Document:

DiaMedica Inc.: Exhibit 4.1 - Filed by newsfilecorp.com

January 28, 2010 

Rick Pauls 
6 Falcon Ridge Drive 
Winnipeg, Manitoba

R3Y1Y1 

Dear Rick: 

To confirm our discussions, DiaMedica Inc. is very pleased to
offer you a position with the Company as President and Chief Executive Officer,
reporting to the board of directors. 

The annual salary for this position is $250,000 paid on a
semi-monthly basis. DiaMedica will also provide you with the standard DiaMedica
benefits plan. The board will structure an annual performance agreement tied to
corporate goal attainment, in 2010 the Company will offer a $50,000 bonus tied
to three agree upon objectives. The start date for this position is to be agreed
upon, expected in January 2010. 

In addition, we extend the following benefits to be included in
your employment: 

Stock Options – DiaMedica Inc.
would like to extend to you the opportunity to participate in the DiaMedica
stock option plan, and therefore we will provide you with 300,000 stock options.
100,000 will vest immediately, 100,000 in 12 months and 100,000 in 24 months. In
addition, an annual option grant will be determined on an annual basis effective
January of each year with stock options to remain available for 5 years, subject
to your continued involvement with the Company. The price of the stock options
will be set on or about the day approved by the Board of Directors.

Health Benefits – DiaMedica Inc.
would also like to offer you the DiaMedica group benefits plan. 

Change-in-control Termination
Agreement - You will be entitled to a change-in-control payment equal to 18
months of base pay and applicable bonus in the event of termination or voluntary
resignation after a specified change in control. The stock options agreements
under the Plan would provide that the vesting and exercisability of the options
will accelerate in full in the event the employment is terminated or voluntarily
terminated for specified reasons within 60 days after a specified change in
control.

Severance Agreement - You will
be entitled to a lump sum severance payment equal to 12 months of base pay and
applicable bonus in the event of termination other than for cause. Stock options
will continue to vest for six months from termination. Vested options will
remain available for exercise for six months from date of termination.

Vacation, Holidays, Sick Time -
DiaMedica will provide you with four weeks of vacation plus holiday days
according to the DiaMedica employee policy manual. 

We would like to include your input as we finalize a formal
employment agreement. In acknowledging your acceptance of our offer, please sign
the documents accordingly and return to Tom Wellner, Chair of DiaMedica
Compensation Committee, at your earliest opportunity. We also trust that you
will keep all information confidential and will request that you sign
Confidentiality Agreements prior to your start date. 

We trust that these conditions are satisfactory and look
forward to you joining DiaMedica Inc. 

	Yours sincerely, 	 	 	Accepted: 
	  	 	 	  
	  	 	 	  
	DIAMEDICA INC. 	 	 	/s/ Rick Pauls  
	  	 	 	Rick Pauls 
	/s/ Thomas G.
      Wellner   	 	 	  
	Thomas G. Wellner 	 	 	January 28, 2010  
	Board Member 	 	 	Date SignedDiaMedica Inc.: Exhibit 4.2 - Filed by newsfilecorp.com

July 1, 2010 

Mark Williams 

Dear Mark: 

To confirm our discussions, DiaMedica Inc. is very pleased to
offer you a position with the Company as Vice President of research, reporting
to Rick Pauls. 

The annual salary for this position is $160,000 paid on a
semi-monthly basis. DiaMedica will also provide you with the standard DiaMedica
benefits plan. The start date for this position is to be July 1 2010. 

In addition, we extend the following benefits to be included in
your employment: 

Health Benefits – DiaMedica Inc.
would also like to offer you the DiaMedica group benefits plan. 

Change-in-control Termination
Agreement – In the event of a specified change of control, Dr. Mark Williams
will be eligible to receive a payment equal to 9 months of base pay in the event
of termination or voluntary resignation. The stock options agreements under the
Corporation’s Stock Option Plan would provide that any unvested options would
vest immediately. 

Severance Agreement – you will
be entitled to a lump sum severance payment equal to 6 months of base pay in the
event of termination for other than for cause. 

Vacation, Holidays, Sick Time –
DiaMedica will provide 15 days of vacation plus holiday days in accordance with
the Corporation’s employee policy manual. 

In acknowledging your acceptance of our offer, please sign the
documents accordingly and return to Rick Pauls, at your earliest opportunity. We
also trust that you will keep all information confidential and will request that
you sign Confidentiality Agreements prior to your start date. 

We trust that these conditions are satisfactory and look
forward to you joining DiaMedica Inc. 

	Yours sincerely, 	 	 	Accepted: 
	  	 	 	  
	  	 	 	  
	DIAMEDICA INC. 	 	 	/s/ Mark Williams   
	  	 	 	Mark Williams 
	 /s/ Rick Pauls
    	 	 	  
	Rick Pauls 	 	 	July 1, 2010 
	President & CEO 	 	 	Date SignedDiaMedica Inc.: Exhibit 4.3 - Filed by newsfilecorp.com

December 10, 2012 

Dr. Mark Robbins 
2875 Deer Run
Orono, MN 55356 

Dear Mark: 

We are very pleased to offer you the position as Vice President
of Clinical Development and Regulatory Affairs of DiaMedica reporting to the
CEO.

