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As filed with the Securities and Exchange Commission on August 1, 2019

Registration No. 333-    

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM F-3

REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933

AETERNA ZENTARIS INC.

(Exact name of Registrant as specified in its charter)

Not Applicable

(Translation of Registrant’s name into English)

Canada

 

Not Applicable

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification Number)

315 Sigma Drive
Summerville, South Carolina 29486
(843) 900-3223

(Address and telephone number of Registrant’s principal executive offices)

Michael V. Ward

President and Chief Executive Officer

Aeterna Zentaris, Inc.,

315 Sigma Drive
Summerville, South Carolina 29486
(843) 900-3211

(Name, address, and telephone number of agent for service)

Copies to:

Michael V. Ward
Aeterna Zentaris Inc.

315 Sigma Drive
Summerville, South Carolina 29486
(843) 900-3211

 

Brian Pukier, Esq.
Jeff Hershenfield, Esq.
Stikeman Elliott LLP
5300 Commerce Court West
199 Bay Street
Toronto, Ontario
Canada, M5L 1B9
(416) 869-5205

 

Kathryn A. Erickson, Esq.
David P. Hooper, Esq.
Barnes & Thornburg LLP
One North Wacker Drive, Suite 4400
Chicago, Illinois 60606
United States
(312) 357-1313

 

Approximate date of commencement of proposed sale to the public: From time to time after this Registration Statement becomes effective.

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. o

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. x

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. o

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. o

If this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, please check the following box. o

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, please check the following box. o

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company                    o

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act.   o

 


†  The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

CALCULATION OF REGISTRATION FEE

Title of Each Class of Securities to be Registered

 

Amount to be
Registered(1)(2)(3)

 

Proposed
Maximum
Offering Price Per
Unit(3)

 

Proposed Maximum
Aggregate Offering
Price(3)(4)(5)

 

Amount of
Registration
Fee(3)(4)

 

Common Shares

 

 

 

 

 

 

 

 

 

Share Purchase Rights (2)

 

 

 

 

 

 

 

 

 

Preferred Shares

 

 

 

 

 

 

 

 

 

Warrants(6)

 

 

 

 

 

 

 

 

 

Units(7)

 

 

 

 

 

 

 

 

 

Total

 

US$ 45,000,000

 

 

 

US$ 45,000,000

 

US$0

 

 


(1)                                   There are being registered under this Registration Statement such indeterminate number of (i) Common Shares (no par value), (2) Preferred Shares (no par value), (3) Warrants to purchase Common Shares, and/or (4) Units comprised of one or more of the securities listed above in any combination as shall have an aggregate initial offering price not to exceed $45,000,000. The proposed maximum initial offering price per security will be determined, from time to time, by the Registrant in connection with the sale of the securities registered under this Registration Statement.

(2)                                   All Common Shares of the registrant carry rights to purchase additional Common Shares pursuant to the Shareholder Rights Plan Agreement between the registrant and Computershare Trust Company of Canada. Such purchase rights are attached to and trade with the Common Shares. The value, if any, attributable to the purchase rights is reflected in the value of the Common Shares.

(3)                                   Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the “Securities Act”), this Registration Statement also covers an indeterminable number of additional securities that may become issuable pursuant to terms designed to prevent dilution resulting from share splits, share dividends or similar events.

(4)                                   Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o). Pursuant to Rule 415(a)(6) under the Securities Act, the securities registered pursuant to this Registration Statement include $45,000,000 of unsold securities previously registered on the registrant’s Registration Statement on Form F-3 filed on March 21, 2017 and declared effective on April 27, 2017 (File No. 333-216853) (the “Prior Registration Statement”). The Prior Registration Statement registered Common Shares and Share Purchase Rights for a proposed maximum aggregate offering price of $50,000,000, of which $46,238,561 of such securities remain unsold. In connection with the filing of the Prior Registration Statement, the registrant paid a registration fee of $2,086.04 in respect of such unsold securities included on this Registration Statement. In accordance with Rule 415(a)(6), $45,000,000 of such unsold securities (and associated fees) are being moved from the Prior Registration Statement to this Registration Statement and accordingly there is no filing fee under this Registration Statement. Pursuant to Rule 415(a)(6) of the Securities Act, the $2,086.04 registration fee previously paid by the registrant relating to the unsold securities included on this Registration Statement will continue to be applied to such unsold securities.  To the extent that, after the filing date hereof and prior to the effectiveness of this Registration Statement, the Registrant sells any unsold securities pursuant to the Prior Registration Statement, the Registrant will identify in a pre-effective amendment to this Registration Statement the updated amount of unsold securities from the Prior Registration Statement to be included in this Registration Statement pursuant to Rule 415(a)(6) and the updated amount of any new securities to be registered on this Registration Statement.  Pursuant to Rule 415(a)(6) under the Securities Act, the offering of the unsold securities under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this Registration Statement.

(5)                                   Includes consideration received by the Registrant, if applicable, for registered securities that are issuable upon the exercise, conversion, or exchange of other registered securities.

(6)                                   Warrants may be sold separately or together with Common Shares or Preferred Shares of the Registrant.

(7)                                   Each Unit will be issued under a unit agreement or similar instrument and will represent an interest in two or more securities, which may or may not be separable from one another.

 

The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until this registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to Section 8(a) of the Securities Act, may determine.

 

 


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The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the United States Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and we are not soliciting offers to buy these securities in any state or other jurisdiction where the offer or sale is not permitted.

 

SUBJECT TO COMPLETION, DATED AUGUST 1, 2019

 

PROSPECTUS

 

 

US$45,000,000

 

Common Shares

Common Share Purchase Rights

Preferred Shares

Warrants

Units

 


 

Aeterna Zentaris Inc. (“Aeterna Zentaris”, “we”, “us” or the “Company”) may from time to time during the period that this prospectus (the “Prospectus”), including any amendments hereto, remains valid, offer, sell, and issue under this Prospectus, together or separately, in one or more offerings, any combination of the securities listed above  (the  “Securities”).  The maximum aggregate initial public offering price of the Securities offered through this Prospectus is US$45,000,000.

 

This Prospectus describes the general terms that may apply to the Securities offered.  The specific terms of any offering of Securities will be set out in the applicable supplement to this Prospectus (each, a “Prospectus Supplement”), including, where applicable, the type and number of Securities offered, the manner of determination of the public offering price, the currency in which the Securities will be issued and any other specific terms applicable thereto.

 

NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

 

Investing in the Securities involves a high degree of risk.  Before making any decision to invest in our Securities, you should carefully consider the information disclosed under “Risk Factors” beginning on page 2 of this Prospectus, as well as those risk factors contained or incorporated by reference into this Prospectus and in the applicable Prospectus Supplements.

 

Our common shares (“Common Shares”) are listed on both the NASDAQ Capital Market (“NASDAQ”) and on the Toronto Stock Exchange (“TSX”) under the symbol “AEZS”. On July 30, 2019, the last reported sales price of our Common Shares on NASDAQ was $2.51 per share and on TSX was C$3.31 per share.  None of the other Securities that we may offer through this Prospectus are currently traded on any securities exchange.

 

We may offer and sell the Securities on a continuous or delayed basis, through agents, dealers, or underwriters, or directly to purchasers in the U.S. without the involvement of agents, underwriters or dealers. We may also sell the securities directly to institutional investors or others in the U.S. who may be deemed to be underwriters within the meaning of the Securities Act with respect to any sale of those securities. The applicable Prospectus Supplement will set out the names of any agents, dealers, or underwriters, or any such direct institutional investors in or purchasers of our Securities involved in the sale or re-sale of our Securities and the plan of distribution for such Securities, including the manner of determination of the public offering price and the compensation of any such agents and/or such other amounts payable to any direct institutional investors in and purchasers of our Securities. Net proceeds from the sale of securities will be set forth in the applicable Prospectus Supplement. See “Plan of Distribution”. The Securities offered by this Prospectus have not been qualified in Canada and may not be offered or sold in Canada except pursuant to a Canadian prospectus or prospectus exemption.

 

The aggregate market value of our Common Shares held by non-affiliates pursuant to General Instruction I.B.5 of Form F-3 is $42,072,103 which was calculated based on 16,629,290 of our Common Shares outstanding and held by non-affiliates as of the date of this Prospectus and a price of $2.53 per share, the closing price of our Common Shares on NASDAQ on July 22, 2019. We have not sold any Securities of the types listed above pursuant to General Instruction I.B.5 of Form F-3 during the prior 12 calendar month period that ends on, and includes the date of this Prospectus.

 

The date of this Prospectus is                            , 2019

 


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TABLE OF CONTENTS

 

ABOUT THIS PROSPECTUS

1

 

 

SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS

1

 

 

RISK FACTORS

2

 

 

OUR BUSINESS

2

 

 

SECURITIES WE MAY OFFER

8

 

 

DESCRIPTION OF SHARE CAPITAL

9

 

 

DESCRIPTION OF WARRANTS

10

 

 

DESCRIPTION OF UNITS

11

 

 

USE OF PROCEEDS

12

 

 

PLAN OF DISTRIBUTION

12

 

 

CERTAIN INCOME TAX CONSIDERATIONS

15

 

 

LEGAL MATTERS

15

 

 

EXPERTS

15

 

 

ENFORCEABILITY OF CIVIL LIABILITIES

15

 

 

WHERE YOU CAN FIND MORE INFORMATION

15

 

 

DOCUMENTS INCORPORATED BY REFERENCE

16

 


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ABOUT THIS PROSPECTUS

 

This Prospectus is a part of a registration statement on Form F-3 that we have filed with the Securities and Exchange Commission (“SEC”) utilizing a shelf registration process. Under this shelf registration process, we may sell any combination of the Securities described in this prospectus as being offered, from time to time in one or more offerings, up to a total dollar amount of $45,000,000.

 

This Prospectus provides you with a general description of the Securities that we may offer. Each time we sell Securities, we will provide a Prospectus Supplement that will contain specific information about the terms of that offering. We may also authorize one or more free writing prospectuses to be provided to you that may contain material information relating to that offering.  The applicable Prospectus Supplement (and any related free writing prospectus that we may authorize to be provided to you) may also add, update or change information contained in this Prospectus or in the documents that we have incorporated by reference.  This Prospectus does not contain all of the information set forth in the registration statement and the exhibits to the registration statement.  If there is any inconsistency between the information in this Prospectus and the applicable Prospectus Supplement, you should rely on the information in the Prospectus Supplement. Before investing in our Securities, you should read both this Prospectus and any applicable Prospectus Supplement together with the additional information described under the heading “Where You Can Find More Information.”

 

The financial statements included in or incorporated by reference into this Prospectus have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. Our consolidated financial statements are subject to the standards of the Public Company Accounting Oversight Board (United States) and the SEC independence standards, and thus may not be comparable to financial statements of United States (“U.S.”) companies.

 

You should rely only on the information provided or incorporated by reference in this Prospectus, any free writing prospectus and any Prospectus Supplement, if applicable. We have not authorized anyone to provide you with different information. The information contained in this Prospectus is accurate only as of the date of this Prospectus, regardless of the time of delivery of this Prospectus or of any sale of our Securities.

 

Unless otherwise stated, currency amounts in this Prospectus are stated in United States dollars, or “$” or “US$”.

 

In this Prospectus and in any Prospectus Supplement, unless otherwise indicated, references to “we”, “us”, “our”, “Aeterna Zentaris” or the “Company” are to Aeterna Zentaris Inc., a Canadian corporation, and its consolidated subsidiaries, unless it is clear that such terms refer only to Aeterna Zentaris Inc. excluding its subsidiaries.

 

SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS

 

This Prospectus, the accompanying Prospectus Supplement and the documents incorporated herein by reference contain forward- looking statements made pursuant to the safe-harbor provision of the U.S. Securities Litigation Reform Act of 1995, which reflect our current expectations regarding future events. Forward-looking statements may include, but are not limited to statements preceded by, followed by, or that include the words “will,” “expects,” “believes,” “intends,” “would,” “could,” “may,” “anticipates,” and similar terms that relate to future events, performance, or our results. Forward-looking statements involve known risks and uncertainties, including those discussed in the Annual Report on Form 20-F, under the caption “Key Information - Risk Factors” filed with the relevant Canadian securities regulatory authorities in lieu of an annual information form and with the SEC. Known and unknown risks and uncertainties could cause our actual results to differ materially from those in forward-looking statements. Such risks include but are not limited to:

 

·                                           our now heavy dependence on the success of Macrilen™ (macimorelin) and related out-licensing arrangements and the continued availability of funds and resources to successfully launch the product;

 

·                                           the ability of Aeterna Zentaris to enter into out-licensing, development, manufacturing and marketing and distribution agreements with other pharmaceutical companies and keep such agreements in effect;

 

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·                                           reliance on third parties for the manufacturing and commercialization of our product candidates;

 

·                                           potential disputes with third parties, leading to delays in or termination of the manufacturing, development, out-licensing or commercialization of our product candidates, or resulting in significant litigation or arbitration, and, more generally, uncertainties related to the regulatory process;

 

·                                           the ability of the Company to efficiently commercialize or out-license Macrilen™ (macimorelin);

 

·                                           the degree of market acceptance of Macrilen™ (macimorelin);

 

·                                           our ability to obtain necessary approvals from the relevant regulatory authorities to enable us to use the desired brand names for our products;

 

·                                          the effect on the Company’s operations, cash flow and financial position because of the impact of the securities class action litigation;

 

·                                          any evaluation of potential strategic alternatives to maximize potential future growth and stakeholder value may not result in any such alternative being pursued, and even if pursued, may not result in the anticipated benefits;

 

·                                           our ability to take advantage of business opportunities in the pharmaceutical industry;

 

·                                           our ability to protect our intellectual property;

 

·                                           the potential of liability arising from shareholder lawsuits and general changes in economic conditions.

 

More detailed information about these and other factors is included under “Risk Factors” in this Prospectus, the accompanying Prospectus Supplement and in other documents incorporated herein by reference. Investors should consult the Company’s quarterly and annual filings with the Canadian and U.S. securities commissions for additional information on risks and uncertainties. Many of these factors are beyond our control. Future events may vary substantially from what we currently foresee. You should not place undue reliance on such forward-looking statements. The Company disavows and is under no obligation to update or alter such forward-looking statements whether as a result of new information, future results, events, developments or otherwise, unless required to do so by a governmental authority or applicable law.

