Document:

Executive Employment Agreement with Peter Lutwyche

 Exhibit 4.12 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT MADE THE 1st day of January, 2009 

BETWEEN: 
 TEKMIRA
PHARMACEUTICALS CORPORATION, a company incorporated under the laws of British Columbia (“the Company”), with offices at 100 – 8900 Glenlyon Parkway, Burnaby, British Columbia [fax: (604) 419-3201] 

AND: 
 PETER LUTWYCHE
(the “Executive”), of 
 2144 East 3rd Avenue, Vancouver, BC, Canada, V5N 1H8. 
 WHEREAS: 
 A. The Company is in the business of acquiring, inventing, developing, discovering,
adapting and commercializing inventions, methods, processes and products in the fields of chemistry, biochemistry, biotechnology and pharmaceuticals; 
 B. The Executive has the expertise, qualifications and required certifications to perform the services contemplated by this agreement; 
 C. The Company wishes to continue to employ the Executive to perform the services, on the terms and conditions herein set forth, and for the consideration of TEN DOLLARS ($10.00), and other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged. 
 NOW THEREFORE THIS AGREEMENT WITNESSES that the parties
hereto agree as follows: 
  

	1.	DEFINITIONS 

 In this Agreement:

  

	 	(a)	“Inventions” means all patents, patent applications, ideas, discoveries, inventions, formulae, algorithms, techniques, processes, know-how, trade
secrets, and other intellectual property, including all expressions of such intellectual property in tangible form; 

	 	(b)	“Change of Control” means the first occurrence of any of the following events: 

 

	 	(i)	The acquisition by a person of beneficial ownership of 50% or more of the voting securities of the Company then outstanding; provided, however, that any acquisition by
any person whose ordinary business includes the management of investment funds for others and such voting securities are beneficially owned by such person in the ordinary course of such business shall not constitute a Change of Control; and

  

	 	(ii)	consummation of a merger, amalgamation, arrangement, business combination, reorganization or consolidation or sale or other disposition of all or substantially all of
the assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination: persons who were the beneficial owners, respectively, of the outstanding voting securities immediately prior to such
Business Combination beneficially own, directly or indirectly, more than 50% of the then outstanding voting securities of the successor entity resulting from such Business Combination (including, without limitation, a company which as a result of
such transaction owns all or substantially all of the Company’s assets either directly or through one or more subsidiaries). 

  

	 	(c)	“Confidential Information” means information and materials that are confidential or proprietary, and includes without limitation, Inventions, research,
laboratory notes, data, analysis, assays, designs, methods, flow charts, drawings, specifications, plans, prototypes, apparatus, devices, biological materials and their progeny and derivatives, reagents, specimens, manufacturing and production
processes, patents portfolio, pre-clinical and clinical trials (abandoned or undertaken), regulatory filings and correspondences, software, financial statements and forecasts, customer and supplier lists, relationship with consultants, contracts,
business plans and marketing strategies; 

  

	 	(d)	“For Cause” has the meaning determined from time to time in employment law and includes 

 

	 	(ii)	the willful and continued failure by the Executive to perform his duties with the Company or to follow lawful direction from the Company’s Board of Directors or
management; or 

  

	 	(iii)	the willful engaging by the Executive in conduct which is demonstrably and materially injurious to the Company, monetarily or otherwise; 

and any such action by the Executive or any failure on the part of the Executive to act, will be deemed to be “willful” when
done (or “omitted” to be done) and such action will be deemed to be in bad faith and contrary to the best interests of the Company. 

  
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	2.	EMPLOYMENT 

  

	 	(a)	The Company will continue to employ the Executive in the position of Vice President, Pharmaceutical Development. The Executive will perform duties as determined by the
Company from time to time and will comply with all lawful instructions as may be given by members of management of the Company. 

  

	 	(b)	For statutory purposes, the Executive’s effective date of employment with the Company is February 11, 2008. 

 

	 	(c)	The Executive acknowledges and agrees that the employment relationship will be governed by the standards and terms established by the Company’s policies as they
are established from time to time and agrees to comply with the terms of such policies so long as they are not inconsistent with any provisions of the Agreement. The Executive will inform himself of the details of such policies and amendments
thereto established from time to time. 

  

	 	(d)	The Executive agrees that as a high technology professional, as defined in the Employment Standards Act of British Columbia Regulations, his hours of work will
vary and may be irregular and will be those hours required to meet the objectives of his employment. The Executive agrees that the compensation described in Paragraph 3 of this Agreement compensates him for all hours worked.

  

	 	(e)	The Executive will devote himself exclusively to the Company’s business and will not be employed or engaged in any capacity in any other business without the prior
permission of the Company, such permission not to be unreasonably withheld. 

  

	 	(f)	The Executive will promptly disclose to the Company upon execution of this Agreement a list of all Inventions which are used in or relate to the business of the
Company, its subsidiaries and/or affiliates and which the Executive has conceived of prior to the execution of this Agreement (together, “Prior Inventions”), unless the Executive is under an obligation to someone else not to disclose an
Invention. The list of Prior Inventions will be attached as Appendix “A” to this Agreement. 

  

	3.	REMUNERATION AND BENEFITS 

 The
Company: 
  

	 	(a)	Will pay the Executive an annual salary of $205,000.00 (Canadian funds) (the “Base Salary”), which salary may be reviewed and revised on an annual basis;
PROVIDED HOWEVER that such review may not result in a decrease in the Base Salary; 

  
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	 	(b)	Will entitle the Executive to a target cash bonus of up to 35 percent of his Base Salary, such bonus to be determined against objectives to be agreed to between the
Executive and the Company’s Chief Executive Officer and approved by the Company’s Board of Directors. The said bonus will be pro-rated based upon the Executive’s length of service during the year; 

 

	 	(c)	Will allow the Executive to enroll in the Company’s insurance benefits package, as amended from time to time. Such benefits will be provided in accordance with the
formal plan documents or policies and any issues with respect to entitlement or payment of benefits under the insurance benefits package will be governed by the terms of such documents or policies. The Company reserves the right to unilaterally
revise the terms of the insurance benefits package. If the Company is unable to provide some or all of the standard benefits to the Executive, then the Executive will be provided with compensation in lieu thereof; 

 

	 	(d)	Will allow the Executive to be eligible for participation in the Company’s share incentive plan, subject to the terms of the plan; 

 

	 	(e)	Will reimburse the Executive for all reasonable expenses incurred by the Executive in connection with the performance of his duties. The Executive will provide the
Company with receipts supporting his claim for reimbursement; 

  

	 	(f)	Will provide the Executive with four weeks’ vacation each year, to be scheduled at times that are mutually acceptable to the Executive and the Company.