The annual salary for this position is $230,000 paid on a
semi-monthly basis. The board will structure an annual performance agreement
tied to corporate goal attainment of 25% of base salary starting in 2013. The
start date for this position is to be agreed upon, expected in December 2012.

In addition, we extend the following benefits to be included in
your employment: 

Stock Options – DiaMedica Inc.
would like to extend to you the opportunity to participate in the DiaMedica
stock option plan, and therefore we will provide you with 200,000 stock options.
Stock options to vest over 3 years. In addition, an annual option grant will be
determined on an annual basis effective January of each year with stock options
to remain available for 10 years, subject to your continued involvement with the
Company. The price of the stock options will be set on or about the day approved
by the Board of Directors.

Health Benefits – DiaMedica Inc.
would also like to offer you the DiaMedica group benefits plan consisting of the
BlueCross Aware Gold healthcare plan and SunLife dental, life insurance and
disability insurance. 

Vacation, Holidays, Sick Time -
DiaMedica will provide you with four weeks of vacation plus holiday days
according to the DiaMedica employee policy manual. 

In acknowledging your acceptance of our offer, please sign the
documents accordingly and return to Rick Pauls, at your earliest opportunity. We
also trust that you will keep all information confidential and will request that
you sign Confidentiality Agreements prior to your start date. 

We trust that these conditions are satisfactory and look
forward to you joining DiaMedica Inc. 

	Yours sincerely, 	 	 	Accepted: 
	  	 	 	  
	  	 	 	  
	DIAMEDICA INC. 	 	 	/s/ Mark Robbins   
	  	 	 	Mark Robbins 
	/s/ Rick
      Pauls   	 	 	  
	Rick Pauls 	 	 	December 10, 2012  
	Chairman & CEO 	 	 	Date SignedDiaMedica Inc.: Exhibit 4.4 - Filed by newsfilecorp.com

DIAMEDICA INC. 

STOCK OPTION PLAN 

Amended and Restated September 22, 2011 

	1. 	
      The Plan

	 	 
		
      A stock option plan (the "Plan") pursuant to which
      options (hereinafter, an "Option" or "Options") to purchase common shares
      or such other shares or other securities as may be substituted therefor or
      may be acquired by a Participant (as defined in Section 6 hereof) upon the
      exercise of an Option, as may be modified in accordance with section 15
      below (collectively, the "Shares") in the capital of DiaMedica Inc. (the
      "Corporation") may be granted to the Participants is hereby established on
      the terms and conditions herein set forth.

	 	 
	2. 	
      Purpose

	 	 
		
      The purpose of this Plan is to advance the interests of
      the Corporation by encouraging the directors, officers and key employees
      of the Corporation and consultants retained by the Corporation to acquire
      Shares, thereby:

	 	(a) 	
      increasing the proprietary interests of such persons in
      the Corporation;

	 	 	 
	 	(b) 	
      aligning the interests of such persons with the interests
      of the Corporation's shareholders generally;

	 	 	 
	 	(c) 	
      encouraging such persons to remain associated with the
      Corporation; and

	 	 	 
	 	(d) 	
      furnishing such persons with an additional incentive in
      their efforts on behalf of the Corporation.

	3. 	
      Administration

	 	 	 	 
		(a) 	
      This Plan shall be administered by the board of directors
      of the Corporation (the "Board").

	 	 	 	 
		(b) 	
      Subject to the terms and conditions set forth herein, the
      Board is authorized to provide for the granting, exercise and method of
      exercise of Options, all on such terms as it shall determine in its sole
      discretion. In addition, the Board shall have the authority to:

	 	 	 	 
			(i) 	
      construe and interpret this Plan and all option
      agreements entered into hereunder;

	 	 	 	 
			(ii) 	
      prescribe, amend and rescind rules and regulations
      relating to this Plan; and

	 	 	 	 
			(iii) 	
      make all other determinations necessary or advisable for
      the administration of this Plan. All determinations and interpretations
      made by the Board shall be binding on all Participants (as hereinafter
      defined) and on their legal, personal representatives and beneficiaries of
      the Participants.

	 	 	 	 
		(c) 	
      Notwithstanding the foregoing or any other provision
      contained herein, the Board shall have the right to delegate the
      administration and operation of this Plan, in whole or in part, to a
      committee of the Board or to the President or any
other officer of the Corporation. Whenever
used herein, the term “Board” shall be deemed to include any committee or
officer to which the Board has, fully or partially, delegated responsibilities
and/or authority relating to the Plan or the administration and operation of the
Plan pursuant to this section 3. 

2 

	 	(d) 	
      Options granted hereunder to purchase the Shares shall be
      evidenced by an agreement, signed on behalf of the Corporation and by the
      person to whom an Option is granted, which agreement shall be in such form
      as the Board shall approve, as amended from time to time by the
    Board.

	4. 	
      Shares Subject to Plan

	 	 	 	 
		(a) 	
      Subject to section 15 below, the securities that may be
      acquired by Participants under this Plan shall consist of authorized but
      unissued common shares of the Corporation.

	 	 	 	 
		(b) 	
      The aggregate number of Shares reserved for issuance
      under this Plan shall not exceed 7,000,000 Shares and the aggregate number
      of Shares reserved for issuance under any compensation or incentive
      mechanism or plan (including deferred share unit plans or employee stock
      option plans, if any) granted by the Corporation, including this Plan,
      shall not exceed 9,000,000 Shares.

