Document:

EX-10.1

 Exhibit 10.1 
  

 
 NEPTUNE WELLNESS SOLUTIONS INC. 

STOCK OPTION PLAN 
 AS
AMENDED JULY 8, 2019 
 [AND APPROVED AUGUST 14, 2019] 

 NEPTUNE WELLNESS SOLUTIONS INC. 

STOCK OPTION PLAN 

THIS PLAN adopted May 10, 2001 and lastly amended on July 6, 2018 and July 8, 2019. 

ARTICLE 1 

DEFINITIONS AND INTERPRETATION 

1.1    Definitions. Where used in this Plan, unless there is something in the subject matter or context
inconsistent therewith, the following terms will have the meanings set forth below: 
  

	 	(a)	 “Acasti” means Acasti Pharma Inc., a Subsidiary of the Corporation 

 

	 	(b)	 “Affiliate” has the meaning set forth in the Securities Laws; 

 

	 	(c)	 “Associate” has the meaning ascribed to it in the Securities Act. 

 

	 	(d)	 “Board” means the board of directors of the Corporation, or any duly appointed committee
thereof to which the board of directors of the Corporation has delegated the power to administer and grant Options under this Plan, as constituted from time to time. 

 

	 	(e)	 “Cause” means, with respect to a particular Employee: 

 

	 	(i)	 “cause” as such term is defined in the written employment agreement between the Corporation and
the Employee; or 

  

	 	(ii)	 in the event there is no written employment agreement between the Corporation and the Employee or
“cause” is not defined in the written employment agreement between the Corporation and the Employee, the usual meaning of cause under the laws of the Province of Québec. 

 

	 	(f)	 “Change in Control” means the occurrence of any one or more of the following events:

  

	 	(i)	 a consolidation, merger, amalgamation, arrangement or other reorganization or acquisition involving the
Corporation or any of its Associates and/or Affiliates and another corporation or other entity, as a result of which the holders of Shares prior to the completion of the transaction hold less than 50% of the outstanding shares of the successor
corporation after completion of the transaction; 

  

	 	(ii)	 the sale, lease, exchange or other disposition, in a single transaction or a series of related transactions,
of assets, rights or properties of the Corporation and/or any of its Subsidiaries which have an aggregate book value greater than 30% of the book value of the assets, rights and properties of the Corporation and its Subsidiaries on a consolidated
basis to any other person or entity, other than a disposition to a wholly-owned subsidiary of the Corporation in the course of a reorganization of the assets of the Corporation and its subsidiaries; 

 

	 	(iii)	 a resolution is adopted to wind-up, dissolve or liquidate the
Corporation; 

  
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	 	(iv)	 any person, entity or group of persons or entities acting jointly or in concert (an
“Acquiror”) acquires or acquires control (including, without limitation, the right to vote or direct the voting) of Voting Securities of the Corporation which, when added to the Voting Securities owned of record or beneficially by
the Acquiror or which the Acquiror has the right to vote or in respect of which the Acquiror has the right to direct the voting, would entitle the Acquiror and/or Associates and/or Affiliates of the Acquiror to cast or to direct the casting of 20%
or more of the votes attached to all of the Corporation’s outstanding Voting Securities which may be cast to elect directors of the Corporation or the successor corporation (regardless of whether a meeting has been called to elect directors);

  

	 	(v)	 as a result of or in connection with: (A) a contested election of directors, or; (B) a
consolidation, merger, amalgamation, arrangement or other reorganization or acquisitions involving the Corporation or any of its Associates and/or Affiliates and another corporation or other entity, the nominees named in the most recent Management
Information Circular of the Corporation for election to the Board shall not constitute a majority of the Board; or 

  

	 	(vi)	 the Board adopts a resolution to the effect that a Change in Control as defined herein has occurred or is
imminent. 

 For the purposes of the foregoing, “Voting Securities” means Shares and any
other shares entitled to vote for the election of directors and shall include any security, whether or not issued by the Corporation, which are not shares entitled to vote for the election of directors but are convertible into or exchangeable for
shares which are entitled to vote for the election of directors including any options or rights to purchase such shares or securities; 
  

	 	(g)	 “Code” has the meaning given in Section 7.1 of this Plan. 

 

	 	(h)	 “Company” means, unless specifically indicated otherwise, a corporation, incorporated
association or organization, body corporate, partnership, trust, association, or other entity other than an individual. 

  

	 	(i)	 “Consultant” means a person, other than an Employee or Director of the Corporation, or a
Company, who: 

  

	 	(i)	 provides on a bona fide basis consulting, technical, management or other services to the Corporation
or a Subsidiary of the Corporation under a written contract; 

  

	 	(ii)	 possesses technical, business, management or other expertise of value to the Corporation or a Subsidiary of
the Corporation; 

  

	 	(iii)	 in the reasonable opinion of the Corporation, spends or will spend a significant amount of time and
attention on the business and affairs of the Corporation or a Subsidiary of the Corporation; and 

  

	 	(iv)	 has a relationship with the Corporation or a Subsidiary of the Corporation that enables the individual to be
knowledgeable about the business and affairs of the Corporation. 

  
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	 	(j)	 “Corporation” means Neptune Wellness Solutions Inc., and includes any successor corporation
thereto. 

  

	 	(k)	 “Director” means a member of the board of directors of the Corporation or a member of the
board of directors of a Subsidiary of the Corporation to whom stock options may be granted in reliance on a prospectus exemption under applicable Securities Laws. 

 

	 	(l)	 “Effective Date” means the effective date of this Plan, as amended, being May 9, 2012.

  

	 	(m)	 “Employee” means an individual who: 

 

	 	(i)	 is considered an employee of the Corporation or a Subsidiary of the Corporation under the Income Tax
Act (Canada) (i.e., for whom income tax, employment insurance and CPP deductions must be made at source); 

  

	 	(ii)	 works full-time for the Corporation or a Subsidiary of the Corporation providing services normally provided
by an employee and who is subject to the same control and direction by the Corporation or a Subsidiary of the Corporation over the details and methods of work as an employee of the Corporation, but for whom income tax deductions are not made at
source; or 

  

	 	(iii)	 works for the Corporation or a Subsidiary of the Corporation on a continuing and regular basis for a minimum
amount of time per week providing services normally provided by an employee and who is subject to the same control and direction by the Corporation or a Subsidiary of the Corporation over the details and methods of work as an employee of the
Corporation, but for whom income tax deductions are not made at source. 

  

	 	(n)	 “Exchange” means the Toronto Stock Exchange and, where the context permits, any other
exchange on which the Shares are or may be listed from time to time. 

  

	 	(o)	 “Exercise Notice” means the notice respecting the exercise of an Option, in the form set
out in the Option Agreement, duly executed by the Option Holder. 

  

	 	(p)	 “Exercise Period” means the period during which a particular Option may be exercised and,
subject to earlier termination in accordance with the terms hereof, is the period from and including the Grant Date through to and including the Expiry Date. 

  

	 	(q)	 “Exercise Price” means the price per Share at which Shares may be purchased under an Option
duly granted under this Plan, as determined in accordance with Section 4.3 of this Plan and, if applicable, adjusted in accordance with Section 3.4 of this Plan. 

 

	 	(r)	 “Expiry Date” means the date determined in accordance with Section 4.2 of this Plan
and after which a particular Option cannot be exercised and is deemed to be null and void and of no further force or effect. 

  

	 	(s)	 “Grant Date” means the date on which the Board grants a particular Option.

  
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	 	(t)	 “Insider” means an “insider” as defined by the Exchange from time to time in its
rules and regulations governing Security Based Compensation Arrangements and other related matters. 

  

	 	(u)	 “ISOs” has the meaning given in Section 7.1 of this Plan. 

 

	 	(v)	 “Market Price” at any date in respect of the Shares shall be the VWAP obtained for such
Shares on the Exchange (and if listed on more than one stock exchange, then the highest of such closing prices) during the last ten (10) Business Day prior to the Grant Date (10-day VWAP) (or, if such
Shares are not then listed and posted for trading on the Exchange, on such stock exchange in Canada on which the Shares are listed and posted for trading as may be selected for such purpose by the Board). In the event that such Shares did not trade
during such period, the Market Price shall be the average of the bid and asked prices in respect of such Shares at the close of trading on any such date during that ten (10) Business Day period. In the event that such Shares are not listed and
posted for trading on any stock exchange, the Market Price shall be the fair market value of such Shares as determined by the Board in its sole discretion; 

  

	 	(w)	 “Option” means an option to acquire Shares granted to a Director, Employee or Consultant of
the Corporation, Acasti or any other Subsidiary of the Corporation pursuant to this Plan. 

  

	 	(x)	 “Option Agreement” means an agreement, in the form substantially similar as that set
out in Schedule “A” hereto, evidencing an Option granted under this Plan. 

  

	 	(y)	 “Option Holder” means a Director, Employee or Consultant or former Director, Employee or
Consultant, to whom an Option has been granted and who continues to hold an unexercised and unexpired Option or, where applicable, the Personal Representative of such person. 

 

	 	(z)	 “Plan” means this stock option plan, as may be amended from time to time.

  

	 	(aa)	 “Person” means a Company or an individual. 

 

	 	(bb)	 “Personal Representative” means: 

 

	 	(i)	 in the case of a deceased Option Holder, the executor or administrator of the deceased duly appointed by a
court or public authority having jurisdiction to do so; and 

  

	 	(ii)	 in the case of an Option Holder who, for any reason, is unable to manage his or her affairs, the individual
entitled by law to act on behalf of such Option Holder. 

  

	 	(cc)	 “QBCA” means the Business Corporations Act (Québec), as amended, or such
other successor legislation which may be enacted, from time to time. 

  

	 	(dd)	 “Regulatory Authorities” means the Exchange and any other organized trading facilities on
which the Corporation’s Shares are listed and all securities commissions or similar securities regulatory bodies having jurisdiction over the Corporation. 

  
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	 	(ee)	 “Re-Organization Event” has the meaning given in
Section 3.4 of this Plan. 

  

	 	(ff)	 “Securities Act” means the Securities Act (Québec), as amended, or such other
successor legislation as may be enacted, from time to time. 

  

	 	(gg)	 “Securities Laws” means securities legislation, securities regulation and securities rules,
as amended, and the policies, notices, instruments and blanket orders in force from time to time that govern or are applicable to the Corporation or to which it is subject, including, without limitation, the Securities Act. 

 

	 	(hh)	 “Security Based Compensation Arrangement” has the meaning ascribed in Section 613(b)
of the Toronto Stock Exchange Company Manual, and includes: 

  

	 	(i)	 stock option plans for the benefit of employees, insiders, service providers or any one of such groups;

  

	 	(ii)	 individual stock options granted to employees, service providers or insiders if not granted pursuant to a
plan previously approved by the Corporation’s security holders; 

  

	 	(iii)	 stock purchase plans where the Corporation provides financial assistance or where the Corporation matches
the whole or a portion of the securities being purchased; 

  

	 	(iv)	 stock appreciation rights involving issuances of securities from treasury; 

 

	 	(v)	 any other compensation or incentive mechanism involving the issuance or potential issuances of securities of
the Corporation; and 

  

	 	(vi)	 security purchases from treasury by an employee, insider or service provider which is financially assisted
by the Corporation by any means whatsoever; 

  

	 	(ii)	 “Share” means one (1) common share without par value in the capital stock of the
Corporation as constituted on the Effective Date or, in the event of an adjustment contemplated by Section 3.4 of this Plan, such other shares or securities to which an Option Holder may be entitled upon the due exercise of an Option as
a result of such adjustment. 

  

	 	(jj)	 “Subsidiary” means a subsidiary as defined in the QBCA. 

