Document:

EX-4.4

 Exhibit 4.4 

ACASTI PHARMA INC. 

EQUITY INCENTIVE PLAN 

JUNE 27, 2013 

 Acasti Pharma 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 Act; 

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

“Award” means any Bonus Share, 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; 

  
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 “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; 
 “Bonus
Share” means Shares issued to a Participant under the terms of this Plan; 
 “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 

  
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	 	(f)	the Board adopts a resolution to the effect that a Change of 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. 
 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 Acasti Pharma Inc.; 

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

 

	 	(a)	is engaged to provide on a ongoing bona fide basis, consulting, technical, management or other services to the Corporation or an Affiliate of the Corporation, other than services provided in relation to a
Distribution; 

  

	 	(b)	provides the services under a written contract between the Corporation or an Affiliate of the Corporation and the individual or the Consultant Company; 

 

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

 

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

“Consultant Company” means for an individual consultant, a company or partnership of which the individual is an employee,
shareholder or partner; 
 “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; 

  
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 “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; 
 “Distribution” has the meaning set forth in the
Securities Act; 
 “Effective Date” means the effective date of this Plan, being June 27, 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 such stock exchange or other organized market on which the Shares are or may be listed or posted for trading
from time to time, including as applicable the TSX-V or the TSX; 
 “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; 
 “Investor Relations
Activities” means any activities, by or on behalf of the Corporation or shareholder of the Corporation, that promote or reasonably could be expected to promote the purchase or sale of securities of the Corporation, but does not include:

  
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	 	(a)	the dissemination of information provided, or records prepared, in the ordinary course of business of the Corporation 

  

	 	(i)	to promote the sale of products or services of the Corporation, or 

  

	 	(ii)	to raise public awareness of the Corporation, 

  

	 	(b)	that cannot reasonably be considered to promote the purchase or sale of securities of the Corporation; 

  

	 	(c)	activities or communications necessary to comply with the requirements of: 

  

	 	(i)	applicable Securities Laws; 

  

	 	(ii)	Exchange requirements or the by-laws, rules or other regulatory instruments of any other self regulatory body or exchange having jurisdiction over the Corporation; 

 

	 	(d)	communications by a publisher of, or writer for, a newspaper, magazine or business or financial publication, that is of general and regular paid circulation, distributed only to subscribers to it for value or to
purchasers of it, if: 

  

	 	(i)	the communication is only through the newspaper, magazine or publication, and 

  

	 	(ii)	the publisher or writer receives no commission or other consideration other than for acting in the capacity of publisher or writer; or 

activities or communications that may be otherwise specified by the Exchange. 

“Market Price” at any date in respect of the Shares shall be the closing price of such Shares on the Exchange (and if listed
on more than one stock exchange, then the highest of such closing prices) on the last Business Day prior to the relevant date. In the event that such Shares did not trade on such Business Day, the Market Price shall be the average of the bid and
asked prices in respect of such Shares at the close of trading on such date. 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; 
 “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; 

  
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 “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 Acasti Pharma 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; 

“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 12, such other shares or securities to which the holder of an Award may be entitled as a result of such adjustment; 

  
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 “Stock Option Plan” means the Corporation’s stock option plan in effect
from time to time; 
 “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; 

“TSX-V” means the TSX Venture Exchange; 

“TSX” means the Toronto Stock Exchange; 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. 
  

	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.

  
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	 	(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. 

  

	 	(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. 

  
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 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 Bonus Shares, 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 

 

	 	(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. 

  
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	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 10.11(c) and 10.2(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 the Corporation. The number of Shares
that may be purchased under any Award or the amount of any Award that shall be granted in any form that may result in the issuance of Shares will be determined and fixed by the Board at the date of grant, provided that: 

 

	 	(a)	if, and for so long as the Shares are listed on the TSX-V: 

  

	 	(i)	no more than 5% of the issued and outstanding Shares may be granted to any one individual in any 12 month period (unless the Corporation has obtained disinterested approval for such grant); 

 

	 	(ii)	no more than 2% of the issued and outstanding Shares may be granted to any one Consultant in any 12 month period; and 

  
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	 	(iii)	no more than an aggregate of 2% of the issued and outstanding Shares may be granted to all Participants conducting Investor Relations Activities in any 12 month period. 