  

	4.	CONFIDENTIALITY 

  

	 	(a)	Confidential Information. During the Executive’s employment with the Company, the Executive may have had or will have access to information and materials
that are confidential or proprietary to the Company, its subsidiaries or its affiliates (together, “Confidential Information”). Such Confidential Information includes, without limitation, Inventions, research, laboratory notes, data,
analysis, assays, designs, methods, flow charts, drawings, specifications, plans, prototypes, apparatus, devices, biological materials and their progeny and derivatives, reagents, specimens, manufacturing and production processes, patents portfolio,
pre-clinical and clinical trials (abandoned or undertaken), regulatory filings and correspondences, software, financial statements and forecasts, customer and supplier lists, relationship with consultants, contracts, business plans and marketing
strategies. The Company’s obligation to hold in confidence information belonging to third parties is also considered Confidential Information. However, Confidential Information excludes information and materials which the Executive can
demonstrate by written record: 

  
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	 	(i)	were known by the Executive before the Company’s disclosure to the Executive; 

 

	 	(ii)	properly came into the Executive’s possession from a third party who was not under any obligation to the Company to maintain the confidentiality; or

  

	 	(iii)	had become generally available to the public through no fault of the Executive. 

 

	 	(b)	Maintaining Confidentiality. The Executive will maintain the confidentiality of the Company’s Confidential Information both during and after the
Executive’s employment with the Company. The Executive will not use, copy, disclose, publish, make available, distribute or otherwise exploit the Company’s Confidential Information, directly or indirectly, without first obtaining the
Company’s written consent, except in furtherance of the Executive’s employment with the Company, or except as required by applicable law provided that the Executive has first promptly notified the Company of such requirement prior to
disclosure of the Company’s Confidential Information. 

  

	 	(c)	Ownership of Confidential Information. All rights, title and interest in and to the Company’s Confidential Information, whether or not developed by the
Executive, will be and remain the exclusive property of the Company, its subsidiaries, affiliates or the relevant third party as the case may be. 

  

	 	(d)	Return of Confidential Information. Once the Executive has ceased to be an Executive with the Company, the Executive will return to the Company promptly all the
Company’s Confidential Information and all other information, documents and materials which are used in or relate to the Company’s business, whether or not they are confidential. 

 

	5.	INVENTION ASSIGNMENT 

  

	 	(a)	The Executive agrees that the Company will have exclusive ownership in all Inventions which are used in or relate to the Company’s business and which the Executive
conceives of or makes for the Company or its subsidiaries or affiliates during the Executive’s employment with the Company and that the Executive will promptly disclose the Inventions to the Company in writing. This will be the case, whether or
not an Invention is: 

  

	 	(i)	capable of being protected by copyright, patent, industrial design, trade mark or other similar legal protection, 

 

	 	(ii)	conceived or made by the Executive during or outside his regular working hours, or 

 

	 	(iii)	conceived or made by the Executive alone or jointly with others. 

  
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 However, it is acknowledged and agreed that this paragraph will not apply to any Invention
developed by the Executive outside his regular working hours if such Invention: 
  

	 	(iv)	was not within the scope of the Executive’s employment duties, 

  

	 	(v)	was developed without the use of Confidential Information, and 

  

	 	(vi)	was developed without the use of any of the Company’s corporate resources. 

 

	 	(b)	The Executive hereby assigns and will assign to the Company all rights, title and interest may now or in the future have in and to the Inventions and waives his moral
rights to any and all copyrights subsisting in the Inventions. If required by the Company, the Executive will sign any applications or other documents the Company may reasonably request: 

 

	 	(i)	to obtain or maintain patent, copyright, industrial design, trade mark or other similar protection for the Inventions, 

 

	 	(ii)	to transfer ownership of the Inventions to the Company, and 

  

	 	(iii)	to assist the Company in any proceeding necessary to protect and preserve the Inventions. The Company will pay for all expenses associated with preparing and filing
such documents, and any expenses arising from actions taken to protect and preserve the Inventions. 

  

	6.	NON-COMPETITION AND NON-SOLICITATION 

 The biotechnology industry is highly competitive and employees leaving the employ of the Company have the ability to cause significant damage to our interests if they join a competing company immediately
upon leaving the Company. Accordingly we ask that the Executive execute the following non-competition and non-solicitation provision: 
  

	 	(a)	Definitions: 

“Business” or “Business of the Company” means: 

researching, developing, production and marketing of RNA interference drugs and delivery technology, as such business grows and evolves
during this Agreement; and 
 any other material business carried on from time to time by the Company or any Affiliate of the
Company. 

  
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 “Competing Business” means any endeavour, activity or business which is
competitive in any material way with the Business of the Company worldwide. 
 “Customer” means any entity that is a
customer of the Company that the Executive has been directly or indirectly, through his or her reports, involved in servicing on behalf of the Company. 
 “Prospective Customer” means any entity during the course of his or her employment was solicited by the Executive on behalf of the Company for the purposes of becoming a customer of the Company
or was solicited by the Company with his or her knowledge for the purpose of becoming a customer of the Company. 
  

	 	(b)	The Executive shall not, during the term of this Agreement and for the Restricted Period following the termination of his or her employment for whatever reason, whether
legal or illegal, on his or her own behalf or on behalf of any entity, whether directly or indirectly, in any capacity whatsoever, alone, through or in connection with any entity, carry on or be employed by or engaged in or have any financial or
other interest in or be otherwise commercially involved in a Competing Business. In the event that the Executive is terminated pursuant to Section 8(b) of the Employment Agreement, the Restricted Period shall be equivalent to the amount of
notice that the Executive is entitled pursuant to Section 8(b)(ii). In the event that the Executive’s employment is terminated pursuant to a Change of Control, the Restricted Period shall be twelve (12) months.

  

	 	(c)	The Executive shall, however, not be in default of Section 6(b) by virtue of the Executive: 

 

	 	(i)	following the termination of employment, holding, strictly for portfolio purposes and as a passive investor, no more than five percent (5%) of the issued and
outstanding shares of, or any other interest in, any corporation or other entity that is a Competing Business; or 

  

	 	(ii)	during the course of employment, holding, strictly for portfolio purposes and as a passive investor, no more than five percent (5%) of the issued and outstanding
shares of, or any other interest in, any corporation or other entity, the business of which corporation or other entity is in the same Business as the Company, and provided further that the Executive first obtains the Company’s written consent,
which consent will not be unreasonably withheld. 

  

	 	(d)	If the Executive holds issued and outstanding shares or any other interest in a corporation or other entity pursuant to Section 5(c) above, and following the
acquisition of such shares or other interest the business of the corporation or other entity becomes a Competing Business, the Executive will promptly dispose of his or her shares or other interest in such corporation or other entity.

