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Exhibit 4.1    
    

 
 

BIOMIRA INC.
  AMENDED AND RESTATED RESTRICTED SHARE UNIT PLAN    
    

 
 

Effective February 22, 2007    

1.     PURPOSE OF THE PLAN  

The
purpose of this plan (the "Plan") is to promote the long term success of Biomira 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 Alberta 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 Biomira 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 the Company Manual of the Toronto Stock Exchange; 

"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; 

"Outstanding Issue" has the meaning ascribed thereto in the Company Manual of the Toronto Stock Exchange; 

"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 one RSU Share; 

"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. 

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 

"TSX" means the Toronto Stock Exchange. 

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 

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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. 

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. 

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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. 

No
Grant shall be made to any Participant if such Grant could result, at any time, in: 

	(a)
	the
number of Shares reserved for issuance pursuant to Grants or other stock options granted to Insiders exceeding ten percent (10%) of the Outstanding Issue;

	(b)
	the
issuance to Insiders, within a one year period, of a number of Shares exceeding ten percent (10%) of the Outstanding Issue;

	(c)
	the
issuance to any one Insider and such Insider's associates, within a one year period, of a number of Shares exceeding five percent (5%) of the Outstanding Issue; or

	(d)
	the
number of Shares reserved for issuance to any one person pursuant to Grants or other stock options exceeding five percent (5%) of the Outstanding Issue. 

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). The number of RSU Shares received
by a Participant shall be equal to the number of RSUs issued on the Release 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 for which RSUs have not otherwise been issued prior to the date of death, all unvested RSUs shall immediately vest and the RSU Shares 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. 

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	(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 as if the Grant Period had
ended. The RSU Shares 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 as if the Grant Period had ended. The RSU
Shares 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 

5

 

	(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 TSX 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. 

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 

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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 the province of Alberta and the federal laws of Canada applicable therein. 

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	(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.

	(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

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Exhibit 4.1

BIOMIRA INC. AMENDED AND RESTATED RESTRICTED SHARE UNIT PLAN

Effective February 22, 2007QuickLinks
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Exhibit 4.1    
    

 
 

BIOMIRA INC.    
    
    AMENDED AND RESTATED SHARE OPTION PLAN    
    

1.    PURPOSE    

The
purpose of this Plan is to promote the interests of the Company and its shareholders by making provision for the granting of stock options by the board of directors of the Company to selected
Employees and Directors of the Company and of its Subsidiaries and to selected Service Providers for the purchase of Shares for capital accumulation and as an investment which will provide such
Employees, Directors and Service Providers with additional motivation to further the profitable growth of the Company and its Subsidiaries. 

2.    DEFINITIONS    

Unless
the context clearly indicates otherwise, the following terms have the meanings set forth below: 

	2.1
	"Company"
means Biomira Inc., a corporation incorporated under the laws of Canada and any successor corporation, and any reference herein to action by the Company means action
by or under the authority of its board of directors;

	2.2
	"Director(s)"
means one or more members of the board of directors of the Company or any of its Subsidiaries;

	2.3
	"Employee"
means a person who is regularly employed on a full-time basis by the Company or any of its Subsidiaries;

	2.4
	"Fair
Market Value" shall mean the closing price of the Shares as reported by The Toronto Stock Exchange on the day preceding the day on which the Option is granted, or if no trade of
Shares shall have been reported by such Exchange on that day, then not less than the mean of the bid and ask quotations for Shares on such Exchange at the close of business on such preceding day;

	2.5
	"Grant
Date" as used with respect to a particular Option, means the date as of which such Option is granted pursuant to the Plan;

	2.6
	"Insider"
has the meaning ascribed thereto in the Company Manual of The Toronto Stock Exchange;

	2.7
	"Option"
means a contract complying with the provisions of this Plan between the Company and an Employee, Director or Service Provider under which the Employee, Director or Service
Provider has a right to subscribe for unissued Shares;

	2.8
	"Optionee"
means an Employee or former Employee, a Director or former Director or a Service Provider or former Service Provider, who is a party to an Option;

	2.9
	"Outstanding
Issue" has the meaning ascribed thereto in the Company Manual of The Toronto Stock Exchange;