 

	 	(b)	if, and for so long as the Shares are listed on the TSX: 

  

	 	(i)	the number of Shares reserved for issuance to any one Participant pursuant to this Plan shall not, in aggregate, exceed 5% of the total number of Outstanding Shares; and 

 

	 	(ii)	the number of Shares: 

  

	 	(A)	issuable, at any time, to Participants that are Insiders; and 

  

	 	(B)	issued to Participants that are Insiders within any one year period; 

 pursuant to this Plan,
or when combined with all of Corporation’s other security based share compensation arrangements shall not, in aggregate, exceed 10% of the total number of Outstanding Shares on a non-diluted basis. 

 

	3.6	Number of Shares Reserved 

 Subject to adjustment as provided for in ARTICLE 12 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 be equal to a number that: 

 

	 	(a)	if, and for so long as the Shares are listed on the TSX-V, shall not exceed either (i) 1,829,282 Shares representing 2.5% of the issued and outstanding Shares of the Corporation as at May 22, 2013, and
(ii) 10% of the issued and outstanding Shares, which number shall include Shares issuable pursuant to the Stock Option Plan. 

  

	 	(b)	if, and for so long as the Shares are listed on the TSX, shall not exceed 2.5% of the issued and outstanding Shares of the Corporation from time to time. 

The aggregate maximum number of Shares available under the Plan may be used for any type of Award. 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. 
 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. 

  
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	3.7	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, if, and for so long as the Shares are listed on the TSX, 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 3.7, 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. 

 

	3.8	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 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 at the close of 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. 

 

	3.9	Permitted Assigns 

 If, and for so long as the Shares are listed on the TSX, 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 10 shall apply to the Award as if the Award was held by the Employee, Director or Consultant rather than such person’s Permitted
Assign. 

  
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 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 

 If, and for so long as (i) the Corporation is a Tier 1 issuer on the TSXV,
(ii) the Shares are listed on the Toronto Stock Exchange, or (iii) the prior approval of the of the stock exchange on which the Shares are listed for trading is obtained, 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 day immediately preceding 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. 
  

	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. 

  
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 ARTICLE 5 

PERFORMANCE SHARE UNITS 
  

	5.1	Grant of PSUs 

 If, and for so long as (i) the Corporation is a Tier 1 issuer on the TSXV,
(ii) the Shares are listed on the Toronto Stock Exchange, or (iii) the prior approval of the of the stock exchange on which the Shares are listed for trading is obtained, 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 day immediately preceding 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). 
  

	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. 

  
 - 15 - 

 ARTICLE 6 

RESTRICTED SHARES 
  

	6.1	Grant of Restricted Shares 

 If, and for so long as (i) the Corporation is a Tier 1 issuer on the
TSXV, (ii) the Shares are listed on the Toronto Stock Exchange, or (iii) the prior approval of the of the stock exchange on which the Shares are listed for trading is obtained, 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 day immediately preceding the Grant Date, with
fractions rounded down to the nearest whole number. 
 Subject to the restrictions set forth in Section 10.2, 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 by applicable laws and regulations or 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 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. 

  
 - 16 - 

 ARTICLE 7 

GRANT OF DEFERRED SHARE UNITS 
  

	7.1	Number of Deferred Share Units 

 If, and for so long as (i) the Corporation is a Tier 1 issuer on
the TSXV, (ii) the Shares are listed on the Toronto Stock Exchange, or (iii) the prior approval of the of the stock exchange on which the Shares are listed for trading is obtained, 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 day immediately preceding 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 13.9 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 13.3; 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. 

ARTICLE 8 
 OTHER
SHARE-BASED AWARDS 
  

	8.1	Other Share-Based Awards 

 The Board may, from time to time, subject to the prior approval of the TSX-V,
if applicable, 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)

  
 - 17 - 

 
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 
 BONUS SHARES

  

	9.1	Bonus 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 fully paid and non-assessable Bonus Shares to any Participant. The allocation of the Bonus Shares among the Participants shall be determined by the Board of Directors at the time that the Bonus
Shares are qualified for issuance and shall be evidenced by an Award Agreement. 
 ARTICLE 10 

TERMINATION OF EMPLOYMENT OR SERVICES 
  

	10.1	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. 