 

	 	(kk)	 “Termination Date” means: 

 

	 	(i)	 in the case of the resignation of the Option Holder as an Employee of the Corporation, the date that the
Option Holder provides notice of his or her resignation as an Employee of the Corporation to the Corporation; 

  

	 	(ii)	 in the case of the termination of the Option Holder as an Employee of the Corporation by the Corporation for
any reason other than death, the effective date of termination set out in the Corporation’s notice of termination of the Option Holder as an Employee of the Corporation to the Option Holder; 

  
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	 	(iii)	 in the case of the termination of the written contract of the Option Holder to provide consulting services
to the Corporation, the effective date of termination set out in any notice provided by one of the parties to the written contract to the other party; or 

  

	 	(iv)	 the effective date of termination of a Director, Employee or Consultant pursuant to an order made by any
Regulatory Authority having jurisdiction to so order. 

  

	 	(ll)	 “U.S. Taxpayer” has the meaning given in Section 7.1 of this Plan.

  

	 	(mm)	 “VWAP” means the volume weighted average trading price of the listed Shares, calculated by
dividing the total value by the total volume of Shares traded for a relevant period. 

  

	 	(nn)	 Choice of Law. This Plan is established under and the provisions of this Plan will be subject to and
interpreted and construed in accordance with the laws of the Province of Québec. 

  

	 	(oo)	 Headings. The headings used herein are for convenience only and are not to affect the interpretation
of this Plan. 

 ARTICLE 2 

PURPOSE AND ADMINISTRATION 

2.1    Purpose. The purpose of this Plan is to provide the Corporation with a share-related mechanism to
attract, retain and motivate qualified Directors, Employees and Consultants of the Corporation, Acasti, or any other Subsidiary of the Corporation, to reward such of those Directors, Employees and Consultants as may be granted Options under this
Plan by the Board from time to time for their contributions toward the long term goals and success of the Corporation and to enable and encourage such Directors, Employees and Consultants to acquire Shares as long term investments and proprietary
interests in the Corporation. 
 2.2    Administration. This Plan will be administered by the Board. The
Board may make, amend and repeal at any time and from time to time such regulations not inconsistent with this Plan as it may deem necessary or advisable for the proper administration and operation of this Plan and such regulations will form part of
this Plan. The Board may delegate to any director or other senior officer or employee of the Corporation such administrative duties and powers as it may see fit. 

2.3    Board Powers. The Board shall have the power, where consistent with the general purpose and intent of
this Plan and subject to the specific provisions of this Plan to, amongst other things: 
  

	 	(a)	 establish policies and to adopt rules and regulations for carrying out the purposes, provisions and
administration of this Plan; 

  

	 	(b)	 interpret and construe this Plan and to determine all questions arising out of this Plan or any Option, and
any such interpretation, construction or determination made by the Board shall be final, binding and conclusive for all purposes; 

  

	 	(c)	 determine the number of Shares reserved for issuance by each Option; 

  
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	 	(d)	 determine the Exercise Price of each Option; 

 

	 	(e)	 determine the time or times when Options will be granted and exercisable; 

 

	 	(f)	 determine if the Shares which are issuable on the due exercise of an Option will be subject to any
restrictions upon the due exercise of such Option; and 

  

	 	(g)	 prescribe the form of the instruments and certificates relating to the grant, exercise and other terms of
Options. 

 2.4    Board Discretion. The Board may, in its discretion, require as
conditions to the grant or exercise of any Option that the Option Holder shall have: 
  

	 	(a)	 represented, warranted and agreed in form and substance satisfactory to the Corporation that the Option
Holder is acquiring and will acquire such Option and the Shares to be issued upon the exercise thereof for his, her or its own account, for investment and not with a view to or in connection with any distribution, that the Option Holder has had
access to such information as is necessary to enable him, her or it to evaluate the merits and risks of such investment and that the Option Holder is able to bear the economic risk of holding such Shares for an indefinite period;

  

	 	(b)	 agreed to restrictions on transfer in form and substance satisfactory to the Corporation and to an
endorsement on any option agreement or certificate representing the Shares making appropriate reference to such restrictions; and 

  

	 	(c)	 agreed to indemnify the Corporation in connection with the foregoing. 

2.5    Board Requirements. Any Option granted under this Plan shall be subject to the requirement that, if
at any time counsel to the Corporation shall determine that the listing, registration or qualification of the Shares issuable upon due exercise of such Option upon any securities exchange or under any Securities Laws of any jurisdiction, or the
consent or approval of Regulatory Authority, is necessary as a condition of, or in connection with, the grant or exercise of such Option or the issuance or purchase of Shares thereunder, such Option may not be accepted or exercised in whole or in
part unless such listing, registration, qualification, consent or approval shall have been effected or obtained on conditions acceptable to the Board. Nothing herein shall be deemed to require the Corporation to apply for or to obtain such listing,
registration, qualification, consent or approval. 
 2.6    Interpretation. The interpretation by the
Board of any of the provisions of this Plan and any determination by it pursuant thereto will be final and conclusive and will not be subject to any dispute by any Option Holder. No member of the Board or any individual acting pursuant to authority
delegated by it hereunder will be liable for any action or determination in connection with this Plan made or taken in good faith and each member of the Board and each such individual will be entitled to indemnification with respect to any such
action or determination in the manner provided for by the Corporation. 

  
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 ARTICLE 3 

GRANT OF OPTIONS 

3.1    Board to Issue Shares. The Shares to be issued to Option Holders upon the exercise of Options will be
previously authorized but unissued Shares in the capital stock of the Corporation. 

3.2    Participation. The Board will, from time to time and in its sole discretion, determine (i) those
Directors, Employees, Consultants (and, when applicable, to a Company wholly owned by any such Director, Employee or Consultant), if any, to whom Options are to be granted based upon certain participation criteria, which criteria include but are not
limited to functions within the Corporation, Acasti, or any other Subsidiary of the Corporation, seniority or actual and future contributions to the success of to the Corporation, Acasti, or any other Subsidiary of the Corporation, and (ii) the
number of Options to be granted to such Directors, Employees or Consultants. The Board may only grant options to an Employee or Consultant if such Employee or Consultant is a bona fide Employee or Consultant of the Corporation or a Subsidiary
of the Corporation, as the case may be. The Board may, in its sole discretion, grant the majority of the Options to Insiders of the Corporation. However, in no case will the grant of Options under this Plan, together with any proposed or previously
existing Security Based Compensation Arrangement, result in (in each case, as determined on the Grant Date): 
  

	 	(a)	 the number of Shares issuable pursuant to stock options granted to Insiders exceeding twenty-five (25%)
of the Corporation’s issued and outstanding Shares (on a non-diluted basis); 

  

	 	(b)	 the issuance to Insiders, within any twelve (12) month period, of a number of Shares exceeding in the
aggregate twenty-five percent (25%) of the Corporation’s issued and outstanding Shares (on a non-diluted basis); 

 

	 	(c)	 the grant to any one (1) Insider, and such Insider’s Associates, within any twelve (12) month
period, Options reserving for issuance a number of Shares exceeding in the aggregate twenty percent (20%) of the Corporation’s issued and outstanding Shares (on a non-diluted basis);

  

	 	(d)	 the grant to any one (1) Person, within any twelve (12) month period, of Options reserving for
issuance a number of Shares exceeding in the aggregate twenty percent (20%) of the Corporation’s issued and outstanding Shares (on a non-diluted basis); 

 

	 	(e)	 the grant to any one Consultant of the Corporation, Acasti, or any other Subsidiary, within any twelve
(12) month period, of Options reserving for issuance a number of Shares exceeding in the aggregate two percent (2%) of the Corporation’s issued and outstanding Shares (on a non-diluted basis); or

  

	 	(f)	 the grant to any one Employee of the Corporation, Acasti, or any other Subsidiary which provides investor
relations services, within any twelve (12) month period, of Options reserving for issuance a number of Shares exceeding in the aggregate two percent (2%) of the Corporation’s issued and outstanding Shares (on a non-diluted basis). 

 Any entitlement to acquire Shares granted
pursuant to this Plan or any other Share Compensation Agreement prior to the Option Holder becoming an Insider shall be excluded for the purposes of calculating the limits set out in Subsections 2.2(a), (b) and (c), above. 

  
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 3.3    Number of Shares Reserved. Subject to adjustment as
provided for in Section 3.4 of this Plan and any subsequent amendment to this Plan, the number of Shares reserved for issuance and which will be available for purchase pursuant to Options granted under this Plan will equal 25% of the issued and
outstanding Shares of the Corporation from time to time. Subject to the provisions and restrictions of this Plan, if any Option is exercised, cancelled, expired or otherwise terminated for any reason whatsoever, the number of Shares in respect of
which Option is exercised, cancelled, expired or otherwise terminated for any reason whatsoever, as the case may be, will ipso facto again be immediately available for purchase pursuant to Options granted under this Plan. 

3.4    Adjustments. If, prior to the complete exercise of an Option, the Shares are consolidated,
subdivided, converted, exchanged or reclassified or in any way substituted for (collectively, a “Re-Organization Event”), an Option, to the extent that it has not been exercised, will be
adjusted by the Board in accordance with such Re-Organization Event in the manner the Board deems appropriate and equitable. No fractional Shares will be issued upon the exercise of the Options and
accordingly, if as a result of the Re-Organization Event, an Option Holder would become entitled to a fractional Share, such Option Holder will have the right to purchase only the next lowest whole number of
Shares and no payment or other adjustment will be made with respect to the fractional interest so disregarded. 

3.5    Notification of Grant. Following the approval by the Board of the granting of an Option, the Board
will notify the Option Holder in writing of the award and will enclose with such notice the Option Agreement representing the Option so granted. 

3.6    Copy of Plan. Each Option Holder, concurrently with the notice of the award of the Option, will, upon
written request, be provided with a copy of this Plan, and a copy of any amendment to this Plan will be promptly provided by the Board to each Option Holder. 

3.7    Limitation. This Plan does not give any Option Holder that is a Director the right to serve or
continue to serve as a Director of the Corporation, does not give any Option Holder that is an Employee the right to be or to continue to be employed by the Corporation and does not give any Option Holder that is a Consultant the right to be or
continue to be retained or engaged by the Corporation as a consultant for the Corporation. 
 ARTICLE 4 

TERMS AND CONDITIONS OF OPTIONS 

4.1    Term of Option. Subject to Section 4.2, the Expiry Date of an Option will be the date so fixed
by the Board at the time the particular Option is granted, provided that such date will be no later than the tenth (10th) anniversary of the Grant Date of such Option. 

4.2    Termination of Option. Subject to such other terms or conditions that may be attached to Options
granted hereunder, an Option Holder may exercise an Option in whole or in part at any time or from time to time during the Exercise Period. Any Option or part thereof not exercised within the Exercise Period will terminate and become null, void and
of no effect as of 5:00 p.m. (Montréal time) on the Expiry 

  
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Date. The Expiry Date of an Option will be the earlier of the date so fixed by the Board at the time the Option is granted and the date established, if applicable, in subsections
(a) to (c) below: 
  

	 	(a)	 Death, Disability or Retirement of Option Holder 

In the event that the Option Holder should die, become disable or retire from the Corporation while he or she is still an
Employee (if he or she holds his or her Option as an Employee) or in the event that the Option Holder should die or become disable while he or she is still a Director (if he or she holds his or her Option as a Director) or a Consultant (if he or she
holds his or her Option as a Consultant), the Expiry Date will be the first anniversary of the Option Holder’s date of death, disability or retirement, as applicable. 
  

	 	(b)	 Ceasing to Hold Office 

In the event that the Option Holder holds his or her Option as a Director of the Corporation and such Option Holder ceases to
be a Director of the Corporation other than by reason of death or disability, the Expiry Date of the Option will not exceed the sixtieth (60th) day following the date the Option Holder ceases to
be a Director of the Corporation unless the Option Holder ceases to be a Director of the Corporation as a result of: 
  

	 	(i)	 ceasing to meet the qualifications of a director set forth the QBCA; or 

 

	 	(ii)	 an ordinary resolution having been passed by the shareholders of the Corporation pursuant to the QBCA; or

  

	 	(iii)	 an order made by any Regulatory Authority having jurisdiction to so order, 

in which case the Expiry Date will be the date the Option Holder ceases to be a Director of the Corporation. 