  
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	 	(e)	The Executive shall not, during this Agreement and for the Restricted Period following the termination of his or her employment, for whatever reason, whether legal or
illegal, for any reason, on his or her own behalf or on behalf of or in connection with any other entity, without the prior written and informed consent of the Company, directly or indirectly, in any capacity whatsoever, alone, through or in
connection with any entity: 

  

	 	(i)	canvass or solicit the business of (or procure or assist the canvassing or soliciting of the business of) any Customer or Prospective Customer of the Company, or
otherwise solicit, induce or encourage any Customer or Prospective Customer of the Company to cease to engage the services of the Company, for any purpose which is competitive with the Business; or 

 

	 	(ii)	accept (or procure or assist the acceptance of) any business from any Customer or Prospective Customer of the Company which business is competitive with the Business;
or 

  

	 	(iii)	supply (or procure or assist the supply of) any goods or services to any Customer or Prospective Customer of the Company for any purpose which is competitive with the
Business; or 

  

	 	(iv)	employ, engage, offer employment or engagement to or solicit the employment or engagement of or otherwise entice away from or solicit, induce or encourage to leave the
employment or engagement of the Company, any individual who is employed or engaged by the Company whether or not such individual would commit any breach of his or her contract or terms of employment or engagement by leaving the employ or the
engagement of the Company; or 

  

	 	(v)	procure or assist any entity to employ, engage, offer employment or engagement or solicit the employment or engagement of any individual who is employed or engaged by
the Company or otherwise entice away from the employment or engagement of the Company any such individual. Notwithstanding the foregoing, the Executive shall, be permitted to, solely in a personal capacity, provide letters of reference for
individuals who are employed by the Company. 

  

	 	(f)	 The Executive expressly recognizes and acknowledges that it is the intent of the parties that his or her activities following the termination of his or
her employment with the Company be restricted in the manner described in this Agreement, and acknowledge that good, valuable, and sufficient consideration has been provided in exchange for such restrictions. The Executive agrees that should any of
the restrictions contained in this Agreement be found to be unreasonable to any extent by a court of competent jurisdiction adjudicating upon the validity of the restriction, whether as to the scope of the restriction, the area of the restriction or
the duration of the restriction, then such restriction shall be reduced to that which is in fact declared reasonable by such court, or a subsequent court of 

  
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competent jurisdiction, requested to make such a declaration, in order to ensure that the intention of the parties is given the greatest possible effect. 

 

	7.	INJUNCTIVE RELIEF 

  

	 	(a)	The Executive understands and agrees that the Company has a material interest in preserving the relationships it has developed with its executives, customers and
suppliers against impairment by competitive activities of a former executive. Accordingly, the Executive agrees that the restrictions and covenants contained in Paragraphs 4 through 6 above are reasonably required for the protection of the Company
and its goodwill and that the Executive’s agreement to those restrictions and covenants by the execution of this Agreement, are of the essence to this Agreement and constitute a material inducement to the Company to enter into this Agreement
and to employ the Executive, and that the Company would not enter into this Agreement absent such an inducement. 

  

	 	(b)	The Executive understands and acknowledges that if the Executive breaches Paragraphs 4 through 6 above, that breach will give rise to irreparable injury to the Company
for which damages are an inadequate remedy, and the Company may pursue injunctive relief for such breach in the Supreme Court of British Columbia. 

  

	8.	TERMINATION 

  

	 	(a)	The Executive may terminate his employment by giving at least three months’ advance notice in writing to the Company of the effective date of the resignation. The
Company may waive such notice, in whole or in part, and if it does so, the Executive’s employment will cease on the date set by the Company in the notice of waiver. 

 

	 	(b)	The Company may terminate the Executive’s employment: 

  

	 	(i)	without notice or payment in lieu thereof, For Cause, and such cause for termination will constitute a waiver of the Executive’s right to any minimum notice as
well as to any payment or benefits instead of notice, or 

  

	 	(ii)	at the Company’s sole discretion for any reason, without cause, upon providing to the Executive an amount equal to six (6) months’ Base Salary, (the
“Severance Amount”), plus one additional month of Base Salary for each complete year of service with the Company, to a maximum of twelve (12) months Base Salary. The Company may pay the Severance Amount by way of a lump sum payment or
by way of salary continuance. The Severance Amount is inclusive of any entitlement to minimum standard severance under the B.C. Employment Standards Act. 

  
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	 	(c)	If a Change of Control occurs and within twelve (12) months after the occurrence of a Change of Control, the Executive resigns his employment for Good Reason upon
giving the Company not less than ninety days prior written notice of resignation; or at the Company’s sole discretion, the Executive is terminated without cause within 12 months of a Change of Control, the Executive will be entitled to receive
the Change of Control Severance Amount. Good Reason means one or more of the following events occurring without the Executive’s written consent: 

  

	 	(i)	a fundamental change in the Executive’s status, position, remuneration, authority or responsibilities that does not represent a promotion from or represents an
adverse change from the current status, position, authority or responsibilities; 

  

	 	(ii)	a fundamental reduction in the base salary, retirement, health benefits, bonus potential or other compensation plans, practices, policies or programs provided to the
Executive; 

  

	 	(iii)	relocation of the Executive’s principal place of employment to a place outside of Metro Vancouver; 

 

	 	(iv)	any request by the Company that the Executive participates in an unlawful act pursuant to the laws of British Columbia or Canada; or 

 

	 	(v)	any failure to secure the agreement of any successor company or other entity to the Company to fully assume the Company’s obligations under this Agreement.

  

	 	(d)	The Change of Control Severance amount will be calculated as follows: 

  

	 	(i)	an amount equal to twelve (12) month’s Base Salary, plus; 

  

	 	(ii)	a bonus payment equal to the average of the actual bonus payments made to the Executive from the previous three (3) calendar years preceding the date of
termination of employment. 

  

	 	(e)	No matter how the Executive’s employment is terminated, the Executive will be entitled to any wages and bonus payable for service up to and including the day of
termination. 

  

	9.	RETURN OF MATERIALS UPON TERMINATION OF EMPLOYMENT 

 The Executive will return to the Company all Company documents, files, manuals, books, software, equipment, keys, equipment, identification or credit cards, and all other property belonging to Company
upon the termination of his employment with the Company for any reason. 

  
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	10.	GENERAL PROVISIONS 

  

	 	(a)	Non-Waiver. Failure on the part of either party to complain of any act or failure to act of the other of them or to declare the other party in default of this
Agreement, irrespective of how long such failure continues, will not constitute a waiver by such party of their rights hereunder or of the right to then or subsequently declare a default. 

 

	 	(b)	Severability. In the event that any provision or part of this Agreement is determined to be void or unenforceable in whole or in part, the remaining provisions,
or parts thereof, will be and remain in full force and effect. 

  

	 	(c)	Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the employment of the Executive and supersedes any and all
agreements, understandings, warranties or representations of any kind, written or oral, express or implied, including any relating to the nature of the position or its duration, and each of the parties releases and forever discharges the other of
and from all manner of actions, causes of action, claim or demands whatsoever under or in respect of any agreement. 

  

	 	(d)	Survival. The provisions of Paragraphs 4 through 6 above, and Sub-paragraph(f) below, will survive the termination of this Agreement. 

 

	 	(e)	Modification of Agreement. Any modification of this Agreement must be in writing and signed by both the Company and the Executive or it will have no effect and
will be void. 

  

	 	(f)	Disputes. Except for disputes arising in respect of Paragraphs 4 through 6 above, all disputes arising out of or in connection with this Agreement and the
employment relationship between the parties, are to be referred to and finally resolved by arbitration administered by the British Columbia International Commercial Arbitration Centre, pursuant to its Rules. The place of arbitration will be
Vancouver, British Columbia. 

  

	 	(g)	Governing Law. This Agreement will be governed by and construed according to the laws of the Province of British Columbia. 