	 	 	 	 
		(c) 	
      If any Option granted under this Plan shall expire or
      terminate for any reason without having been exercised in full, any
      unpurchased Shares to which such Option relates shall be available for the
      purposes of the granting of Options under this Plan.

	 	 	 	 
	5. 	
      Maintenance of Sufficient Capital

	 	 	 	 
		
      The Corporation shall at all times during the term of
      this Plan ensure that the number of Shares it is authorized to issue shall
      be sufficient to satisfy the requirements of this Plan.

	 	 	 	 
	6. 	
      Eligibility and Participation

	 	 	 	 
		(a) 	
      The Board may from time to time, in its sole discretion,
      grant an Option to any Participant, upon such terms, conditions and
      limitations as the Board may determine, including the terms, conditions
      and limitations set forth herein and pursuant to the terms and conditions
      of an individual option agreement set forth as Schedule "A", provided that
      Options granted to any Participant shall be approved by the applicable
      shareholders of the Corporation if the rules of the TSX Venture Exchange
      (the “Exchange”) require such approval. A reduction in the exercise price
      of an Option previously granted to a Participant who is currently an
      Insider, as defined by the Exchange, shall receive approval from the
      disinterested shareholders of the Corporation.

	 	 	 	 
		(b) 	
      The Board may, in its discretion, select any of the
      following Persons to participate in this Plan, provided that any such
      Person, at the time of issuance, was:

	 	 	 	 
			(i) 	
      a member of the Board of the Corporation or any
      subsidiary of the Corporation;

	 	 	 	 
			(ii) 	
      a senior officer of the Corporation or any subsidiary of
      the Corporation;

	 	 	 	 
			(iii) 	
      an Employee of the Corporation, or any subsidiary of the
      Corporation;

3 

	 		(iv) 	
      a Management Company Employee of the Corporation or any
      subsidiary of the Corporation; or

	 	 	 	 
	 		(v) 	
      a Consultant retained by the Corporation or any
      subsidiary of the Corporation;

	 	 	 	 
	 		(vi) 	
      a Consultant retained to carry out Investor Relations
      Activities for the Corporation.

	 	 	 	 
	 			
      Any such person having been selected for participation in
      this Plan by the Board

	 	 	 	 
	 		
      is herein referred to as a "Participant". When such
      Participant is an Employee, Consultant or Management Company Employee, the
      Corporation represents that the Participant is a bona fide Employee,
      Consultant or Management Company Employee.

	 	 	 	 
	 	(c) 	
      Where used herein:

	 	 	 	 
	 		
      "Consultant" means an individual (or a company controlled
      by such individual) who:

	 	 	 	 
	 		(i) 	
      provides ongoing consulting services to the Corporation
      or any subsidiary of the Corporation under a written contract,
  and

	 	 	 	 
	 		(ii) 	
      possesses technical, business or management expertise of
      value to the Corporation or any subsidiary of the Corporation,
  and

	 	 	 	 
	 		(iii) 	
      spends a significant amount of time and attention on the
      business and affairs of the Corporation or any subsidiary of the
      Corporation; and

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

	 	 	 	 
	 		
      "Employee" means:

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

	 	 	 	 
	 		(ii) 	
      an individual who works full time for the Corporation
      providing services normally provided by an employee and who is subject to
      the same control and direction by 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) 	
      an individual who works for 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 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.

	 	 	 	 
	 		
      "Investor Relations Activities" means activities or oral
      or written communications, by or on behalf of the Corporation or a
      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:

4 

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

	 	 	 	 
	 		a. 	
      to promote the sale of products or services of the
      Corporation; or

	 	 	 	 
	 		b. 	
      to raise public awareness of the Corporation,

	 	 	 	 
	 			
      that cannot reasonably be considered to promote the
      purchase or sale of

	 	 	 	 
	 		
      securities of the Corporation;

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

	 	 	 	 
	 		a. 	
      any and all securities laws applicable to the
      Corporation; or

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

	 	 	 	 
	 	(iii) 	
      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 purchaser of it, if:

	 	 	 	 
	 		a. 	
      the communication is only through the newspaper, magazine
      or publication; and

	 	 	 	 
	 		b. 	
      the publisher or writer receives no commission or other
      consideration other than for acting in the capacity of publisher or
      writer; or

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

"Management Company Employees" means
individuals employed by a Person providing management services to the
Corporation, which are required for the ongoing successful operation of the
business enterprise of the Corporation, but excluding a Person engaged in
Investor Relations Activities; 

"Person" means a corporation,
incorporated association or organization, body corporate, partnership, trust,
association or other entity other than an individual, 

	7. 	
      Exercise Price

	 	 
		
      The Board shall, at the time an Option is granted under
      this Plan, fix the exercise price at which Shares may be acquired upon the
      exercise of such Option provided that the minimum exercise price shall not
      be less than the Discounted Market Price. The Discounted Market Price is
      the Market Price of the Shares, less a discount which shall not exceed 25%
      if the Market Price is $0.50 or less, 20% if the Market Price is from
      $0.51 to $2.00 and 15% if the Market Price is above $2.00. Where used
      herein "Market Price" means, subject to certain exceptions required by the
      rules of the Exchange, the last daily closing price of the shares of the
      Corporation listed on the Exchange before either the issuance of the news
      release or the filing of a price reservation form (Form 4N) required to
      fix the price at which the Shares are issued or deemed to be
  issued.