 

	 	(c)	 Ceasing to be an Employee or Consultant 

In the event that the Option Holder holds his or her Option as an Employee or Consultant of the Corporation and such Option
Holder ceases to be an Employee or Consultant of the Corporation other than by reason of death, disability or retirement, as applicable in accordance with Section 4.2(a), the Expiry Date of the Option will not exceed the sixtieth (60th) day following the Termination Date or, if the Employee or Consultant provides investor relations services, the thirtieth (30th) day following
the Termination Date, unless the Option Holder: 
  

	 	(i)	 ceases to be an Employee of the Corporation as a result of termination for Cause; or 

 

	 	(ii)	 ceases to be an Employee or Consultant of the Corporation as a result of an order made by any Regulatory
Authority having jurisdiction to so order, 

 in which case the Expiry Date will be the Termination Date.

  
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	 	(d)	 Bankruptcy 

In the event that an Option Holder commits an act of bankruptcy or any proceeding is commenced against an Option Holder under
the Bankruptcy and Insolvency Act (Canada) or other applicable bankruptcy or insolvency legislation in force at the time of such bankruptcy or insolvency, the Expiry Date of the Option will be the date immediately preceding the date on which
such Option Holder commits such act of bankruptcy. 
 Notwithstanding anything contained in this Plan, in no case will an
Option be exercisable after the tenth (10th) anniversary of the Grant Date of the Option. 

4.3    Exercise Price. The price at which an Option Holder may purchase a Share upon the exercise of an
Option (the “Exercise Price”) will be determined by the Board and set forth in the Option Agreement issued in respect of such Option and, in any event, will not be less than the Market Price of the Corporation’s Shares
calculated as of the Grant Date. Notwithstanding anything else contained in this Plan, in no case will the Market Price be less than the minimum prescribed by each of the organized trading facilities as would apply to the Grant Date in question.

 4.4    Vesting. The date or dates on and after which a particular Option, or part thereof, may be
exercised will be determined by the Board and set forth in the Option Agreement issued in respect of such Option. In any event, all Options will be vested gradually and evenly over a period of at least eighteen (18) months, on a quarterly
basis. 
 4.5    Additional Terms. Subject to all applicable Securities Laws of all applicable Regulatory
Authorities, the Board may attach other terms and conditions to the grant of a particular Option, such terms and conditions to be referred to in the Option Agreement at the time of grant. These terms and conditions may include, but are not
necessarily limited to, the following: 
  

	 	(a)	 providing that an Option expires on a date other than as provided for herein; 

 

	 	(b)	 providing that a portion or portions of an Option vest after certain periods of time or upon the occurrence
of certain events, or expire after certain periods of time or upon the occurrence of certain events; 

  

	 	(c)	 providing that an Option be exercisable immediately, in full, notwithstanding that it has vesting
provisions, upon the occurrence of certain events, such as a friendly or hostile take-over bid for the Corporation; and 

  

	 	(d)	 providing that an Option issued to, held by or exercised by an Option Holder who is a citizen or resident of
the United States of America, and otherwise meeting the statutory requirements, be treated as an “Incentive Stock Option” as that term is defined for purposes of the United States of America Internal Revenue Code of 1986, as amended.

 4.6    Non-Transferability of Options. The
Options granted hereunder are not assignable, transferable or negotiable (whether by operation of law or otherwise) and may not be assigned or transferred, provided however that the Personal Representative of an Option Holder may, to the extent
permitted by Section 5.1 of this Plan, exercise the Option within the Exercise Period. Upon any attempt to assign, transfer, negotiate, pledge, hypothecate or otherwise dispose of or transfer an Option contrary to

  
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this Section 4.6 of this Plan, or upon the levy of any attachment or similar process upon an Option, the Option and all rights, benefits and privileges arising thereunder or therefrom, at
the sole discretion and election of the Board, shall cease and terminate and be of no further force or affect whatsoever. 

4.7    No Rights as Shareholders. An Option Holder shall not have any rights as a shareholder of the
Corporation with respect to any of the Shares covered by such Option until the date of issuance of a certificate for Shares upon the due exercise of such Option, in full or in part, and then only with respect to the Shares represented by such
certificate or certificates. Without in any way limiting the generality of the foregoing, no adjustment shall be made for dividends or other rights for which the record date is prior to the date such share certificate is issued. 

ARTICLE 5 
 EXERCISE
OF OPTION 
 5.1    Exercise of Option. An Option may be exercised only by the Option Holder or the
Personal Representative of the Option Holder. Subject to the provisions of this Plan, an Option Holder or the Personal Representative of an Option Holder may exercise an Option in whole or in part at any time or from time to time during the Exercise
Period up to 5:00 p.m. (Montréal time) on the Expiry Date by delivering to the Secretary of the Corporation an Exercise Notice indicating the number of Shares to be purchased pursuant to the exercise of the Option, the applicable Option
Agreement and a certified cheque or bank draft payable to “Neptune Wellness Solutions Inc.” in an amount equal to the aggregate Exercise Price of the Shares to be purchased pursuant to the exercise of the Option. 

5.2    Withholding Taxes. In addition to the other conditions on exercise set forth in this Plan, the
exercise of each Option granted under this Plan is subject to the satisfaction of all applicable withholding taxes or other withholding liabilities as the Corporation may determine to be necessary or desirable in respect of such exercise. The
Corporation will require that an Option Holder pay to the Corporation, in addition to, and in the same manner as, the Exercise Price, such amount as the Corporation is obliged to remit to the relevant taxing authority in respect of the exercise of
the Option. 
 5.3    Issue of Share Certificates. As soon as practicable following the receipt of
(i) the Exercise Notice and the certified cheque or bank draft referred to in Section 5.1, and (ii) any amounts payable under Section 5.2, the Board will cause to be delivered to the Option Holder a certificate for the Shares so
purchased. If the number of Shares so purchased is less than the number of Shares subject to the Option Agreement, the Option Holder will surrender the Option Agreement to the Corporation and the Board will forward a new Option Agreement to the
Option Holder concurrently with delivery of the Share certificate for the balance of Shares available under the Option. 

5.4    Condition of Issue. The Options and the issue of Shares by the Corporation pursuant to the exercise
of Options are subject to the terms and conditions of this Plan and compliance with the rules and policies of all applicable Regulatory Authorities to the granting of such Options and to the issuance and distribution of such Shares, and to all
applicable Securities Laws. The Option Holder agrees to comply with all such laws, regulations, rules and policies and agrees to furnish to the Corporation any information, reports or undertakings required to comply with and to fully cooperate with
the Corporation in complying with such laws, regulations, rules and policies. Notwithstanding any of the provisions contained in this Plan 

  
 Page 12 of 17 

POLICIES & CHARTERS & PLANS\Stock Option Plans 

 
or in any Option, the Corporation’s obligation to issue Shares to an Option Holder pursuant to the exercise of any Option granted under the Plan shall be subject to: 

 

	 	(a)	 completion of such registration or other qualification of such Shares or obtaining approval of such
Regulatory Authority as the Corporation shall determine to be necessary or advisable in connection with the authorization, issuance or sale thereof; 

  

	 	(b)	 the admission of such Shares to listing on any stock exchange on which the Shares may then be listed;

  

	 	(c)	 the receipt from the Option Holder of such representations, warranties, agreements and undertakings, as the
Corporation determines to be necessary or advisable in order to safeguard against the violation of the Securities Laws of any jurisdiction; and 

  

	 	(d)	 the satisfaction of any conditions on exercise prescribed pursuant to this Plan. 

5.5    Blackout Period. If an Option expires during, or within five business days after, a trading black-out period imposed by the Corporation to restrict trades in the Corporation’s securities, then, notwithstanding any other provision of the Plan, the Option shall expire ten business days after the trading
black-out period is lifted by the Corporation, subject to the maximum period of time during which an Option is exercisable under Section 7.3 of this Plan. 

ARTICLE 6 

AMENDMENT AND TERMINATION 

6.1    Amendment Without Shareholder Approval. The Board may amend, suspend or discontinue the Plan, and
amend or discontinue any Options granted under the Plan, at any time without shareholder approval. Without limiting the foregoing, the Board is specifically authorized to amend the terms of the Plan, and the terms of any Options granted under the
Plan, without obtaining shareholder approval, to: 
  

	 	(a)	 amend the vesting provisions; 

 

	 	(b)	 amend the termination provisions, except as otherwise provided in Section 6.3 (b) hereof;

  

	 	(c)	 amend the eligibility requirements of eligible Directors, Employees or Consultants which would have the
potential of broadening or increasing Insider participation; 

  

	 	(d)	 add any form of financial assistance; 

 

	 	(e)	 amend a financial assistance provision which is more favorable to Directors, Employees or Consultants;

  

	 	(f)	 add a cashless exercise feature, payable in cash or securities, whether or not the feature provides for a
full deduction of the number of underlying Shares from the reserved Shares; 

  
 Page 13 of 17 

POLICIES & CHARTERS & PLANS\Stock Option Plans 

	 	(g)	 add a deferred or restricted share unit or any other provision which results in Directors, Employees or
Consultants receiving securities while no cash consideration is received by the Corporation; and 

  

	 	(h)	 make other amendments of a housekeeping nature or to comply with the requirements of any Regulatory
Authority. 

 6.2    Amendment with Shareholder Approval. Notwithstanding
Section 6.1, no amendments to the Plan to: 
  

	 	(a)	 increase the number of Shares reserved for issuance under the Plan (including a change from a fixed maximum
number of shares to a fixed maximum percentage of Shares); 

  

	 	(b)	 change the manner of determining the Exercise Price; or 

 

	 	(c)	 increase the aggregate number of Shares in respect of which Options have been granted and remain outstanding
so that such number of Shares, when taken together with all of the Company’s Security Based Compensation Arrangements then either in effect or proposed, shall at any time be such as to result in: 

 

	 	(i)	 the number of Shares reserved for issuance to Insiders pursuant to stock options exceeding 25% of the issued
and outstanding Shares; or 

  

	 	(ii)	 the issuance to Insiders pursuant to stock options, within a
one-year period, of a number of Shares exceeding 25% of the issued and outstanding Shares; 

  

	 	(d)	 amend the amending provisions of Sections 6.1 to 6.3 of this Plan; or 

 

	 	(e)	 change the employees (or class of employees) eligible to receive options under this Plan.

 shall be made without obtaining approval of the shareholders in accordance with the requirements of the Exchange. 

6.3    Amendment of Insider Options. Notwithstanding Section 6.1, no amendments to granted Options to:

  

	 	(a)	 reduce the Exercise Price for the benefit of Insiders; or 

 

	 	(b)	 extend the termination date for the benefit of Insiders, other than in accordance with Section 5.5
hereof; 

 shall be made without obtaining approval of the shareholders in accordance with the requirements of the
Exchange; and no action shall be taken with respect to granted Options without the consent of the Option Holder, unless the Board determines that such action does not materially alter or impair such Option. 

6.4    Options Granted Prior to Termination. No amendment, suspension or discontinuance of the Plan or of
any granted Option may contravene the requirements of the Exchange or any securities commission or regulatory body to which the Plan or the Corporation is now or may hereafter be subject to. 

  
 Page 14 of 17 

POLICIES & CHARTERS & PLANS\Stock Option Plans 

 
Termination of the Plan shall not affect the ability of the Board to exercise the powers granted to it hereunder with respect to Options granted under the Plan prior to the date of such
termination. 
 6.5    Retrospective Amendment. The Board may from time to time retrospectively amend this
Plan and, with the consent of the affected Option Holders, retrospectively amend the terms and conditions of any Options that have been previously granted. 