	2.10
	"Plan"
means the Share Option Plan, as created hereby and as from time to time amended;

	2.11
	"Retirement"
means:

	(i)
	the
act of an Employee voluntarily retiring from employment with the Company and/or any Subsidiary, or

	(ii)
	the
termination of an Employee's employment after the Company's and/or any Subsidiary's determination that there is not enough work to continue to employ the Employee, 

 

at
any time after the Employee has reached the age of sixty and has been employed by the Company and/or a Subsidiary for a minimum period of ten consecutive years immediately preceding the date of his
retirement; 

	2.12
	"Service
Provider" means a person or company engaged to provide ongoing management or consulting services for the Company or any entity controlled by the Company;

	2.13
	"Share"
or "Shares" means, as the case may be, one or more common shares in the capital of the Company as constituted at the date hereof and any shares or securities of the Company
into which such common shares are changed, subdivided, consolidated, reclassified or converted;

	2.14
	"Subsidiary"
has the meaning therefor in section 1, subsection 4 of the Securities Act, R.S.O. 1990 c. S.5 as amended;

	2.15
	"Triggering
Event" shall have the meaning ascribed thereto in Exhibit A to Schedule A hereto. 

3.    GRANT OPTIONS    

	3.1
	Subject
to the provisions of this Plan, the board of directors of the Company may from time to time authorize the granting of Options to one or more Employees, one or more Directors
or one or more Service Providers. The total number of Shares issuable pursuant to Options under the Plan shall, at any time, be 10% of the issued and outstanding Shares and, for greater certainty, any
Shares issued upon the exercise of Options shall not reduce the percentage of Shares which may be issuable pursuant to options under the Plan; provided that the total number of Shares subject to
Options and to other stock options granted to any one person shall not exceed such maximum number as is permitted from time to time under any applicable law or regulation or under the rules of any
stock exchange on which the Shares are listed.

	

	In
determining the Employees to whom Options are to be granted and the number of Shares subject to each Option to be granted to Employees, the duties,
remuneration, length of service and present and potential contribution of an Employee to the success of the Company and/or its Subsidiaries and such other factors as shall from time to time be deemed
relevant by the board of directors of the Company will be considered. In determining the Directors to whom Options are to be granted and the number of Shares subject to each Option to be granted to
Directors, the length of service of the Director and his present and potential contribution to the Company and/or its Subsidiaries and such other factors as shall from time to time be deemed relevant
by the board of directors of the Company will be considered. In determining the Service Providers to whom Options are to be granted and the number of Shares subject to each Option to be granted to
Service Providers, the present and potential contribution of the Service Provider to the Company and/or its Subsidiaries and such other factors as shall from time to time be deemed relevant by the
board of directors of the Company will be considered.

	

	Subject
to the provisions of this Plan and the rules of any stock exchange on which the Shares are listed, an Employee, Director or Service Provider who is
eligible under this Plan may be granted more than one Option to purchase Shares pursuant to this Plan if the board of directors shall so determine and may participate, if eligible, in any other stock
purchase or option plan of the Company.

	3.2
	No
Options shall be granted to any Optionee if such grant could result, at any time, in:

	3.2.1
	the
number of Shares reserved for issuance pursuant to Options or other stock options granted to Insiders exceeding 10% of the Outstanding Issue; 

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	3.2.2
	the
issuance to Insiders, within a one-year period, of a number of Shares exceeding 10% of the Outstanding Issue;

	3.2.3
	the
issuance to any one Insider and such Insider's associates, within a one-year period, of a number of Shares exceeding 5% of the Outstanding Issue; or

	3.2.4
	the
number of Shares reserved for issuance to any one person pursuant to Options or other stock options exceeding 5% of the Outstanding Issue. 

4.    PURCHASE PRICE    

The
purchase price of the Shares subject to Options granted under the Plan shall be determined by the board of directors of the Company but shall not be less than the Fair Market Value of the Shares. 

