall ensure that management has designed and
implemented an appropriate internal control system and review management’s
response to significant internal control recommendations of the Independent
Registered Chartered Accountants.

xv)       Corporate Knowledge

The Audit Committee shall strive to expand continually
its knowledge of the Corporation’s activities.

xvi)   Review of Charter

The Audit Committee shall review and reassess the
adequacy of this Charter annually.

xvii)           Self Assessment

The Audit Committee shall annually review the Audit
Committee’s own performance.

xviii)       Financial Guidance

In addition to its review of quarterly financial
reports, the Audit Committee shall review any other form of forward-looking
financial guidance prior to issuance by the Corporation.

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xix)  Other

The Audit Committee shall undertake any other
activities consistent with this Charter, the Corporation’s by-laws and
governing law, that the Audit Committee or the Board deem necessary or
appropriate.

Authority

The Audit
Committee shall have the authority, to the extent it deems necessary or
appropriate, to retain independent legal, accounting or other advisors
including consulting with the national office of the Independent Registered
Chartered Accountants. The Corporation shall provide for appropriate funding,
as determined by the Audit Committee, for payment of compensation to the
Independent Registered Chartered Accountants for the purpose of rendering or
issuing an audit report and to any advisors employed by the Audit
Committee.  The Audit Committee shall
have the authority to set and pay the compensation for any advisors employed by
it.

The procedure to
engage counsel or other experts will be as follows: the member of the Committee
who wishes to engage counsel or an expert will have to advise the Chair of the
Committee that he wishes to do so.  The Chair
of the Committee will then call a meeting of the Committee to discuss the
request and to set up the scope of the engagement.  The Chair will also advise the Board Chair of
any such engagement.  The Audit Committee
shall have the authority to communicate and meet directly with each of the
Independent Registered Chartered Accountants, the internal audit, if such
function is created, and management.

Limitation

While the Audit
Committee has the responsibilities and power set forth in this Charter, it is
not the duty of the Audit Committee to plan or conduct audits or to determine
that the Corporation’s financial statements and disclosures are complete and
accurate and are in accordance with generally accepted accounting principles
and applicable rules and regulations.  These
are the responsibilities of management and the Independent Registered Chartered
Accountants.

 9Exhibit 10.11

FIRST AVENUE
NETWORKS, INC. STOCK INCENTIVE PLAN

RESTRICTED STOCK
AGREEMENT

1.    Agreement to Grant
Restricted Shares.   Subject to the conditions described
in this agreement (the ”Agreement”) and subject to approval by
shareholders of the First Avenue Networks, Inc. Stock Incentive Plan (the “Plan”),
a Delaware corporation (the “Company”), hereby agrees to grant to
________________________(“Participant”) all rights, title and interest in the
record and beneficial ownership of ________________ (______) shares (the “Restricted
Shares”) of common stock, $0.001 par value per share, of the Company (“Common
Stock”). The grant of such Restricted Shares shall be contingent upon
shareholder approval of the Plan and shall be effective as of the date (the “Grant
Date”) of such approval. All capitalized terms not otherwise defined herein
shall have the meanings set forth in the Plan, the terms of which are
incorporated herein by reference.

2.    Issuance and
Transferability.   Subject to shareholder approval of the Plan,
certificates representing the shares to be granted hereunder shall be issued to
Participant pursuant to the terms of the Plan as of the Grant Date and shall be
marked with the following legend:

“The shares represented by this certificate have
been issued pursuant to the terms of the First Avenue Networks, Inc. Stock
Incentive Plan and may not be sold, pledged, transferred, assigned or otherwise
encumbered in any manner except as is set forth in the terms of the Restricted
Stock Agreement dated ___________.”

Until restrictions lapse, the Restricted Stock shall
not be transferable except by will or the laws of descent and distribution and
shall not be transferable pursuant to a domestic relations order of the court
in a divorce proceeding. No right or benefit hereunder shall in any manner be
liable for or subject to any debts, contracts, liabilities, or torts of
Participant. Notwithstanding the foregoing, in the case of Participant’s death
or Disability, Participant’s rights under this Agreement may be exercised by
Participant’s guardian or legal representative and Participant’s rights or
Restricted Stock may be transferred with Committee approval, and with such
restrictions as the Committee may impose to any of (i) the spouse,
children or grandchildren (“immediate family members”); (ii) a trust or
trusts for the exclusive benefit of one or more immediate family members; (iii) a
partnership or limited liability company whose only partners, shareholders or
members are Participant’s immediate family members or (iv) an organization
that has been determined by the Internal Revenue Service to be exempt under Section 501(c)(3) of
the Code. Following any transfer of Restricted Stock by the Participant, such
Restricted Stock shall remain subject to the same risk of forfeiture and other
terms as set forth in this Agreement. Any purported assignment, alienation,
pledge, attachment, sale, transfer or other encumbrance of the Restricted
Stock, prior to the lapse of restrictions, that does not satisfy the
requirements hereunder shall be void and unenforceable against the Company.