6.6    Change in Control. Notwithstanding anything contained to the contrary in this Plan or in any
resolution of the Board in implementation thereof: 
  

	 	(a)	 in the event of a proposed Change in Control of the Corporation, the Corporation shall have the right, upon
written notice thereof to each Option Holder holding Options under the Plan, to permit the exercise of all such Options within the twenty (20) day period next following the date of such notice and to determine that upon the expiration of such
twenty (20) day period, all rights of the Option Holders to such Options or to exercise same (to the extent not theretofore exercised) shall ipso facto terminate and cease to have further force or effect whatsoever;

  

	 	(b)	 in the event of a Change in Control of the Corporation where a notice by the Corporation was not sent to
Option Holders in accordance with Section 6.6(a), 

  

	 	(i)	 all of the Option Holder’s Options will immediately vest on the date of such event. In such event, all
Options so vested will be exercisable from such date until their respective expiry dates, subject to the terms of any employment agreement or other contractual arrangement between the Option Holder and the Corporation. For greater certainty, upon a
Change in Control, Option Holders shall not be treated any more favourably than holders of Shares with respect to the consideration that the Option Holders would be entitled to receive for their Shares; and 

 

	 	(ii)	 if the Option Holder elects to exercise its Options following a Change in Control, such Option Holder shall
be entitled to receive, and shall accept, in lieu of the number of Shares which such Option Holder was entitled upon such exercise, the kind and amount of shares and other securities, property or cash which such Option Holder could have been
entitled to receive as a result of such Change in Control, on the effective date thereof, had such Option Holder been the registered holder of the number of Shares to which such Option Holder was entitled to purchase upon exercise of such Options.

 6.7    Extension of Expiration Date,
Non-Applicability of Termination of Employment Provisions. Subject to the rules of any relevant Regulatory Authority and Securities Laws, the Board may, by resolution: 

 

	 	(a)	 extend the Expiration Date of any Option, but shall not, in the event of any such advancement or extension,
be under any obligation to advance or extend the date on or by which Options may be exercised by any other Option Holder; and 

  

	 	(b)	 decide that any of the provisions hereof concerning the effect of termination of the Option Holder’s
employment shall not apply to any Option Holder for any reason acceptable to the Board. 

  
 Page 15 of 17 

POLICIES & CHARTERS & PLANS\Stock Option Plans 

 Notwithstanding the provisions of Sections 6.6 and 6.7, should changes be
required to the Plan by any Regulatory Authority of any jurisdiction to which this Plan or the Corporation now is or hereafter becomes subject, such changes shall be made to the Plan as are necessary to conform with such requirements and, if such
changes are approved by the Board, the Plan, as amended, shall be filed with the records of the Corporation and shall remain in full force and effect in its amended form as of and from the date of its adoption by the Board. 

6.8    Regulatory Authority Approval. This Plan and any amendments hereto are subject to all necessary
approvals of the applicable Regulatory Authorities. 
 6.9    Agreement. The Corporation and every Option
granted hereunder will be bound by and subject to the terms and conditions of this Plan. By accepting an Option granted hereunder, the Option Holder has expressly agreed with the Corporation to be bound by the terms and conditions of this Plan. 

6.10    Effective Date of Plan. Upon approval by the Exchange (if the Shares are listed or posted on an
Exchange and such acceptance is required) and, at the Exchange’s request, as applicable, by the shareholders of the Company, this amended plan shall be deemed to be effective as of May 25, 2016. 

6.11    Governing Law. This Plan and all matters to which reference is made herein shall be governed by and
interpreted in accordance with the laws of the Province of Québec and the federal laws of Canada applicable therein. 

ARTICLE 7 
 U.S.
TAXPAYERS 
 7.1    Provisions for U.S. Taxpayers. Options granted under this Plan to U.S. Taxpayers
may be nonqualified stock options or incentive stock options intended to qualify under Section 422 (“ISOs”) of the United States Internal Revenue Code of 1986 and the applicable authority thereunder (the
“Code”). Each Option shall be designated in the Option Agreement as either an ISO or a non-qualified stock option. “U.S. Taxpayer” means a Person who is a U.S. citizen, U.S.
permanent resident or U.S. tax resident for the purposes of the Code whose purchase of Shares under this Plan would be subject to U.S. taxation under the Code. Such Person shall be considered a U.S. Taxpayer solely with respect to such options. .
Options may be granted as ISOs only to individuals who are employees of the Corporation or any present or future “subsidiary corporation” or “parent corporation” as those terms are defined in Section 424(e) and (f) of
the Code, and shall not be granted to non-employee Directors or independent contractors. If an Option Holder ceases to be employed by the Corporation and/or all “subsidiary corporations” or
“parent corporations” as those terms are defined in Section 424(e) and (f) of the Code, other than by reason of death or disability (meaning “permanent and total disability” as defined in Section 22(e)(3) of the
Code), Options shall be eligible for treatment as ISOs only if exercised no later than three months following such termination of employment. 

7.2    ISOs. The maximum number of Options that may be granted as ISOs is equal to the maximum number
of Shares issuable under Section 3.3. The terms and conditions of any ISOs granted hereunder, including the eligible recipients of ISOs, shall be subject to the provisions of Section 422 of the Code, and the terms, conditions, limitations
and administrative procedures established by the Board from time to time in accordance with this Plan. At the discretion of the Board, ISOs may be granted to any Employee of the Corporation, its parent or any subsidiary of the Corporation, as such
terms are defined in Sections 424(e) and (f) of the Code. 

  
 Page 16 of 17 

POLICIES & CHARTERS & PLANS\Stock Option Plans 

 7.3    ISO Grants to 10% Shareholders.
Notwithstanding anything to the contrary in this Plan, if an ISO is granted to a Person who owns shares representing more than ten percent of the voting power of all classes of shares of the Corporation or of a subsidiary or parent, as such terms
are defined in Section 424(e) and (f) of the Code, the term of the Option shall not exceed five years from the time of grant of such Option and the Exercise Price shall be at least 110 percent (110%) of the Market Price (at the time
of grant) of the Shares subject to the Option. 
 7.4    $100,000 Per Year Limitation for ISOs. To
the extent the aggregate Market Price (determined at the time of grant) of the Shares for which ISOs are exercisable for the first time by any Person during any calendar year (under all plans of the Corporation) exceeds $100,000, such excess ISOs
shall be treated as nonqualified stock options. 
 7.5    Disqualifying Dispositions. Each Person
awarded an ISO under this Plan shall notify the Corporation in writing immediately after the date he or she makes a disqualifying disposition of any Shares acquired pursuant to the exercise of such ISO. A disqualifying disposition is any disposition
(including any sale) of Shares before the later of (i) two years after the time of grant of the ISO or (ii) one year after the date the Person acquired the Shares by exercising the ISO. The Corporation may, if determined by the Board and
in accordance with procedures established by it, retain possession of any Shares acquired pursuant to the exercise of an ISO as agent for the applicable Person until the end of the period described in the preceding sentence, subject to complying
with any instructions from such Person as to the sale of such Share. 
 7.6    Section 409A. Any
Options granted to U.S. Taxpayers shall be limited to Employees or Consultants providing services to the Corporation or to an affiliate which is an “eligible issuer”, as defined in final Treas. Reg.
1.409A-1(b)(iii) (this includes corporate subsidiaries in which the Corporation has a controlling interest). 
  

	 	(a)	 No extension of term of an Option shall extend beyond the latest date that the right could have expired by
its original terms. 

  

	 	(b)	 Any replacement options issued under Section 3.4 or 6.6 of this Plan shall comply with U.S. Treas. Reg.
1.424-1 as if the Option were a incentive stock option (ISO) so that the ratio of the Exercise Price to the fair market value of Shares subject to the Options immediately after the replacement may not be
greater than the ratio of the Exercise Price to the fair market value of Shares subject to the Options immediately before the replacement. 

7.7    Transferability. Notwithstanding any other provision in this Plan, an ISO is not transferable
except by will or by the laws of descent and distribution, and may be exercised, during the Option Holder’s lifetime, only by such Option Holder. 

Lastly modified by the Board on July 8, 2019. 

[Lastly approved by the shareholders on August 14, 2019.] 

  
 Page 17 of 17 

POLICIES & CHARTERS & PLANS\Stock Option PlansEX-10.2

 Exhibit 10.2 
  

 
 NEPTUNE WELLNESS SOLUTIONS INC. 

EQUITY INCENTIVE PLAN 

AS AMENDED JULY 8, 2019, 

AND APPROVED AUGUST 14, 2019 

  
 Page 1 of 23 

POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

 Neptune Wellness Solutions Inc. 

Equity Incentive Plan 

ARTICLE 1 
 PURPOSE

  

	1.1	 Purpose 

The purpose of this Plan is to provide the Corporation with a share-related mechanism to attract, retain and motivate qualified Directors,
Employees and Consultants of the Corporation and its Subsidiaries, to reward such of those Directors, Employees and Consultants as may be granted Awards under this Plan by the Board from time to time for their contributions toward the long term
goals and success of the Corporation and to enable and encourage such Directors, Employees and Consultants to acquire Shares as long term investments and proprietary interests in the Corporation. 

ARTICLE 2 

INTERPRETATION 
  

	2.1	 Definitions 

When used herein, unless the context otherwise requires, the following terms have the indicated meanings, respectively: 

“Affiliate” has the meaning set forth in the Securities Laws; 

“Associate” has the meaning ascribed to it in the Securities Act; 

“Award” means any Restricted Share Unit, Performance Share Unit, Deferred Share Unit, Restricted Share or
Other Share-Based Award granted under this Plan; 
 “Award Agreement” means a signed, written agreement
between a Participant and the Corporation, substantially in the form attached as Schedule A, subject to any amendments or additions thereto as may, in the discretion of the Board, be necessary or advisable, evidencing the terms and conditions on
which an Award has been granted under this Plan; 
 “Award Value” means such percentage of annual base
salary or such other amount as may be determined from time to time by the Board as the original value of the Award to be paid to a Participant and specified in the Participant’s Award Agreement; 

“Board” means the board of directors of the Corporation; 

“Business Day” means a day, other than a Saturday or Sunday, on which the principal commercial banks in the
City of Montréal are open for commercial business during normal banking hours; 

  
 Page 2 of 23 

POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

 “Cause” means, with respect to a particular Employee: 

 

	 	(a)	 “cause” as such term is defined in the written employment agreement between the Corporation and
the Employee; or 

  

	 	(b)	 in the event there is no written employment agreement between the Corporation and the Employee or
“cause” is not defined in the written employment agreement between the Corporation and the Employee, the usual meaning of “cause” under the laws of the Province of Québec. 

“Change in Control” means the occurrence of any one or more of the following events: 

 

	 	(a)	 a consolidation, merger, amalgamation, arrangement or other reorganization or acquisition involving the
Corporation or any of its Affiliates and another corporation or other entity, as a result of which the holders of Shares prior to the completion of the transaction hold less than 50% of the outstanding shares of the successor corporation after
completion of the transaction; 

  

	 	(b)	 the sale, lease, exchange or other disposition, in a single transaction or a series of related transactions,
of assets, rights or properties of the Corporation and/or any of its Subsidiaries which have an aggregate book value greater than 30% of the book value of the assets, rights and properties of the Corporation and its Subsidiaries on a consolidated
basis to any other person or entity, other than a disposition to a wholly-owned subsidiary of the Corporation in the course of a reorganization of the assets of the Corporation and its subsidiaries; 

 

	 	(c)	 a resolution is adopted to wind-up, dissolve or liquidate the
Corporation; 

  

	 	(d)	 any person, entity or group of persons or entities acting jointly or in concert (an
“Acquiror”) acquires or acquires control (including, without limitation, the right to vote or direct the voting) of Voting Securities of the Corporation which, when added to the Voting Securities owned of record or beneficially by
the Acquiror or which the Acquiror has the right to vote or in respect of which the Acquiror has the right to direct the voting, would entitle the Acquiror and/or Associates and/or Affiliates of the Acquiror to cast or to direct the casting of 20%
or more of the votes attached to all of the Corporation’s outstanding Voting Securities which may be cast to elect directors of the Corporation or the successor corporation (regardless of whether a meeting has been called to elect directors);

  

	 	(e)	 as a result of or in connection with: (A) a contested election of directors, or; (B) a
consolidation, merger, amalgamation, arrangement or other reorganization or acquisitions involving the Corporation or any of its affiliates and another corporation or other entity, the nominees named in the most recent Management Information
Circular of the Corporation for election to the Board shall not constitute a majority of the Board; or 

  

	 	(f)	 the Board adopts a resolution to the effect that a Change of Control as defined herein has occurred or is
imminent. 