  
 - 18 - 

	10.2	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 10.1
will apply. 

  

	 	(b)	Unless otherwise determined by the Board and set forth in an Award Agreement, where a Participant’s employment or term of office or engagement terminates by reason of a Participant’s resignation or, in the
case of a Consultant, by reason of the termination by the Consultant of the Consultant’s engagement in accordance with the terms of such engagement, 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 a Participant’s employment or term of office or engagement terminates by reason of termination by the Corporation or an Affiliate
without cause in the case of an Employee, without breach of a Director’s fiduciary duties or without breach of contract by a Consultant, as applicable (in each case 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)	Where an Employee Participant’s or Consultant Participant’s employment 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)	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.

  
 - 19 - 

	 	(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. 

  

	 	(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. 

 

	10.3	Discretion to Permit Acceleration 

 Notwithstanding the provisions of Sections 10.1 and 10.2, 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 11 
 CHANGE
IN CONTROL 
  

	11.1	Change in Control 

 The Board shall have the right to determine that any unvested or unearned Bonus
Shares, 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 Bonus Shares, 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 Bonus Shares, 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 12 

SHARE CAPITAL ADJUSTMENTS 
  

	12.1	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

  
 - 20 - 

 
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. 
  

	12.2	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 Exchange, authorize such steps to be taken as it may consider to be equitable and appropriate to that
end. 
  

	12.3	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 Exchange, authorize such steps to be taken as it may consider to be equitable and appropriate to that end. 

 

	12.4	Immediate Acceleration of Awards 

 Where the Board determines that the steps provided in Sections 12.2
and 12.3 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. 
  

	12.5	Issue by Corporation of Additional Shares 

 Except as expressly provided in this ARTICLE 12, 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. 
  

	12.6	Fractions 

 No fractional Shares will be issued pursuant to an Award. Accordingly, if, as a result of any
adjustment under Section 12.2, 12.3 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. 

  
 - 21 - 

 ARTICLE 13 

MISCELLANEOUS PROVISIONS 
  

	13.1	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. 
  

	13.2	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. 
  

	13.3	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. 
  

	13.4	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. 
  

	13.5	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. 

  
 - 22 - 

	13.6	Blackout Period 

 If an Award 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 this Plan, the Award shall expire ten business days after the trading black-out period is lifted by the
Corporation. 
  

	13.7	Termination 

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

	13.8	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 10; 

  

	 	(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 11.1, 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. 

  
 - 23 - 

	 	(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 provisions in the Plan, including Sections 12.2 and 12.3, which permit the
Board to make adjustments in the event of transactions affecting the Corporation or its capital; 

  

	 	(ii)	amendments to the Plan which would increase the number of Shares issuable to Insiders, except as otherwise provided pursuant to the provisions in the Plan, including Sections 12.2 and 12.3, which permit the Board
to make adjustments in the event of transactions affecting the Corporation or its capital; and 

  

	 	(iii)	amendments to this Section 13.8. 

 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. 
  

	13.9	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. 
  

	13.10	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. 

  
 - 24 - 

	13.11	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 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. 
  

	13.12	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. 

 

	13.13	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. 
  

	13.14	Effective Date 

 This Plan becomes effective on June 27, 2013, being the date on which the Plan was
approved by the shareholders of the Corporation. 
  

	13.15	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. 

  
 - 25 - 

 SCHEDULE A 

Award Agreement 
 Acasti Pharma 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 —, 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.] 

 

			
	ACASTI PHARMA 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 on line at [—], or 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                                   
             	  		 	SignatureEX-4.5

 Exhibit 4.5 

STOCK OPTION PLAN FOR MEMBERS OF THE BOARD OF DIRECTORS, 

MANAGEMENT, EMPLOYEES AND CONSULTANTS OF 

ACASTI PHARMA INC. 
  

	1.	Adoption of the Plan 

  

	 	1.1	On October 8, 2008, the board of directors (the “Board”) of Acasti Pharma Inc. (the “Corporation”) adopted the stock option plan (the “Plan”) by resolution of the Board
dated October 8, 2008, as revised, amended and completed on April 29, 2009, March 1, 2011, and May 22, 2013. 