 

	 	(h)	Reimbursement of Legal Fees. The Company will reimburse the Executive for all reasonable and receipted legal fees incurred by the Executive in the negotiation,
drafting, and completion of this Agreement. 

  

	 	(i)	Independent Legal Advice. The Executive agrees that the contents, terms and effect of this Agreement have been explained to him by a lawyer and are fully
understood. The Executive further agrees that the consideration described aforesaid is accepted voluntarily for the purpose of employment with the Company under the terms and conditions described above. 

  
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 IN WITNESS WHEREOF this Agreement has been executed by the Parties hereto as of the date and year first
above written. 
  

					
	 SIGNED, SEALED AND DELIVERED
 by PETER LUTWYCHE in the presence
 of:

/s/ STACY KONS
	  	 )
 )

)
 )

)
	  	 /s/ PETER LUTWYCHE

	  	  
	 Witness    8900 Glenlyon Parkway
	  	 )
 )
	  	PETER LUTWYCHE
	 Address    Burnaby, BC.
	  	 )
 )
	  	
	 Sr. Associate, HR
	  	 )
 )
	  	
		  	)	  	
	 Occupation
	  		  	

  

			
	TEKMIRA PHARMACEUTICALS CORPORATION
		
	Per:	 	 /s/ MARK J. MURRAY

		 	Mark J. Murray

  
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 APPENDIX “A” 

List of Prior Inventions 
  

 
  

 
  

 
  

 
  

 
  

 
  

 
  

 
  

 
  

 
  

 
  

 
  

 
  

					
	  
	 		  	  

	Peter Lutwyche	 	 	  	DateShare Option Plan

 Exhibit 4.13 
 TEKMIRA PHARMACEUTICALS CORPORATION 
 SHARE OPTION PLAN 

ARTICLE 1 

PURPOSE AND INTERPRETATION 
 Purpose 
 1.1 The purpose of the plan will be to advance the interests of the Company by
encouraging equity participation in the Company through the acquisition of Common Shares of the Company. 
 Definitions 

1.2 In the Plan 

Associate has the meaning assigned by the Securities Act; 
 Blackout Period means the period during which the relevant Optionee is prohibited from exercising an Option due to trading restrictions imposed by the Company in accordance with its securities
trading policies governing trades by Directors, Officers and Employees in the Company’s securities; 
 Board means
the board of directors of the Company; 
 Change of Control means the acquisition by any person or by any person and its
joint actors (as such term is defined in the Securities Act), whether directly or indirectly, of voting securities (as such term is defined in the Securities Act) of the Company which, when added to all other voting securities of the Company at the
time held by such person and its joint actors, totals for the first time not less than 35% of the outstanding voting securities of the Company; 
 Code means the U.S. Internal Revenue Code of 1986, as amended; 
 Code
Stock Option means an Option to purchase Common Shares with the intention that such Option qualify as an “incentive stock option” as that term is defined in Section 422 of the Code; 

Common Shares means common shares without par value in the capital of the Company; 

Company means Tekmira Pharmaceuticals Corporation; 
 Director means a director of the Company or any of its subsidiaries; 

Employee means an individual who is an employee of the Company or of a subsidiary of the Company; 

 Expiry Date means the day on which an Option lapses as specified in the Option
Commitment therefor; 
 Insider means 
  

	 	(a)	an insider as defined in the Securities Act, other than a person who fits within that definition solely by virtue of being a director or senior officer of a subsidiary
of the Company, and 

  

	 	(b)	an Associate of any person who is an insider by virtue of §(a); 

 Officer means an individual who is an officer of the Company; 

Option means the right to purchase Common Shares granted hereunder to a Service Provider; 

Option Commitment means the notice of grant of an Option delivered by the Company hereunder to a Service Provider and substantially
in the form of Schedule “B” or “C” hereto; 
 Option Effective Date for an Option means the date of
grant thereof; 
 Optioned Shares means Common Shares subject to an Option; 

Optionee means an individual to whom an Option is granted by the Company under the Plan; 

Outstanding Issue means the number of Common Shares outstanding on a non-diluted basis, excluding shares issued pursuant to share
compensation arrangements over the preceding one-year period; 
 Plan means the Share Option Plan, the terms of which are
set out herein; 
 Regulatory Approval means the approval of the Toronto Stock Exchange and any other securities
regulatory agency that may have jurisdiction in the circumstances; 
 Reserved for Issuance refers to Common Shares that
may be issued in the future upon the exercise of stock options which have been granted; 
 Retired means 

 

	 	(a)	with respect to an Officer or Employee, the retirement of the Officer or Employee within the meaning of the Canada Pension Plan, after attainment of age 65, and

  

	 	(b)	with respect to a Director, cessation of office as a Director, other than by reason of death, after attainment of age 70; 

  
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 Securities Act means the Securities Act, R.S.B.C. 1996, c. 418, as amended from time
to time; 
 Service Provider means 
  

	 	(a)	an employee, officer, or director of the Company or of any of its subsidiaries, and 

 

	 	(b)	subject to compliance with applicable securities laws, any other person or company engaged to provide directly or indirectly ongoing management consulting and other
research or collaboration services to the Company or any of its subsidiaries; 

 Share Compensation
Arrangement means the Plan described herein and any other stock option, stock option plan, employee stock purchase plan or any other compensation or incentive mechanism involving the issuance or potential issuance of shares to one or more
Service Providers, including a share purchase from treasury which is financially assisted by the Company by way of a loan, guaranty or otherwise; 
 Subscription Price means the amount payable per Common Share on the exercise of an Option, as determined in accordance with §3.1; 

Subsidiary means subsidiary as determined under the Business Corporations Act (British Columbia); 

Take Over Bid has the meaning assigned to that term in the Securities Act but excludes an exempt take over bid as determined under
the Securities Act. 
 ARTICLE 2 
 SHARE OPTION PLAN 
 Establishment of Share Option Plan 

2.1 There is hereby established a Share Option Plan to recognize contributions made by Service Providers and to create an incentive for their continuing
relationship with the Company and its subsidiaries. Those share options or other share compensation granted by the Company prior to the adoption of this Plan are not included hereunder or affected hereby. 

Eligibility 
 2.2 Options may be granted
hereunder to all Service Providers. 
 Incorporation of Terms of Share Option Plan 

2.3 Subject to specific variations approved by the Board, all terms and conditions set out herein will be incorporated into and form part of an Option
granted hereunder. 

  
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 Maximum Shares Reserved 
 2.4 The maximum aggregate number of Common Shares that are Reserved for Issuance under the Plan is 6,846,276 Common Shares. 
 2.5 In no event may the number of Common Shares Reserved for Issuance to any one person pursuant to an Option exceed 5% of the Outstanding Issue. 
 2.6 The maximum aggregate number of Common Shares that, under all Share Compensation Arrangements, 
  

	 	(a)	may be Reserved for Issuance to Insiders of the Company, may not exceed 10% of the Outstanding Issue at that time, 

 

	 	(b)	may be issued to Insiders within a one-year period, may not exceed 10% of the Outstanding Issue at that time, 

 

	 	(c)	may be issued to any one Insider and his or her Associates within a one-year period, may not exceed 5% of the Outstanding Issue, and 

 

	 	(d)	may be Reserved for Issuance to non-employee Directors, may not exceed 2% of the Outstanding Issue at that time. 