 

RISK FACTORS

 

Investing in our Securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks described in the applicable Prospectus Supplement and any related free writing prospectus and under the captions “Risk Factors” in any of our filings with the SEC, including the item captioned “Risk Factors” in our most recent Annual Report on Form 20-F and subsequent consolidated financial statements and corresponding management’s discussion and analysis filed with the Canadian securities regulatory authorities and our Reports on Form 6-K furnished to the SEC including our unaudited interim consolidated financial statements and corresponding management’s discussion and analysis. For additional information, please see the sources described in “Where You Can Find More Information.”

 

These risks are not the only risks we face. Additional risks not presently known to us, or that we currently view as immaterial, may also impair our business, if any of the risks described in our SEC filings or any Prospectus Supplement or any additional risks actually occur, our business, financial condition, results of operations and cash flows could be materially and adversely affected. In that case, the value of our securities could decline substantially and you could lose all or part of your investment.

 

OUR BUSINESS

 

Overview. We are a specialty biopharmaceutical company engaged in commercializing novel pharmaceutical therapies, principally through out-licensing arrangements.  We are a party to a license and assignment agreement with Novo Nordisk A/S (“Novo”) to carry out development, manufacturing, registration, regulatory and supply chain for the commercialization of Macrilen™ (macimorelin), which is to be used in the diagnosis of patients with adult growth hormone deficiency (“AGHD”), in the United States

 

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and Canada (the “License and Assignment Agreement”).  In addition, we are actively pursuing business development opportunities for macimorelin in the rest of the world and to monetize the value of our non-strategic assets.

 

Our Strategy. Our primary business strategy is to finalize the development, manufacturing, registration and commercialization of Macrilen™ (macimorelin) through the License and Assignment Agreement in the United States and Canada. We continue to explore various alternatives to monetize our rights to Macrilen™ (macimorelin) in other countries around the globe, including whether to find other license partners in these jurisdictions. Our vision is to become a growth-oriented specialty biopharmaceutical company.

 

Drug Development.

 

Macrilen™ (macimorelin)

 

Macrilen™ (macimorelin) is a novel orally available peptidomimetic ghrelin receptor agonist that stimulates the secretion of growth hormone by binding to the ghrelin receptor (GHSR-1a) and that has potential uses in both endocrinology and oncology indications. Macrilen™ (macimorelin) was granted orphan-drug designation by the U.S. Food and Drug Administration (the “FDA”) for use in evaluating growth hormone deficiency (“GHD”).

 

Competitors for Macrilen™ (macimorelin) as a product for the evaluation of AGHD are principally the diagnostic tests currently performed by endocrinologists, although none of these tests are approved by the FDA for this purpose. The most commonly used diagnostic tests for GHD are:

 

·                                           Measurement of blood levels of Insulin Growth Factor (“IGF”)-1, which is typically used as the first test when GHD is suspected. However, this test is not used to definitively diagnose GHD because many growth hormone deficient patients show normal IGF-1 levels.

 

·                                           The Insulin Tolerance Test (“ITT”), which has historically been considered the gold standard for the evaluation of AGHD because of its high sensitivity and specificity. However, the ITT is inconvenient to both patients and physicians, administered intravenously (IV), and contra-indicated in certain patients, such as patients with coronary heart disease or seizure disorder, because it requires the patient to experience hypoglycemia to obtain an accurate result. Some physicians will not induce full hypoglycemia, intentionally compromising accuracy to increase safety and comfort for the patient. Furthermore, administration of the ITT includes additional costs associated with the patient being closely monitored by a physician for the two- to four-hour duration of the test and the test must be administered in a setting where emergency equipment is available and where the patient may be quickly hospitalized. The ITT is not used for patients with co-morbidities, such as cardiovascular disease, seizure disorder or a history of brain cancer or for patients who are elderly and frail, due to safety concerns.

 

·                                           The Glucagon Stimulation Test (“GST”) is considered relatively safe by endocrinologists. The mechanism of action for this test is unclear. Also, this test takes up to three to four hours. It produces side effects in up to one-third of the patients with the most common being nausea during and after the test. This test is administered intramuscularly (IM).

 

·                                           The GHRH + ARG test (growth hormone releasing hormone-arginine stimulation) which is an easier test to perform in an office setting and has a good safety profile but is considered to be costly to administer compared to the ITT and the GST. GHRH + ARG is approved in the EU and has been proposed to be the best alternative to ITT, but GHRH is no longer available in the United States. This test is administered intravenously (IV).

 

Oral administration of Macrilen™ (macimorelin) offers convenience and simplicity over the current GHD tests used, all of which require either intravenous or intramuscular administration. Additionally, Macrilen™ (macimorelin) may demonstrate a more favorable safety profile than existing diagnostic tests, some of which may be inappropriate for certain patient populations, e.g. diabetes mellitus or coronary heart disease, and have demonstrated a variety of side effects, which Macrilen™ (macimorelin) has not thus far. These factors may be limiting the use of GHD testing and may potentially enable Macrilen™ (macimorelin) to become the product of choice in evaluating

 

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AGHD. We believe that Macrilen™ (macimorelin) is likely to displace the ITT as the preferred means by endocrinologists of evaluating AGHD for the following reasons:

 

·                                           it is safer and more convenient than the ITT because it does not require the patient to become hypoglycemic;

 

·                                           Macrilen™ (macimorelin) is administered orally, while the ITT requires an intravenous injection of insulin;

 

·                                           Macrilen™ (macimorelin) is a more robust test than the ITT leading to evaluable test results;

 

·                                           Macrilen™ (macimorelin) results are highly reproducible;

 

·                                           the evaluation of AGHD using Macrilen™ (macimorelin) is less time-consuming and labor-intensive than the ITT; and

 

·                                           the evaluation can be conducted in the physician’s office rather than in a hospital-like setting.

 

We believe that approximately 15,000 AGHD tests will be conducted annually, in the U.S., after full market introduction of Macrilen™ (macimorelin). In addition, based on published information from the U.S. Centers for Disease Control and Prevention, different scientific publications and Huron and Navigant Research, we estimate that the total potential U.S. market for AGHD evaluation is approximately 65,000 tests per year, including the evaluation of patients who have suffered traumatic brain injury (“TBI”). In patients with TBI, GHD is frequent and may contribute to cognitive sequelae and reduction in quality of life.  GHD may develop in approximately 28% of TBI victims according to a recent 5 year prospective study.

 

Development History

 

The following is a summary of the history of our development of Macrilen™ (macimorelin):

 

2004 - 2014

 

·                                           We out-licensed the development compound macimorelin acetate to Ardana Bioscience in 2004. Ardana Bioscience subsequently initiated the clinical development program of macimorelin acetate as an orally active compound intended to be used in the diagnosis of AGHD, however in 2008 Ardana Bioscience filed for bankruptcy so we terminated the license and regained rights to the compound. On October 19th, 2009, we announced that we would continue the macimorelin clinical development program for use in evaluating the AGHD and assumed the sponsorship of the Investigational New Drug Application (IND). On December 20, 2010, we announced we had reached agreement with the FDA on a Special Protocol Assessment (“SPA”) for Macrilen™ (macimorelin), enabling us to complete the ongoing registration study required to gain approval for use in evaluating AGHD. On July 26, 2011, we announced the completion of the Phase 3 study of Macrilen™ (macimorelin) as a first oral product for use in evaluating AGHD and the decision to meet with the FDA for the future filing of an NDA for the registration of Macrilen™ (macimorelin) in the United States. On June 26, 2012, we announced that the final results from a Phase 3 trial for Macrilen™ (macimorelin) showed that the drug is safe and effective in evaluating AGHD. In November 2013, we filed an NDA for Macrilen™ (macimorelin) for the evaluation of AGHD by evaluating the pituitary gland secretion of growth hormone in response to an oral dose of the product. The FDA accepted the NDA for substantive review in January 2014. On November 6, 2014, the FDA informed us, by issuing a Complete Response Letter (“CRL”), that it had determined that our NDA could not be approved in its then present form. The CRL stated that the planned analysis of our pivotal trial did not meet its stated primary efficacy objective as agreed to in the SPA. The CRL further mentioned issues related to the lack of complete and verifiable source data for determining whether patients were accurately diagnosed with AGHD. The FDA concluded that, “in light of the failed primary analysis and data deficiencies noted, the clinical trial does not by itself support the indication.” To address the deficiencies identified above, the CRL stated that we needed to demonstrate the efficacy of Macrilen™ (macimorelin) as a diagnostic test for GHD in a new, confirmatory clinical study. The CRL also stated that a serious event of electrocardiogram QT interval prolongation occurred for which attribution to drug could not be excluded. Therefore, a dedicated thorough

 

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QT study to evaluate the effect of macimorelin on the QT interval would be necessary for FDA clearance and approval.

 

2015 - present

 

·                                           Following receipt of the CRL, we assembled a panel of experts in the field of growth-hormone deficiency, including experts in the field from both the United States and the EU. The panel met on January 8, 2015, during which we discussed our conclusions from the CRL, as well as the potential design of a new pivotal study. The panel advised us to continue to seek approval for Macrilen™ (macimorelin) because of their confidence in its efficacy and because there currently is no FDA-approved diagnostic test for AGHD. In parallel, we collected information on timelines and costs for such a study.

 

·                                           During an end-of-review meeting with the FDA on March 6, 2015, we agreed with the FDA on the general design of the confirmatory Phase 3 study of Macrilen™ (macimorelin) for the evaluation of AGHD, as well as evaluation criteria. We agreed with the FDA that the confirmatory study will be conducted as a two-way crossover with the ITT as the benchmark comparator.

 

·                                           On April 13, 2015, we announced plans to conduct a new, confirmatory Phase 3 clinical study to demonstrate the efficacy of Macrilen™ (macimorelin) for the evaluation of AGHD, as well as a dedicated thorough QT study to evaluate the effect of Macrilen™ (macimorelin) on myocardial repolarization. The confirmatory Phase 3 clinical study of Macrilen™ (macimorelin), entitled “Confirmatory validation of oral macimorelin as a growth hormone (GH) stimulation test (ST) for the diagnosis of AGHD in comparison with the insulin tolerance test (ITT)”, was designed as a two-way crossover study with the ITT as the benchmark comparator and involved 31 sites in the United States and Europe. The study population was planned to include at least 110 subjects (at least 55 ITT-positive and 55 ITT-negative) with a medical history documenting risk factors for AGHD, and was planned to include a spectrum of subjects from those with a low risk of having AGHD to those with a high risk of having the condition.

 

·                                           On May 26, 2015, we announced that we had received written scientific advice from the EMA regarding the further development plan, including the study design, for the new confirmatory Phase 3 clinical study of Macrilen™ (macimorelin) for use in evaluating AGHD. As a result of the advice, we believe that the confirmatory Phase 3 study that was agreed with the FDA meets the EMA’s study-design expectations as well, allowing for U.S. and European approval, if the study is successful.

 

·                                           On November 19, 2015, we announced the enrollment of the first patient in the confirmatory Phase 3 clinical study of Macrilen™ (macimorelin).

 

·                                           On October 26, 2016, we announced completion of patient recruitment for the confirmatory Phase 3 clinical trial of Macrilen™ (macimorelin) as a growth hormone stimulation test for the evaluation of AGHD. In addition, we completed the dedicated QT study as requested by the FDA in the CRL to evaluate the effect of Macrilen™ (macimorelin) on the QT interval.

 

·                                           On January 4, 2017, we announced that, based on an analysis of top-line data, the confirmatory Phase 3 clinical trial of Macrilen™ (macimorelin) failed to achieve one of its co-primary endpoints. Under the study protocol, the evaluation of AGHD with Macrilen™ (macimorelin) would be considered successful, if the lower bound of the two-sided 95% confidence interval for the primary efficacy variables was 75% or higher for “percent negative agreement” with the ITT, and 70% or higher for the “percent positive agreement” with the ITT. While the estimated percent negative agreement met the success criteria, the estimated percent positive agreement did not reach the criteria for a successful outcome. Therefore, the results did not meet the pre-defined equivalence criteria which required success for both the percent negative agreement and the percent positive agreement.

 

·                                           On February 13, 2017, we announced that, after reviewing the raw data on which the top-line data were based, we had concluded that Macrilen™ (macimorelin) had demonstrated performance supportive of achieving FDA registration and that we intended to pursue registration. The announcement set forth the facts on which our conclusion was based. The Company met with the FDA at the end of March 2017 to discuss this position.

 

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·                                          On March 7, 2017, we announced that the Pediatric Committee (“PDCO”) EMA agreed to the Company’s Pediatric Investigation Plan (“PIP”) for Macrilen™ (macimorelin) and agreed that the Company may defer conducting the PIP until after it files a Marketing Authorization Application (“MAA”) seeking marketing authorization for the use of Macrilen™ (macimorelin) for the evaluation of AGHD.

 

·                                           On July 18, 2017, we were provided a PDUFA date of December 30, 2017 by the FDA.

 

·                                           On November 27, 2017, the EMA accepted our MMA submission for Macrilen™ (macimorelin).

 

·                                           On December 20, 2017, the FDA approved the market authorization for Macrilen™ (macimorelin), to be used in the diagnosis of patients with adult growth hormone deficiency (AGHD).

 

·                                           On January 16, 2018, the Company, through AEZS Germany, entered into a License and Assignment Agreement to carry out development, manufacturing, registration, regulatory and supply chain services for the commercialization of Macrilen™ (macimorelin) in the U.S. and Canada as further described below.

 

·                                           In the August 2018, Volume 103, Issue 8 edition of The Journal of Clinical Endocrinology and Metabolism, the pivotal Phase 3 data from the macimorelin confirmatory trial was published by Jose M. Garcia, MD, PhD, et al., titled ‘Macimorelin as a Diagnostic Test for Adult GH Deficiency’.

 

·                                           On November 19, 2018, we announced the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) adopted a positive opinion recommending a marketing authorization for macimorelin.

 

·                                           On January 16, 2019, the Company announced that the EMA granted marketing authorization for macimorelin.

 

Macrilen™ (macimorelin) License and Assignment Agreement

 

On January 16, 2018, the Company, through AEZS Germany, entered into a License and Assignment Agreement with Strongbridge Ireland Limited (“Strongbridge”) to carry out development, manufacturing, registration, regulatory and supply chain services for the commercialization of Macrilen™ (macimorelin) in the U.S. and Canada. This agreement provides (i) for the “right to use” license relating to the Adult Indication; (ii) for the right to acquire a license for the Pediatric Indication if and when the FDA approves a pediatric indication; (iii) that the licensee is to fund 70% of the costs of a pediatric clinical trial submitted for approval to the EMA and FDA (the “PIP”) to be run by the Company with customary oversight from a joint steering committee (the “JSC”); and (iv) the Interim Supply Arrangement.