  

	2.	Purpose 

  

	 	2.1	The purpose of the Plan is to provide the Corporation and its shareholders with the benefit of incentive participation through share ownership by members of the Board, management, employees and consultants of the
Corporation. 

  

	3.	Administration 

  

	 	3.1	The Plan is administered by the Board, which has full authority to interpret provisions as it deems necessary or advisable for the Plan’s administration. In this regard, the Board may take decisions on issues that
may arise in connection with the Plan, and these decisions will be final and binding on all concerned parties, provided that these decisions respect the applicable regulation and policy statements from securities regulatory authorities and
instructions from the TSX Venture Exchange (the “TSXV”). 

  

	4.	Shares Offered under the Plan 

  

	 	4.1	Shares subject to the Plan are class A shares of the Corporation (the “Shares”). The total number of Shares that can be issued under the Plan shall not exceed 10% of the Corporation’s issued and
outstanding Shares from time to time when stock options are awarded. This number must include Shares that may be issued as part of the Corporation’s equity incentive plan. 

 

	5.	Eligibility 

  

	 	5.1	The Board may determine eligibility criteria that may, among other things, be based on the eligible person’s position within the Corporation, seniority, current and future contribution to the Corporation’s
success and any other factor deemed relevant to the grant of these options. Furthermore, the Board may determine the number of Shares for which options will be granted to each eligible person. 

 

	 	5.2	To be eligible for a stock option, an eligible person must be a director, employee or consultant of the Corporation at the time the option is awarded. 

 
  

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	 	5.3	Except in relation to consultant companies, options may be granted only to an individual or a company that is wholly owned by individuals eligible for an option grant. 

 

	 	5.4	When the eligible person is a legal person, including a consulting company, it must submit to the TSXV the form titled Certification and Undertaking Required from a Company Granted an Incentive Stock Option (form
4F), duly completed. The company to which an option is awarded must agree not to transfer or authorize the transfer of ownership or options of Shares of the Corporation and not to issue other shares of any class whatsoever to other individuals or
entities as long as stock options of the Corporation remain outstanding, without the written consent of the TSXV. 

  

	 	5.5	With regards to options granted to employees, consultants or employees of a holding company, the Corporation must declare in good faith that the option holder is an employee, a consultant or an employee of the holding
company, as applicable. 

  

	6.	Award Limitations 

  

	 	6.1	The number of options awarded to all persons retained to perform investor relations activities within any twelve (12)-month period shall not exceed 2% of the Corporation’s issued and outstanding Shares, calculated
on the date an option is granted to any such person. 

  

	 	6.2	The number of Shares reserved for issuance pursuant to stock options awarded to insiders shall not exceed 10% of the Corporation’s issued and outstanding Shares. 

 

	 	6.3	The award of options to insiders within any twelve (12)-month period shall not exceed 10% of the Corporation’s issued and outstanding Shares. 

 

	 	6.4	The issuance of options to an option holder within any twelve (12)-month period shall not exceed 5% of the Corporation’s issued and outstanding Shares, calculated on the date an option is granted to any such
person. 

  

	7.	Limitations Regarding the Resale of Stock Options 

  

	 	7.1	Any insider to whom incentive stock options are granted under the Corporation’s Plan is subject to a four (4)-month hold period regarding the resale of stock options, starting on the grant date of said options.

  

	8.	Market and Exercise Price 

  

	 	8.1	The market price corresponds to the last closing price of the Shares listed on the TSXV the day prior to the grant. If no trading took place the day prior, the closing price is replaced by the average between the bid
price and the asked price. 

  

	 	8.2	The exercise price of stock options shall not be lower than $0.10 per Share. 

  

	 	8.3	The minimum exercise price of stock options can be set only when options are granted to specific individuals. 

  

 
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	9.	Term of Option 

  

	 	9.1	Subject to the provisions of paragraph 9.2, each option can be exercised within the period set by the Board, starting at the earliest on the date on which the stock option is granted and ending at the latest ten
(10) years after such date. 