5.    TERMS OF OPTION    

Subject
to the provisions of the Plan, each Option shall contain such terms and conditions as may be determined by the board of directors of the Company from time to time, including terms as to the
time and manner of exercise and the date of expiry. Such terms may vary between Options so granted, provided that no Option shall extend for a period of more than ten years from the date upon which it
is granted, other than as provided herein, and each Option shall provide that the purchase price for all Shares taken upon the exercise thereof shall be paid in full at the time of such exercise.
Without limiting the foregoing an Option in substantially the form attached hereto as Schedule A is approved for purposes of this Plan upon adoption of this Plan by the board of directors of
the Company. Shares not taken up and paid for under any Option prior to the expiry or earlier termination thereof may be re-allocated and again optioned under the Plan. 

In
respect of Options that would otherwise expire unexercised during a period of blackout in which Optionees are forbidden by the policies of the Company to exercise Options ("Blacked-Out
Options"), the Board may by resolution extend, for a period of ten business days following the end of the blackout, the period of time during which Blacked-Out Options may be exercised
(the "Extension Period"). If one or more subsequent periods of blackout are imposed during an Extension Period, the number of days remaining in the Extension Period shall be added to the term of the
Blacked-Out Options following the end of the subsequent blackout period or periods. For purposes of clarity, only one Extension Period may be added to the term of an Option. 

If
an Employee is granted a leave of absence by the Company or one of its Subsidiaries, as the case may be, such absence shall not of itself constitute a termination of employment unless and until the
Company or such Subsidiary, as the case may be, shall declare such Employee's employment terminated. 

6.    TRANSFERABILITY    

An
Option shall not be assignable or transferable otherwise than by the will of the Optionee or pursuant to the applicable laws of intestate succession and may be exercised during the life of the
Optionee only by the Optionee. No Optionee shall have any rights as a shareholder of the Company in respect of the Shares subject to an Option until such Shares have been paid for in full and issued
in accordance with the provisions of the Plan and the Option. 

7.    EXERCISE OF OPTION ON THE OCCURRENCE OF A TRIGGERING EVENT    

If
a Triggering Event shall occur subsequent to the latest of the dates on which The Toronto Stock Exchange and the Montreal Exchange and the shareholders of the Company approve this Plan, an Optionee
who at the time of the occurrence of the Triggering Event is an Employee, Director or Service Provider shall have the right to immediately exercise any Option hereby granted to such Optionee as to all
of the Shares subject to such Option including, without limitation, those of the 

3

 

Shares
subject to such Option with respect to which such Option cannot be exercised immediately prior to the occurrence of the Triggering Event. 

Notwithstanding
that paragraph 8 of the Plan may provide for a shorter period, an Optionee who at the time of the occurrence of a Triggering Event is an Employee, Director or Service Provider
shall have a minimum of ninety (90) days from the date of the occurrence of the Triggering Event to exercise any
Option hereby granted, provided that the expiry date of such Option does not occur prior to the expiration of such ninety (90) day period in which case the minimum period shall be from the date
of the occurrence of the Triggering Event to the expiry date of such Option. 

8.    TERMINATION OF EMPLOYMENT, DEATH OR RETIREMENT    

In
the event of the termination of the Optionee's employment with the Company or any Subsidiary of the Company, or the Optionee ceasing to be a Service Provider, prior to the close of business on the
expiry date of his Option for any reason other than, (i) his death, (ii) his Retirement, or (iii) termination of the Optionee's employment by the Company or its Subsidiary, as the
case may be, or the Optionee's termination as a Service Provider, in either case without cause (as determined by the Company in its sole discretion), any Option granted to such Optionee in respect of
his employment or as a Service Provider shall forthwith cease and terminate and be of no further force or effect whatsoever as to such of the Shares subject to the Option in respect of which such
Option has not been previously exercised. 

Other
than with respect to the President and each of the Vice-Presidents of the Company, in the event of the termination of the Optionee's employment by the Company or any of its
Subsidiaries, as the case may be, or the Optionee's termination as a Service Provider, in either case without cause (as determined by the Company in its sole discretion), any Option granted in respect
of his employment or as a result of his being a Service Provider will continue to vest and may be exercised by the Optionee in accordance with the provisions thereof at any time up to and including,
but not after, the date which is 180 days after the date of the termination of his employment or his ceasing to be a Service Provider, as the case may be, or prior to the close of business on
the expiry date of the Option, whichever is the earlier. 