5 

	8. 	
      Number of Optioned Shares

	 	 	 
		
      The number of Shares that may be acquired under an Option
      granted to a Participant shall be determined by the Board as at the time
      the Option is granted, provided that:

	 	 	 
		(a) 	
      no more than 5% of the issued and outstanding shares of
      the Corporation may be granted to any one Participant (not including a
      Consultant or an employee conducting investor relation activities) in any
      12 month period (unless the Corporation has obtained disinterested
      shareholder approval within the meaning of Exchange policies);

	 	 	 
		(b) 	
      Insiders (as defined by the Exchange) may not be granted
      more than ten percent (10%) of the total number of issued and outstanding
      shares of the Corporation within a twelve (12) month period (calculated on
      a non-diluted basis);

	 	 	 
		(c) 	
      at no time shall the number of Shares reserved for
      issuance under stock options granted to Insiders exceed 10% of the issued
      and outstanding shares of the Corporation;

	 	 	 
		(d) 	
      no Options representing more than 2% of the issued shares
      of the Corporation may be granted to any one Consultant in any 12 month
      period; and

	 	 	 
		(e) 	
      no Options representing more than an aggregate of 2% of
      the issued shares of the Corporation may be granted to all persons
      employed in Investor Relations Activities, in any 12 month
  period.

	 	 	 
	9. 	
      Term

	 	 	 
		
      The period during which an Option may be exercised (the
      "Option Period") shall be determined by the Board at the time the Option
      is granted, subject to any vesting limitations which may be imposed by the
      Board in its sole unfettered discretion at the time such Option is
      granted, provided that:

	 	 	 
		(a) 	
      for a Participant other than a person employed in
      Investor Relations Activities, no Option shall be exercisable for a period
      exceeding ten (10) years from the date the Option is granted unless
      otherwise specifically provided by the Board and authorized by the
      Exchange, if applicable;

	 	 	 
		(b) 	
      for a Participant employed in Investor Relations
      Activities, no Option shall be exercisable for a period exceeding twelve
      (12) months from the date the Option is granted, with no more than
      one-fourth (1⁄4) of the Options vesting in any three (3) month
  period;

	 	 	 
		(c) 	
      the Option Period shall be automatically reduced in
      accordance with Sections 11 and 12 below upon the occurrence of any of the
      events referred to therein; and

	 	 	 
		(d) 	
      no Option in respect of which shareholder approval is
      required under the rules of any Exchange shall be exercisable until such
      time as the Option has been approved by the shareholders of the
      Corporation.

	 	 	 
			
      If the end of the Option Period occurs during a Blackout
      Period applicable to the Participant, or within five business days after
      the expiry of a Blackout Period applicable to the relevant Participant,
      then the end of such Option Period for that Option will be the date that
      is the tenth business day after the expiry date of the Blackout Period.
      Where used herein “Blackout Period” means the period during which the
      relevant Participant is prohibited from exercising an Option due to
      trading restrictions imposed by the

6 

		
      Corporation in accordance with its securities trading
      policies governing trades by Directors, Officers and Employees in the
      Corporation’s securities.

	 	 	 	 
	10. 	
      Method of Exercise of Option

	 	 	 	 
		(a) 	
      Except as set forth in Sections 11 and 12 below or as
      otherwise determined by the Board, no Option may be exercised unless the
      holder of such Option is, at the time the Option is exercised, a
      Participant.

	 	 	 	 
		(b) 	
      Options may be exercised in whole or in part and may be
      exercised on a cumulative basis where a vesting limitation has been
      imposed at the time of grant.

	 	 	 	 
		(c) 	
      Any Participant (or his legal, personal representative)
      wishing to exercise an Option shall deliver to the Corporation, at its
      principal office in the City of Winnipeg, Manitoba:

	 	 	 	 
			(i) 	
      a written notice expressing the intention of such
      Participant (or his or her legal, personal representative) to exercise his
      or her Option and specifying the number of Shares in respect of which the
      Option is exercised; and

	 	 	 	 
			(ii) 	
      a cash payment, cheque or bank draft, representing the
      full purchase price of the Shares in respect of which the Option is
      exercised.

	 	 	 	 
		(d) 	
      Upon the exercise of an Option as aforesaid, the
      Corporation shall use its reasonable efforts to forthwith deliver, or
      cause the registrar and transfer agent of the Shares to deliver, to the
      relevant Participant (or his or her legal, personal representative) or to
      the order thereof, a certificate representing the aggregate number of
      fully paid and non-assessable Shares as the Participant (or his or her
      legal, personal representative) shall have then paid for.

	 	 	 	 
	11. 	
      Ceasing to be a Director, Officer, Employee or
      Consultant

	 	 	 	 
		
      If any Participant shall cease to be a member of the
      Board, senior officer, Employee, Management Company Employee or Consultant
      of the Corporation or any subsidiary of the Corporation for any reason
      other than death, permanent disability or normal retirement, his or her
      Option will terminate at 5:00 p.m. (Winnipeg time) on the earlier of the
      date of the expiration of the Option Period and:

	 	 	 	 
		(a) 	
      for Participants other than those employed in Investor
      Relations Activities, 120 days after the date such Participant ceases to
      be a member of the Board, senior officer, Employee, Management Company
      Employee or Consultant of the Corporation, or any subsidiary of the
      Corporation; and

	 	 	 	 
		(b) 	
      for Participants employed in Investor Relations
      Activities, 30 days after the date such Participant ceases to be employed
      in Investor Relations Activities.