 

Effective December 19, 2018, Strongbridge sold the United States and Canadian rights to Macrilen™ (macimorelin) under the License and Assignment Agreement to Novo for a payment plus tiered royalties on net sales and Novo will fund Strongbridge’s Macrilen™ (macimorelin) field organization as a contract field force to promote the product in the United States for up to three years.

 

(i)                                      Adult Indication

 

Under the terms of the License and Assignment Agreement, and for as long as Macrilen™ (macimorelin) is patent-protected, the Company will be entitled to a 15% royalty on annual net sales up to $75.0 million and an 18% royalty on annual net sales above $75.0 million. Following the end of patent protection in the United States or Canada for Macrilen™ (macimorelin), the Company will be entitled to a 5% royalty on net sales in that country. In addition, the Company will receive one-time payments ranging from $4.0 million to $100.0 million upon the achievement of commercial milestones going from $25.0 million annual net sales up to $500.0 million annual net sales.

 

In January 2018, the Company received a cash payment of $24.0 million from Strongbridge and on July 23, 2018, Strongbridge launched product sales of Macrilen™ (macimorelin) in the United States. In 2018, the Company received royalty fees of $183,878 and in the first quarter of 2019 received royalty fees of $12,872 under the License and Assignment Agreement.

 

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(ii)                                   Pediatric Indication

 

Upon approval by the FDA of a pediatric indication for Macrilen™ (macimorelin), the Company will receive a one-time milestone payment from Novo of $5.0 million.

 

(iii)                                PIP study

 

We have initiated an open label, single dose trial to investigate the pharmacokinetics, pharmacodynamics, safety and tolerability of macimorelin in pediatric patients from two to less than 18 years of age with suspected growth hormone deficiency (“GHD”). Under the terms of the License and Assignment Agreement, the licensee will pay 70% and the Company will pay the remaining 30% of the research and development costs associated with the PIP. The Company invoiced $358,000 in 2018 and $307,705 in the first quarter of 2019 as licensee’s share of the costs incurred by the Company under the PIP.

 

(iv)                               Interim supply arrangement

 

The Company has agreed to supply ingredients for the manufacture of Macrilen™ (macimorelin) during an interim period at a price that is set ‘at cost’, without any profit margin. The Company invoiced $2,108,000 in 2018 and no amounts in the first quarter of 2019 under an interim supply agreement.

 

Rest of world commercialization of macimorelin

 

On January 16, 2019, we announced that the EMA had granted marketing authorization for macimorelin for the diagnosis of AGHD. AGHD may occur in an adult patient who has a history of childhood onset GHD or may occur during adulthood as an acquired condition. Considering a population of 512 million for the European Union and the UK, research based on prevalence suggests that at least 35,000 adults could be afflicted with GHD.  This milestone marks a key development in our European commercialization strategy and we are in discussions with a variety of companies regarding licensing and/or distribution opportunities in the rest of the world.

 

Special Committee

 

On March 12, 2019, we announced that our board of directors (the “Board of Directors”) formed a special committee of independent directors (the “Special Committee”) to review strategic options available to the Company. The Special Committee has approved the engagement by the Company of a financial advisor that is working with management to assist the Special Committee and the Board of Directors in considering a wide range of transactions (including opportunities for the license of Macrilen™ (macimorelin)  outside of the United States and Canada), or other monetization transactions relating to Macrilen™ (macimorelin). As of the date hereof, the Special Committee continues to evaluate strategic options but has not recommended that the Company enter into any particular transaction at this time.

 

Restructuring in Germany

 

On June 7, 2019, we announced that the Company is reducing the size of its German workforce and operations to more closely reflect the Company’s ongoing commercial activities in Frankfurt. This restructuring will affect eight employees in Frankfurt, Germany and is expected to result in US$773,000 of severance costs that is expected to be paid by January 31, 2020.

 

Corporate Information

 

We were incorporated on September 12, 1990 under the Canada Business Corporations Act (the “CBCA”) and continue to be governed by the CBCA. Our registered address is located at 5300 Commerce Court West, 199 Bay Street, Toronto, Ontario, Canada M5L 1B9 c/o Stikeman Elliott, LLP. Our principal executive offices are located at 315 Sigma Drive, Summerville, South Carolina 29486; our telephone number is (843) 900-3223 and our website is www.zentaris.com. None of the documents or information found on our website shall be deemed to be included in or incorporated by reference into this Annual Report on Form 20-F, unless such document is specifically incorporated herein by reference. The SEC also maintains a website at www.sec.gov that contains reports, proxy statements and other information regarding registrants that file electronically with the SEC.

 

We currently have three wholly owned direct and indirect subsidiaries, Aeterna Zentaris GmbH (“AEZS Germany”), based in Frankfurt, Germany, Zentaris IVF GmbH, a direct wholly owned subsidiary of AEZS

 

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Germany, based in Frankfurt, Germany, and Aeterna Zentaris, Inc., an entity incorporated in the State of Delaware with an office based in Summerville, South Carolina in the U.S.

 

SECURITIES WE MAY OFFER

 

The Securities that may be offered from time to time through this Prospectus are:

 

·                   Common Shares;

 

·                   Preferred Shares, which we may issue in one or more series;

 

·                   Rights to purchase Common Shares;

 

·                   Warrants entitling the holders to purchase Common or Preferred Shares; and

 

·                   Units.

 

We will describe the terms of particular Securities that we may offer in the accompanying Prospectus Supplement we will deliver with this Prospectus.  This Prospectus may not be used to offer or sell any securities unless accompanied by a Prospectus Supplement . In each Prospectus Supplement we will include, if relevant and material, the following information:

 

·                   Type and amount of Securities which we propose to sell;

 

·                   Initial public offering price of the Securities;

 

·                   Rates and times of payment of interest, dividends, or other payments, if any;

 

·                   Redemption, conversion, exercise, exchange, settlement, or sinking fund terms, if any;

 

·                   Ranking;

 

·                   Voting or other rights, if any;

 

·                   Conversion, exchange, or settlement prices or rates, if any, and, if applicable, any provisions for changes to or adjustments in the conversion, exchange, or settlement prices or rates in the Securities or other property receivable upon conversion, exchange, or settlement;

 

·                   Names of the underwriters, agents, or dealers, if any, through or to which we or any selling securityholder will sell the Securities;

 

·                   Compensation, if any, of those underwriters, agents, or dealers;

 

·                   Details regarding over-allotment options, if any;

 

·                   Net proceeds to us;

 

·                   Information about any securities exchange or automated quotation system on which the Securities will be listed or traded;

 

·                   Material Canadian and United States federal income tax considerations applicable to the Securities;

 

·                   Any material risk factors associated with the Securities; and

 

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·                   Any other material information about the offer and sale of the Securities.

 

In addition, the applicable Prospectus Supplement and any related free writing prospectus may add, update or change the information contained in this Prospectus or in the documents we have incorporated by reference.

 

DESCRIPTION OF SHARE CAPITAL

 

Our authorized share capital structure consists of an unlimited number of shares of the following classes (all classes are without nominal or par value): Common Shares; and first preferred shares (the “First Preferred Shares”) and second preferred shares (the “Second Preferred Shares” and, together with the First Preferred Shares, the “Preferred Shares”), each issuable in series. As of the date of this Prospectus, there are 16,440,760 Common Shares issued and outstanding. No Preferred Shares have been issued to date.

 

Common Shares

 

The holders of the Common Shares are entitled to one vote for each Common Share held by them at all meetings of shareholders, except meetings at which only shareholders of a specified class of shares are entitled to vote. In addition, the holders are entitled to receive dividends if, as and when declared by the Board of Directors on the Common Shares. Finally, the holders of the Common Shares are entitled to receive the remaining property of the Company upon any liquidation, dissolution or winding-up of the affairs of the Company, whether voluntary or involuntary. Shareholders have no liability to further capital calls as all issued and outstanding shares are fully paid and non-assessable.

 

Shareholder Rights Plan

 

The Board of Directors approved a shareholder rights plan of the Company on March 29, 2016, which was approved, ratified and confirmed by the shareholders at the annual and special meeting of shareholders of the Company on May 10, 2016 (the “Existing Rights Plan”). The Existing Rights Plan was implemented to ensure, to the extent possible, that all shareholders of the Company are treated fairly in connection with any take-over bid or other acquisition of control of the Company.

 

The Board of Directors reviewed the terms of the Existing Rights Plan for conformity with current Canadian securities laws, as well as the evolving practices of public corporations in Canada, with respect to shareholder rights plan design and made some minor amendments thereto as a result.

 

The Board of Directors determined it appropriate and in the best interests of the shareholders to continue the Existing Rights Plan and approved the amended and restated shareholder rights plan (the “Rights Plan”) on March 26, 2019. The Rights Plan took effect immediately upon receipt of approval of the shareholders of the Company at the annual and special meeting of shareholders held on May 8, 2019.

 

The fundamental objectives of the Rights Plan are to provide adequate time for our Board of Directors and shareholders to assess an unsolicited take-over bid for us, to provide the Board of Directors with sufficient time to explore and develop alternatives for maximizing shareholder value if a take-over bid is made, and to provide shareholders with an equal opportunity to participate in a take-over bid. The Rights Plan encourages a potential acquirer who makes a take-over bid to proceed either by way of a “Permitted Bid,” which requires a take-over bid to satisfy certain minimum standards designed to promote fairness, or with the concurrence of our Board of Directors. If a takeover bid fails to meet these minimum standards and the Rights Plan is not waived by the Board of Directors, the Rights Plan provides that holders of Common Shares, other than the acquirer, will be able to purchase additional Common Shares at a significant discount to market, thus exposing the person acquiring Common Shares to substantial dilution of its holdings.

 

Pursuant to the terms of the Rights Plan, one right was issued in respect of each common share outstanding at 5:01 p.m. on March 29, 2016 (the “Record Time”). In addition, we will issue one right for each additional Common Share issued after the Record Time and prior to the earlier of the Separation Time (as defined in the Rights Plan) and the Expiration Time (as defined in the Rights Plan). The rights have an initial exercise price equal to the Market Price (as defined in the Rights Plan) of the Common Shares as determined at the Separation Time, multiplied by five, subject to certain anti-dilution adjustments (the “Exercise Price”), and they are not exercisable until the Separation Time. Upon the occurrence of a Flip-in Event (as defined in the Rights Plan), each right will

 

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entitle the holder thereof, other than an Acquiring Person (as defined in the Rights Plan) or any other person whose rights are or become void pursuant to the provisions of the Rights Plan, to purchase from us, effective at the close of business on the eighth trading day after the Stock Acquisition Date (as defined in the Rights Plan), upon payment to us of the Exercise Price, Common Shares having an aggregate Market Price equal to twice the Exercise Price on the date of consummation or occurrence of such Flip-in Event, subject to certain anti-dilution adjustments.

 

The Rights Plan is described in detail in Item 10.B. of our most recent Annual Report on Form 20-F.

 

Preferred Shares

 

The Preferred Shares are issuable in series with rights and privileges specific to each class. The holders of Preferred Shares are not entitled to receive notice of or to attend or vote at meetings of shareholders. The holders of First Preferred Shares are entitled to preference and priority to any participation of holders of Second Preferred Shares, Common Shares or shares of any other class of shares of the share capital of the Company ranking junior to the First Preferred Shares with respect to dividends and, in the event of the liquidation of the Company, the distribution of its property upon its dissolution or winding-up, or the distribution of all or part of its assets among the shareholders, to an amount equal to the value of the consideration paid in respect of such shares outstanding, as credited to the issued and paid-up share capital of the Company, on an equal basis, in proportion to the amount of their respective claims in regard to such shares held by them. The holders of Second Preferred Shares are entitled to preference and priority to any participation of holders of Common Shares or shares of any other class of shares of the share capital of the Company ranking junior to the Second Preferred Shares with respect to dividends and, in the event of the liquidation of the Company, the distribution of its property upon its dissolution or winding-up, or the distribution of all or part of its assets among the shareholders, to an amount equal to the value of the consideration paid in respect of such shares outstanding, as credited to the issued and paid-up share capital of the Company, on an equal basis, in proportion to the amount of their respective claims in regard to such shares held by them.

 

Our Board of Directors may, from time to time, provide for additional series of Preferred Shares to be created and issued, but the issuance of any Preferred Shares is subject to the general duties of the directors under the CBCA to act honestly and in good faith with a view to the best interests of the Company and to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.

 

DESCRIPTION OF WARRANTS

 

The complete terms of the warrants will be contained in the applicable warrant agreement and warrant. These documents have been or will be included or incorporated by reference as exhibits to the registration statement of which this Prospectus is a part. You should read the warrant and warrant agreement. You should also read the Prospectus Supplement, which will contain additional information and which may update or change some of the information below.

 

Warrants We May Offer

 

We may issue warrants for the purchase of Common Shares or Preferred Shares in one or more series. If we offer warrants, we will describe the terms in a Prospectus Supplement (and any free writing prospectus). Warrants may be offered independently, together with other Securities offered by any Prospectus Supplement, or through a dividend or other distribution to shareholders and may be attached to or separate from other Securities. Warrants may be issued under a written warrant agreement to be entered into between us and the holder or beneficial owner, or under a written warrant agreement with a warrant agent specified in a Prospectus Supplement. A warrant agent would act solely as our agent in connection with the warrants of a particular series and would not assume any obligation or relationship of agency or trust for or with any holders or beneficial owners of those warrants.

 

The following are some of the terms relating to a series of warrants that could be described in a Prospectus Supplement:

 

·                   Title of the warrants;

 

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·                   Aggregate number of warrants;

 

·                   Price or prices at which the warrants will be offered;

 

·                   Designation, number, aggregate principal amount, denominations, and terms of the Securities that may be purchased on exercise of the warrants;

 

·                   Date, if any, on and after which the warrants and the related Securities will be separately transferable;

 

·                   Purchase price for each security purchasable on exercise of the warrants;

 

·                   Dates on which the right to purchase certain Securities upon exercise of the warrants will begin and expire;

 

·                   Minimum or maximum number of Securities that may be purchased at any one time upon exercise of the warrants;

 

·                   Anti-dilution provisions or other adjustments to the exercise price of the warrants;

 

·                   Terms of any rights that we may have to redeem or call the warrants;

 

·                   Effect of any merger, consolidation, sale, or other transfer of our business on the warrants and the applicable warrant agreement;

 

·                   Name and address of the warrant agent, if any;

 

·                   Information with respect to book-entry procedures;

 

·                   A discussion of material Canadian and/or U.S. federal income tax considerations; and

 

·                   Other material terms, including terms relating to transferability, exchange, exercise, or amendments of the warrants.