With
respect to the President and each of the Vice-Presidents of the Company, in the event of the termination of such Optionee's employment by the Company or any of its Subsidiaries, as
the case may be, or such Optionee's termination as a Service Provider, in either case without cause, any Option granted in respect of his employment or as a result of his being a Service Provider will
continue to vest and may be exercised by the Optionee in accordance with the provisions thereof at any time up to and including, but not after, the date which is the second anniversary of the date of
the termination of his employment or his ceasing to be a Service Provider, as the case may be, or prior to the close of business on the expiry date of the Option, whichever is the earlier. 

In
the event of the Retirement of the Optionee while in the employment of the Company or any Subsidiary, any Option granted in respect of his employment will continue to vest and may be exercised by
the Optionee in accordance with the provisions thereof at any time up to and including, but not after, the expiry date of such Option. 

In
the event of the Optionee ceasing to be a Director, any Option granted as a result of his being a Director will continue to vest and may be exercised by the Optionee in accordance with the
provisions thereof at any time up to and including, but not after, the date which is 180 days after the date of his
ceasing to be a Director or prior to the close of business on the expiry date of the Option, whichever is the earlier. 

In
the event of the death of the Optionee while in the employment of the Company or any Subsidiary or while a Director or Service Provider, as the case may be, the Option will continue to vest and may
be exercised by the legal representative of the Optionee in the same manner and to the same extent as 

4

 

the
Optionee, if living, could have exercised it under the provisions thereof at any time up to and including, but not after, the date which is 180 days after the date of the death of the
Optionee or prior to the close of business on the expiry date of the Option, whichever is the earlier. 

Notwithstanding
the foregoing provisions of this paragraph 8: (i) if an Optionee who was granted an Option in one capacity (e.g., as an employee of the Company) continues on immediately
thereafter with the Company or any of its Subsidiaries in another capacity (e.g., as a Service Provider or an employee of a Subsidiary of the Company), then the provisions of paragraph 8 shall
not apply to terminate such Option solely as a result of such change; and (ii) the board of directors of the Company shall have the right by resolution to waive termination of the Option of an
Optionee and to permit the vesting and exercise of an Option within such time as may be stipulated in said resolution of the board of directors of the Company not to exceed the expiry date of the
Option. 

9.    ADJUSTMENTS FOR EVENTS AFFECTING SHARES    

	9.1
	If
the Shares shall be consolidated or subdivided, if any dividend is payable in Shares or if any action of a similar nature affecting the number of outstanding Shares is taken, the
number of Shares reserved or authorized to be reserved under the Plan, the number of Shares to be issued upon the exercise of any Option theretofore granted and the purchase price thereof shall be
adjusted in such a manner as the board of directors of the Company shall consider appropriate.

	9.2
	If
the Company amalgamates or consolidates with or merges into another corporation, any Shares receivable on the exercise of an Option shall be converted into the securities, property
or cash which the Optionee would have received upon such amalgamation, consolidation or merger had the Option been exercised prior to such event.

	9.3
	In
the event of any other change affecting the Shares, such adjustment shall be made as shall be considered appropriate by the board of directors of the Company to give proper effect
to such change. 

10.    ADMINISTRATION AND AMENDMENT OF PLAN    

	10.1
	The
board of directors of the Company may amend or discontinue the Plan at any time; provided however, that any amendment that may materially and adversely affect any Option rights
previously granted to an Optionee under the Plan must be consented to in writing by the Optionee or the other person then entitled to exercise such Option. Examples of the types of amendments to the
Plan that the board of directors of the Company 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 an Option or
the Plan; (d) a change to the termination provisions of an Option or the Plan which does not entail an extension beyond the original expiration date except as contemplated in section 5;
(e) the addition of a cashless exercise feature, payable in cash or Shares, which provides for a full deduction of the number of underlying Shares from the number of Shares reserved for
issuance under the Plan and (f) a change to the persons in section 3 to whom Options 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. The Company may delegate to any person, group of persons or corporation such administrative duties and powers as it may see fit, save and except any
duties required to be carried out by the board of directors of the Company. 