	 	 	 	 
			
      If such cessation or termination is by reason of
      substantial breach or cause on the part of the Participant, the Options
      shall be automatically terminated forthwith and shall be of no further
      force or effect.

	 	 	 	 
			
      Neither the selection of any person as a Participant nor
      the granting of an Option to any Participant under this Plan
  shall

7 

	 	(c) 	
      confer upon such Participant any right to continue as a
      director, senior officer, Employee, Management Company Employee or
      Consultant of the Corporation, or any subsidiary of the Corporation as the
      case may be, or

	 	 	 
	 	(d) 	
      be construed as a guarantee that the Participant will
      continue as a member of the Board, senior officer, Employee, Management
      Company Employee or Consultant of the Corporation, or any subsidiary of
      the Corporation as the case may be.

	12. 	
      Death, Permanent Disability or Normal Retirement of a
      Participant

	 	 	 
		
      In the event of the death, permanent disability or normal
      retirement of a Participant, any Option previously granted to such
      Participant shall be exercisable until the end of the Option Period or
      until the expiration of 12 months or a period determined by the board,
      after the date of death, permanent disability or normal retirement of such
      Participant, whichever is earlier, and then, in the event of death or
      permanent disability, only:

	 	 	 
		(a) 	
      by the Participant or person or persons to whom the
      Participant's rights under the Option shall pass by the Participant's Will
      or by applicable law; and

	 	 	 
		(b) 	
      to the extent that the Participant was entitled to
      exercise the Option as at the date of his death or permanent
      disability.

	13. 	
      Rights of Participants

	 	 
		
      No person entitled to exercise any Option granted under
      this Plan shall have any of the rights or privileges of a shareholder of
      the Corporation in respect of any Shares issuable upon exercise of such
      Option until such Shares have been paid for in full and issued to such
      person.

	 	 
	14. 	
      Proceeds from Exercise of Options

	 	 
		
      The proceeds from any sale of Shares issued upon the
      exercise of Options shall be added to the general funds of the Corporation
      and shall thereafter be used from time to time for such corporate purposes
      as the Board may determine and direct.

	 	 
	15. 	
      Adjustments

	 	(a) 	
      Notwithstanding any other provision of this Plan, in the
      event of any change in the outstanding shares of the Corporation by reason
      of any stock dividend, split, recapitalization, reclassification,
      amalgamation, merger, consolidation, combination or exchange of shares or
      distribution of rights to holders of shares or any other form of corporate
      reorganization whatsoever, an equitable adjustment shall be made to any
      Options then outstanding and the exercise price in respect of such
      Options.

	 	 	 
	 	(b) 	
      Adjustments under this section 15 shall be made by the
      Board, whose determination as to what adjustments shall be made, and the
      extent thereof, shall be final, binding and conclusive. No fractional
      Shares shall be issued under this Plan on any such
  adjustment.

	16. 	
      Transferability

	 	 
		
      All benefits, rights and Options accruing to any
      Participant in accordance with the terms and conditions of this Plan shall
      not be transferable or assignable except, where qualified, to a Registered
      Retirement or similar plan where the Participant is the
  annuitant thereof, or to a family trust controlled by the
      Participant. During the lifetime of a Participant, any Options granted
      hereunder may only be exercised at the direction of the Participant and in
      the event of the death or permanent disability of a Participant, by the
      person or persons to whom the Participants rights under the Option pass by
      the Participant's Will or by applicable law.

8 

	17. 	
      Amendment and Termination of Plan

	 	 	 	 
		(a) 	
      Subject to any specific limitations contained in the
      Plan, the Board reserves the right, in its absolute discretion, to at any
      time amend, modify or terminate the Plan.

	 	 	 	 
		(b) 	
      Notwithstanding subparagraph 17(a), the Board may not,
      without approval of the holders of a majority of the issued and
      outstanding equity securities of the Corporation present and voting in
      person or by proxy at a meeting of holders of such securities, amend the
      Plan or an Option to:

	 	 	 	 
			a. 	
      increase the number of Shares reserved for issuance under
      the Plan;

	 	 	 	 
			b. 	
      make any amendment that would reduce the Exercise Price
      of an outstanding Option granted to an Insider (including a cancellation
      and reissue of an Option to an Insider at a reduced Exercise Price), which
      will require disinterested shareholder approval within the meaning of
      Exchange policies;

	 	 	 	 
			c. 	
      amend or delete section 9 to extend the term of any
      Option beyond the Option Period of the Option or, except as already
      contemplated under section 9, allow for the Option Period of an Option to
      be greater than 10 years;

	 	 	 	 
			d. 	
      permit assignments, or exercises other than by the
      Participant, of Options beyond that contemplated by section 16, except for
      an amendment that would permit the assignment of an Option for estate
      planning or estate settlement purposes; and

	 	 	 	 
			e. 	
      amend the Plan to provide for other types of compensation
      through equity issuance.