  

	 	9.2	Subject to prior approval from the TSXV and notwithstanding the provisions of paragraph 9.1, an option can no longer be exercised by an option holder as of each and every one of the following dates, unless otherwise
decided by the Board: 

  

	 	9.2.1	Sixty (60) days following i) the date on which the option holder’s employment with the Corporation is terminated (other than employees responsible for investor relations) for any reason, including, without
limiting the foregoing, disability, illness, retirement and early retirement, or ii) in the case where the option holder is a director of the Corporation but is not employed by the latter, the date on which this option holder ceases to be a member
of the relevant board of directors for any reason other than death, or iii) in the case where the option holder is a consultant, the date on which the service contract is terminated before or upon expiry of said contract; 

 

	 	9.2.2	In the case where the holder is an employee responsible for investor relations, within thirty (30) days of the date on which the option holder’s employment with the Corporation is terminated for any reason,
including, without limiting the foregoing, disability, illness, retirement and early retirement; 

  

	 	9.2.3	One (1) year following the date of the option holder’s death. 

  

	 	9.3	All stock options granted to an option holder who becomes bankrupt within the meaning of the Bankruptcy and Insolvency Act (Canada) will be deemed to have terminated immediately prior to the date of bankruptcy of
the option holder under the Bankruptcy and Insolvency Act (Canada). 

  

	 	9.4	Subject to the provisions of article 4 herein, from the moment the right to exercise a stock option under this Plan is forfeited, lost and/or expires, an additional number of Shares corresponding to the number of Shares
under option and for which the option has not been exercised will ipso facto be reserved for the granting of additional stock options. 

  

	 	9.5	If the expiry date of a stock option falls within the five (5) days of negotiation following a blackout period imposed by the Corporation, notwithstanding any provision to the contrary in this Plan, the expiry date
will automatically be deferred to the date falling ten (10) days of negotiation following the end of this blackout period. 

  

	10.	Vesting 

  

	 	10.1	Every stock option granted under the Plan must provide for a vesting period of no less than eighteen (18) months and a gradual and optionally equal acquisition of vesting rights at least on a quarterly, bi-annual
or annual basis. 

  
  

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	 	10.2	Options awarded to persons responsible for investor relations must vest gradually over a period of twelve (12) months with no more than one-quarter of the options vesting in any three month period.

  

	 	10.3	No accelerated vesting is permitted for stock options granted to persons who provide investor relations services without the prior approval of the TSXV. 

 

	11.	Exercise of Option 

  

	 	11.1	To exercise an option, the option holder must provide written notice to the Corporation, delivered to the Secretary of the Corporation at the Corporation’s head office. This notice must indicate the number of
Shares to be purchased pursuant to the exercise of the option and be accompanied by a certified cheque in an amount equal to the subscription price. As soon as is practicable following the receipt of the notice and payment referred to above and
subject to the provisions of paragraph 17 herein, the Corporation will issue the Share certificates for the Shares for which the option is exercised. 

  

	12.	Payment Terms 

  

	 	12.1	Unless otherwise decided by the Board, all Shares must be paid by certified cheque for the amount of the subscription price at the time that the notice referred to in paragraph 11.1 is given. 

 

	13.	Non-Transferability 

  

	 	13.1	Except as stipulated in paragraph 13.2 below, no option or right to said option can be transferred by an option holder. 

  

	 	13.2	Notwithstanding the provisions of paragraph 13.1, any assign, legatee or heir of an option holder may, in the year following the option holder’s death, exercise in whole or in part the options that the option
holder could have exercised immediately prior to his death, provided that the option is exercised within the exercise period determined when the option was granted. 

 

	 	13.3	Subject to the provisions of paragraph 13.2 herein, the sale, transfer, negotiation and/or grant as collateral of options granted under the Plan without prior authorization from the Board in this regard will render the
options in question null and void. 

  

	14.	Modification of the Share Capital 

  

	 	14.1	In the event of a split, consolidation, amalgamation, reclassification or other modification regarding shares, the number and price of the Shares underlying unexercised options and the maximum number of Shares that can
be offered for subscription and purchase under the Plan will be equally and proportionally adjusted to ensure that option holders have the same rights after the modification as they did before. 