2.7 For the purposes of §2.6, 
  

	 	(a)	Common Shares issuable to an Insider pursuant to a stock option or other entitlement that was granted before the person became an Insider will be excluded in
determining the number of Common Shares issuable to Insiders, and 

  

	 	(b)	Common Shares issuable to a Director pursuant to a stock option or other entitlement that was granted 

 

	 	(i)	before the person became a Director, or 

  

	 	(ii)	while the Director was also an Officer, 

 will be excluded in determining the number of Common Shares issuable to Directors. 
 Shares Not
Acquired 
 2.8 Any Common Shares not acquired under an Option granted under the Plan which has expired or been cancelled or terminated may
be made the subject of a further Option pursuant to the provisions of the Plan. 
 Powers of the Board 

2.9 The Board will be responsible for the general administration of the Plan and the proper execution of its provisions, the interpretation of the Plan
and the determination of all 

  
 - 4 -

 
questions arising hereunder. Without limiting the generality of the foregoing, the Board has the power to 
  

	 	(a)	allot Common Shares for issuance in connection with Options granted under the Plan, 

 

	 	(b)	grant Options hereunder, 

  

	 	(c)	subject to §§4.5, 4.6 and 4.7 and subject to Regulatory Approval or any shareholder approval required under law, amend, suspend, terminate or discontinue the
Plan, or revoke or alter any action taken in connection therewith, except that no amendment or suspension of the Plan will, without the written consent of the affected Optionees, alter or impair any Option granted under the Plan, and

  

	 	(d)	delegate all or such portion of its powers hereunder as it may determine to one or more committees of the Board, either indefinitely or for such period of time as it
may specify, and thereafter each such committee may exercise the powers and discharge the duties of the Board in respect of the Plan so delegated to the same extent as the Board is hereby authorized so to do. 

Adjustments 
 2.10 The number of Common
Shares subject to an Option will be subject to adjustment in the events and in the manner following: 
  

	 	(a)	in the event that the Board determines that any dividend or other distribution (whether in the form of cash, Common Shares, other securities or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, combination, issuance of warrants or other rights to purchase Common Shares or other securities of the Company to all holders of common shares pro rata
whether as a dividend or otherwise or other similar corporate transaction or event affects the Common Shares such that an adjustment is determined by the Board to be appropriate in order to prevent dilution or enlargement of the benefits or
potential benefits intended to be made available under the Plan, then the Board will, in such manner as it may deem equitable, adjust any or all of: 

  

	 	(i)	the number and type of Common Shares (or other securities or other property) that thereafter may be made the subject of Options, 

 

	 	(ii)	the number and type of Common Shares (or other securities or other property) subject to outstanding Options, and 

 

	 	(iii)	the purchase or exercise price with respect to any Option; 

 provided, however, that the number of Common Shares covered by any Option or to which such Option relates will always be a whole number, 

  
 - 5 -

	 	(b)	an adjustment will take effect at the time of the event giving rise to the adjustment, and the adjustments provided for in this Section are cumulative,

  

	 	(c)	the Company will not be required to issue fractional shares in satisfaction of its obligations hereunder. Any fractional interest in a Common Share that would, except
for the provisions of this §2.10(c), be deliverable upon the exercise of an Option will be cancelled and not be deliverable by the Company, and 

  

	 	(d)	if any questions arise at any time with respect to the Option price or number of Common Shares deliverable upon exercise of an Option in any of the events set out in
this §2.10(d), such questions will be conclusively determined by the Company’s Auditors, or, if they decline to so act, any other firm of Chartered Accountants, in Vancouver, British Columbia that the Company may designate and who will
have access to all appropriate records and such determination will be binding upon the Company and all Optionees. 

ARTICLE 3 

SHARE OPTIONS 

Subscription Price 
 3.1 The Subscription
Price per Optioned Share will be the greater of: 
  

	 	(a)	the closing price for the Common Shares on the Toronto Stock Exchange on the last trading day before the date of grant of the Option; 

 

	 	(b)	if the Board determines that the Subscription Price determined in §(a) is not a representative price, the weighted average of the trading prices for the Common
Shares on the five trading days before the date of grant of the Option; 

  

	 	(c)	if not listed on the Toronto Stock Exchange then as calculated in §(a) and §(b) above by reference to the price on any other stock exchange on which the
Common Shares are listed (if more than one, then using the exchange on which a majority of Common Shares are traded); or 

  

	 	(d)	if the Common Shares are not listed on a stock exchange then the price determined by the directors using good faith discretion. 

Term of Option 
 3.2 Except as described
in this §3.2, the term of an Option will be such period after the Option Effective Date of the Option, not exceeding 10 years, as the Board determines at the time of granting of the Option. If the Expiry Date for an Option occurs during a
Blackout Period applicable to the relevant Optionee, or within five business days after the expiry of a Blackout Period applicable to the relevant Optionee, then the Expiry Date for that Option will be the date that is the tenth business day after
the expiry date of the Blackout Period. 

  
 - 6 -

 Vesting of Option Rights 
 3.3 Options granted at a particular time may be exercised only 
  

	 	(a)	after the Option Commitment is received by the Optionee from the Chief Financial Officer of the Company, and 

 

	 	(b)	so that the total number of such Options that are and have been exercised does not at any time exceed that proportion of the number of Options so granted that

 (i) the number of calendar months that have elapsed after the end of the month in which such Options were
granted 
 is of 
 (ii) 48. 
 Variation of Vesting Periods 

3.4 If the Board determines with respect to an Optionee that it is desirable to grant to the Optionee an Option for which the vesting of rights should be
other than as provided in §3.3 or that it is desirable to alter the vesting periods of any particular Option, it may fix the vesting of that Option before or after its grant in such manner as it determines in its discretion. 

3.5 In the event of a Change of Control or Take Over Bid, in its discretion the Board may provide in the case of a particular Optionee that the Options
held by that Optionee may be exercised by the Optionee in full or in part at any time before the applicable vesting period for those Options. 