	 	 	 	 
		(c) 	
      Without limiting the generality of subparagraph 17(a),
      the Board may make the following amendments to the Plan without obtaining
      shareholder approval:

	 	 	 	 
			a. 	
      amendments to the terms and conditions of the Plan
      necessary to ensure that the Plan complies with the applicable regulatory
      requirements, including without limitation Exchange policies or the rules
      of any national securities exchange or system on which shares of the
      Corporation are then listed or reported, or by any regulatory body having
      jurisdiction with respect thereto;

	 	 	 	 
			b. 	
      making adjustments to outstanding Options in the event of
      certain corporate transactions;

	 	 	 	 
			c. 	
      the addition of a cashless exercise feature, payable in
      cash or securities, whether or not such feature provides for a full
      deduction of the number of underlying securities from the Plan
    reserve;

	 	 	 	 
			d. 	
      a change to the termination provisions of a security or
      the Plan which does not entail an extension beyond the original Option
      Period;

	 	 	 	 
			e. 	
      amendments to the provisions of the Plan respecting
      administration of the Plan and eligibility for participation under the
      Plan;

	 	 	 	 
			f. 	
      amendments to the provisions of the Plan respecting the
      terms and conditions on which options may be granted pursuant to the Plan,
      including the provisions relating to the Exercise Price, the Option
      Period, and the vesting schedule;

9 

	 	g. 	
      amendments in order to ensure that the Plan and the
      Options granted hereunder comply with applicable law from time to time,
      including without limitation requirements contained in the Income Tax
      Act (Canada), as amended; and

	 	 	 
	 	h. 	
      amendments to the Plan that are of a “housekeeping
      nature”.

	18. 	
      Necessary Approvals

	 	 
		
      The obligation of the Corporation to issue and deliver
      Shares in accordance with this Plan is subject to applicable securities
      legislation and to the receipt of any approvals that may be required from
      any regulatory authority to stock exchange having jurisdiction over the
      securities of the Corporation. If Shares cannot be issued to a Participant
      upon the exercise of an Option (for any reason whatsoever) the obligation
      of the Corporation to issue such Shares shall terminate and any funds paid
      to the Corporation in connection with the exercise of such Option will be
      returned to the relevant Participant as soon as practicable.

	 	 
	19. 	
      Stock Exchange Rules

	 	 
		
      This Plan and any option agreements entered into
      hereunder shall comply with the requirements from time to time of the
      Exchange.

	 	 
	20. 	
      Right to Issue Other Shares

	 	 
		
      The Corporation shall not by virtue of this Plan be in
      any way restricted from declaring and paying stock dividends, issuing
      further shares of any class of the Corporation, including, without
      limitation, shares, varying or amending its share capital or corporate
      structure or conducting its business in any way whatsoever.

	 	 
	21. 	
      Withholding Taxes

	 	 
		
      The Corporation or any subsidiary of the Corporation may
      take such steps as are considered necessary or appropriate for the
      withholding and/or remittance of any taxes which the Corporation or any
      subsidiary of the Corporation is required by any law or regulation of any
      governmental authority whatsoever to withhold and/or remit in connection
      with any Option or Option exercise including, without limiting the
      generality of the foregoing, the withholding and/or remitting of all or
      any portion of any payment or the withholding of the issue of Shares to be
      issued upon the exercise of any portion of any payment or the withholding
      of the issue of Shares to be issued upon the exercise of any Option until
      such time as the Optionee has paid to the Corporation or any subsidiary of
      the Corporation (in addition to the exercise price payable for the
      exercise of the Options) the amount which the Corporation or subsidiary of
      the Corporation reasonably determines is required to be withheld and/or
      remitted with respect to such taxes.

	 	 
	22. 	
      Notice

	 	 
		
      Any notice required to be given by this Plan shall be in
      writing and shall be given by registered mail, postage prepaid or
      delivered by courier or by facsimile transmission addressed, if to the
      Corporation, at its principal address in Winnipeg, Manitoba (being
      currently: 200-135 Innovation Drive, R3T 6A8), Attention: The President;
      or if to a Participant, to such Participant at his or her address as it
      appears on the books of the Corporation or in the event of the address of
      any such Participant not so appearing then to the last known address of
      such Participant; or if to any other person, to the last known address of
      such person.

10 

	23. 	
      Gender

	 	 
		
      Whenever used herein words importing the masculine gender
      shall include the feminine and neuter genders and vice versa.

	 	 
	24. 	
      Interpretation

	 	 
		
      This Plan will be governed by and construed in accordance
      with the laws of the Province of Manitoba.

DATED this 22nd day of
September, 2011.

DiaMedica Inc. 

Per:                    
“Rick
Pauls”                                       

            
Rick Pauls, President and CEO 

Per:                   
“James
Parsons”                               
 
           
James Parsons, Vice-President Finance 

11 

SCHEDULE “A” 

OPTION AGREEMENT 

This Agreement dated as of the • day of •, •, 

BETWEEN: 

DIAMEDICA INC. 
a corporation incorporated under the
laws of Canada, 
(hereinafter called the “Corporation”), 

OF THE FIRST PART, 

- and - 

•, 
of the • of •, in the • of •, 
(hereinafter
called the “participant”), 

OF THE SECOND PART. 