 

Until any warrants to purchase our Securities are exercised, holders of the warrants will not have any rights of holders of the underlying Securities.

 

DESCRIPTION OF UNITS

 

The complete terms of the units will be contained in the unit agreement and any related documents applicable to any units. These documents have been or will be included or incorporated by reference as exhibits to the registration statement of which this Prospectus is a part. You should read the unit agreement and any related documents. You also should read the Prospectus Supplement, which will contain additional information and which may update or change some of the information below.

 

We may issue units, in one or more series, consisting of any combination of one or more of the other Securities described in this prospectus. If we offer units, we will describe the terms in a Prospectus Supplement (and any free writing prospectus). Units may be issued under a written unit agreement to be entered into between us and the holder or beneficial owner, or we could issue units under a written unit agreement with a unit agent specified in a Prospectus Supplement. A unit agent would act solely as our agent in connection with the units of a particular series and would not assume any obligation or relationship of agency or trust for or with any holders or beneficial owners of those units.

 

Each unit will be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included security.

 

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The following are some of the unit terms that could be described in a Prospectus Supplement:

 

·                   Title of the units;

 

·                   Aggregate number of units;

 

·                   Price or prices at which the units will be offered;

 

·                   Currency or currency unit in which the units are denominated;

 

·                   Designation and terms of the units and of the Securities comprising the units, including whether and under what circumstances those Securities may be held or transferred separately;

 

·                   Effect of any merger, consolidation, sale, or other transfer of our business on the units and the applicable unit agreement;

 

·                   Name and address of the unit agent, if any;

 

·                   Information with respect to book-entry procedures;

 

·                   A discussion of material Canadian and/or U.S. federal income tax considerations; and

 

·                   Other material terms, including terms relating to transferability, exchange, exercise, or amendments of the units.

 

The provisions described in this section, as well as those described under “Description of Share Capital” and “Description of Warrants” will apply to each unit and to any Common Shares, Preferred Shares, or warrant included in each unit, respectively.

 

The unit agreement under which a unit is issued may provide that the securities included in the unit may not be held or transferred separately, at any time or at any time before a specified date. We will file as an exhibit to a filing with the SEC that is incorporated by reference into this Prospectus the forms of the unit agreements containing the terms of the units being offered. The description of units in any Prospectus Supplement will not necessarily describe all of the terms of the units in detail. You should read the applicable unit agreements for a complete description of all of the terms.

 

USE OF PROCEEDS

 

We will retain broad discretion over the use of the net proceeds from the sale of the Securities offered by this Prospectus. Unless otherwise specified in the applicable Prospectus Supplement or any related free writing prospectus, we currently expect to use the net proceeds of our sale of Securities for general corporate purposes.

 

General corporate purposes may include, among other purposes, the funding of a pediatric clinical trial in the E.U. and U.S. for Marcelin™ (macimorelin). We may temporarily invest funds that we do not immediately need for these purposes in investment securities or use them to make payments on our borrowings.  All expenses relating to an offering of Securities and any compensation paid to underwriters, dealers or agents, as the case may be, will be paid out of our general funds or from the proceeds of any offering under this Prospectus or a Prospectus Supplement. The use of proceeds will be specified in the Prospectus Supplement relating to a particular offering of Securities, as required by applicable securities legislation.

 

PLAN OF DISTRIBUTION

 

We may sell the Securities from time to time pursuant to public offerings, negotiated transactions, block trades, sales at-the-market to or through a market maker or into an existing trading market, on an exchange or otherwise, or a combination of these methods. We may sell the Securities to or through an underwriter or group of underwriters managed or co-managed by one or more

 

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underwriters, or to or through dealers, through agents, directly to one or more investors or through a combination of such methods of sale.

 

We may distribute Securities from time to time in one or more transactions:

 

·               at a fixed price or prices which may be changed;

 

·               at market prices prevailing at the time of sale;

 

·               at prices related to such prevailing market prices; or

 

·               at negotiated prices.

 

Each time we sell Securities a Prospectus Supplement will describe the method of distribution of the Securities and any applicable restrictions.

 

The Prospectus Supplement or supplements will describe the terms of the offering of the Securities, including:

 

·               the name or names of the underwriters, placement agents or dealers, if any;

 

·               the purchase price of the Securities and the proceeds we will receive from the sale;

 

·               any over-allotment options under which underwriters may purchase additional Securities from us;

 

·               any agency fees or underwriting discounts and other items constituting agents’ or underwriters’ compensation;

 

·               any discounts or concessions allowed or reallowed to be paid to dealers (which may be changed at anytime); and

 

·               any securities exchange or market on which the Securities may be listed or quoted.

 

In addition, we may enter into derivative transactions with third parties, or sell securities not covered by this Prospectus to third parties in privately negotiated transactions. In connection with such a transaction, the third parties may sell securities covered by and pursuant to this Prospectus and an applicable Prospectus Supplement. If so, the third party may use securities borrowed from us or others to settle such sales and may use securities received from us to close out any related short positions.

 

We may determine the price or other terms of the Securities offered under this Prospectus by use of an electronic auction. We will describe in the applicable Prospectus Supplement how any auction will be conducted to determine the price or any other terms of the Securities, how potential investors may participate in the auction and, where applicable, the nature of the underwriters’ obligations with respect to the auction.

 

Unless stated otherwise in the applicable Prospectus Supplement, the obligations of any underwriters to purchase Securities will be subject to certain conditions set forth in the applicable underwriting agreement, and generally the underwriters will be obligated to purchase all of the Securities if they purchase any of the securities. If underwriters are used in the sale of any Securities, the Securities will be acquired by the underwriters for their own account and may be resold from time to time in one or more transactions described above. The Securities may be either offered to the public through underwriting syndicates represented by managing underwriters, or directly by underwriters. Generally, the underwriters’ obligations to purchase the Securities will be subject to certain conditions precedent. If a dealer is used in a sale, we may sell the Securities to the dealer as principal. The dealer may then resell the Securities to the public at varying prices to be determined by the dealer at the time of resale.

 

We or our agents may solicit offers to purchase Securities from time to time. Unless stated otherwise in the applicable Prospectus Supplement, any agent will be acting on a best efforts basis for the period of its appointment.

 

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In connection with the sale of Securities, underwriters or agents may receive compensation (in the form of fees, discounts, concessions or commissions) from us or from purchasers of Securities for whom they may act as agents. Underwriters may sell Securities to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the purchasers for whom they may act as agents. Underwriters, dealers and agents that participate in the distribution of Securities may be deemed to be underwriters, as that term is defined in the Securities Act, and any discounts or commissions received by them from us and any profits on the resale of the Securities by them may be deemed to be underwriting discounts and commissions under the Securities Act. We will identify any such underwriter or agent, and we will describe any compensation paid to them, in the related Prospectus Supplement.

 

Underwriters, dealers and agents may be entitled under agreements with us to indemnification against and contribution toward certain civil liabilities, including liabilities under the Securities Act, or contribution with respect to payments that the underwriters, dealers or agents may make with respect to these liabilities.

 

If stated in the applicable Prospectus Supplement, we may authorize underwriters, dealers or agents to solicit offers by certain investors to purchase Securities from us at the public offering price set forth in the Prospectus Supplement under delayed delivery contracts providing for payment and delivery on a specified date in the future. These contracts will be subject only to those conditions set forth in the applicable Prospectus Supplement, and the applicable Prospectus Supplement will set forth the commission payable for solicitation of these contracts.

 

The Securities we may offer, other than Common Shares, may be new issues of securities with no established trading market. No assurance can be given as to the liquidity of the trading market for any of our Securities. Any underwriter may make a market in these Securities. However, no underwriter will be obligated to do so, and any underwriter may discontinue any market making at any time, without prior notice. Therefore, we cannot give any assurances to you concerning the liquidity of any Security offered by this Prospectus.

 

In connection with an offering of Securities, underwriters may purchase and sell these Securities in the open market. Any underwriter may engage in over-allotment, stabilizing transactions, short-covering transactions and penalty bids in accordance with Regulation M under the Exchange Act. Over-allotment involves sales in excess of the offering size, which creates a short position. Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum price. Syndicate-covering or other short-covering transactions involve purchases of the securities, either through the exercise of the over-allotment option or in the open market after the distribution is completed, to cover short positions. Penalty bids permit the underwriters to reclaim a selling concession from a dealer when the securities originally sold by the dealer are purchased in a stabilizing or covering transaction to cover short positions. Those activities may cause the price of the securities to be higher than it would otherwise be. If commenced, the underwriters may discontinue any of the activities at any time.

 

Any underwriters who are qualified market makers on the NASDAQ Stock Market LLC may engage in passive market making transactions in our Common Shares, Preferred Shares, and warrants, as applicable, on the NASDAQ Stock Market LLC in accordance with Rule 103 of Regulation M, during the business day prior to the pricing of the offering, before the commencement of offers or sales of the securities. Passive market makers must comply with applicable volume and price limitations and must be identified as passive market makers. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security; if all independent bids are lowered below the passive market maker’s bid, however, the passive market maker’s bid must then be lowered when certain purchase limits are exceeded. Passive market making may stabilize the market price of the securities at a level above that which might otherwise prevail in the open market and, if commenced, may be discontinued at any time.

 

Underwriters, dealers and agents and their affiliates may be customers of, engage in transactions with, or perform services for us or our subsidiaries in the ordinary course of their businesses. In connection with the distribution of the Securities offered under this Prospectus, we may enter into swaps or other hedging transactions with, or arranged by, underwriters or agents or their affiliates. These underwriters or agents or their affiliates may receive compensation, trading gain or other benefits from these transactions.

 

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In compliance with guidelines of the Financial Industry Regulatory Authority, Inc., or FINRA, the maximum consideration or discount to be received by any FINRA member or independent broker dealer must be fair and reasonable, considering all relevant risks, factors and circumstances.

 

CERTAIN INCOME TAX CONSIDERATIONS

 

The applicable Prospectus Supplement will describe certain Canadian federal income tax consequences to an investor acquiring any Securities offered thereunder, including, for investors who are non-residents of Canada, whether the payments of dividends (or any other amounts) on the Securities, if any, will be subject to Canadian non-resident withholding tax.

 

The applicable Prospectus Supplement may also describe certain U.S. federal income tax consequences of the acquisition, ownership and disposition of any Securities offered thereunder by an initial investor who is a U. S. person (within the meaning of the U.S. Internal Revenue Code of 1986, as amended).

 

LEGAL MATTERS

 

Unless otherwise specified in the Prospectus Supplement relating to any offering of Securities, certain legal matters relating to the offering of the Securities under this Prospectus will be passed upon for us by Stikeman Elliott LLP with respect to matters of Canadian law and by Barnes & Thornburg LLP with respect to matters of U.S. law. In addition, certain legal matters in connection with any offering of Securities under this Prospectus will be passed upon for any underwriters, dealers or agents by counsel to be designated at the time of the offering by such underwriters, dealers or agents with respect to matters of applicable law.

 

EXPERTS

 

The consolidated financial statements incorporated into this Prospectus by reference to the Annual Report on Form 20-F for the year ended December 31, 2018 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm,  given on the authority of said firm as experts in auditing and accounting.

 

ENFORCEABILITY OF CIVIL LIABILITIES

 

We are a corporation incorporated under and governed by the CBCA . Many of our officers and directors, and some of the experts named in this Prospectus, are residents of Canada or elsewhere outside of the U.S., and a substantial portion of our assets and the assets of such persons are located outside the U.S. As a result, it may be difficult for investors in the U.S. to effect service of process within the U.S. upon such directors, officers and representatives of experts who are not residents of the U.S. or to enforce against them judgments of a U.S. court predicated solely upon civil liability under U.S. federal securities laws or the securities laws of any state within the U.S. We have been advised by our legal counsel, Stikeman Elliott LLP, that a judgment of a U.S. court predicated solely upon civil liability under U.S. federal securities laws would probably be enforceable in Canada if the U.S. court in which the judgment was obtained has a basis for jurisdiction in the matter that would be recognized by a Canadian court for the same purposes. We have also been advised by Stikeman Elliott LLP, however, that there is substantial doubt as to whether an action could be brought in Canada in the first instance on the basis of liability predicated solely upon U.S. federal securities laws.

 

WHERE YOU CAN FIND MORE INFORMATION

 

We file annual reports on Form 20-F with the SEC, and we furnish other documents, such as quarterly and current reports, proxy statements and other information and documents that we file with the Canadian securities regulatory authorities, to the SEC, as required. The materials we file with or furnish to the SEC are available to the public on the SEC’s Internet website at www.sec.gov.   Those filings are also available to the public on our corporate website at www.zentaris.com.   Information contained on our website is not a part of this Prospectus and the inclusion of our website address in this Prospectus is an inactive textual reference only.  As we are a Canadian issuer, we also file continuous disclosure documents with the Canadian securities regulatory authorities, which documents are available on the System for Electronic Document Analysis and Retrieval (“SEDAR”) website maintained by the Canadian Securities Administrators at www.sedar.com.

 

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This Prospectus Forms part of a registration statement that we filed with the SEC. The registration statement contains more information than this Prospectus regarding us and our Securities, including certain exhibits and schedules. You can obtain a copy of the registration statement from the SEC at the address listed above or electronically at www.sec.gov.

 

DOCUMENTS INCORPORATED BY REFERENCE

 

The following documents have been filed with the various securities commissions or similar securities regulatory authorities in Canada and are specifically incorporated by reference into, and form an integral part of, this Prospectus:

 

·                                                 our 2018 Annual Report on Form 20-F for the year ended December 31, 2018, which includes, among other items, (i) our consolidated statements of financial position as at December 31, 2018 and December 31, 2017 and our consolidated statements of changes in shareholders’ (deficiency) equity, comprehensive income (loss) and cash flows for the years ended December 31, 2018, 2017 and 2016 and the report of independent registered public accounting firm dated March 29, 2019 thereon included in Item 18; (ii) management’s annual report on internal control over financial reporting included in Item 15, and  (iii) Management’s Discussion and Analysis included in “Item 5.—Operating and Financial Review and Prospects”;

 

·                                           a management information circular dated March 26, 2019 in connection with an annual and special meeting of shareholders held on May 8, 2019, included as Exhibit 99.3 to a Report on Form 6-K furnished to the SEC on April 1, 2019;

 

·                                           unaudited condensed interim consolidated financial statements as at March 31, 2019 and for the three-month periods ended March 31, 2019 and March 2018, included as Exhibit 99.1 to a Report on 6-K furnished to the SEC on May 7, 2019;

 

·                                           management’s discussion and analysis for the first quarter of 2019, included as Exhibit 99.2 to a Report on 6-K furnished to the SEC on May 7, 2019;

 

·                                           the results of the annual and special shareholders’ meeting held on May 8, 2019, included as Exhibit 99.1 to a Report on 6-K furnished to the SEC on May 9, 2019;

 

·                                           the Amended and Restated Shareholder Rights Plan Agreement (amending and restating the Shareholder Rights Plan dated March 29, 2016) between the Company and Computershare Trust Company of Canada dated as of May 8, 2019, included as Exhibit 99.2 to a Report on 6-K furnished to the SEC on May 9, 2019;

 

·                                           a material change report dated June 7, 2019 in connection with the reduction of our German workforces and operations, included as Exhibit 99.1 to a Report on Form 6-K furnished to the SEC on June 10, 2019;

 

·                                           Annual Report on Form 20-F/A filed with the SEC on July 26, 2019 , to amend our previously filed Annual Report on Form 20-F filed on April 1, 2019 ; and

 

·                                           to the extent permitted by applicable securities law, any other documents which we elect to incorporate by reference into this Prospectus.