Limitation on Right to Exercise 
 3.6 No
Option may be exercised after the Optionee, if a Director has ceased to be a Director or if an Employee or other Service Provider has left the employ or service of the Company, except as follows: 

 

	 	(a)	in the case of death of an Optionee, all unvested rights of the Optionee under the Option will be deemed to have become fully vested immediately before the time of such
Optionee’s death, and the personal representatives of the Optionee will be entitled to exercise the Option at any time by the earlier of (i) the Expiry Date of the Option, and (ii) the first anniversary of the date on which the
Optionee died; 

  

	 	(b)	in the case of an Optionee retiring, all unvested option rights will be deemed to have become fully vested immediately before the time that the Optionee Retired, and
the Options held by the Optionee will be exercisable by the earlier of (i) the Expiry Date of the Options, or (ii) the first anniversary of the date on which the Optionee Retired; 

  
 - 7 -

	 	(c)	in the case of an Optionee becoming unable to work due to illness, injury or disability whether or not such Optionee is entitled to or in receipt of disability
benefits, all option rights will vest, and the Options held by the Optionee will be exercisable, on the same terms as if the Optionee had continued to be a Service Provider; 

 

	 	(d)	in the case of an Optionee resigning his office, or terminating his employment or service, or being dismissed without cause, the option rights that have accrued to such
Optionee up to the time of termination will be exercisable within the 30 days after the date of termination; and 

  

	 	(e)	in the case of an Optionee being dismissed from office, employment or service for cause, the Option and all option rights that had accrued to the Optionee to the date
of termination will immediately terminate; 

 but provided that in no event may the term of the Option exceed 10 years.
Notwithstanding the provisions of §(d), in its discretion and subject to the receipt of any required Regulatory Approval, the Board may extend the time period for exercise of an Option in the circumstances set out in §(d) and may also
permit the option to be exercised in respect of any Options that vest during any agreed upon severance period. 
 Non-Assignable

 3.7 Subject to §3.6(a) or as permitted by applicable regulatory authorities in connection with a transfer to a registered retirement
savings plan or registered retirement income fund established by or for the Optionee or under which the Optionee is the beneficiary, an Option may be exercisable only by the Optionee to whom it is granted and will not be assignable. 

Eligible Employees 
 3.8 Individuals who
are not Employees of the Company or one of its subsidiary corporations may not be granted Code Stock Options. For purposes of this §3.8, “subsidiary corporation” will have the meaning attributed to that term for purposes of
Section 422 of the Code. 
 Option Commitment 
 3.9 Upon grant of an Option hereunder, the Chief Financial Officer of the Company will deliver to the Service Provider an Option Commitment detailing the terms of his Option and upon such delivery the
Service Provider will be an Optionee in the Plan and have the right to purchase the Optioned Shares at the Subscription Price set out therein. 

Manner of Exercise 
 3.10 An Optionee who
wishes to exercise his Option may do so by delivering 
  

	 	(a)	a written notice to the Company specifying the number of Optioned Shares being acquired pursuant to the Option, and 

  
 - 8 -

	 	(b)	cash or a certified cheque payable to the Company for the aggregate Subscription Price for the Optioned Shares being acquired. 

Delivery of Certificate 
 3.11 Not later
than five days after receipt of the notice of exercise and payment in full for the Optioned Shares being acquired, the Company will direct its transfer agent to issue a certificate to the Optionee for the appropriate number of Optioned Shares.

 ARTICLE 4 
 GENERAL 
 Transferability 
 4.1 The benefits, rights and options accruing to any Optionee under the Plan will not be transferable by an Optionee other than in the manner provided for in the Plan. During the lifetime of an Optionee,
all benefits, rights and options may only be exercised by the Optionee or by his guardian or legal representative. 
 Employment and Services

 4.2 Nothing contained in the Plan will confer upon any Optionee any right with respect to employment or provision of services with the
Company or a Subsidiary, or interfere in any way with the right of the Company or a Subsidiary to terminate the Optionee’s employment or service at any time. Participation in the Plan by an Optionee will be voluntary. 

No Representation or Warranty 
 4.3 The
Company makes no representation or warranty as to the future market value of Common Shares issued in accordance with the provisions of the Plan. 
 Interpretation 
 4.4 The Plan will be governed and construed in accordance with the laws of
the Province of British Columbia. 
 Amendment of the Plan 
 4.5 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. 

4.6 Notwithstanding §4.5, the Board may not, without approval of the holders of a majority of the issued and outstanding equity securities of the
Company 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 Common Shares reserved for issuance under the Plan; 

  
 - 9 -

	 	(b)	make any amendment that would reduce the Subscription Price of an outstanding Option (including a cancellation and reissue of an Option at a reduced Subscription
Price); 

  

	 	(c)	amend or delete §3.2 to extend the term of any Option beyond the Expiry Date of the Option or, except as already contemplated under §3.2, allow for the Expiry
Date of an Option to be greater than 10 years; 

  

	 	(d)	permit assignments, or exercises other than by the Optionee, of Options beyond that contemplated by §3.6, except for an amendment that would permit the assignment
of an Option for estate planning or estate settlement purposes; 

  

	 	(e)	amend the Plan to provide for other types of compensation through equity issuance, unless the change to the Plan or an Option results from the application of
§2.10; and 

  

	 	(f)	amend or delete §2.6(d). 

 4.7 Without
limiting the generality of §4.5, 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
the rules of the Toronto Stock Exchange or any national securities exchange or system on which the Common Shares 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 Expiry Date; 

 

	 	(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 Subscription Price, the option period, and the vesting schedule; and 

  

	 	(g)	amendments to the Plan that are of a “housekeeping nature”. 

 4.8 In addition, in connection with Code Stock Options granted under the Plan, the Board will obtain shareholder approval of a Plan amendment to the extent required by Section

  
 - 10 -

 
422 of the Code, and any change or adjustment to an outstanding Code Stock Option will not, without the consent of the Optionee, be made in such a manner so as to constitute a
“modification” that would cause such Incentive Stock Option to fail to qualify as an Incentive Stock Option. 
 No Shareholder
Rights 
 4.9 Neither an Optionee nor the Optionee’s legal representative will be, or have any of the rights and privileges of, a
shareholder of the Company with respect to any Common Shares issuable to such Optionee upon the exercise or payment of any Option, in whole or in part, unless and until such Common Shares have been issued in the name of such Optionee or such
Optionee’s legal representative without restrictions thereto. 
 No Rights to Options 

4.10 No Service Provider, Optionee or other Person will have any claim to be granted any Option under the Plan, and there is no obligation for uniformity
of treatment of Service Providers, Optionees or holders or beneficiaries of Options under the Plan. The terms and conditions of Options need not be the same with respect to any Optionee or with respect to different Optionees. 

Compliance with Rules and Laws 
 4.11 The
Company will not be required to issue any Common Shares under the Plan unless such issuance is in compliance with all applicable laws, regulations, rules, orders of governmental or regulatory authorities and the requirements of any stock exchange
upon which Common Shares of the Company are listed. The Company will not in any event be obligated to take any action to comply with any such laws, regulations, rules, orders or requirements. 
 Adoption and Amendment of Plan 
 4.12 This Plan was adopted on April 18, 2007 and
amended on June 20, 2007, May 28, 2008 and May 12, 2009. 
 ARTICLE 5 

RESIDENTS OF CALIFORNIA 

5.1 Persons who are residents of the State of California will be subject to the additional terms and conditions set forth on Schedule “A”
to the Plan. 