5

 

	10.2
	The
Company may amend, suspend or terminate the Plan or any provisions hereof at any time, provided that no such amendment will divest any participant of his entitlement to exercise
Options granted to him as provided for herein without his consent. In no event shall any amendment of the terms or conditions of the Shares, or any other change in the capitalization of the Company,
be regarded as an amendment of the Plan or require the consent of any Optionee. Any amendment to any provision of the Plan shall be subject to the approval, if required, of any regulatory body
(including without limiting the generality of the foregoing, any stock exchanges on which the Shares are listed) having jurisdiction over the securities of the Company.

	10.3
	All
decisions and interpretations of the Company respecting the Plan and all rules and regulations made from time to time pursuant hereto shall be final and binding and conclusive on
the Company and on the holder of any Option and on all Employees, Directors and Service Providers eligible under the Plan to participate herein.

	10.4
	Any
grant by the board of directors of the Company of an Option to purchase Shares under this Plan shall be entirely discretionary and nothing in the Plan shall be deemed to give any
Employee, Director or Service Provider any right to be granted an Option to purchase Shares. 

11.    COSTS    

The
Company shall pay all costs of administering the Plan. 

12.    NO RIGHT TO EMPLOYMENT    

Nothing
in this Plan or any instrument executed pursuant thereto shall confer upon any Optionee any right to continue in the employ of the Company or any Subsidiary of the Company, as the case may be,
or shall affect the right of the Company or such Subsidiary to terminate the employment of any Optionee, with or without cause, or the engagement of any Optionee. 

13.    INSIDER REPORTING    

Those
Optionees who purchase Shares under this Plan will be required to file the appropriate insider trading reports with respect to their ownership of the Shares if they are "insiders" of the Company
as defined in the applicable corporate and/or securities legislation. Such reports must also be filed in respect of trades in the Shares. The Secretary of the Company can provide copies of the
appropriate forms and guidance as to the timing and other filing requirements; however, the responsibility of completing and filing any such forms rests with each holder of Shares. 

14.    SHAREHOLDER APPROVAL AND EFFECTIVE DATE    

This
Plan is subject to the approval of The Toronto Stock Exchange and, where required, to the approval of the shareholders of the Company. The Plan shall become and remain effective as of and from
its original adoption date of December 9th, 1992, as amended and restated on May 3, 2007. 

	 	 	Dated December 9, 1992, as

amended and restated on May 3, 2007.

6

 
 

SCHEDULE A    
    

 
 

STOCK OPTION AGREEMENT    
    

OPTION
AGREEMENT made as of the    •    day of    •    , 20    •    . 

BETWEEN: 

BIOMIRA INC.,
a corporation, incorporated under the laws of

Canada

(hereinafter called the "Company") 

OF
THE FIRST PART 

-and-

    •    an
(employee) (director) (service provider) of the Company or one

of its Subsidiaries or an entity controlled by the Company,

(hereinafter called the "Optionee") 

OF
THE SECOND PART 

WHEREAS the Company has established a Share Option Plan (such Share Option Plan, as may be supplemented or amended from time to time, is hereinafter
called the "Plan") for directors and full time employees of the Company or its Subsidiaries (as defined in section 1, subsection 4 of the Securities
Act R.S.O. 1990, c. S.5 as amended from time to time) and service providers of the Company or any entity controlled by the Company; 

AND WHEREAS the Optionee is eligible to participate in the Plan and the granting of an option to the Optionee pursuant to the Plan on the terms
hereinafter set forth has been duly authorized; 

NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the premises, other good and valuable consideration and the sum of One Dollar ($1.00)
now paid by the Optionee to the Company (the receipt whereof is hereby acknowledged), it is agreed by and between the parties hereto as follows: 

	1.
	In
this Agreement the term "Share" shall mean one or more common shares in the capital of the Company as constituted at the date of this Agreement and the term "Triggering Event" shall
have the meaning ascribed thereto in Exhibit A hereto.

	2.
	The
Company hereby grants to the Optionee, subject to the terms and conditions hereinafter set out, an irrevocable option to purchase    •    Shares
of the Company (hereinafter called the "Optioned Shares") at the subscription price of    •    per Share (hereinafter called the "Purchase Price").