 

All subsequent annual reports on Form 20-F filed by us and all subsequent reports on Form 6-K furnished by us that are identified by us as being incorporated by reference shall be deemed to be incorporated by reference into this Prospectus and deemed to be a part hereof after the date of this Prospectus but before the termination of the offering by this Prospectus.

 

We will provide each person to whom this Prospectus is delivered a copy of the information that has been incorporated into this Prospectus by reference but not delivered with the Prospectus (except exhibits, unless they are specifically incorporated into this Prospectus by reference). You may obtain copies of these documents, at no cost, by writing or telephoning us at:

 

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Aeterna Zentaris Inc.
Attention: Investor Relations
315 Sigma Drive
Summerville, South Carolina
USA, 29486
Tel. (843) 900-3223

 

Any statement contained in this Prospectus or in a document incorporated or deemed to be incorporated herein by reference shall be deemed to be modified or superseded, for the purposes of this Prospectus, to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated herein by reference modifies or supersedes such statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded shall not constitute a part of this Prospectus, except as so modified or superseded.

 

Upon a new annual information form or annual report on Form 20-F and the related audited annual consolidated financial statements together with the auditors’ report thereon and management’s discussion and analysis related thereto being filed by us with the applicable securities regulatory authorities during the currency of this Prospectus, the previous annual information form or annual report on Form 20-F, the previous audited annual consolidated financial statements and all interim financial statements, annual and quarterly management’s discussion and analyses, material change reports and business acquisition reports filed by us prior to the commencement of our financial year in which the new annual information form or annual report on Form 20-F was filed, no longer shall be deemed to be incorporated by reference into this Prospectus for the purpose of future offers and sales of Securities hereunder.

 

One or more Prospectus Supplements containing the terms of an offering of Securities and other information in relation to such Securities will be delivered to purchasers of such Securities together with this Prospectus and shall be deemed to be incorporated by reference into this Prospectus as of the date of such Prospectus Supplement solely for the purposes of the offering of the Securities covered by any such Prospectus Supplement.

 

A Prospectus Supplement containing any additional or updated information that we elect to include therein will be delivered with this Prospectus to purchasers of Securities who purchase such Securities after the filing of this Prospectus and shall be deemed to be incorporated into this Prospectus as of the date of such Prospectus Supplement.

 

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PART II—INFORMATION NOT REQUIRED IN PROSPECTUS

 

ITEM 8.         INDEMNIFICATION OF DIRECTORS AND OFFICERS

 

Under Section 124 of the Canada Business Corporations Act (the “CBCA”) , the registrant may indemnify a present or former director or officer of the registrant or another individual who acts or acted at the registrant’s request as a director or officer, or an individual acting in a similar capacity, of another entity, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of that association with the registrant or other entity. The registrant may not indemnify an individual unless the individual (i) acted honestly and in good faith with a view to the best interests of the registrant or, as the case may be, to the best interests of the other entity for which the individual acted as director or officer or in a similar capacity at the registrant’s request, and (ii) in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, had reasonable grounds for believing that his or her conduct was lawful. Such indemnification may be made in connection with an action by or on behalf of the registrant or other entity to procure a judgment in its favor only with court approval. A director or officer is entitled to indemnification from the registrant as a matter of right if he or she was not judged by the Court or other competent authority to have committed any fault or omitted to do anything that he or she ought to have done and fulfilled the conditions set forth above. The registrant may advance moneys to a director, officer or other individual for the costs, charges and expenses of a proceeding referred to above. The individual shall repay the moneys if he or she does not fulfill the conditions set forth above to qualify for indemnification.

 

In accordance with the provisions of the CBCA described above, the by-laws of the registrant provide that the registrant shall indemnify a director or officer of the registrant, a former director or officer of the registrant or a person who acts or acted at the registrant’s request as a director or officer of a body corporate of which the registrant is or was a shareholder or creditor, and his or her heirs and legal representatives, against all costs, losses, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by such person in respect of any civil, criminal or administrative action or proceeding to which such person is made a party by reason of being or having been a director or officer of the registrant or such body corporate, if: (a) the person acted honestly and in good faith with a view to the best interests of the registrant and (b) in the case of criminal or administrative action or proceeding that is enforced by a monetary penalty, the person had reasonable grounds for believing that their conduct was lawful. The registrant may indemnify from time to time any director or other person who has assumed or is about to assume in the normal course of business any liability for the registrant or for any corporation controlled by the registrant, and to secure such director or other person against any loss by the pledge of all or part of the movable or immovable property of the registrant through the creation of a hypothec or any other real right in all or part of such property or in any other manner.

 

The by-laws of the registrant also provide that the registrant may, to the extent permitted by the CBCA Canada Business Corporations Act , purchase and maintain insurance for the benefit of any person referred to above against any such liability as the Board of Directors may from time to time determine.

 

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling the registrant pursuant to the foregoing provisions, the registrant has been informed that in the opinion of the U.S. Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

 

The registrant has also agreed to indemnify and save harmless the directors and its senior corporate officers as well as the managing director of its German subsidiary pursuant to various Director and Officer Indemnification Agreements against certain charges, damages, awards, settlements, liabilities, interest, judgments, fines, penalties, statutory obligations, professional fees and retainers and other expenses of whatever nature or kind, provided that any such costs, charges, professional fees and other expenses are reasonable (collectively, “Expenses”) and from and against all Expenses sustained or incurred by the indemnified party as a result of serving as a director, officer or employee of the registrant in respect of any act, matter, deed or thing whatsoever made, done, committed, permitted, omitted or acquiesced in by the indemnified party as a director, officer or employee of the registrant. The form of Director and Officer Indemnification Agreement has been furnished to the SEC as Exhibit 99.1 to the registrant’s Report on Form 6-K dated October 21, 2016.

 

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ITEM 9.         EXHIBITS

 

See Exhibit Index following the signature pages of this registration statement.

 

ITEM 10.       UNDERTAKINGS

 

(a)           The undersigned registrant hereby undertakes:

 

(1)           To file, during any period in which offers or sales are being made, a further post-effective amendment to this registration statement:

 

(i)            To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

 

(ii)           To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and

 

(iii)          To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

 

Provided , however , that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the registration statement is on Form S-3 or Form F-3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to section 13 or section 15(d) of the Exchange Act that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

 

(2)           That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

 

(3)           To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

 

(4)           To file a post-effective amendment to the registration statement to include any financial statements required by Item 8. A. of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act of 1933 need not be furnished, provided , that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a) (4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Securities Act of 1933 or Rule 3-19 of Regulation S-X if such financial statements and information are contained in periodic reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Form F-3.

 

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(5)           That, for the purpose of determining liability under the Securities Act to any purchaser:

 

(i)            Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

 

(ii)           Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(l)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided , however , that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

 

(6)           That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:

 

The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

 

(i)            Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

 

(ii)           Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

 

(iii)          The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

 

(b)           Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

 

(c)           The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offering therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

 

(d)           The undersigned registrant hereby undertakes that:

 

(i)            For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in the form of prospectus filed by the registrant pursuant

 

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to Rule 424(b)(1) or (4) or 497(h) under the Securities Act of 1933 shall be deemed to be part of the registration statement as of the time it was declared effective.

 

(ii)           For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

 

(e)           Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

 

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EXHIBIT INDEX

 

Exhibit
Number

 

Description

1.1

*

Underwriting Agreement.

4.1

 

Restated Certificate of Incorporation and Restated Articles of Incorporation of the Registrant.

4.2

 

Certificate of Amendment and Articles of Amendment of the Registrant dated October 2, 2012.

4.3

 

Certificate of Amendment and Articles of Amendment of the Registrant dated November 17, 2015.

4.4

 

Amended and Restated By-Law One of the Registrant.

4.5

 

Amended and Restated Shareholder Rights Plan Agreement between the Registrant and Computershare Trust Company of Canada, as Rights Agent, dated as at May 8, 2019 (incorporated by reference to Exhibit 99.2 to the Registrant’s report on Form 6-K furnished to the SEC on May 9, 2019).

4.6

*

Form of Amendment to Certificate of Incorporation Creating New Series of Preferred Shares.

4.7

*

Specimen Certificate for Preferred Shares.

4.8

*

Form of Common Shares Warrant Agreement (including form of Warrant Certificate).

4.9

*

Form of Preferred Shares Warrant Agreement (including form of Warrant Certificate)

4.10

*

Form of Unit Agreement.

5.1

 

Opinion of Stikeman Elliott LLP.

23.1

 

Consent of Stikeman Elliott LLP (included in Exhibit 5.1).

23.2

 

Consent of PricewaterhouseCoopers LLP.

24.1

 

Power of Attorney (included on the signature pages to this Registration Statement).

 


*                  To be filed as an exhibit to a post-effective amendment to this registration statement or as an exhibit to a report on Form 6-K and incorporated herein by reference.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing and has duly caused this Registration Statement on Form F-3 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Charleston, South Carolina, on August 1, 2019.

 

 

AETERNA ZENTARIS INC.

 

 

 

By:

/s/ MICHAEL V. WARD

 

 

Name:

Michael V. Ward

 

 

Title:

President and Chief Executive Officer

 

POWER OF ATTORNEY

 

Each person whose signature appears below hereby constitutes and appoints Michael V. Ward and Leslie Auld, either of whom may act without the joinder of the other, as the true and lawful attorney-in-fact and agent of the undersigned, with full power of substitution and resubstitution, to execute in the name, place and stead of the undersigned, in any and all such capacities, any and all amendments (including post-effective amendments) and supplements to this Registration Statement on Form F-3 (including any subsequent registration statement for the same offering which may be filed under the Securities Act of 1933), and all instruments necessary or in connection therewith, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the United States Securities and Exchange Commission, and hereby grants to such attorney-in-fact and agent, full power and authority to do and perform in the name and on behalf of the undersigned each and every act and thing whatsoever necessary or advisable to be done, as fully and to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

 

This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

 

Pursuant to the requirements of the Securities Act, this Registration Statement on Form F-3 has been signed by the following persons in the capacities indicated below on August 1, 2019.

 

Signature

 

Title

 

 

 

/s/ MICHAEL V. WARD

 

President and Chief Executive Officer (Principal

Michael V. Ward

 

Executive Officer)

 

 

 

/s/ LESLIE AULD

 

Senior Vice President, Chief Financial Officer

Leslie Auld

 

(Principal Financial Officer and Principal Accounting Officer)

 

 

 

/s/ CAROLYN EGBERT

 

Director and Chair of the Board

Carolyn Egbert

 

 

 

 

 

/s/ GÉRARD LIMOGES

 

Director

Gérard Limoges

 

 

 

 

 

/s/ ROBIN SMITH HOKE

 

Director

Robin Smith Hoke

 

 

 

 

 

/s/ BRENT NORTON

 

Director

Brent Norton

 

 

 

 

 

/s/ JONATHAN POLLACK

 

Director

Jonathan Pollack

 

 

 

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AUTHORIZED REPRESENTATIVE

 

Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, the undersigned has signed this Registration Statement on Form F-3, solely in the capacity of the duly authorized representative of Aeterna Zentaris Inc. in the United States, on August 1, 2019.

 

 

AETERNA ZENTARIS INC.

 

 

 

By:

/s/ MICHAEL V. WARD

 

 

Name:

Michael V. Ward

 

 

Title:

Authorized Signatory

 

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Exhibit 4.1

 

Industry Canada lndustrio Canada societe susmentionnee ont ete mis a jour en vertu incorporation ofthc above-named corporation statuts mis a jour ci-joints. attached restated articles of incorporation. Date de consti tution ajour (AAAA-MM-JJ) Canada Restated Certificate of Certificat de constitution a Incorporation jour Canada Business Corporations Act Loi canadienne sur les societes par actions AETERNA ZENTARIS INC. Corporate name I Denomi nat ion sociale 264271-9 Corporation number I Numcro de societe I HEREBY CERTIFY that the articles of JE CERTIFIE que les statuls constitutifs de Ia were restated under section 180 of the Canada de !'article 180 de Ia Loi canadienne sur /es Business C01porations Act as set out in the societes par actions, tel qu'il est indique dans les Marcie Girouard Director I Di rccteur 2011-05-19 Date of Restatement {YYYY-MM-DD)

 

.••., lt>duslry Can1o1 FORH 1 RESTATED ARTICLES OF INCORPORATION (SECTION 110) FORM ULAIAE 7 STATUT$ CONSTITUTIFS HIS A JOUR (ARTlCLE I IG) lndustfle Canada Canada 8uslnj!JS Corporations Act Lot canadlenne sur les socl6tb pr acllons 2 •• The province or territory In C enada where the reQistered office Is situated lprovince ou le terrltolre au Can doil est situ1e sl oe social Qui!bee ;. l··The classes and any maximum nurnber ol shares that the corporation Is aulhorlud to luue an unlimited number of common shares; Cat gorles et tout nombre maximald'actlons que le soc!etUl autorls e • 6metlrt an unlimited number of Firat Preferred Shares, issuable in eeriesr and an unlimited number of Second Preferred shares, issuable in series; and the rights, privileges, restrictions and conditions attaching to these shares are set out in the annexed schedule 1 which is incorporated in this form. 4·· Restrictions, II any, on Shire transfers Restrictions sur le tr nsfcrl des actions, s'll y il lieu NOT APPLICABLB s-llumber (or minimum and maxlmurn n rmber) Hombre (ou nornbre minimal et rnexlmal) d'admlniltrilteurs MINIMUM 5 - MAXIMUM 15 Llmltes lmposhs ,. l'acttvili! conunerciale de Ia socii!t•, s'll v a lieu 6-Restrictions,II any,on business the corporiltlon may carry on NOT 1\PPLICABLE 1-Other provlsloru, It any A utres dispositions, s'U y a lieu The annexed Schedule 2 is incorporated into this form. These ff!Siated articles ol incorponotlon correctly set out, w lthout Cette mlu 6 )our des statuts constltutlls di!monue UiiCtement, sans substanlt.e crunge, tl>e corresponding provisions of the artlclu or lncorporiltlon ils amended llld supersede lne original articles or Incorporation. cn1ngement substantlel, les dispositions corrupondantes des sututs const itutlls aood!lis qui rem placent lu stetuts constltutlls orlglnllu> . E-MAIL Canada I··ttarne or the Corporation·D6nornlnatlon soclale de Ia soc t AETERNA ZEN'l'ARIS INC. Corporallon tto. ·no de Ia socl4tf 264271-9