  
 - 11 -

 SCHEDULE “A” 

PROVISIONS APPLICABLE TO RESIDENTS OF CALIFORNIA 
 This schedule “A” will have application only to optionees who are residents of the State of California on the date of grant of a stock option and only so long as the holder of such stock option
remains a resident of the State of California. Notwithstanding any provision contained in the Plan to the contrary, the following terms and conditions will apply to any options granted under the Plan to residents of California, to the extent
stated above and required by applicable law:  
 1. Stock options will have an exercise price which is not less than 100% of the fair value
of the stock at the time the option is granted, as determined by the Board, except that the exercise price will be 110% of the fair value in the case of any person who owns stock possessing more than 10% of the total combined voting power of all
classes of stock of the Company or its parent or subsidiary corporations. 
 2. To the extent required by applicable law, options will become
exercisable at the rate of at least 20% per year over five years from the date the option is granted. However, in the case of an option granted to officers, directors or consultants of the Company of its parent or subsidiary corporations, the
option may become fully exercisable, subject to reasonable restrictions such as continued employment, at any time or during any period established by the Company. 
 3. Unless employment is terminated for cause as defined by applicable law, the terms of the Plan or option grant or contract of employment, the right to exercise an option in the event of termination of
employment, to the extent that the optionee is otherwise entitled to exercise on the date employment terminates, will be: 
  

	 	(a)	six months from the date of termination if termination was caused by death or disability; and 

 

	 	(b)	at least 30 days from the date of termination if termination was caused by other than death or disability; 

but in no event will be later than six months from the date of termination as provided in §3.4 of the Plan. 

4. No option will be granted to a resident of California more than ten years after the earlier of the date of adoption of the Plan and the date the plan
is approved by the shareholders. 
 5. Shareholder will approve the Plan within 12 months before or after the date the Plan is adopted. Any
option exercised before shareholder approval is obtained must be rescinded if shareholder approval is not obtained within 12 months before or after the Plan is adopted. Such shares will not be counted in determining whether such approval is
obtained. 

 6. The Company will provide annual financial statements of the Company is each California resident holding
an outstanding option under the Plan as required by Section 260.140.46 of Title 10, California Code of Regulations. 

  
 - 2 -

 SCHEDULE “B” 

SHARE OPTION PLAN 
 OPTION COMMITMENT 
 Notice is hereby given that, effective this
     day of             , 20     (the “Effective Date”) Tekmira Pharmaceuticals Corporation (the “Company”)
has granted to                             , an Option to acquire
                     Common Shares (“Optioned Shares”) up to 5:00 p.m. Vancouver Time on the      day of
            , 20     (the “Expiry Date”) at a Subscription Price of
Cdn. $             per share. 
 Optioned Shares may be acquired as
follows: 

                        IN
ACCORDANCE WITH THE VESTING PROVISIONS SET OUT IN THE PLAN 
 or 
                         AS FOLLOWS 

The grant of the Option evidenced hereby is made subject to the terms and conditions of the Company’s Share Option Plan, the terms and conditions of
which are hereby incorporated herein. 
 To exercise your Option, deliver a written notice specifying the number of Optioned Shares you wish to
acquire, together with cash or a certified cheque payable to the Company for the aggregate Subscription Price, to the Company. A certificate for the Optioned Shares so acquired will be issued by the transfer agent as soon as practicable thereafter.

  

	
	TEKMIRA PHARMACEUTICALS CORPORATION
	
	  

	Chief Financial Officer

 SCHEDULE “C” 

SHARE OPTION PLAN 
 OPTION COMMITMENT 
 CODE STOCK OPTIONS 

Notice is hereby given that, effective this      day of
            , 20     (the “Effective Date”) Tekmira Pharmaceuticals Corporation (the “Company”) has granted to
                            , a Code Stock Option to acquire
                     Common Shares (“Optioned Shares”) up to 5:00 p.m. Vancouver Time on the     day of
            , 20     (the “Expiry Date”) at a Subscription Price of
Cdn. $              per share. 
 The grant of the Option evidenced
hereby is made subject to the terms and conditions of the Company’s Share Option Plan (the “Plan”), the terms and conditions of which are hereby incorporated herein. If the Plan has not been or is not approved by the shareholders of
the Company within 12 months before or after the adoption of the Plan, this Option will be invalid as a Code Stock Option. 
 Vesting:
Optioned Shares may be acquired as follows: 

                IN ACCORDANCE WITH THE VESTING PROVISIONS SET OUT
IN THE PLAN 
 or 

                AS FOLLOWS 

Term 
 The term of this Option is
     years from the date of grant, unless sooner terminated. 
 ISO Qualification 

To the extent that the aggregate Subscription Price of the shares with respect to which this Option is exercisable for the first time by you during any
calendar year (under this Option and all other Code Stock Options you hold) exceeds $100,000, the excess portion will be treated as an Option which does not qualify as a Code Stock Option unless the Internal Revenue Service changes the rules and
regulations governing the $100,000 limit for incentive stock options. In the event the Optionee holds two or more such Options that become exercisable for the first time in the same calendar year, such limitation will be applied on the basis of the
order in which such Options are granted. 

 Termination 
 Unless otherwise determined by the Board in its discretion, this Option will terminate immediately upon termination for cause or 30 days after cessation of employment with the Company or a related
corporation, but in each case not later than the remaining term of this Option. Unless the Board determines otherwise, this Option will also terminate upon the earlier of 6 months after death or the expiration of the remaining term of this Option.
However, to qualify for the beneficial tax treatment given Code Stock Options, this Option must in all cases be exercised within three months after termination of employment for reasons other than death or total disability and one year after
termination of employment due to total disability and before the expiration date by the personal representatives, heirs or legatees of the deceased Optionee in the case of termination due to death. 

Employment will be deemed to not continue beyond the first 90 days of a leave of absence unless the Optionee’s re-employment rights are guaranteed
by statute or contract. For purposes of this section, “total disability” means a mental or physical impairment of the Optionee that is expected to result in death or that has lasted or is expected to last for a continuous period of 12
months or more and that causes the Optionee to be unable, in the Company’s opinion, to perform his or her duties for the company and to be engaged in any substantial gainful activity. Total disability will be deemed to have occurred on the
first day after the Company and two independent physicians have furnished their opinion of total disability to the Board. 
 Exercise

 During your lifetime only you can exercise this Option. The Plan also provides for exercise of this Option by the personal representative
of your estate or the beneficiary thereof following your death. 
 10% Shareholders 

If an individual owns more than 10% of the total voting power of all classes of the Company’s stock, the exercise price per share of a Code Stock
Option will not be less than 110% of the Subscription Price of the Common Shares on the Effective Date and the Option term will not exceed five years. The determination of 10% ownership will be made in accordance with Section 422 of the
Internal Revenue Code of 1986, as amended (the “Code”). 
 Payment for Shares 

This Option may be exercised by the delivery of cash or a certified cheque payable to the Company for the aggregate Subscription Price for the shares
being acquired. 
 Withholding Taxes 
 As a condition to the exercise of any portion of this Option which does not qualify as a Code Stock Option, you may be requested to make such arrangements as the Company may require for the satisfaction
of any federal, state or local withholding tax obligations that may arise in connection with such exercise. The Company will have the right to retain without notice sufficient shares of stock to satisfy the withholding obligation by electing to have
the Company 

  
 - 2 -

 
or related corporation withhold from the shares to be issued upon exercise that number of shares having a fair market value equal to the amount required to be withheld. 