	3.
	The
Optionee shall, subject to the Plan and the terms and conditions hereinafter set out, have the right to exercise the option hereby granted with respect to all or any part of the
Optioned Shares at any time or from time to time on and after the first anniversary of the date of grant of such option but prior to the close of business on the eighth anniversary of the date of
grant of such option (hereinafter called the "Expiry Date"); provided that the Optionee shall not be entitled to purchase hereunder more than twenty-five (25%) per cent of the Optioned
Shares before the second anniversary of the date of grant of such option, more than fifty (50%) per cent of the Optioned Shares in the aggregate before the third anniversary of the date of grant of
such option, more than seventy-five (75%) per cent of the Optioned Shares in the aggregate on or before the fourth anniversary of the date of grant of such option.

	

	Notwithstanding
the foregoing if a Triggering Event shall occur subsequent to the latest of the dates on which The Toronto Stock Exchange and the Montreal
Exchange and the shareholders of the Company approve the Plan, the Optionee shall have the right to immediately exercise the option hereby granted as to all of the Optioned Shares including, without
limitation, those 

 

Optioned
Shares which cannot be exercised immediately prior to the occurrence of the Triggering Event, provided the Optionee at the time of the occurrence of the Triggering Event is an Employee,
Director or Service Provider (as defined in the Plan). Further, notwithstanding that paragraph 4 hereof may provide for a shorter period, the Optionee shall have a minimum of ninety
(90) days from the date of the occurrence of the Triggering Event to exercise the option hereby granted, provided the Optionee at the time of the occurrence of the Triggering Event is an
Employee, Director or Service Provider and provided further that the Expiry Date does not occur prior to the expiration of such ninety (90) day period in which case the minimum period shall be
from the date of the occurrence of the Triggering Event to the Expiry Date. 

	

	At
the close of business on the Expiry Date the option hereby granted shall forthwith expire and terminate and be of no further force or effect whatsoever
as to such of the Optioned Shares in respect of which such option has not then been exercised.

	4.
	In
the event of the termination of the Optionee's employment with the Company or any Subsidiary of the Company, or the Optionee ceasing to be a Service Provider, prior to the close of
business on the Expiry Date for any reason other than: (i) his death, (ii) his Retirement (as such term is defined in the Plan), or (iii) termination of the Optionee's employment
by the Company or its Subsidiary, as the case may be, or the Optionee's termination as a Service Provider, in either case without cause (as determined by the Company in its sole discretion), the
option hereby granted to the Optionee in respect of his employment or as a Service Provider shall forthwith cease and terminate and be of no further force or effect whatsoever as to such of the
Optioned Shares in respect of which such option has not been previously exercised.

	

	Other
than with respect to the President and each of the Vice-Presidents of the Company, in the event of the termination of the Optionee's
employment by the Company or any of its Subsidiaries, as the case may be, or the Optionee's termination as a Service Provider, in either case without cause (as determined by the Company in its sole
discretion), any option hereby granted in respect of his employment or as a result of his being a Service Provider will continue to vest and may be exercised by the Optionee in accordance with the
provisions of paragraph 3 hereof at any time up to and including, but not after, the date which is 180 days after the date of the termination of his employment or his ceasing to be a
Service Provider, as the case may be, or prior to the close of business on the Expiry Date, whichever is the earlier.

	

	With
respect to the President and each of the Vice-Presidents of the Company, in the event of the termination of such Optionee's employment by
the Company or any of its Subsidiaries, as the case may be, or such Optionee's termination as a Service Provider, in either case without cause, or the Optionee ceasing to be a Service Provider, any
option hereby granted in respect of his employment or as a result of his being a Service Provider will continue to vest and may be exercised by the Optionee in accordance with the provisions of
paragraph 3 hereof at any time up to and including, but not after, the date which is the second anniversary of the date of the termination of his employment or his ceasing to be a Service
Provider, as the case may be, or prior to the close of business on the Expiry Date, whichever is the earlier.

	

	In
the event of the Retirement (as such term is defined in the Plan) of the Optionee while in the employment of the Company or any Subsidiary, any option
hereby granted in respect of his employment will continue to vest and may be exercised by the Optionee in accordance with the provisions of paragraph 3 hereof at any time up to and including,
but not after, the Expiry Date.