WHEREAS the Corporation has entered into an amended and
restated stock option plan dated September 22, 2011 (the “Plan”); 

AND WHEREAS terms not otherwise defined herein shall have the
meaning set forth in the Plan; 

WHEREAS the Participant is a bona fide senior officer,
director, Employee, Management Company Employee or Consultant of the Corporation
or any subsidiary of the Corporation;

AND WHEREAS the Corporation desires to grant to the Participant
an option to purchase common Shares of the Corporation (the “Shares”) on the
terms and conditions hereinafter set forth; 

NOW THEREFORE THIS AGREEMENT WITNESSETH that the parties hereto
agree as follows: 

	1. 	
      The Corporation hereby grants to the Participant an
      irrevocable, non-assignable and non-

	 	 
		
      transferable option (the “Option”) to purchase all or any
      part of • Shares at a price of $• per Share subject to the terms and
      conditions set forth herein.

	 	 
	2. 	
      The Option expires and terminates at 5:00 p.m. (Winnipeg
      time) on the day (the “Expiry Date”) that is the earlier of (i) the
      [tenth] anniversary of the date hereof and (ii) the dates
      determined by Sections 6 and 7 below.

	 	 
	3. 	
      The Shares optioned under this Agreement shall vest
      immediately as of the date of issuance.

	 	 
	4. 	
      Except as provided in Sections 6 and 7 below, and subject
      to paragraph 15 below, the Option may only be exercised while the
      Participant is a director, senior officer, Employee, Management Company
      Employee or Consultant of the Corporation or any subsidiary of the
      Corporation. The Participant (or his legal representative) may exercise
      the Option by delivering to the Corporation, at its principal office in
      Winnipeg, Manitoba:

12 

	 	(a) 	
      a written notice expressing the intention to exercise the
      Option and specifying the number of Shares in respect of which the Option
      is exercised;

	 	 	 
	 	(b) 	
      a cash payment, cheque or bank draft, representing the
      full purchase price of the Shares in respect of which the Option is
      exercised; and

	 	 	 
	 	(c) 	
      in the event the Option is exercised in accordance with
      this Agreement by person(s) other than the Participant, proof satisfactory
      to the Corporation of the right of such person(s) to exercise the
      Option.

	5. 	
      Upon the exercise of the Option as aforesaid, the
      Corporation shall employ its reasonable efforts to forthwith deliver, or
      cause the registrar and transfer agent of the Shares to deliver, to the
      Participant (or his legal representative) or to the order thereof, a
      certificate representing, or if held in non-certificated form evidence of,
      the aggregate number of fully paid and non-assessable Shares as the
      Participant (or his legal representative) shall have then paid
  for.

	 	 	 
	6. 	
      (a)      Subject to Subsection
      6(b) hereof, if the Participant shall cease to be a director, senior
      officer, Employee, Management Company Employee or Consultant of the
      Corporation or any subsidiary of the Corporation for any reason other than
      death or permanent disability, the Option granted herein will terminate at
      5:00 p.m. (Winnipeg time) on the earlier of the (i) one hundred and
      twentieth (120th ) day after the date the Participant ceases to
      be a director, senior officer, Employee, Management Company Employee or
      Consultant of the Corporation or any subsidiary of the Corporation and
      (ii) the [tenth] anniversary of the date hereof.

	 	 	 
		(b)        If
      the Participant is engaged in Investor Relations Activities on behalf of
      the Corporation or any subsidiary of the Corporation and ceases to be
      retained as a Consultant engaged in Investor Relations Activities for the
      Corporation or any subsidiary of the Corporation for any reason other than
      death or permanent disability, his Option will terminate at 5:00 p.m.
      (Winnipeg time) on the earlier of the (i) thirtieth day after the date the
      Participant ceases to be a Consultant engaged in Investor Relations
      Activities on behalf of the Corporation or any subsidiary of the
      Corporation and (ii) the anniversary of the date hereof.
		
	7. 	
      In the event of the death or permanent disability of the
      Participant, the Option shall be exercisable until 5:00 p.m. (Winnipeg
      time) on the day that is the earlier of (i) 12 months after the date of
      death or permanent disability of the Participant and (ii) the [tenth]
      anniversary of the date hereof, and then, in the event of death or
      permanent disability, only:

	 	 	 
		(a) 	
      by the person or persons to whom the Participant’s rights
      under the Option shall pass by the Participant’s will or applicable law;
      and

	 	 	 
		(b) 	
      to the extent that the Participant was entitled to
      exercise the Option as at the date of the Participant’s death or permanent
      disability.

	 	 	 
	8. 	
      The Participant acknowledges and agrees that neither the
      selection of the Participant as a Participant under the Plan nor the
      granting of the Option hereunder shall confer upon the Participant any
      right to continue as a director, senior officer, Employee, Management
      Company Employee or Consultant of the Corporation or any subsidiary of the
      Corporation, as the case may be. The Participant further acknowledges and
      agrees that this Agreement and the Option granted hereby shall in no way
      constitute the basis for a claim for damages by the Participant against
      the Corporation or any subsidiary of the Corporation in the event of the
      termination of the employment (or other contractual relationship) of the
      Participant with the Corporation or any subsidiary of the Corporation for any reason whatsoever, including the Participant’s
      wrongful dismissal, and the Participant hereby releases and forever
      discharges the Corporation or any subsidiary of the Corporation from all
      claims and rights of action for damages whatsoever based upon or arising
      out of this Agreement and the Option.