Transfer of Option 
 This Option is not
transferable except by will or by the applicable laws of descent and distribution. 
 Holding Periods 

If an individual subject to Section 16 of the Securities Exchange Act of 1934 (the “Exchange Act”) sells Optioned Shares obtained upon the
exercise of a Code Stock Option within 6 months after the Effective Date, such sale may result in short swing profit recovery under Section 16(b) of the Exchange Act. 
 In order to obtain certain tax benefits afforded to Code Stock Options under Section 422 of the Code, as amended, you must hold the shares issued upon the exercise of a Code Stock Option for two
years after the date of grant of this Option and one year from the date of exercise. You may be subject to the alternative minimum tax at the time of exercise. The Board may require an Optionee to give the Company prompt notice of any disposition of
shares acquired by the exercise of a Code Stock Option prior to the expiration of such holding periods. 
 You should obtain tax advice when
exercising any Option and prior to the disposition of the shares issued upon the exercise of any Option. 
 Registration 

If you are a resident of the United States, the Optioned Shares issued upon the exercise of this Option will be acquired in reliance upon an exemption
from the registration requirements of the Securities Act of 1933, as amended (the “Act”), pursuant to Section 3(b) and Rule 701 thereof, and you hereby represent that: 

 

	 	(a)	you believe, either alone or with the assistance of professional advisors, that you have such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of the purchase of the Optioned Shares; 

  

	 	(b)	you possess sufficient financial resources to be able to bear the risk of investment in the Optioned Shares; 

 

	 	(c)	you will be acquiring the Optioned Shares for investment purposes only and without a current intention of reselling or redistributing the same upon the occurrence or
non-occurrence of a predetermined event and understand that the Optioned Shares have not been, and may never be, registered under the Act and, therefore, cannot be sold unless subsequently registered under the Act or an exemption from registration
is available; 

  

	 	(d)	 you have spoken or met with, or been given reasonable opportunity to speak with or meet with, representatives of the Company for the purpose of asking
questions 

  
 - 3 -

	 	 
of, and receiving answers and information from, such representatives concerning your investment in the Optioned Shares; and 

 

	 	(e)	you understand that the Company will rely upon the representations set forth herein to claim exempt status under the Act. 

To exercise your Option, deliver a written notice specifying the number of Optioned Shares you wish to acquire, together with cash or a certified cheque
payable to the Company for the aggregate Subscription Price, to the Company. A certificate for the Optioned Shares so acquired will be issued by the transfer agent as soon as practicable thereafter. 

Please execute the Acceptance and Acknowledgement set forth below on the enclosed copy of this Option Commitment and return it to the undersigned.

  
 - 4 -

 ACCEPTANCE AND ACKNOWLEDGEMENT 

I, a resident of the State of             , accept the code stock option described
above and in Tekmira Pharmaceuticals Corporation’s Share Option Plan (the “Plan”), and acknowledge receipt of a copy of this Option Commitment and a copy of the Plan. I have read and understand the Plan. 

 

							
	Dated:
                                        
	 		 		 	  

		 		 	(Name)	 	
				
		 		 	Address	 	  

	  
	 		 		 	  

	Taxpayer I.D. Number	 		 		 	  

 By his or her signature below, the spouse of the Optionee, if such Optionee is legally married as of the date of his or her execution of this Agreement, acknowledges that he or she has read this Option
Commitment and the Plan and is familiar with the terms and provisions thereof, and agrees to be bound by all the terms and conditions of this Option Commitment and the Plan. 

 

							
	Date:
                                        
	 		 		 	
		 		 		 	  

		 		 		 	Spouse’s Signature
				
		 		 		 	  

		 		 		 	Printed Name

 By his or her signature below, the Optionee
represents that he or she is not legally married as of the date of execution of this Option Commitment. 
  

							
	Date:
                                        
	 		 		 	
		 		 		 	  

		 		 		 	Optionee’s Signature

 NOTICE OF EXERCISE OF CODE STOCK OPTION 

To:                        
     
 I, a resident of the State of
                     hereby exercise my Code Stock Option granted by Tekmira Pharmaceuticals Corporation (the “Company”) on
            , 20    , subject to all the terms and provisions thereof and of the Share Option Plan (the “Plan”), referred to therein and notify
the Company of my desire to purchase      shares of Common Shares of the Company (the “Securities”) at the subscription price of Cdn. $         per share which
were offered to me pursuant to said Option. 
 I hereby represent and warrant that: 

 

	 	(a)	I have been furnished with a copy of the Plan and all information which I deem necessary to evaluate the merits and risks of the purchase of the Securities;

  

	 	(b)	I have had the opportunity to ask questions and receive answers concerning the information received about the Securities and the Company; and 

 

	 	(c)	I have been given the opportunity to obtain any additional information I deem necessary to verify the accuracy of any information obtained concerning the Securities and
the Company. 

 I am aware that the Securities have not been registered under the Federal Securities Act of 1933 (the
“Act”) or any state securities laws, pursuant to exemptions(s) from registration. I understand that the reliance by the Company on such exemption(s) is predicated in part upon the truth and accuracy of the statements by me in this Notice
of Exercise. 
 I hereby represent and warrant that I am purchasing the Securities for my own personal account for investment and not with a
view to the sale or distribution of all or any part of the Securities. 
 I understand that because the Securities have not been registered
under the Act, I must continue to bear the economic risk of the investment of an indefinite time and the Securities cannot be sold unless the Securities are subsequently registered or an exemption from registration is available. 

I agree that I will in no event sell or distribute all or any part of the Securities unless: 

 

	 	(d)	there is an effective registration statement under the Act and applicable state securities laws covering any such transaction involving the Securities; or

  

	 	(e)	the Company receives an opinion of my legal counsel (concurred in by legal counsel for the Company) stating that such transaction is exempt from registration or the
Company otherwise satisfies itself that such transaction is exempt from registration. 

 I consent to the placing of a legend on
my certificate(s) for the Securities stating that the Securities have not been registered and setting forth the restriction on transfer contemplated 

 
hereby and to the placing of a stop transfer order on the books of the Company and with any transfer agents against the Securities until the Securities may be legally resold or distributed.

 I understand that at the present time Rule 144 of the Securities and Exchange Commission (the “SEC”) may not be relied on for the
resale or distribution of the Securities by me. I understand that the Company has no obligation to me to register the Securities with the SEC and has not represented to me that it will register the Securities. 

I am advised, prior to my purchase of the Securities, that neither the offering of the Securities nor any offering materials have been reviewed by any
administrator under the Act or any other applicable Securities Act (the “Acts”) and that the Securities have not been registered under any of the Acts and therefore cannot be resold unless they are registered under the Acts or unless an
exemption from such registration is available. 
  

					
	  
	 		  	  

	Name	 		  	Date
	  
	 		  	
	Address	 		  	
	  
	 		  	
	  
	 		  	
	Taxpayer I.D. Number	 		  	

  
 - 2-

 RECEIPT 
                              hereby acknowledges receipt
from                              in payment for      shares of
Common Shares of Tekmira Pharmaceuticals Corporation, a                              corporation of
                             in the form of cash. 

Cash 
 Certified Cheque 
  

							
	Date:	 	  
	 		  	  

 

									
	FMV on such date:	 	  
	 		  	For:	  	  

  
 - 3 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}]]