 

SCHEDULE! TO THE RESTATE.Q ARTICLES OF IETERNA ZENTARIS INC. The authorized share capital of JEtema Zentaris Inc. (the "Corporation") shall consist of an unlimited nwnbex: of Common Shares, an unlimited nwnber of First Preferred Shares, issuable in series, and an unlimited number of Second Preferred Shares, issuable in series. For the purposes of this Schedule I to the Restated Articles of the Corporation, any reference to Subordinate Voting Shares shall be deemed to be to the Conunon Shares. The rights, privileges, restrictions and conditions attaching to each class of shares are as follows: ARTICLE 1 COMMON SHARES Voting Rights. The holders of the Conunon Shares shall be entitled to one (1) 1.1 vote for each Common Share held by them at alJ meetings of shareholders, except meetings at which only shareholders of a specified class of shares are entitled to vote. Dividend Rights. Subject to section 2.3 hereof, the holders of the Conunon Shares 1.2 shaJI be entitled to receive such dividends as are declared by the Board of Directors of the Corporation on the Common Shares. 1.3 Liquidation Rights. The holders of the Common Shares shall be entitled to receive, subject to the other provisions hereof, the remaining property of the Corporation upon any liquidation, dissolution or winding-up of the affairs of the Corporation, wl1ether voluntary or involuntary. ARTICLE2 FIRST PREFERRED SHARES AND SECOND PREFERRED SHARES The First ,>referred Shares and the Second Preferred Shares (such shares being hereinafter sometimes collectively referred to as the "Preferred Shares") shall be issuable in series and the rights, privileges, restrictions and conditions attaching thereto are as follows: 2.1 Issuance in Series The Preferred Shares shall be issuable at any time in one or more series, as provided above, which shares shall rank equaJly, within their respective series, in regard to the payment of dividends and e distribution of property in the event of the liquidation, dissolution or winding-up of the Corporation or the distribution of all or part of its assets among the shareholders. OOCSMI'L: 1005233\4

 

The Board of Directors may, from time to time, provide for series of Preferred Shares to be created and issued. Before any Preferred Shares of a given series are issued, the Board of Directors shall: 2.1.1 determine how such series of First Preferred Shares or Second Preferred Shares is to be designated; 2.1.2 determine the number of First Preferred Shares or Second Preferred Shares that wiJI make up such series; 2.1.3 determine, subject to the attributes common to all the Preferred Shares, the rights, privileges, restrictions and conditions attaching to such series of shares, including, but without limiting the generality of the foregoing: 2.1.3.1 the rate, amount or method of calculation of the dividend app1icable to the shares of such series, the method of payment of such dividend and whether it is cumulative or non-cumulative; and 2.1.3.2 such rights, privileges, restrictions and conditions, if any, as may be considered appropriate in regard to the acquisition of such shares by the Corporation (at the option of the Corporation, at the option of the holder or otherwise), the creation of a sinking fund or purchase fund with respect thereto, the transfer of such shares or the exchange or conversion thereof into shares of another series or class; and amend the articles of the Corporation accordingly, in confonnity with the Canada Business Corporations Act. 2.1.4 2.2 Voting The holders of the Preferred Shares shall not be entitled to receive notice of or to attend or vote at meetings of shareholders. Dividends 2.3 2.3.1 The holders of Preferred Shares of a series shall be entitled to receive, with respect to each fmancial year of the Corporation or such other period as may be specified in the articles of amendment with respect to such series, preferential dividends, the rate, amount or method of calculation and the method of payment of which dividend, and whether it is cumulative or non-cumulative, shall be as detennined in the relevant articles of amendment. 2.3.2 The holders of Preferred Shares of a series shall not, as such, be entitled to any further dividend or any dividend other than the specific

 

Subordinate Voting Shares Md the Multiple Voting Shares or any other cwnulative dividend shall be earned only at the end of a financial year or of such other period to which it relates, unless the articles of amendment with respect to such series provide that such dividend is to be earned on a daily bi\Sis or in any other manner, in which case the relevant articles of amendment shall prevail. 2.3.7 Where an amount declared as a dividend is insufficient to pay any current dividend on any Preferred Shares then outstanding and any accrued dividends on any such shares with a cumulative dividend, the holders of Preferred Shares shall participate in such dividend on an equal basis within their respective series, in proportion to the amounts that would be payable if current and accrued dividends were paid in full. 2.4 Liquidation, Dissolution or Winding-up preferential dividend provided for in the articles of amendment with respect to such series. 2.3.3 No dividend may be declared, paid or set aside for payment, during a financial year of the Cotparation or such other period specified in the relevant articles of amendment, on the Second Preferred Shares, the share of the share capital of the Corporation ranking junior to the First Preferred Shares, unless any current dividend on any First Preferred Shares then outstanding and any accrued dividends on any such shares with a cwnulative dividend shall first have been declared and paid or set aside for payment with respect to the same year or period. 2.3.4No dividend may be declared, poid or set aside for payment, during a financial year of the Corporation or such other period specified in the relevant articles of amendment, on the Subordinate Voting Shares and the Multiple Voting Shares or any other share of the share capital oftbe Corporation ranking junior to the Second Preferred Shares, unless any current dividend on any Second Preferred Shares then outstanding and any accrued dividends on any such shares with a cumulative dividend shall first have been declared and paid or set aside for payment with respect to the same year or period 2.3.5The dividend applicable to any Preferred Share of a series with a cumulative dividend shall begin to accrue from the date such shares are issued, unless the articles of amendment with respect to such series provide for a different date, in which case such cumulative dividend shall begin to accrue from the date specified in the relevant articles of amendment. 2.3.6The dividend applicable to any Preferred Share of a series with a

 

2.4.I In the event of the liquidation of the Corporation, the distribution of its property upon its dissolution or winding-up, or the distribution of all or part of its assets among the shareholders, the holders of Preferred Shares of every series shaJl receive, in cash or in kind, an amount equal to the value of the consideration paid in respect of such shares outstanding, as credited to the issued and paid-up · share capital account of the Corporation, together with: 2.4.1.1 in the case of Preferred Shares with a cumulative dividend, the amount of any dividends then accrued or declared on such shares and unpaid; 2.4.1.2 in the case of Preferred Shares with a non-cumulative dividend, the amount of any dividends then declared on such shares and unpaid; and 2.4.1.3 all other amounts, if any, specified in the articles of amendment creating the share series concerned. 2.4.2 The holders of First Preferred Shares shall be entitled to receive these amounts in preference and priority to any participation of holders of Second Preferred Shares, Subordinate Voting Shares and Multiple Voting Shares or shares of any other class of shares of the share capital of the Corporation ranking junior to the First Preferred Shares, on an equal basis, .in proportion to the amount of their respective claims in regard to such shares held by them. 2.4.3 The holders of Second Preferred Shares shall be entitled to receive these amounts in preference and priority to any participation of holders of Subordinate Voting Shares and Multiple Voting Shares or shares of any other class of shares of the share capital of the Corporation ranking junior to the Second Preferred Shares, on an equal basis, in proportion to the amount of their respective cluims in regard to such shares held by them. The holders of Preferred Shares shall not be entitled to participate fw1her in such distribution, the remaining property of the Corporation devolving to holders of the other shares of the share capital of the Corporation according to their respective rights. 2.4.4 2.5 Amendments 2.5.1 Subject to the provisions of sections 173 and following of the Canada Business Corporations Act and subject to the articles of the Corporation being amended, the Board of Directors may at any time adopt a resolution to modify, amend, suspend or repeal the rights, privileges, restrictions and conditions attaching to any Preferred Shares in order to authori7..e the creation of shares of a new class ranking prior to or having

 

the same rank as such Preferred Shares in regard to dividends or distribution of property in the event of the liquidation, dissolution or winding-up of the Corporation or the distribution of all or part of its assets among the shareholders, or in order to make the shares of an existing class rank prior to or have the same rank as such Preferred Shares in regard thereto.but no such resolution shall be effective unless ratified by at least three quarters ('.4) of the votes cast by the holders of Preferred Shares of each series affected by such amendment, voting separately us a series, present or represented at a meeting called and held for such purpose; a meeting may nevertheless be held jointly with other shareholders provided that a separate vote is taken among holders of Preferred Shares of each series affected by such amendment The formalities to be observed in regard to the calling and conduct of any such meeting and the quorum therefor shall be those prescribed in the by-laws of the Corporation in regard to meetings of holders of shares carrying the right to vote at shareholders' meetings.mutatis mutandis. A vote with respect to Preferred Shares may also be expressed by resolution in writing signed by all the holders entitled to vote on the resolution concerned. 2.5.2 If the proposed amendment stands to affect the rights of holders of Preferred Shares of a given series in a manner or to an extent significantly different from the manner or extent to which it affects the rights of holders of Preferred Shares of any other series, such amendment must then, in addition to being approved by the holders of Preferred Shares of each series affected by the amendment, voting as a eries as provided above, be approved. in the same manner, by the holders of Preferred Shares of every such series, voting separately as a series, and the provisions of article 2.5.1 shall apply to the procedure for obtaining such approval.mutatis mutandis.

 

that at the adjournment of the next annual meeting provided that the total number of directors so San Francisco, CA, U.S.A. SCJJEDULEl TO mE RESTATED ARTICLES OF JETERNA ZENTARIS INC. 7-Otber provisions, if any The directors sbatJ be authorized to appoint one or more additional directors (in addition to the number of directors elected at the last annual meeting), who will remain in office for a period tenninating no later appointed does not exceed onet·hird of the number of directors elected at such last annual meeting. Meetings of shnreholdcrs of the Corporation may be held at the following places outside Canada: New York, NY, U.S.A. Chicago, D.., U.S.A. Boston, MA, U.S.A. Warren, NJ, U.S.A. Frankfurt-a m-Main, Gennany. OOCSMTI..36SS27S\2

 

lndustl)' Canada Industria Canada Canada Certificate of Amendment Certificat de modification Canada Business Corporations Act Loi canadienne sur les societes par actions AETERNA ZENTARIS INC. Corporate name I Denomination socialc 264271-9 Corporation number J Numcro de societe I HEREBY CERTIFY that the articles of the JE CERTIFIE que Jes statuts de Ia societe above-named corporation arc amended under susmcntionm!e sont modifies aux tcrmes de section 178 of the Canada Business )'article 178 de Ia Loi canadienne sur les Corporations Act as set out in the attached soch?tes par actions, tel qu'il est indiquc dans lcs articles of umcndmcnt. clauses modificatrices ci-jointcs. Marcie Girouard Director I Dircclcur 2011-05-19 Date of Amendment (YYYY-MM-DD) Date de modtlication (AAAA-MM-JJ)

 

1+1 lndusiiY Canada OclrDcn1lona c..n.:ta loduatrie Canada Article (Section 27 or 777 of the Canads Business Corporstions Act (CBCA}} CorporoUonnamo @J MY ti13Jiges In lhe atiJctll& ot lhe CO!JICIIallol\ llli.'SI be made In accoulantcv.ilh section 27 01 tn ollhe ctiCA. AETERNA ZENTARIS INC. A.II an amendmenllnvvlvos 'clllroge olcorporate name {lll:l.ldrg110 ldOUIOI'Iolthe EftO(sb 01 ffendl YC1S1oR ollhe ranel.lhe newIIZITII! muse co Willi sectbns 10 and 12 ollhe C9CA aswet u p;ut 2 cltllregulaiiOns,lllld the Articles olAmendment must De accompanied by 1 canaoa·aiased NIWiS• se cllrepol1 dalec11l 101e tim ril'.fty days llfi¥ tothe rocroflhe ar1ides byCoporadons Canada.A numbered name may be assigned under sl.tlSeCI.tln 11(2) ol lite C8CI\IOillloula NJAHSe sean:I\. D; ltrtf Olhllr emetllmentsmustcorrest;OIIdl'the p:Jragrallhil and sllbpa(aglaltJ$1tle1C11Ctd h the111s beingIIIT£ndlld. H tho liiiiZ ml!a!J ll huf iJcjcnl. plme altlch a .a 3 J arUcles co t"e lorm. illDeclaration Thb 01m1111111 be 1gnedb/ a dltector oor m:cr of 1111 CtJil)(llaliln (sulmclkx•282(2) ollhc CBC.t.). General Tilelnlorma!lon )'OCI prOYte In lhlil document Is collected trlllCI the authority ollha COCA IPid will be stOted Inperwli31 inlounation twi!riC1'PU-049.1'ersooallnlcrrnal!on tNt vou lltO'IIde IJ protected undtl the prOY!sloPJ ollhe Pdr..cyAd. llrrNIIV. pu C: CSsdo.sl.le 1U$Ua."4ltl$eCiiln 266 of lht CI!CAIs permitted unocrlhe l'rrl«f Act IIygurequire morelnfcnnallan,pasecOIISitl Gil' web5IID at www corooratlonscanada.lc.O<:.Ca or contact Ul at 613·94 t·9042 pttawa reon),lol·hce al 1·866-333·5556 or l1y ernallat COipal!klnscenadiOic.oc.ca. Prescribed Fees • C!JlQalilM Canada Ollllr.e fi1lnclCentre:$200 • By I!\!Ior tax:$200pJld l1y checlUII payable Ill lle Receh'er General kw can da 01 by cuxll1 card """'an Eli;Jresse, MasterCan!•or Vlsatl). Important Ramlndors Chongss olroglst red lddltW. I!11¥1flo"*Vl dOlltEtldlleSll g-3). ChanrU at dlrecloarchola dlredllr'a1ddrtss: COCllJfelc andlila Olanges RvQanfl1o Ditecuts (Form 6). lle IOIIll$ etn be llled tletl!lln!ca! ,lly mall or by In lree otcnuge. Filing Centre: ({)&.:. ---1-]>t{11/,tt/,'''3 Pl.l )').f.[ -r;,RPJ4 IOIIItml not '"111011118111 t10illiM$tC!ton 21i0(1) d lilt C . Canada IC 3069 (20061\1) I 4 J Declaration Ihotllbv certify that I am a dlteetOI' or an olfocar olthB COipOratlon. .J._.;. -7 114\e: Mitlll:bleolt'lo!lera PI,OUIIIIVNIY .111Cf$0rlls tllllt101h rclaz:mtnl5000 or to l E-MAIL 2011 -05-1 9 14:!:) File documents oolina: CorporatloRS Canada Online www.corporationscanada.fc.gc.ca Or sond document'by mall: Director Qeneraf, Corporations Canada Jean Edmonds Tower South 9th Floor 305 Launer Ave.West Ottawa ON K1A OC8 By Foc lmlle: 613·941·0999 The aro amendedaa followa: (Piu.. note that II\Of& than on•uc:tloncanba filled oul) A: The corporation changes Its name to: B: The CCfPOII!IIon charogcs lho Jli'OYlnce Of lemiOfY In Canada wherB the mglstered olfice is stuated co: (Do not Indicate the fulleddroSII) C: The CCfPOtiUion changes the minimum 211d/QI maxmumof dinlc:tOOI to: (For a fua!d number of drectora, pleuso hfocatalho same number in both the mnmum ond maximum oplleflll) minimum:maximum: D: Other cllanges:(e.g.,to tho classes olllharos,to restrictions on shale lrallsfere,to resltlctions on lhe businesses ollhe corporatiofl or to arry othet' provlsoans thal11111 permit1edby lhe CSCA to be sot out n the ArtlcJes) PIGaae spoolty, The other provisions as describedIn Schedule 2 of the Restated Articles of Incorporation dated June \ 2004 are amended by adding the following paragraph: Meetings of shareholders of the Corporation may be held alUta following places outstde Canada: New York,NY,U.S.A. San Francisco, CA, U.S.A. Chicago,IL, U.S.A. Boston, MA,U.S A. Warren. NJ,U SA. Frankfi.Jrt am-Mafn, Germany. s of Amendment