  
 Page 3 of 23 

POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

 For the purposes of the foregoing, “Voting Securities”
means Shares and any other shares entitled to vote for the election of directors and shall include any security, whether or not issued by the Corporation, which are not shares entitled to vote for the election of directors but are convertible into
or exchangeable for shares which are entitled to vote for the election of directors including any options or rights to purchase such shares or securities. 

Notwithstanding the foregoing definition, for Awards that are non-qualified deferred
compensation held by a U.S. Taxpayer, any Change in Control must also meet the requirements for a “change in control” or “change in ownership” under Section 409A; 

“Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time, and the regulations
promulgated under it; 
 “Committee” has the meaning set forth in Section 3.2 ; 

“Corporation” means Neptune Wellness Solutions Inc.; 

“Consultant” means a person, other than an Employee or Director of the Corporation, or a Corporation, that:

  

	 	(a)	 provides on a bona fide basis consulting, technical, management or other services to the Corporation
or a Subsidiary of the Corporation under a contract; 

  

	 	(b)	 possesses technical, business, management or other expertise of value to the Corporation or a Subsidiary of
the Corporation; 

  

	 	(c)	 in the reasonable opinion of the Corporation, spends or will spend a significant amount of time and
attention on the business and affairs of the Corporation or a Subsidiary of the Corporation; and 

  

	 	(d)	 has a relationship with the Corporation or a Subsidiary of the Corporation that enables the individual to be
knowledgeable about the business and affairs of the Corporation. 

 “Date of Grant” means,
for any Award, the date specified by the Board at the time it grants the Award (which, for greater certainty, shall be no earlier than the date on which the Board meets for the purpose of granting such Award) or if no such date is specified, the
date upon which the Award was granted; 
 “Deferred Share Unit” or “DSU” means a unit
equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with ARTICLE 7; 

“Director” means a director of the Corporation who is not an employee of the Corporation or a Subsidiary; 

“Disabled” or “Disability” means the permanent and total incapacity of a Participant as
determined in accordance with procedures established by the Board for purposes of this Plan; 

  
 Page 4 of 23 

POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

 “Effective Date” means the effective date of this Plan,
being January 30, 2013; 
 “Employee” means an individual who: 

 

	 	(a)	 is considered an employee of the Corporation or a Subsidiary of the Corporation under the Income Tax
Act (Canada) (i.e., for whom income tax, employment insurance and CPP deductions must be made at source); 

  

	 	(b)	 works full-time for the Corporation or a Subsidiary of the Corporation providing services normally provided
by an employee and who is subject to the same control and direction by the Corporation or a Subsidiary of the Corporation over the details and methods of work as an employee of the Corporation, but for whom income tax deductions are not made at
source; or 

  

	 	(c)	 works for the Corporation or a Subsidiary of the Corporation on a continuing and regular basis for a minimum
amount of time per week providing services normally provided by an employee and who is subject to the same control and direction by the Corporation or a Subsidiary of the Corporation over the details and methods of work as an employee of the
Corporation, but for whom income tax deductions are not made at source. 

 “Exchange”
means the Toronto Stock Exchange and, where the context permits, any other exchange on which the Shares are or may be listed from time to time; 

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended from time to time; 

“Insider” means an “insider” as defined by the Exchange from time to time in its rules and
regulations governing Security Based Compensation Arrangements and other related matter; 
 “Market Price”
at any date in respect of the Shares shall be the VWAP obtained for such Shares on the Exchange (and if listed on more than one stock exchange, then the highest of such closing prices) during the last ten (10) Business Days prior to the
relevant date (10-day VWAP) (or, if such Shares are not then listed and posted for trading on the Exchange, on such stock exchange in Canada on which the Shares are listed and posted for trading as may be
selected for such purpose by the Board). In the event that such Shares did not trade on such ten (10) Business Days, the Market Price shall be the average of the bid and asked prices in respect of such Shares at the close of trading on any such
date within that ten (10) Business Day period. In the event that such Shares are not listed and posted for trading on any stock exchange, the Market Price shall be the fair market value of such Shares as determined by the Board in its sole
discretion; 
 “NI 45-106” means National Instrument 45-106 Prospectus and Registration Exemptions of the Canadian Securities Administrators, as amended from time to time; 

“Other Share-Based Award” means any right granted under Section 8.1; 

  
 Page 5 of 23 

POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

 “Participant” means an Employee, Consultant or Director to
whom an Award has been granted under this Plan; 
 “Participant’s Employer” means the Corporation or
such Subsidiary as is or, if the Participant has ceased to be employed by the Corporation or such Subsidiary, was the Participant’s Employer; 

“Performance Goals” means performance goals expressed in terms of attaining a specified level of the
particular criteria or the attainment of a percentage increase or decrease in the particular criteria, and may be applied to one or more of the Corporation, a Subsidiary, or a division or strategic business unit of the Corporation, or may be applied
to the performance of the Corporation relative to a market index, a group of other companies or a combination thereof, all as determined by the Board; 

“Performance Share Unit” or “PSU” means any right granted under Section 5.1 of the Plan;

 “Permitted Assign” has the meaning assigned to that term in NI
45-106; 
 “Person” includes an individual, sole proprietorship,
partnership, unincorporated association, unincorporated syndicate, unincorporated organization, trust, body corporate, and a natural person in his or her capacity as trustee, executor, administrator or other legal representative; 

“Plan” means this Neptune Wellness Solutions Inc. Equity Incentive Plan, as may be amended from time to time;

 “QBCA” means the Business Corporations Act (Québec), as amended, or such other successor
legislation which may be enacted, from time to time; 
 “Regulatory Authorities” means the Exchange and any
other organized trading facilities on which the Corporation’s Shares are listed and all securities commissions or similar securities regulatory bodies having jurisdiction over the Corporation; 

“Restricted Period” means the period during which Restricted Shares are subject to restrictions as set out in
the Award Agreement; 
 “Restricted Shares” means Shares granted to a Participant under Section 6.1
hereof that are subject to certain restrictions and to a risk of forfeiture; 
 “Restricted Share Unit” or
“RSU” means a right to receive a Share or a Restricted Share granted, as determined by the Board, under Section 4.1; 

“Securities Act” means the Securities Act (Québec), as amended, or such other successor
legislation as may be enacted, from time to time; 
 “Securities Laws” means securities legislation,
securities regulation and securities rules, as amended, and the policies, notices, instruments and blanket orders in force from time to time that govern or are applicable to the Corporation or to which it is subject, including, without limitation,
the Securities Act; 

  
 Page 6 of 23 

POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

 “Security Based Compensation Arrangement” has the meaning
given to that term in the Company Manual of the Toronto Stock Exchange, as amended from time to time; 

“Share” means one (1) common share without par value in the capital stock of the Corporation as
constituted on the Effective Date or, in the event of an adjustment contemplated by ARTICLE 11, such other shares or securities to which the holder of an Award may be entitled as a result of such adjustment; 

“Termination Date” means, in the case of a Participant whose employment or term of office or engagement
with the Corporation or an Affiliate terminates: 
  

	 	(i)	 in the case of the resignation of the Participant as an Employee of the Corporation, the date that the
Participant provides notice of his or her resignation as an Employee of the Corporation to the Corporation; 

  

	 	(ii)	 in the case of the termination of the Participant as an Employee of the Corporation by the Corporation for
any reason other than death, the effective date of termination set out in the Corporation’s notice of termination of the Participant as an Employee of the Corporation to the Participant; 

 

	 	(iii)	 in the case of the termination of the written contract of the Consultant Participant to provide consulting
services to the Corporation, the effective date of termination set out in any notice provided by one of the parties to the written contract to the other party; or 

 

	 	(iv)	 the effective date of termination of a Director, Employee or Consultant pursuant to an order made by any
Regulatory Authority having jurisdiction to so order; 

 provided that in the case of termination by reason
of voluntary resignation by the Participant, such date shall not be earlier than the date that notice of resignation was received from such Participant, and “Termination Date” in any such case specifically does not mean the
date on which any period of contractual notice, reasonable notice, salary continuation or deemed employment that the Corporation or the Affiliate, as the case may be, may be required at law to provide to a Participant would expire; and 

“U.S. Taxpayer” shall mean a Participant who is a U.S. citizen, U.S. permanent resident or individual
providing services to the Corporation or its Subsidiaries in the U.S. 
 “VWAP” means the volume weighted
average trading price of the listed Shares, calculated by dividing the total value by the total volume of Shares traded for a relevant period. 

  
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POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

	2.2	 Interpretation 

 

	 	(a)	 Whenever the Board or, where applicable, the Committee is to exercise discretion in the administration of
this Plan, the term “discretion” means the sole and absolute discretion of the Board or the Committee, as the case may be. 

  

	 	(b)	 As used herein, the terms “Article”, “Section”, “Subsection” and
“clause” mean and refer to the specified Article, Section, Subsection and clause of this Plan, respectively. 

  

	 	(c)	 Words importing the singular include the plural and vice versa and words importing any gender include any
other gender. 

  

	 	(d)	 Whenever any payment is to be made or action is to be taken on a day which is not a Business Day, such
payment shall be made or such action shall be taken on the next following Business Day. 

  

	 	(e)	 In this Plan, a Person is considered to be a “Subsidiary” of another Person if:

  

	 	(i)	 it is controlled by, 

 

	 	(A)	 that other, or 

  

	 	(B)	 that other and one or more Persons, each of which is controlled by that other, or 

 

	 	(C)	 two or more Persons, each of which is controlled by that other; or 

 

	 	(ii)	 it is a Subsidiary of a Person that is that other’s Subsidiary. 

 

	 	(f)	 In this Plan, a Person is considered to be “controlled” by a Person if:

  

	 	(i)	 in the case of a Person, 

 

	 	(A)	 voting securities of the first-mentioned Person carrying more than
50% of the votes for the election of directors are held, directly or indirectly, otherwise than by way of security only, by or for the benefit of the other Person; and 

 

	 	(B)	 the votes carried by the securities are entitled, if exercised, to elect a majority of the directors of the first-mentioned Person; 

  

	 	(ii)	 in the case of a partnership that does not have directors, other than a limited partnership, the second-mentioned Person holds more than 50% of the interests in the partnership; or 

  

	 	(iii)	 in the case of a limited partnership, the general partner is the
second-mentioned Person. 

  
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POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

	 	(g)	 Unless otherwise specified, all references to money amounts are to Canadian currency. 

 

	 	(h)	 This Plan is established under and the provisions of this Plan will be subject to and interpreted and
construed in accordance with the laws of the Province of Québec. 

  

	 	(i)	 The headings used herein are for convenience only and are not to affect the interpretation of this Plan.

 ARTICLE 3 

ADMINISTRATION 
  

	3.1	 Administration 

Subject to Section 3.2, this Plan will be administered by the Board and the Board has sole and complete authority, in its discretion, to:

  

	 	(a)	 determine the individuals to whom grants under the Plan may be made; 

 

	 	(b)	 make grants of Awards under the Plan relating to the issuance of Shares (including any combination of
Restricted Share Units, Performance Share Units, Deferred Share Units, Restricted Shares or Other Share-Based Awards) in such amounts, to such Persons and, subject to the provisions of this Plan, on such terms and conditions as it determines
including without limitation: 

  

	 	(i)	 the time or times at which Awards may be granted; 

 

	 	(ii)	 the conditions under which: 

 

	 	(A)	 Awards may be granted to Participants; or 

 

	 	(B)	 Awards may be forfeited to the Corporation, 

including any conditions relating to the attainment of specified Performance Goals; 

 

	 	(iii)	 the price, if any, to be paid by a Participant in connection with the granting of Awards;

  

	 	(iv)	 whether restrictions or limitations are to be imposed on the Shares issuable pursuant to grants of Awards,
and the nature of such restrictions or limitations, if any; and 

  

	 	(v)	 any acceleration of exercisability or vesting or Restricted Period, or waiver of termination regarding any
Award, based on such factors as the Board may determine; 

  

	 	(c)	 interpret this Plan and adopt, amend and rescind administrative guidelines and other rules and regulations
relating to this Plan; and 

  
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POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

	 	(d)	 make all other determinations and take all other actions necessary or advisable for the implementation and
administration of this Plan. 