 
  

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	15.	Sale of Corporation, Extension of Expiration Date, Non-Applicability of Termination of Employment Provisions. 

Notwithstanding anything contained to the contrary in this Plan, except for section 10.3 above, or in any resolution of the
Board in implementation thereof: 
  

	 	15.1	in the event the Corporation proposes to amalgamate, merge or consolidate with any other corporation (other than a wholly-owned subsidiary) or to liquidate, dissolve or wind-up, or in the event an offer to purchase or
repurchase the Shares of the Corporation or any part thereof shall be made to all or substantially all holders of Shares 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; 

  

	 	15.2	in the event of the sale by the Corporation of all or substantially all of the assets of the Corporation as an entirety or substantially as an entirety so that the Corporation shall cease to operate as an active
business, any outstanding option may be exercised as to all or any part of the optioned Shares in respect of which the option holder would have been entitled to exercise the option in accordance with the provisions of the Plan at the date of
completion of any such sale at any time up to and including, but not after the earlier of: (i) the close of business on that date which is thirty (30) days following the date of completion of such sale; and (ii) the close of business
on the Expiry date of the option; but the option holder shall not be entitled to exercise the option with respect to any other shares; 

  

	 	15.3	subject to the rules of any relevant regulatory authority, the Board may, by resolution, extend the expiration date of any option. The Board 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 

  

	 	15.4	the Board may, by resolution, but subject to requirements of applicable regulatory authorities and securities laws, 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. 

Notwithstanding the provisions of this Section 15, 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. 

 

	16.	Plan amendment 

  

	 	16.1	Subject to approval by the authorities concerned, including the TSXV, and, where applicable, the fulfilment of conditions in connection with such approvals, the Board may, at any time and from time to time, amend or
terminate the Plan by way of 

  
  

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resolution. However, without the written consent of the option holders, amending or terminating the Plan must not in any way affect the conditions of options already granted under the Plan,
provided these options have not already been exercised, unless the option holders’ rights have expired, been exercised in whole or option holders consent to the changes. 
  

	17.	Shareholder approval 

  

	 	17.1	The Plan must be approved every year by the Corporation’s shareholders at the annual general meeting. 

  

	18.	Legal obligations 

  

	 	18.1	No option may be exercised and the Corporation is not obliged to issue Shares pursuant to any option if said exercise or issuance contravenes any provision of this Plan and/or any applicable law, regulation, policy or
instruction issued by a competent authority, excluding the Board but including the institutional authorities concerned. Every option holder agrees to comply with such applicable laws, regulations, policies and instructions and to provide the
Corporation with any and all information and commitment required to comply with these applicable laws, regulations, policies and instruments. 

  

	19.	Optional participation 

  

	 	19.1	Participation in the Plan by an eligible person is entirely optional and non-obligatory and must not be interpreted as conferring on such eligible person any right or privilege whatsoever aside from the rights and
privileges expressly stipulated in the Plan. 

  

	 	19.2	The Plan provides no guarantees with regard to any loss that may result from market fluctuations. 

  

	 	19.3	The Corporation is not liable for the income tax or other tax considerations imposed on option holders taking part in the Plan. Option holders are invited to consult their own tax advisors in this regard.

  

	20.	Option holders are not shareholders 

  

	 	20.1	An option holder is not granted the same rights as a shareholder of the Corporation with regard to any of the Shares underlying his option until he becomes the registered owner of these Shares. 

 

	21.	No automatic right to additional grantings 

  

	 	21.1	No member of the Board, management, employee or consultant of the Corporation, nor any advisor, option holder or other person automatically acquires the right to be awarded one (1) or more options under the Plan as
a result of previously having been awarded options under the Plan. 

  

 
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	22.	Applicable laws 

  

	 	22.1	The Plan is governed and interpreted in accordance with the laws of the province of Quebec. 

  

	23.	Effective date 

  

	 	23.1	This Plan takes effect on October 8, 2008. In addition, the terms and conditions of the Plan may change by adoption of a resolution of the Board to that effect signed by all members of the Board and/or by majority
decision of the Board. 

  

	
	ACASTI PHARMA INC.
	
	/s/ Henri Harland
	 Henri Harland

	 President

  
  

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