	

	In
the event of the Optionee ceasing to be a Director, any option hereby granted as a result of his being a Director will continue to vest and may be
exercised by the Optionee in accordance with the provisions of paragraph 3 hereof at any time up to and including, but not after, the date which is 180 days after the date of his ceasing
to be a Director or prior to the close of business on the Expiry Date, whichever is the earlier. 

2

 
	5.
	In
the event of the death of the Optionee while in the employment of the Company or any Subsidiary or while a Director or Service Provider, as the case may be, the option hereby
granted may be exercised by the legal representative of the Optionee in the same manner and to the same extent as the Optionee, if living, could have exercised it under the provisions of
paragraph 3 hereof at any time up to and including, but not after, the date which is 180 days after the date of the death of the Optionee or prior to the close of business on the Expiry
Date, whichever is the earlier.

	6.
	Notwithstanding
paragraphs 4 and 5 hereof: (i) if an Optionee who was granted an option in one capacity (e.g., as an employee of the Company) continues on immediately thereafter
with the Company or any of its Subsidiaries in another capacity (e.g., as a Service Provider or an employee of a Subsidiary of the Company), then the provisions of paragraph 4 hereof shall not
apply to terminate such option solely as a result of such change; and (ii) the board of directors of the Company shall have the right by resolution to waive termination of the option hereby
granted where same would otherwise cease and terminate and to fix the time for vesting of the option hereby granted and within which such Optionee may exercise the option hereby granted, but the time
permitted for vesting and exercise in said resolution shall not extend beyond the Expiry Date.

	7.
	Subject
to the foregoing, the option hereby granted shall be exercisable by the Optionee or his legal representative giving written notice to the Company at its principal office in the
City of Edmonton either by mailing the same addressed to the Company at such office or by delivering such notice to the Vice-President, Finance & Administration of the Company (not
being himself the Optionee) and by the Optionee making payment for the Optioned Shares as hereinafter provided.

	

	Such
notice shall specify the number of Optioned Shares in respect of which the option hereby granted is being exercised and either shall be accompanied by
payment to the Company in the City of Edmonton of the full purchase price for the number of Optioned Shares so specified, or shall specify that payment of the full purchase price for the number of
Optioned Shares so specified shall be made to the transfer agent and registrar of the Shares in exchange for a certificate or certificates representing the number of the Optioned Shares so specified.
Such notice, if mailed, shall be deemed to have been given on the day upon which such notice is actually received by the Company and, if delivered as aforesaid, shall be deemed to have been given on
the date of delivery.

	

	Upon
receipt of such notice, the Company shall forthwith instruct the transfer agent and registrar of the Shares to deliver to the Optionee or his legal
personal representative, as the case may be (or as otherwise directed in the notice exercising the option) within twenty (20) days thereafter a certificate or certificates in the name of the
Optionee or his legal personal representative as the case may be for the number of Optioned Shares in respect of which the option is being exercised. In the event that the Optionee has specified that
payment of the Purchase Price for the number of Optioned Shares so specified is to be made to the transfer agent and registrar of the Shares in exchange for a certificate or certificates representing
such number of Optioned Shares, the Company shall so advise the transfer agent and registrar of the Shares, in which event the transfer agent and registrar of the Shares shall deliver the certificate
or certificates only against receipt by it of payment to the Company in the City of Edmonton of the full purchase price for the number of Optioned Shares in respect of which the option is being
exercised.

	

	The
option shall be deemed to have been exercised with respect to the number of Shares specified in such notice on the date that payment of the Purchase
Price for such number of Optioned Shares is received by the Company or by the transfer agent and registrar of the Shares on behalf of the Company, as the case may be. 

3

 
	8.
	Nothing
herein contained or done pursuant hereto shall obligate the Optionee to purchase and/or pay for or obligate the Company to issue any Optioned Shares except those in respect of
which the Optionee shall have exercised this option in the manner hereinbefore provided.