 The Board’s determinations and actions within its authority under this Plan are
conclusive and binding on the Corporation and all other persons. The day-to-day administration of the Plan may be delegated to such officers and employees of the
Corporation or of a Subsidiary as the Board determines. 
  

	3.2	 Delegation to Committee 

To the extent permitted by applicable law and the Corporation’s articles, the Board may, from time to time, delegate to a committee
(the “Committee”) of the Board, all or any of the powers conferred on the Board under the Plan. In connection with such delegation, the Committee will exercise the powers delegated to it by the Board in the manner and on the terms
authorized by the Board. Any decision made or action taken by the Committee arising out of or in connection with the administration or interpretation of this Plan in this context is final and conclusive. Notwithstanding any such delegation or any
reference to the Committee in this Plan, the Board may also take any action and exercise any powers that the Committee is authorized to take or has power to exercise under this Plan. 

 

	3.3	 Eligibility 

All Employees, Consultants and Directors are eligible to participate in the Plan, subject to subsections 9.1(c) and 9.2(g). Eligibility to
participate does not confer upon any Employee, Consultant or Director any right to receive any grant of an Award pursuant to the Plan. The extent to which any Employee, Consultant or Director is entitled to receive a grant of an Award pursuant to
the Plan will be determined in the sole and absolute discretion of the Board. 
  

	3.4	 Board Requirements 

Any Award granted under this Plan shall be subject to the requirement that, if at any time the Corporation shall determine that the listing,
registration or qualification of the Shares issuable pursuant to such Award upon any securities exchange or under any Securities Laws of any jurisdiction, or the consent or approval of Regulatory Authority, is necessary as a condition of, or in
connection with, the grant or exercise of such Award or the issuance or purchase of Shares thereunder, such Award may not be accepted or exercised in whole or in part unless such listing, registration, qualification, consent or approval shall have
been effected or obtained on conditions acceptable to the Board. Nothing herein shall be deemed to require the Corporation to apply for or to obtain such listing, registration, qualification, consent or approval. 

 

	3.5	 Participation 

The Board may only grant Awards to an Employee or Consultant if such Employee or Consultant is a bona fide Employee or Consultant of the
Corporation or a Subsidiary of the Corporation, as the case may be. The Board may, in its sole discretion, grant the majority of the Awards to Insiders of 

  
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POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

 the Corporation. However, in no case will the grant of Awards under this Plan, together with
any proposed or previously 
 existing Security Based Compensation Arrangement, result in (in each case, as determined on the Grant Date):

  

	 	(a)	 the number of Shares issuable to Insiders at any time exceeding twenty-five percent (25%) of the
Corporation’s issued and outstanding Shares (on a non-diluted basis); or 

  

	 	(b)	 the number of Shares issued to Insiders within any twelve (12) month period exceeding twenty-five
percent (25%) of the Corporation’s issued and outstanding Shares (on a non-diluted basis). 

Any entitlement to acquire Shares granted pursuant to this Plan or any other Share Compensation Agreement prior to the Award holder becoming
an Insider shall be excluded for the purposes of calculating the limits set out in Subsections 3.5(a) and (b) above. 
  

	3.6	 Number of Shares Reserved 

Subject to adjustment as provided for in ARTICLE 11 and any subsequent amendment to this Plan, the number of Shares reserved for issuance and
which will be available for issuance pursuant to Awards granted under this Plan will equal 2.5% of the issued and outstanding Shares of the Corporation from time to time. Subject to the provisions and restrictions of this Plan, if any Award is
exercised, cancelled, expired or otherwise terminated for any reason whatsoever, the number of Shares in respect of which Award is exercised, cancelled, expired or otherwise terminated for any reason whatsoever, as the case may be, will ipso facto
again be immediately available for purchase pursuant to Awards granted under this Plan. 
  

	3.7	 Award Agreements 

All grants of Awards under this Plan will be evidenced by Award Agreements. Award Agreements will be subject to the applicable provisions of
this Plan and will contain such provisions as are required by this Plan and any other provisions that the Board may direct. Any one officer of the Corporation is authorized and empowered to execute and deliver, for and on behalf of the Corporation,
an Award Agreement to each Participant granted an Award pursuant to this Plan. 
  

	3.8	 Non-transferability of Awards 

No assignment or transfer of Awards, whether voluntary, involuntary, by operation of law or otherwise, vests any interest or right in such
Awards whatsoever in any assignee or transferee (except that a Participant may transfer Awards to Permitted Assigns in a manner consistent with applicable tax and securities laws) and immediately upon any assignment or transfer, or any attempt to
make the same, such Awards will terminate and be of no further force or effect. If any Participant has transferred Awards to a corporation pursuant to this Section 3.8, such Awards will terminate and be of no further force or effect if at any
time the transferor should cease to own all of the issued shares of such corporation. 
  

	3.9	 Dividend Equivalents 

 

	 	(a)	 RSUs, PSUs and DSUs shall be credited with dividend equivalents in the form of additional RSUs, PSUs and
DSUs as of each dividend payment date in respect of which normal cash dividends are paid on Shares. Such dividend equivalents shall be computed by dividing: (a) the amount obtained by multiplying the amount of the

  
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POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

	 	 
dividend declared and paid per Share by the number of RSUs, PSUs and DSUs held by the Participant on the record date for the payment of such dividend, by (b) the Market Price on the first
Business Day immediately following the dividend record date, with fractions computed to three decimal places. Dividend equivalents credited to a Participant’s accounts shall vest in proportion to the RSUs, PSUs and DSUs to which they relate.

  

	 	(b)	 The Board may in its discretion include in an Award Agreement applicable to an Other Share-Based Award a
dividend equivalent right entitling the Participant to receive amounts equal to the normal cash dividends that would be paid, during the time such Award is outstanding and unexercised, on the Shares covered by such Award if such Shares were then
outstanding and may decide whether such payments shall be made in cash, in Shares or in another form, whether they shall be conditioned upon the vesting of the Award to which they relate, the time or times at which they shall be made, and such other
terms and conditions as the Board shall deem appropriate. 

  

	 	(c)	 The foregoing does not obligate the Corporation to make dividends on Shares and nothing in this Plan shall
be interpreted as creating such an obligation. 

  

	3.10	 Permitted Assigns 

Grants of Awards may be made to Permitted Assigns of Employees, Directors and Consultants and may be transferred by Employees, Directors and
Consultants to a Permitted Assign of an Employee, Director or Consultant as applicable, except for U.S. Taxpayers, if transfer to a Permitted Assign would be prohibited by Section 409A of the Code. In any such case, the provisions of ARTICLE 9
shall apply to the Award as if the Award was held by the Employee, Director or Consultant rather than such person’s Permitted Assign. 

In the event of the death of the Permitted Assign, the Award shall be automatically transferred to the Employee, Director or Consultant who
effected the transfer of the Award to the deceased Permitted Assign. 
 ARTICLE 4 

GRANT OF RESTRICTED SHARE UNITS 
  

	4.1	 Grant of RSUs 

The Board may, from time to time, subject to the provisions of this Plan and such other terms and conditions as the Board may prescribe, grant
RSUs to any Participant. The number of RSUs to be credited to each Participant’s account shall be computed by dividing (a) the Award Value, by (b) the Market Price of a Share on the Grant Date, with fractions rounded down to the
nearest whole number. 
  

	4.2	 Terms of RSUs 

The Board shall have the authority to condition the grant of RSUs upon the attainment of specified Performance Goals, or such other factors
(which may vary as between awards of RSUs) as the Board may determine in its sole discretion. 

  
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POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

	4.3	 Vesting of RSUs 

The Board shall have the authority to determine at the time of grant, in its sole discretion, the duration of the vesting period and other
vesting terms applicable to the grant of RSUs, provided that no RSU granted shall vest and be payable after December 31 of the third calendar year following the year of service for which the RSU was granted. 

 

	4.4	 Delivery of Shares 

Unless otherwise specified in the Award Agreement, as soon as practicable following the expiry of the applicable vesting period, or at such
later date as may be determined by the Board in its sole discretion at the time of grant, a share certificate representing the Shares issuable pursuant to the RSUs shall be registered in the name of the Participant or as the Participant may direct,
subject to applicable securities laws. 
 ARTICLE 5 

PERFORMANCE SHARE UNITS 
  

	5.1	 Grant of PSUs 

The Board may, from time to time, subject to the provisions of this Plan and such other terms and conditions as the Board may prescribe, grant
PSUs to any Participant. Each PSU will consist of a right to receive a Share upon the achievement of such Performance Goals during such performance periods as the Board will establish. The number of PSUs to be credited to each
Participant’s account shall be computed by dividing (a) the Award Value, by (b) the Market Price of a Share on the Grant Date, with fractions rounded down to the nearest whole number. 

 

	5.2	 Terms of PSUs 

Subject to the terms of the Plan, the Performance Goals to be achieved during any performance period, the length of any performance period, the
amount of any PSU granted, the termination of a Participant’s employment and the amount of any payment or transfer to be made pursuant to any PSU will be determined by the Board and by the other terms and conditions of any PSU, all as set forth
in the applicable Award Agreement. 
  

	5.3	 Performance Goals 

The Board will issue Performance Goals prior to the commencement of the performance period to which such Performance Goals pertain. The
Performance Goals may be based upon the achievement of corporation-wide, divisional or individual goals, or any other basis determined by the Board. The Board may modify the Performance Goals as necessary to align them with the Corporation’s
corporate objectives if there is a subsequent material change in the Corporation’s business, operations or capital or corporate structure. The Performance Goals may include a threshold level of performance below which no payment will be made
(or no vesting will occur), levels of performance at which specified payments will be made (or specified vesting will occur), and a maximum level of performance above which no additional payment will be made (or at which full vesting will occur).

  
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POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

	5.4	 Delivery of Shares 

Unless otherwise specified in the Award Agreement, as soon as practicable following the expiry of the applicable vesting period, or at such
later date as may be determined by the Board in its sole discretion at the time of grant, a share certificate representing the Shares issuable pursuant to the PSUs shall be registered in the name of the Participant or as the Participant may direct,
subject to applicable securities laws. 
 ARTICLE 6 

RESTRICTED SHARES 
  

	6.1	 Grant of Restricted Shares 

The Board may, from time to time, subject to the provisions of this Plan and such other terms and conditions as the Board may prescribe, grant
Restricted Shares to any Participant. The terms and conditions of each Restricted Shares grant shall be evidenced by an Award Agreement, which agreements need not be identical. The number of Restricted Shares to be credited to each
Participant’s account shall be computed by dividing (a) the Award Value, by (b) the Market Price of a Share on the Grant Date, with fractions rounded down to the nearest whole number. 

Subject to the restrictions set forth in Section 9.2, except as otherwise set forth in the applicable Award Agreement, the Participant
shall generally have the rights and privileges of a shareholder as to such Restricted Shares, including the right to vote such Restricted Shares. Unless otherwise set forth in a Participant’s Award Agreement, cash dividends and stock dividends,
if any, with respect to the Restricted Shares shall be withheld by the Corporation for the Participant’s account, and shall be subject to forfeiture until released, in each case, to be released at the same time and in the same proportion as the
lapse of restrictions on the Restricted Shares to which such dividends relate. Except as otherwise determined by the Board, no interest will accrue or be paid on the amount of any dividends withheld. 