 

-. '.. 1+1Industry Canada lndustrie Canada Restated Certificate of Incorporation Certificat de constitution a jour Loi canadienne sur lcs sodetes par actions Canada Business Corporations Act societe susmentionnee ont ete mis a jour en incorporation of the above-named corporation dans les statuts mis a jour ci-joints. attached restated articles of incorporation. Date d'entree en vigueur de la mise ajour Canada AETERNA ZENTARJS INC. 264271-9 Name of corporation-Denomination de Ia societe Corporation number-Numero de Ia societe I hereby certify that the articles of Je certifie que les statuts constitutifs de Ia were restated under section 180 of the Canadavertu de l'article 180 de Ia Loi canadienne sur Business Corporations Act as set out in the /es societes par actions, tel qu'il est indique June 1, 2004/le 1 juin 2004 Director - Directeur Effective Date of Restatement -

 

• 1+}. lndus!ly Canada Corporations Act FORM7 RESTATED ARTICLES OF INCORPORATION (SECTION 180) FORMULAIRE 7 STATUTS CONSTITUTIFS MIS A JOUR (ARTICLE 180) lnduslrie Canada ..' Canada Business Lol canadienne sur las societAs par actions La province ou le teniloire au Canada ou est silue le siege social 2 • The province or leni!oryin Canada where the registered office is situated JUDICIAL DISTRICT OF QUEBEC, PROVINCE OF QUEBEC 3 - The dasses and any maximum numberof shares that the Cat6gories et tout nombre maximald'actlons que Ia societe est autorisOO a emettre eotpOraUon is aulhorized to issue an unlimited number of conunon shares; an unlimited number of First Preferred Shares, issuable in series; and an unlimited number of Second Preferred Shares, issuable in series; and the rights, privileges, restrictions and conditions attaching these shares are set out in the annexed Schedule 1 which is incorporated in this form. 4 • Restrictions,if any,on share transfer& Restrictions sur le transfert des actions.s'il y a fieu NOT APPLICABLE 5• Number (or minimum and maximum number)of directors Nombre (ou nombre minimalet maximal) d'administraleur& MINIMUM 5 -MAXIMUM 15 Llmiteslmpos6es a l'activite commen:iate de Ia societe,s"ily a lieu 6 • Restrictions.if any,on business the corporation may carry on NOT APPLICABLE 7 • Other provisions. If any Autres dispositions,s'ily a lieu The annexed Schedule 2 is incorporated into this form. Cette mise a jour des statuts conslituUfs d(lmontre exactement. sans changement These restated artides of inaJqloralion conecUy set out, without substantive change, the corresponding provisions of the artides of lneotpOralion as amended and supersede the originalarticles olln<:arporaUon. substanlie,l les dispositiOns cotrespondantes des statuts constltulifs modili6s qui remplacent les statuts conslitutifs originaux. moulees IC3167 (2003108) Canada JUN1-2004 Printed Name-Nom en lettres Mario Paradis 8-Capacity of-En qualtte de Corporate Secretary 9-Tel. No.-N• de te.l (418)652-8525 1 - Name of the Corporation - Denomination sociale de Ias te AETERNA ZENTARJS INC. C01p0ratlon No - N" de Ia societe

 

., . 1 SCHEDULE I TO THE RESTATED ARTICLES OF IETERNA ZENTARIS INC. The authorized share capital of JEtema Zentaris Inc. (the 11Corporation") shall consist of an unlimited number of Common Shares, an unlimited number of First Preferred Shares, issuable in series, and an unlimited number of Second Preferred Shares, issuable in series. For the purposes of this Schedule 1 to the Restated Articles of the Corporation, any reference to Subordinate Voting Shares shall be deemed to be to the Common Shares. The rights, privileges, restrictions and conditions attaching to each class of shares are as follows: ARTICLE 1 COMMON SHARES 1.1 Voting Rights. The holders of the Common Shares shall be entitled to one (1) vote for each Common Share held by them at all meetings of shareholders, except meetings at which only shareholders of a specified class of shares are entitled to vote. 1.2 Dividend Rights. Subject to section 2.3 hereof, the holders of the Common Shares shall be entitled to receive such dividends as are declared by the Board of Directors of the Corporation on the Common Shares. 1.3 Liquidation Rights. The holders of the Common Shares shall be entitled to receive, subject to the other provisions hereof, the remaining property of the Corporation upon any liquidation, dissolution or winding-up of the affairs of the Corporation, whether voluntary or involuntary. ARTICLE2 FIRST PREFERRED SHARES AND SECOND PREFERRED SHARES The First Preferred Shares and the Second Preferred Shares (such shares being hereinafter sometimes collectively referred to as the "Preferred Shares") shall be issuable in series and the rights, privileges, restrictions and conditions attaching thereto are as follows: 2.1 Issuance in Series The Preferred Shares shall be issuable at any time in one or more series, as provided above, which shares shall rank equally, within their respective series, in regard to the payment of dividends and the distribution of property in the event of the liquidation, dissolution or winding-up of the Corporation or the distribution of all or part of its assets among the shareholders. DOCSMTL. 1005233\4

 

The Board of Directors may, from time to time, provide for series of Preferred Shares to be created and issued. Before any Preferred Shares of a given series are issued, the Board of Directors shall: 2.1. I determine how such series of First Preferred Shares or Second Preferred Shares is to be designated; 2.1.2 determine the number of First Preferred Shares or Second Preferred Shares that will make up such series; 2.1.3 determine, subject to the attributes common to all the Preferred Shares, the rights, privileges, restrictions and conditions attaching to such series of shares, including, but without limiting the generality of the foregoing: 2.1.3.1 the rate, amount or method of calculation of the dividend applicable to the shares of such series, the method of payment of such dividend and whether it is cumulative or non-cumulative; and 2.1.3.2 such rights, privileges, restrictions and conditions, if any, as may be considered appropriate in regard to the acquisition of such shares by the Corporation (at the option of the Corporation, at the option of the holder or otherwise), the creation of a sinking fund or purchase fund with respect thereto, the transfer of such shares or the exchange or conversion thereof into shares of another series or class; and 2.1.4 amend the articles of the Corporation accordingly, in conformity with the Canada Business Corporations Act. 2.2 Voting The holders of the Preferred Shares shall not be entitled to receive notice of or to attend or vote at meetings of shareholders. 2.3 Dividends 2.3.1 The holders of Preferred Shares of a series shall be entitled to receive, with respect to each financial year of the Corporation or such other period as may be specified in the articles of amendment with respect to such series, preferential dividends, the rate, amount or method of calculation and the method of payment of which dividend, and whether it is cumulative or non-cumulative, shall be as determined in the relevant articles of amendment. 2.3.2 The holders of Preferred Shares of a series shall not, as such, be entitled to any further dividend or any dividend other than the specific

 

.-preferential dividend provided for in the articles of amendment with respect to such series. 2.3.3 No dividend may be declared, paid or set aside for payment, during a financial year of the Corporation or such other period specified in the relevant articles of amendment, on the Second Preferred Shares, the Subordinate Voting Shares and the Multiple Voting Shares or any other share of the share capital of the Corporation ranking junior to the First Preferred Shares, unless any current dividend on any First Preferred Shares then outstanding and any accrued dividends on any such shares with a cumulative dividend shall first have been declared and paid or set aside for payment with respect to the same year or period. 2.3.4 No dividend may be declared, paid or set aside for payment, during a financial year of the Corporation or such other period specified in the relevant articles of amendment, on the Subordinate Voting Shares and the Multiple Voting Shares or any other share of the share capital of the Corporation ranking junior to the Second Preferred Shares, unless any current dividend on any Second Preferred Shares then outstanding and any accrued dividends on any such shares with a cumulative dividend shall first have been declared and paid or set aside for payment with respect to the same year or period 2.3.5 The dividend applicable to any Preferred Share of a series with a cumulative dividend shall begin to accrue from the date such shares are issued, unless the articles of amendment with respect to such series provide for a different date, in which case such cumulative dividend shall begin to accrue from the date specified in the relevant articles of amendment 2.3.6 The dividend applicable to any Preferred Share of a series with a cumulative dividend shall be earned only at the end of a financial year or of such other period to which it relates, unless the articles of amendment with respect to such series provide that such dividend is to be earned on a daily basis or in any other manner, in which case the relevant articles of amendment shall prevail. 2.3.7 Where an amount declared as a dividend is insufficient to pay any current dividend on any Preferred Shares then outstanding and any accrued dividends on any such shares with a cumulative dividend, the holders of Preferred Shares shall participate in such dividend on an equal basis within their respective series, in proportion to the amounts that would be payable if current and accrued dividends were paid in full. 2.4 Liquidation, Dissolution or Winding-up

 

2.4.1 In the event of the liquidation of the Corporationthe distribution of its property upon its dissolution or winding-up, or the distribution of all or part of its assets among the shareholders, the holders of Preferred Shares of every series shall receive, in cash or in kind, an amount equal to the value of the consideration paid in respect of such shares outstanding, as credited to the issued and paid-up share capital account of the Corporationtogether with: · 2.4.1.1 in the case of Preferred Shares with a cumulative dividend, the amount of any dividends then accrued or declared on such shares and unpaid; 2.4.1.2 in the case of Preferred Shares with a non-cumulative dividendthe amount of any dividends then declared on such shares and unpaid; and 2.4.1.3 all other amounts, if any, specified in the articles of amendment creating the share series concerned. 2.4.2 The holders of First Preferred Shares shall be entitled to receive these amounts in preference and priority to any participation of holders of Second Preferred Shares, Subordinate Voting Shares and Multiple Voting Shares or shares of any other class of shares of the share capital of the Corporation ranking junior to the First Preferred Shares, on an equal basis, in proportion to the amount of their respective claims in regard to such shares held by them. 2.4.3 The holders of Second Preferred Shares shall be entitled to receive these amounts in preference and priority to any participation of holders of Subordinate Voting Shares and Multiple Voting Shares or shares of any other class of shares of the share capital of the Corporation ranking junior to the Second Preferred Shares, on an equal basis, in proportion to the amount of their respective claims in regard to such shares held by them. 2.4.4 The holders of Preferred Shares shall not be entitled to participate further in such distribution, the remaining property of the Corporation devolving to holders of the other shares of the share capital of the Corporation according to their respective rights. 2.5 Amendments 2.5.1 Subject to the provisions of sections 173 and following of the Canada Business Corporations Act and subject to the articles of the Corporation being amended, the Board of Directors may at any time adopt a resolution to modify, amend, suspend or repeal the rights, privileges restrictions and conditions attaching to any Preferred Shares in order to authorize the creation of shares of a new class ranking prior to or having

 

... II • the same rank as such Preferred Shares in regard to dividends or distribution of property in the event of the liquidation, dissolution or winding-up of the Corporation or the distribution of all or part of its assets among the shareholders, or in order to make the shares of an existing class rank prior to or have the same rank as such Preferred Shares in regard thereto, but no such resolution shall be effective unless ratified by at least three quarters. (%) of the votes cast by the holders of Preferred Shares of each series affected by such amendment, voting separately as a series, present or represented at a meeting called and held for such purpose; a meeting may nevertheless be held jointly with other shareholders provided that a separate vote is taken among holders of Preferred Shares of each series affected by such amendment. The fonnalities to be observed in regard to the calling and conduct of any such meeting and the quorum therefor shall be those prescribed in the by-laws of the Corporation in regard to meetings of holders of shares carrying the right to vote at shareholders' meetings, mutatis mutandis.A vote with respect to Preferred Shares may also be expressed by resolution in writing signed by all the holders entitled to vote on the resolution concerned. If the proposed amendment stands to affect the rights of holders of Preferred Shares of a given series in a manner or to an extent significantly different from the manner or extent to which it affects the rights of holders of Preferred Shares of any other series, such amendment must then, in addition to being approved by the holders of Preferred Shares of each series affected by the amendment, voting as a series as provided above, be approved, in the same manner, by the holders of Preferred Shares of every such series, voting separately as a series, and the provisions of article 2.5.1 shall apply to the procedure for obtaining such approval, mutatis mutandis. 2.5.2

 

SCHEDULE2 TO THE RESTATED ARTICLES OF IETERNA ZENTARIS INC. 7 - Other provisions, if any The directors shall be authorized to appoint one or more additional directors (in addition to the number of directors elected at the last annual meeting), who will remaining in office for a period terminating no later that at the adjournment of the next annual meeting provided that the total number of directors so appointed does not exceed one-third of the number of directors elected at such last annual meeting. DOCSMTL: 3655275\1