	9.
	In
the event that the Shares of the Company are changed, consolidated, converted, subdivided or re-classified or if any dividend is payable in Shares of the Company or
other action of a similar nature affecting the number of Shares of the Company is taken, then in such event the number of Shares in respect of which this option is granted and the number of Shares
issuable upon the exercise of this option shall be correspondingly adjusted without any change in the total price applicable to the Optioned Shares.

	10.
	The
Optionee shall have no rights whatsoever as a shareholder of the Company in respect of any of the Optioned Shares (including any right to receive dividends or other distributions
in respect thereof) except in respect of Optioned Shares which shall have been taken up and paid for in full pursuant hereto.

	11.
	Time
shall be of the essence in this Option Agreement. 

	12.	 	12.2	 	Notwithstanding anything hereinbefore contained to the contrary, the Optionee shall not be entitled to exercise any option hereby granted with respect to the Optioned Shares unless and until the Plan has been approved by
the Canadian stock exchanges on which Shares of the Company are listed and until the Plan has been approved by the shareholders of the Company at a meeting of shareholders of the Company duly convened for that purpose.
	

 	
 	

12.2	
 	

It is understood and acknowledged that the Company has offered the Optionee no tax or other advice in connection with this option and assumes no responsibility therefor. It is the responsibility of the Optionee to obtain his own independent tax and
other advice with respect to this option.
	

 	
 	

 	
 	

 

	13.
	This
Option Agreement shall enure to the benefit of and shall be binding upon the Company and its successors and shall also enure to the benefit of and be binding upon the Optionee
and, as provided in paragraph 5 hereof, his legal personal representative. This Option Agreement and the option granted hereby shall not be assignable by the Company or by the Optionee or his
legal personal representative. Subject to prior approval of the stock exchanges on which the Shares are listed and any other relevant regulatory authority, the terms and conditions of this Option
Agreement may be amended, modified or altered by the Company with the consent of the Optionee provided that such amendment, modification or alteration is not contrary to the provisions of the Plan and
this Option Agreement. 

IN WITNESS WHEREOF this Option Agreement has been executed by the parties hereto. 

	

 	

 	
 	

 
	

 	

BIOMIRA INC.
	

 	

 	
 	

 
	

 	

By:	
 	

 
	

 	

 	
 	

	

 	

 	
 	

 
	

 	

By:	
 	

 
	

 	

 	
 	

4

 

	SIGNED, SEALED AND DELIVERED	)	 	 
	in the presence of	)	 	 
	 	)	 	 
	 	)	 	 
	    
	)	 	    

	Witness	 	 	 

5

 
 

EXHIBIT A    
    

	1.
	"Change
in Control" shall be deemed to have occurred if, on or after the date hereof (i) the board of directors of the Company passes a resolution to the effect that, for
purposes of the Share Option Plan of the Company and this agreement, a Change in Control has occurred or (ii) any person or any group of two or more persons acting jointly or in concert becomes
the beneficial owner, directly or indirectly, or acquires the right to control or direct, twenty-five (25%) per cent or more of the outstanding voting securities of the Company or any
successor to the Company in any manner, including without limitation as a result of a takeover bid or an amalgamation of the Company with any other corporation or any other business combination or
reorganization, and for purposes hereof "voting security" means 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;

	2.
	"Offer"
means an offer to purchase, a solicitation of an offer to sell or an acceptance of an offer to sell Shares made by an Offeror to all or substantially all the holders of Shares
whose last address on the records of the Company is in Canada other than the Offeror or any associate of the Offeror or any person acting jointly or in concert with the Offeror in relation to the
Offer and shall include any amended, supplemented or extended Offer and any Offer made through the facilities of a stock exchange in Canada on which the Shares are listed;

	3.
	"Offeror"
means any person, other than an agent, who makes an Offer, including the Company, and shall include any persons who make an Offer or Offers acting jointly or in concert;

	4.
	"Person"
has the meaning ascribed thereto in the Canada Business Corporations Act; and

	5.
	"Triggering
Event" means a Change in Control having occurred or an Offer having been made. 

QuickLinks

Exhibit 4.1

BIOMIRA INC. AMENDED AND RESTATED SHARE OPTION PLAN

SCHEDULE A

STOCK OPTION AGREEMENT

EXHIBIT A

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