3.    Risk of Forfeiture.   Participant shall immediately
forfeit all rights pursuant to this Agreement and no Restricted Shares shall be
issued in the event that the shareholders of the Company do not approve the
Plan at the shareholder’s meeting scheduled to be held on _________. In such
event, in lieu of the grant of Restricted Stock hereunder, the Company shall
transfer property or pay cash compensation to the Participant of substantially
equivalent value, subject to substantially similar terms. Participant shall
immediately forfeit all rights pursuant to this Agreement and to any nonvested
portion of the Restricted Shares in the event of Participant’s termination,
resignation or removal from employment with the Company under circumstances
that do not cause Participant to become fully vested under the terms of this
Agreement.

4.    Vesting.   Subject to Paragraph 3 hereof and
the terms of the Plan, Participant shall vest in his rights under the
Restricted Shares and the Company’s right to repurchase such shares shall lapse
with 

respect to the Restricted
Shares on ______________________________________. In the event of a Change of
Control or Participant’s Retirement prior to the occurrence of any of the events
specified above, the Committee may, in its sole discretion accelerate vesting.

5.    Ownership Rights/Dividends.   Subject to the reservations set
forth in this Agreement, the Plan and Paragraph 8, upon Participant’s receipt
of the Restricted Shares, Participant shall be entitled to all voting and
ownership rights applicable to the Restricted Shares, including the right to
receive any cash dividends that may be paid on the Restricted Shares. The
Restricted Shares shall be registered in the name of the Participant and at the
address set forth below the Participant’s signature attached hereto.  In addition, in the event of payment of any
dividends on shares of Common Stock after __________________ and prior to
issuance of the Restricted Shares, Participant shall receive a cash payment
equal to the dividends paid with respect to an equivalent number of shares of
Common Stock, reduced by the amount of any taxes required to be withheld with
respect to such payment. Such payment shall be made to Participant within
thirty days of the issuance of the Restricted Shares.

6.    Reorganization of the
Company.   The
existence of this Agreement shall not affect in any way the right or power of
the Company or its stockholders to make or authorize any or all adjustments,
recapitalizations, reorganizations or other changes in the Company’s capital
structure or its business; any merger or consolidation of the Company; any
issue of bonds, debentures, preferred or prior preference stock ahead of or
affecting the Restricted Shares or the rights thereof; the dissolution or
liquidation of the Company, or any sale or transfer of all or any part of its
assets or business, or any other corporate act or proceeding, whether of a
similar character or otherwise.

7.    Recapitalization Events.   In the event of stock dividends,
spin-offs of assets or other extraordinary dividends, stock splits,
combinations of shares, recapitalizations, mergers, consolidations,
reorganizations, liquidations, issuances of rights or warrants and similar
transactions or events involving the Company (“Recapitalization Events”), then
for all purposes references herein to Common Stock or to Restricted Shares
shall mean and include all securities or other property (other than cash) that
holders of Common Stock of the Company are entitled to receive in respect of
Common Stock by reason of each successive Recapitalization Event, which securities
or other property (other than cash) shall be treated in the same manner and
shall be subject to the same restrictions as the underlying Restricted Shares.

8.    Certain Restrictions.   By executing this Agreement,
Participant acknowledges that he will enter into such written representations,
warranties and agreements and execute such documents as the Company may
reasonably request in order to comply with the securities law or any other
applicable laws, rules or regulations, or with this document or the terms
of the Plan.

9.    Amendment and Termination.   This Agreement shall automatically
expire and terminate if the Plan is not approved by shareholders at the next
regularly scheduled meeting of shareholders. No other amendment or termination
of this Agreement may, without the consent of Participant, adversely affect
such Participant’s rights under this Agreement in any material respect.

10. Withholding of Taxes.   Participant agrees that, if he makes
an election under Section 83(b) of the Internal Revenue Code of 1986,
as amended, with regard to the Restricted Shares, he will so notify the Company
in writing within two (2) days after making such election, so as to enable
the Company to timely comply with any applicable governmental reporting
requirements. The Company shall have the right to take any action as may be
necessary or appropriate to satisfy any federal, state or local tax withholding
obligations and no Restricted Shares shall be issued until arrangements
satisfactory to the Company have been made 
for the payment of any required tax withholding amounts.

11. No Guarantee of Tax
Consequences.   The Company makes no commitment or guarantee to
Participant that any federal or state tax treatment will apply or be available
to any person eligible for benefits under this Agreement.

12. Severability.   In the event that any provision of
this Agreement shall be held illegal, invalid, or unenforceable for any reason,
such provision shall be fully severable and shall not affect the remaining 

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provisions of this
Agreement, and the Agreement shall be construed and enforced as if the illegal,
invalid, or unenforceable provision had never been included herein.

13. Governing Law.   This
Agreement shall be construed in accordance with the laws of the State of
Delaware to the extent federal law does not supersede and preempt Delaware law.

	
  Executed the ______ day of _______________2007.

  
	
   

  	
   

  	
  COMPANY:

  
	
   

  	
   

  	
  By:

  	
   

  
	
  Accepted the ______ day
  of _______________, 2007.

  
	
   

  	
   

  	
  PARTICIPANT:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

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