 

	6.2	 Restrictions on Transfer 

In addition to any other restrictions set forth in a Participant’s Award Agreement, until such time that the Restricted Period for the
Restricted Shares has lapsed pursuant to the terms of the Award Agreement, which Restricted Period the Board may in its sole discretion accelerate at any time, the Participant shall not be permitted to sell, transfer, pledge, or otherwise encumber
the Restricted Shares. Notwithstanding anything contained herein to the contrary, the Board shall have the authority to remove any or all of the restrictions on the Restricted Shares whenever it may determine that, by reason of changes in applicable
laws or other changes in circumstances arising after the date of the Restricted Shares Award, such action is appropriate. 
  

	6.3	 Separation of Service 

Except as may otherwise be provided in the applicable Award Agreement, in the event of a Participant’s “separation from service”
(within the meaning of Section 409A of the Code) with the Corporation or any of the Subsidiaries for any reason prior to the time that the Restricted Period 

  
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POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

 
for the Participant’s Restricted Shares has lapsed, as soon as practicable following such Separation from Service, the Corporation shall repurchase from the Participant, and the Participant
shall sell, all of such Participant’s Restricted Shares for which the Restricted Period has not lapsed at a purchase price equal to the cash amount, if any, paid by the Participant for the Restricted Shares, or if no cash amount was paid by the
Participant for the Restricted Shares, such Restricted Shares shall be forfeited by the Participant to the Corporation for no consideration as of the date of such separation from service. 

ARTICLE 7 
 GRANT OF
DEFERRED SHARE UNITS 
  

	7.1	 Number of Deferred Share Units 

The Board may, from time to time, subject to the provisions of this Plan and such other terms and conditions as the Board may prescribe, grant
Deferred Share Units to any Participant; provided, however, to the extent required by applicable law (including, but not limited to, Section 409A of the Code), if any Participant is allowed an election to receive DSUs in lieu of other
compensation, such election must be made in writing prior to the start of the calendar year during which services will be performed for which the compensation relates, or such later date as permitted in accordance with applicable law, including, but
not limited to, Section 409A of the Code and the regulations thereunder. The number of DSUs to be credited to each Participant’s account shall be computed by dividing (a) the Award Value, by (b) the Market Price of a Share
on the Grant Date, with fractions rounded down to the nearest whole number. 
 All Deferred Share Units received by a Participant shall be
credited to an account maintained for the Participant on the books of the Corporation, as of the Date of Grant. The award of Deferred Share Units for a calendar year to a Participant shall be evidenced by an Award Agreement. 

 

	7.2	 Issuance of Shares 

DSUs shall be settled on the date established in the Award Agreement (the “Settlement Date”); provided, however that in no
event shall a DSU Award be settled prior to the date of the applicable Participant’s Separation from Service. If the Award Agreement does not establish a date for the settlement of the DSUs, then the Settlement Date shall be the date of
Separation from Service, subject to the delay that may be required under Section 12.8 below. On the Settlement Date for any DSU: 
  

	 	(a)	 the Participant shall deliver a cheque payable to the Corporation (or payment by such other method as may be
acceptable to the Corporation) representing payment of any amounts required by the Corporation to be withheld in connection with such settlement as contemplated by Section 12.3; and 

 

	 	(b)	 the Corporation shall issue to the Participant one fully paid and
non-assessable Share in respect of each Vested DSU being paid on such date. 

  
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POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

 ARTICLE 8 

OTHER SHARE-BASED AWARDS 
  

	8.1	 Other Share-Based Awards 

The Board may, from time to time, subject to the provisions of this Plan and such other terms and conditions as the Board may prescribe, grant
Other Share-Based Awards to any Participant. Each Other Share-Based Award will consist of a right (1) which is other than an Award or right described in Article 4, 5, 6 or 7 above and (2) which is denominated or payable in, valued in whole
or in part by reference to, or otherwise based on or related to, Shares (including, without limitation, securities convertible into Shares) as are deemed by the Board to be consistent with the purposes of the Plan; provided, however, that such right
will comply with applicable law. Subject to the terms of the Plan and any applicable Award Agreement, the Board will determine the terms and conditions of Other Share-Based Awards. Shares or other securities delivered pursuant to a purchase right
granted under this Section 8.1 will be purchased for such consideration, which may be paid by such method or methods and in such form or forms, including, without limitation, cash, Shares, other securities, other Awards, other property, or any
combination thereof, as the Board will determine. 
 ARTICLE 9 

TERMINATION OF EMPLOYMENT OR SERVICES 
  

	9.1	 Death or Disability 

If a Participant dies or becomes Disabled while an Employee, Director or Consultant: 

 

	 	(a)	 a portion of the next instalment of any Awards due to vest (or for which the Restricted Period is due to
lapse) shall immediately vest (or cease to be restricted) such portion to equal to the number of Awards next due to vest (or cease to be restricted) multiplied by a fraction the numerator of which is the number of days elapsed since the date of
vesting (or lapse of Restricted Period) of the last instalment of the Awards (or if none have vested or have ceased to be restricted, the Date of Grant) to the date of Disability or death and the denominator of which is the number of days between
the date of vesting (or lapse of Restricted Period) of the last instalment of the Awards (or if none have vested or have ceased to be restricted, the Date of Grant) and the date of vesting (or lapse of Restricted Period) of the next instalment of
the Awards; 

  

	 	(b)	 unless otherwise determined by the Board and set forth in an Award Agreement, and subject to subsection (c),
any Awards held by the Participant that are not yet vested (or for which the Restricted Period has not lapsed) at the date of Disability or death are immediately forfeited to the Corporation on the date of Disability or death; and

  

	 	(c)	 such Participant’s or Director’s eligibility to receive further grants of Awards under the Plan
ceases as of the date of Disability or death. 

  
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POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

	9.2	 Termination of Employment or Services 

 

	 	(a)	 Where a Participant’s employment or term of office or engagement with the Corporation or an Affiliate
terminates by reason of the Participant’s death or Disability, then the provisions of Section 9.1 will apply. 

  

	 	(b)	 Unless otherwise determined by the Board and set forth in an Award Agreement, where an Employee
Participant’s employment terminates by reason of a Participant’s resignation, then any Awards held by the Participant that are not yet vested (or for which the Restricted Period has not lapsed) at the Termination Date are immediately
forfeited to the Corporation on the Termination Date. 

  

	 	(c)	 Unless otherwise determined by the Board and set forth in an Award Agreement, where an Employee
Participant’s employment or term of office or engagement terminates by reason of termination by the Corporation or an Affiliate without cause (as determined by the Board in its sole discretion) (whether such termination occurs with or without
any or adequate notice or reasonable notice, or with or without any or adequate compensation in lieu of such notice), then any Awards held by the Participant that are not yet vested (or for which the Restricted Period has not lapsed) at the
Termination Date are immediately forfeited to the Corporation on the Termination Date. 

  

	 	(d)	 Unless otherwise determined by the Board and set forth in an Award Agreement, where an Employee
Participant’s or Consultant Participant’s employment or term of office or engagement is terminated by the Corporation or an Affiliate for cause (as determined by the Board in its sole discretion), or, in the case of a Consultant, for
breach of contract (as determined by the Board in its sole discretion), then any Awards held by the Participant at the Termination Date (whether or not then vested or subject to a Restricted Period) are immediately forfeited to the Corporation on
the Termination Date. 

  

	 	(e)	 Unless otherwise determined by the Board and set forth in an Award Agreement, where a Director’s term
of office is terminated by the Corporation for breach by the Director of his or her fiduciary duty to the Corporation (as determined by the Board in its sole discretion), then any Awards held by the Director at the Termination Date (whether or not
vested or subject to a Restricted Period) are immediately forfeited to the Corporation on the Termination Date. 

  

	 	(f)	 Where a Director’s term of office terminates for any reason other than death or Disability of the
Director or a breach by the Director of his or her fiduciary duty to the Corporation (as determined by the Board in its sole discretion), the Board may, in its sole discretion, at any time prior to or following the Termination Date, provide for the
vesting (or lapse of restrictions) of any or all Awards held by a Director on the Termination Date. 

  

	 	(g)	 The eligibility of a Participant to receive further grants under the Plan ceases as of the date that the
Corporation or an Affiliate, as the case may be, provides the Participant with written notification that the Participant’s employment or term of service is terminated, notwithstanding that such date may be prior to the Termination Date.

  
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POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

	 	(h)	 Unless the Board, in its sole discretion, otherwise determines, at any time and from time to time, Awards
are not affected by a change of employment arrangement within or among the Corporation or a Subsidiary for so long as the Participant continues to be an employee of the Corporation or a Subsidiary, including without limitation a change in the
employment arrangement of a Participant whereby such Participant becomes a Director. 

  

	9.3	 Discretion to Permit Acceleration 

Notwithstanding the provisions of Sections 9.1 and 9.2, the Board may, in its discretion, at any time prior to or following the events
contemplated in such Sections, permit the acceleration of vesting (or Restricted Period) of any or all Awards, all in the manner and on the terms as may be authorized by the Board. 

ARTICLE 10 
 CHANGE IN
CONTROL 
  

	10.1	 Change in Control 

The Board shall have the right to determine that any unvested or unearned Restricted Share Units, Deferred Share Units, Performance Share Units
or Other Share-Based Awards or Restricted Shares subject to a Restricted Period outstanding immediately prior to the occurrence of a Change in Control shall become fully vested or earned or free of restriction upon the occurrence of such Change in
Control. The Board may also determine that any vested or earned Restricted Share Units, Deferred Share Units, Performance Share Units or Other Share-Based Awards shall be cashed out at the Market Price as of the date such Change in Control is deemed
to have occurred, or as of such other date as the Board may determine prior to the Change in Control. Further, the Board shall have the right to provide for the conversion or exchange of any Restricted Share Unit, Deferred Share Unit, Performance
Share Unit or Other Share-Based Award into or for rights or other securities in any entity participating in or resulting from the Change in Control. 

ARTICLE 11 
 SHARE
CAPITAL ADJUSTMENTS 
  

	11.1	 General 

The existence of any Awards does not affect in any way the right or power of the Corporation or its shareholders to make, authorize or
determine any adjustment, recapitalization, reorganization or any other change in the Corporation’s capital structure or its business, or any amalgamation, combination, arrangement, merger or consolidation involving the Corporation, to create
or issue any bonds, debentures, Shares or other securities of the Corporation or to determine the rights and conditions attaching thereto, to effect the dissolution or liquidation of the Corporation or any sale or transfer of all or any part of its
assets or business, or to effect any other corporate act or proceeding, whether of a similar character or otherwise, whether or not any such action referred to in this Section would have an adverse effect on this Plan or on any Award granted
hereunder. 

  
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POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

	11.2	 Reorganization of Corporation’s Capital 

Should the Corporation effect a subdivision or consolidation of Shares or any similar capital reorganization or a payment of a stock dividend
(other than a stock dividend that is in lieu of a cash dividend), or should any other change be made in the capitalization of the Corporation that does not constitute a Change in Control and that would warrant the amendment or replacement of any
existing Awards in order to adjust the number of Shares that may be acquired on the vesting of outstanding Awards and/or the terms of any Award in order to preserve proportionately the rights and obligations of the Participants holding such Awards,
the Board will, subject to the prior approval of the Toronto Stock Exchange, authorize such steps to be taken as it may consider to be equitable and appropriate to that end. 
  

	11.3	 Other Events Affecting the Corporation 

In the event of an amalgamation, combination, arrangement, merger or other transaction or reorganization involving the Corporation and
occurring by exchange of Shares, by sale or lease of assets or otherwise, that does not constitute a Change in Control and that warrants the amendment or replacement of any existing Awards in order to adjust: (a) the number of Shares that may
be acquired on the vesting of outstanding Awards and/or (b) the terms of any Award in order to preserve proportionately the rights and obligations of the Participants holding such Awards, the Board will, subject to the prior approval of the
Toronto Stock Exchange, authorize such steps to be taken as it may consider to be equitable and appropriate to that end. 
  

	11.4	 Immediate Acceleration of Awards 

Where the Board determines that the steps provided in Sections 11.2 and 11.3 would not preserve proportionately the rights, value and
obligations of the Participants holding such Awards in the circumstances or otherwise determines that it is appropriate the Board may permit the immediate vesting of any unvested Awards and immediate lapse of any Restricted Period. 