13 

	9. 	
      The Participant shall not have any of the rights or
      privileges of a shareholder of the Corporation in respect of any Shares
      issuable upon exercise of the Option until such Shares have been paid for
      in full and issued to the Participant in accordance with the terms of this
      Agreement.

	 	 
	10. 	
      The number of Shares deliverable upon the exercise of the
      Option shall be increased or decreased proportionately in the event of the
      subdivision or consolidation of the outstanding Shares of the Corporation
      prior to the Expiry Date, without any change in the total price applicable
      to the unexercised portion of the Option. In case the Corporation is
      reorganized or merged or consolidated or amalgamated with another
      corporation, appropriate provisions shall be made for the continuance of
      the Option and to prevent its dilution or enlargement. Adjustments under
      this Section 10 shall be made by the board of directors of the Corporation
      (or by such committee or persons as may be delegated such authority by the
      board of directors of the Corporation), whose determination as to what
      adjustments shall be made, and the extent thereof, shall be final, binding
      and conclusive. No fractional Shares shall be issued on any such
      adjustment.

	 	 
	11. 	
      The Option and all benefits and rights accruing to the
      Participant hereunder shall not be transferable or assignable unless
      specifically provided herein. During the lifetime of the Participant the
      Option granted hereunder may only be exercised by the Participant as
      herein provided and in the event of death of the Participant, by the
      person or persons to whom the Participant’s rights under the Option pass
      by the Participant’s will or applicable law in accordance with Section 7
      above.

	 	 
	12. 	
      The Corporation shall at all times ensure that the number
      of Shares it is authorized to issue shall be sufficient to satisfy the
      requirements of this Agreement.

	 	 
	13. 	
      The obligation of the Corporation to issue and deliver
      Shares on the exercise of the Option in accordance with the terms and
      conditions of this Agreement is subject to applicable securities
      legislation and to the receipt of any approvals that may be required from
      any regulatory authority including any stock exchange having jurisdiction
      over the securities of the Corporation. If Shares cannot be issued to the
      Participant upon the exercise of the Option for any reason whatsoever, the
      obligation of the Corporation to issue such Shares shall terminate and any
      funds paid to the Corporation in connection with the exercise of the
      Option will be returned to the Participant as soon as
  practicable.

	 	 
	14. 	
      All Shares issued upon the exercise of the Option must be
      legended with a four month hold period from the date that the options are
      granted. The legend must state the following:

“Without prior written approval of the
TSX Venture Exchange and compliance with all applicable securities legislation,
the securities represented by this certificate may not be sold, transferred,
hypothecated or otherwise traded on or through the facilities of the TSX Venture
Exchange or otherwise in Canada or to or for the benefit of a Canadian resident
until [insert date that is four months after the issuance the Shares issued on
the exercise of the Option]” 

	15. 	
      The Corporation or an subsidiary of the Corporation may
      take such steps as are considered necessary or appropriate for the
      withholding and/or remittance of any taxes which the Corporation or any
      subsidiary of the Corporation is required by any law or regulation of any
      governmental authority whatsoever to withhold and/or remit
  in connection with any Option or Option exercise including,
      without limiting the generality of the foregoing, the withholding and/or
      remitting of all or any portion of any payment or the withholding of the
      issue of Shares to be issued upon the exercise of any portion of any
      payment or the withholding of the issue of Shares to be issued upon the
      exercise of any Option until such time as the Optionee has paid to the
      Corporation or any subsidiary of the Corporation (in addition to the
      exercise price payable for the exercise of the Options) the amount which
      the Corporation or subsidiary of the Corporation reasonably determines is
      required to be withheld and/or remitted with respect to such
  taxes.

14 

	16. 	
      The Participant acknowledges that the Participant has
      read and understands this Agreement.

	 	 
	17. 	
      Time shall be of the essence of this Agreement.

	 	 
	18. 	
      Any notice required to be given by this Agreement shall
      be in writing and shall be given by registered mail, postage prepaid or
      delivered by courier or by facsimile transmission addressed, if to the
      Corporation, at its principal address in Winnipeg, Manitoba, (being
      currently 200-135 Innovation Drive, Winnipeg, Manitoba, R3T 6A8),
      Attention: President; or if to the Participant at: •.

	 	 
	19. 	
      This Agreement shall be governed by and construed in
      accordance with the laws of the Province of Manitoba.

	 	 
	20. 	
      This Agreement may be executed in several parts in the
      same form and the parts as so executed shall together constitute one
      original agreement, and the parts, if more than one, shall be read
      together and construed as if all the signing parties hereto had executed
      one copy of this agreement.

IN WITNESS WHEREOF the parties hereto have executed this
Agreement as of the date and year first above written. 

	 	 	DIAMEDICA INC. 	 
	 	 	 	 
	 	 	Per:	 
	 	 	 	 
	 	 	Per:	 
	SIGNED, SEALED AND DELIVERED 	 	  	 
	in the presence of: 	 	  	 
	  	 	  	 
		 	  	 
	Witness 	 	•

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}]]