 

	11.5	 Issue by Corporation of Additional Shares 

Except as expressly provided in this ARTICLE 11, neither the issue by the Corporation of shares of any class or securities convertible into or
exchangeable for shares of any class, nor the conversion or exchange of such shares or securities, affects, and no adjustment by reason thereof is to be made with respect to the number of Shares that may be acquired as a result of a grant of Awards.

  

	11.6	 Fractions 

No fractional Shares will be issued pursuant to an Award. Accordingly, if, as a result of any adjustment under Section 11.2, 11.3 or
dividend equivalent, a Participant would become entitled to a fractional Share, the Participant has the right to acquire only the adjusted number of full Shares and no payment or other adjustment will be made with respect to the fractional Shares,
which shall be disregarded. 

  
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POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

 ARTICLE 12 

MISCELLANEOUS PROVISIONS 
  

	12.1	 Legal Requirement 

The Corporation is not obligated to grant any Awards, issue any Shares or other securities, make any payments or take any other action if, in
the opinion of the Board, in its sole discretion, such action would constitute a violation by a Participant, Director or the Corporation of any provision of any applicable statutory or regulatory enactment of any government or government agency or
the requirements of any stock exchange upon which the Shares may then be listed. 
  

	12.2	 Participants’ Entitlement 

Except as otherwise provided in this Plan, Awards previously granted under this Plan are not affected by any change in the relationship
between, or ownership of, the Corporation and an Affiliate. For greater certainty, all grants of Awards remain are not affected by reason only that, at any time, an Affiliate ceases to be an Affiliate. 

 

	12.3	 Withholding Taxes 

The granting or vesting or lapse of the Restricted Period of each Award under this Plan is subject to the condition that if at any time the
Board determines, in its discretion, that the satisfaction of withholding tax or other withholding liabilities is necessary or desirable in respect of such grant, vesting or lapse of the Restricted Period, such action is not effective unless such
withholding has been effected to the satisfaction of the Board. In such circumstances, the Board may require that a Participant pay to the Corporation such amount as the Corporation or an Affiliate is obliged to remit to the relevant taxing
authority in respect of the granting or vesting or lapse of the Restricted Period of the Award. Any such additional payment is due no later than the date on which any amount with respect to the Award is required to be remitted to the relevant tax
authority by the Corporation or an Affiliate, as the case may be. 
  

	12.4	 Rights of Participant 

No Participant has any claim or right to be granted an Award and the granting of any Award is not to be construed as giving a Participant a
right to remain as an employee, consultant or director of the Corporation or an Affiliate. No Participant has any rights as a shareholder of the Corporation in respect of Shares issuable pursuant to any Award until the allotment and issuance to such
Participant, or as such Participant may direct, of certificates representing such Shares. 
  

	12.5	 Other Incentive Awards 

The Board shall have the right to grant other incentive awards based upon Shares under this Plan to Participants in accordance with applicable
laws and regulations and subject to regulatory approval, including without limitation the approval of the Exchange (to the extent the Corporation has any securities listed on the particular exchange), having such terms and conditions as the Board
may determine, including without limitation the grant of Shares based upon certain conditions and the grant of securities convertible into Shares. 

  
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POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

	12.6	 Termination 

The Board may, without notice or shareholder approval, terminate the Plan on or after the date upon which no Awards remain outstanding. 

 

	12.7	 Amendment 

  

	 	(a)	 Subject to the rules and policies of any stock Exchange on which the Shares are listed and applicable law,
the Board may, without notice or shareholder approval, at any time or from time to time, amend the Plan for the purposes of: 

  

	 	(i)	 making any amendments to the general vesting provisions or Restricted Period of each Award;

  

	 	(ii)	 making any amendments to the provisions set out in ARTICLE 9; 

 

	 	(iii)	 making any amendments to add covenants of the Corporation for the protection of Participants, as the case
may be, provided that the Board shall be of the good faith opinion that such additions will not be prejudicial to the rights or interests of the Participants, as the case may be; 

 

	 	(iv)	 making any amendments not inconsistent with the Plan as may be necessary or desirable with respect to
matters or questions which, in the good faith opinion of the Board, having in mind the best interests of the Participants and Directors, it may be expedient to make, including amendments that are desirable as a result of changes in law in any
jurisdiction where a Participant resides, provided that the Board shall be of the opinion that such amendments and modifications will not be prejudicial to the interests of the Participants and Directors; or 

 

	 	(v)	 making such changes or corrections which, on the advice of counsel to the Corporation, are required for the
purpose of curing or correcting any ambiguity or defect or inconsistent provision or clerical omission or mistake or manifest error, provided that the Board shall be of the opinion that such changes or corrections will not be prejudicial to the
rights and interests of the Participants. 

  

	 	(b)	 Subject to Section 10.1, the Board shall not materially adversely alter or impair any rights or
increase any obligations with respect to an Award previously granted under the Plan without the consent of the Participant, as the case may be. 

  

	 	(c)	 Notwithstanding any other provision of this Plan, none of the following amendments shall be made to this
Plan without approval of the Exchange (to the extent the Corporation has any securities listed on the particular Exchange) and the approval of shareholders in accordance with the requirements of such Exchange(s): 

 

	 	(i)	 amendments to the Plan which would increase the number of Shares issuable under the Plan, except as
otherwise provided pursuant to the 

  
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POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

	 	 
provisions in the Plan, including Sections 11.2 and 11.3, which permit the Board to make adjustments in the event of transactions affecting the Corporation or its capital;

  

	 	(ii)	 amendments to the Insider participation limits set out under Section 3.5 hereof, except as otherwise
provided pursuant to the provisions in the Plan, including Sections 11.2 and 11.3, which permit the Board to make adjustments in the event of transactions affecting the Corporation or its capital; and 

 

	 	(iii)	 amendments to this Section 12.7. 

Any amendment that would cause an Award held by a U.S. Taxpayer to fail to comply with Section 409A of the Code shall be null and void
ab initio. 
  

	12.8	 Section 409A of the Code 

This Plan will be construed and interpreted to be exempt from, or where not so exempt, to comply with Section 409A of the Code to the
extent required to preserve the intended tax consequences of this Plan. The Corporation reserves the right to amend this Plan to the extent it reasonably determines is necessary in order to preserve the intended tax consequences of this Plan in
light of Section 409A of the Code and any regulations or guidance under that section. In no event will the Corporation be responsible if Awards under this Plan result in adverse tax consequences to a U.S. Taxpayer under Section 409A of the
Code. Notwithstanding any provisions of the Plan to the contrary, in the case of any “specified employee” within the meaning of Section 409A of the Code who is a U.S. Taxpayer, distributions of
non-qualified deferred compensation under Section 409A of the Code made in connection with a “separation from service” within the meaning set forth in Section 409A of the Code may not be
made prior to the date which is 6 months after the date of separation from service (or, if earlier, the date of death of the U.S. Taxpayer). Any amounts subject to a delay in payment pursuant to the preceding sentence shall be paid as soon
practicable following such 6-month anniversary of such separation from service. 
  

	12.9	 Requirement of Notification of Election Under Section 83(b) of the Code 

If a Participant, in connection with the acquisition of Restricted Shares under the Plan, is permitted under the terms of the Award Agreement
to make the election permitted under Section 83(b) of the Code (i.e., an election to include in gross income in the year of transfer the amounts specified in Section 83(b) of the Code notwithstanding the continuing transfer restrictions)
and the Participant makes such an election, the Participant shall notify the Corporation of such election within ten (10) days of filing notice of the election with the Internal Revenue Service, in addition to any filing and notification
required pursuant to regulations issued under Section 83(b) of the Code. 
  

	12.10	 Indemnification 

Every member of the Board will at all times be indemnified and saved harmless by the Corporation from and against all costs, charges and
expenses whatsoever including any income tax liability arising from any such indemnification, that such member may sustain or incur by reason of any 

  
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POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

 
action, suit or proceeding, taken or threatened against the member, otherwise than by the Corporation, for or in respect of any act done or omitted by the member in respect of this Plan, such
costs, charges and expenses to include any amount paid to settle such action, suit or proceeding or in satisfaction of any judgment rendered therein. 
  

	12.11	 Participation in the Plan 

The participation of any Participant in the Plan is entirely voluntary and not obligatory and shall not be interpreted as conferring upon such
Participant any rights or privileges other than those rights and privileges expressly provided in the Plan. In particular, participation in the Plan does not constitute a condition of employment or engagement nor a commitment on the part of the
Corporation to ensure the continued employment or engagement of such Participant. The Plan does not provide any guarantee against any loss which may result from fluctuations in the market value of the Shares. The Corporation does not assume
responsibility for the income or other tax consequences for the Participants and Directors and they are advised to consult with their own tax advisors. 
  

	12.12	 International Participants 

With respect to Participants who reside or work outside Canada and the United States, the Board may, in its sole discretion, amend, or
otherwise modify, without shareholder approval, the terms of the Plan or Awards with respect to such Participants in order to conform such terms with the provisions of local law, and the Board may, where appropriate, establish one or more sub-plans to reflect such amended or otherwise modified provisions. 
  

	12.13	 Effective Date 

This Plan becomes effective on a date to be determined by the Board. 
  

	12.14	 Governing Law 

This Plan and all matters to which reference is made herein shall be governed by and interpreted in accordance with the laws of the Province of
Québec and the federal laws of Canada applicable therein. 
 Lastly modified by the Board on July 8, 2019. 

Lastly approved by the shareholders on August 14, 2019. 

  
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POLICIES & CHARTERS & PLANS\Equity Incentive Plans 

 SCHEDULE A 

Award Agreement 
 Neptune
Wellness Solutions Inc. (“Us” or “Our”) hereby grants the following Award(s) to you subject to the terms and conditions of this Award Agreement (the “Agreement”), together with the provisions of Our
Equity Incentive Plan (the “Plan”) in which you become a “Participant”, dated January 30, 2013, all the terms of which are hereby incorporated into this Agreement: 

Name and Address of Participant:
                                         
                                  

Date of Grant:
                                         
                                         
                         

Type of Award:
                                         
                                         
                      

Total Number Granted:
                                         
                                         
          
 Vesting Date(s):
                                         
                                         
                      
  

	1.	 The terms and conditions of the Plan are hereby incorporated by reference as terms and conditions of this
Award Notice and all capitalized terms used herein, unless expressly defined in a different manner, have the meanings ascribed thereto in the Plan. 

  

	2.	 Each notice relating to the Award must be in writing and signed by the Participant or the Participant’s
legal representative. All notices to US must be delivered personally or by prepaid registered mail and must be addressed to Our Corporate Secretary. All notices to the Participant will be addressed to the principal address of the Participant on file
with US. Either the Participant or US may designate a different address by written notice to the other. Any notice given by either the Participant or US is not binding on the recipient thereof until received. 

 

	3.	 Nothing in the Plan, in this Agreement, or as a result of the grant of an Award to you, will affect Our
right, or that of any Affiliate of Ours, to terminate your employment or term of office or engagement at any time for any reason whatsoever. Upon such termination, your rights to exercise Award will be subject to restrictions and time limits,
complete details of which are set out in the Plan. 

  

	[4.	 Add a fixed payment date or permitted event for payment, for U.S. taxpayers.]

  

			
	NEPTUNE WELLNESS SOLUTIONS INC.
		
	 By:
	 	
                  
                       

		 	 Authorized Signatory

 I have read the foregoing Agreement and hereby accept the Award in accordance with and subject to the
terms and conditions of the Agreement and the Plan. [I understand that I may review the complete text of the Plan by contacting either my Human Resources representative or the Office of the Corporate Secretary.] I agree to be bound by the
terms and conditions of the Plan governing the Award. 
  

					
	             
	 		 	
                 

	 Date Accepted
	 		 	 Signature

  
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POLICIES & CHARTERS & PLANS\Equity Incentive Plans

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