 

1+1 Industry Canada Certificate of Amendment Industrie Canada Certificat de modification Canada Business Corporations Act Loi canadienne sur les socictes par actions .-.. Business Corporations Act in accordance with the attached notice; canadienne sur les societes par actions, conformement a !'avis ci-joint; Canada AETERNA ZENTARIS INC.264271-9 Name of corporation-Denomination de Ia societe Corporation number-Numero de Ia societe I hereby certify that the articles of the Je certifie que les statuts de Ia societe above-named corporation were amended: susmentionnee ont ete modifies: a) under section 13 of the Canada 0a) en vertu de ('article 13 de Ia Loi b) under section 27 of the Canada 0b) en vertu de I'article 27 de Ia Loi Business Corporations Act as set out incanadienne sur Jes societes par the attached articles of amendment actions, tel qu'il est indique dans les designating a series of shares; clauses rilodificatrices ci-jointes designant une serie d'actions; c) under section 179 of the Canada c) en vertu de l'article 179 de Ia Loi Business Corporations Act as set out in canadienne sur les societes par the attached articles of amendment; actions, tel qu'il est indique dans les clauses modificatrices ci-jointes; d) under section 191 of the Canada 0d) en vertu de I'article 191 de Ia Loi Business Corporations Act as set out incanadienne sur les societes par the atlached articles of reorganization;actions, tel qu'il est indique dans Jes clauses de reorganisation ci-jointes; May 28, 2004/le 28 mni 2004 Director-Directeur Date of Amendment - Date de modification

 

, . - 'l ·· J+l Industry Canada FORMULAIRE4 CLAUSES MODIFICATRICES (ARTICLES 27 OU 177} FORM4 ARTICLES OF AMENDMENT (SECTIONS 27 OR 177) Industria Canada Canada Business Corporations Act Lot canadienne sur les sod6t6s par actions 3 - The articles of the above-named corporation are amended as follows: Les statuts de Ia socllltemenlionnee c:kSessus sont modifi6s de a fan suivante - (i) to change its name to AETERNA ZENTARIS INC. (ii) to create a new class of shares, being an unlimited number of Conunon Shares and to add the rights, privileges, restrictions and conditions attaching to the new class of Conunon Shares, the whole as set out in the annexed Schedule I which is incorporated in this form; to exchange each issued and outstanding Subordinate Voting Share into one Conunon Share; to cancel the Subordinate Voting Shares as a class, together with all authorized a nd unissued Subordinate Voting Shares as well as the rights, privileges, restrictions and conditions attaching to the Subordinate Voting Shares; to cancel the Multiple Voting Shares as a class, together with all authorized and unissued Multiple Voting Shares as well as the rights, privileges, restrictions and conditions attaching to the Multiple Voting Shares, and so that the authorized share capital of the Corporation shall now consist of: an unlimited number ofConunon Shares; an unlimited number of First Preferred Shares, issuable in series; and an unlimited number of Second Preferred Shares, issuable in series. (iii) (i v) (v) Corporate Secretary IC3069 (20031'081 Canada Mr 3 1 zoo Print1!d - - 1NOrl'l en kilttes mauJ6es 4 Mario Paradis -Capacity of-En qualil6 de 5-Tel. No (418)652 -N"de te.l -8525 1-Name of the Corporation - D6nomlnaUon soclale de Ia societe LES LABORATOIRES AETERNA INC.­ AETERNA LABORATORIES INC. 2-Corporation No. - N' de Ia sodete 264271-9

 

 

r • ' ';) SCHEDULE 1 TO THE ARTICLES OF AMENDMENT OF .I.ETERNA LABORATORIES INC. The authorized share capital of lEtema Laboratories Inc. (the "Corporation") shall consist of an unlimited number of Common Shares, an unlimited number of First Preferred Shares, issuable in series, and an unlimited number of Second Preferred Shares, issuable in series. The rights, privileges, restrictions and conditions attaching to each class of shares are as follows: ARTICLE 1 COMMON SHARES 1.1 Voting Rights. The holders of the Common Shares shall be entitled to one (1) vote for each Common Share held by them at all meetings of shareholders, except meetings at which only shareholders of a specified class of shares are entitled to vote. 1.2 Dividend Rights. Subject to section 2.3 hereof, the holders of the Common Shares shall be entitled to receive such dividends as are declared by the Board of Directors ofthe Corporation on the Common Shares. 1.3 Liquidation Rights. The holders of the Common Shares shall be entitled to receive, subject to the other provisions hereof, the remaining property of the Corporation upon any liquidation, dissolution or winding-up of the affairs of the Corporation, whether voluntary or involuntary. OOCSMTL: 1005230\1

 

1+1 Industria Canada Industry Canada Certificate of Amendment Certificat de modification Canada Business Corporations Act Loi canadienne sur les societes par actions D Corporations Act in accordance with the attached canadienne sur les societes par actions , D Corporations Act as set out in the attached articles canadienne sur les societes par actions, tel D Corporations Act as set out in the attached articles canadienne sur les societes par actions, tel Canada LES LABORATOIRES AETERNA INC. 264271-9 Aeterna Laboratories Inc. Name of corporation-Denomination de La societe Corporation number·Numero de ta societe I hereby certify that the articles of the above­ Je certifie que les statuts de Ia societe named corporation were amended susmentionnee ont ete modifies : (a) under section 13 of the Canada Businessa) en vertu de !'article 13 de Ia Loi notice; confonnement a l'avis ci-joint; (b) under section 27 of the Canada Businessb) en vertu de !'article 27 de Ia Loi of amendment designating a series of shares; qu'il est indique dans Jes clauses modificatrices ci-jointes designant une serie d'actions; (c) under section 179 of the Canada Business c) en vertu de !'article 179 de Ia Loi Corporations Act as set out in the attached articles canadienne sur les socieres par actions, tel of amendment; qu'il est indique dans les clauses modificatrices ci-jointes; (d) under section 191 of the Canada Businessd) en vertu de !'article 191 de Ia Loi of reorganization.qu'il est indique dans les clauses de reorganisation ci-jointes. June 27,1997/le 27 juin 1997 Director - Directeur Date of Amendment - Date de modification

 

Industry Canada lndustrie Canada Loi canadlenne sur res societas par actions , FORM4 ARTICLES OF AMENDMENT (SECTION 27 OR 177) FORMULE4 CLAUSES MODIFICATRICES (ARTICLES 27 OU 177) Canada Business Corporations Act · 0 3-The articles of the above-named corporation are amended as follows: Les statuts de Ia societe menlionnee ci-dessus sont modifies de Ia fan suivante: The corporate name is hereby modified in order to add to it an English version namely uAeterna Laboratories Inc." re ARTMENTAL USE ONLY - A L'USAGE OUMINISTtRE SEULEMENT eposee IC 3069 (2196) Date Title-Tit 1 FOR DEP Filed - D 1-Name of corporation-Denomination de Ia societe LES LABORATOIRES AETERNA INC. 2-Corporation No.• N" de Ia societe 2642719

 

I. 1+1 lnduslry Canada lndustrie Canada Certificate of Amendment Certificat de modification Canada Business Corporations Act Loi canadienne sur les societes par actions D Corporations Act in accordance with the attached canadienne sur les societes par actions, D Corporations Act as set out in the attached articles canadienne sur les societes par actions, tel D Corporations Act as set out in the attached articles canadienne sur les societes par actions, tel Canada LES LABORATOIRES AETERNA INC. 264271-9 Name of corporation-Denomination de La societe Corporation number-Numero de La societe I hereby certify that the articles of the above­Je certifie que les statuts de Ia societe named corporation were amendedsusmentionnee ont ete modifies : (a) under section 13 of the Canada Businessa) en vertu de I'article 13 de Ia Loi notice; confonnement a l'avis ci-joint; (b) under section 27 of the Canada Businessb) en vertu de I'article 27 de Ia Loi of amendment designating a series of shares; qu'il est indique dans les clauses modificatrices ci-jointes designant une serie d'actions; (c) under section 179 of the Canada Business c) en vertu de l'article 179 de Ia Loi Corporations Act as set out in the attached articles canadienne sur les societes par actions, tel of amendment; qu'il est indique dans les clauses modificatrices ci-jointes; (d) under section 191 of the Canada Businessd) en vertu de !'article 191 de Ia Loi of reorganization.qu'il est indique dans les clauses de reorganisation ci-jointes. July 26, 1996Jie 26 juillet 1996 Director - Directeur Date of Amendment - Date de modification

 

- . - ·1•1:· lndustrv canada lndustrtt Canada FORM 4 ARTICLES OF AMENDMENT (SECTION 27 OR 171) FORMULE 4 CLAUSES MODIFICATRICES (ARTICLES 27 OU 1n) Canada Business ;; rporatiOnl Act Loi rigissant les soc••tis par actiOM de rig•me fid6ral LABORATOIRES IETERNA INC. 3 -The anicles of the abovtHWMd corporation are amended u follows: Lnatatuts de Ia societe mentionnee ci-dessua aont modiliia de Ia fIUIVInte : A compter du 8 aoi\t 1996, les actions a droit de vo"te subalteme et les actions a droit de vote multiple de Ia Societe emises et en circulation sont fractionnees de sorte que chaque actionnaire inscrit a ja cloture des From August 8, 1996, the outstanding Subordinate Voting Shares and Multiple Voting Shares of the Corporation are subdivided so that each shareholder of record at the close of business on August 8, 1996 shall receive, on August 8, .1996, two Subordinate Voting Shares for each Subordinate Voting Share of the Corporation or two Multiple Voting Shares for each affaires le 8 aout 1996, re oive, le 8 aoi\t 1996, deux actions a droit de vote subalteme pour chaque action a droit de vote subalterne de Ia Societe ou deux actions a droit de vote multiple pour chaque action a droit de vote multiple detenue, seton le cas. Multiple Voting Share of the Corporation case may be. held, as the Oate26 juillet 1996 Tide -Titre Vice-President. Operations et Finances Vice-President, Operations and Finances 1 - Name o LES f corporation - o.nominatlon de Ia soc:iate 2-CorpcnbOn No.-N• de Ia soc1eti 264271-9

 

4186472455;# 2/11 514397760 .. Industry Canada lndustrie Canada Ca•lllla B1111a• Corporatlaal Ad IAJI ctllldteue 1111" IllattiC. PI!' lldloDI mAter..._ ll'nil c:l-J<Ut; DOdce; or emac1an1 dr:aipttfaa • eaiel ot alMa; qa•n at bldiqa6-. a*-qa'il Cit ... . Illc:IIID ""......,Ia IDdbb ptlt lll:li«U, eel CotpotctiDitt A:l • set - ia tile ltlliCIM'd ...... Canad ...m COJpCWab Win ..,.,w aaiii8DtiDM6C Qllt 6116 IIQdiflb : aaum. tJt:titw,1d UDC Cia tii:IIDnl, tel ofq .' flat --* Dtr • Ot...U. LES LABORATOIRES AETERNA INC.264271-t J bercby cordfy 111M die .nidal of UID abo\10-.Tc <Uti& qelei--de Ia (a) adc:r ICCdall 13 of tile c..cm ..,_,a) ea *'-do l'lrdc:lo U de Ia Loi Corponmm.rkl bli!CCDidut.e1116 ettr.cW0QIJ1.M....... a M1dbb ,., (b) .aleCdaa 27 oltbB ....,b) Cll \alia des l'anide 'r1 de Ia IA A:l •aa o•indiD..,._, addrl0etllllldiflrM IW l«f J«:UUh pt11' . Jlo4iflaltn.QioiJatel ci!Wptl d' e) •\C1D de l'artide 179 «Ia lAl .,'-ltldblf,.. ..,.,..,... c:l-jaiaa; (4) .....aec:doa 191of tk lNIUwu0d) ea \Ubi de l'lrtidD 191de Ia Lol n1orpdlrltiaa ci-jcUiel. dlalel

 

4186472455;# 3/11 5143977600-+ 16:30 i 2-15-96 V. PAR:MARTINEAU fiAU<ER ••• lrldullrie c... ,...by c.nldl FORMULE• Q.AUSES MOOIFICATRtCES (AAT1CLES %7 OU t '17) LDI rluiOOihAe par ICtiDnt de Mdfral t.IMda Butineu CofPOtei!Onl Act finar 30 novembre 1995 ftlt-nn Vice-President, op,rations et 1 - Name of lion - inlliorl de Ia eoc LES LABOn.ATOIRES AETERtNC • a -CoflloflliDn Na. -N• • ..IOCNtl6 264271-9

 

4186472455:# 4111 514397760 ; 2-15-36 ; 16:30 ; ANNEXEA La prescnte annexc A des clauses modificatrices de Les Laboratoires tema Inc. (la •Societb) modific lcs stmuts constitutifs de Ia Societe dates du 12 septcmbrc 1990, tels que modifies par clauses modificalrlc:es data du 26 septcmbre 1991, du 27 avrill992, du 20 oc bre 1993, du 2S octobre 1993, du 28 mars 1994.du 30 mars 1994, du 28 ftvrier 1995, du 24 avril199S et du 19 octobn: 199S et fait panic integrante des clauses modificatrices de la Societe. Le$ staluts constituti:fs de Ia iete sont modifies de Ian suivantc; La rubriquc 7 des statuts constitutifs de Ia Soci«6. intitulee •Autres dispositiODS», est · ahrogee. I· n-Lcs 6 111 699 actions ordiDaires emises et en circuladon llla fermeture des bureaux le jour ouvrablc la dale du certificat de modifitation ratifianlles clauses modificattices soot frlctionn6es de sorte que cbaque actiomudre lve trois actioos OJdiDaires pour cbaque deux adioos oroinaircs deIaLa Soci6t6D'anetn pas de hction d'actioo daDa le cadre clu fractionocmeotau lieu, un actionnairc m:cvra un montmt en oUIDhaire Cpl au montant obtenu ea multiplilnt la fraction par 7,]3 s.de sorte que lo 110111•d'actioos ordiDaircs en cimJlation suite au fractionncment . 6p1A 9167 S41. III-La rubrique 3 dol statuts coostitutifs de Ia Sodet6, lntitul" aories ct tout oombrc maximal d'actioDs que1a SocW est autorisCc Cmottrcw, est moctifi6c par co qui suit: A. Par Ia cre.tioa lfua uombre illimit6 d'ICtioos • droit de voto subelteme ct d'uo nomHllmiM d'actiou ldroit de vote multiple, comportau1lca droits, pri gcs. CODditiODJ et mtrictions d6edts ci-aprM; B. Par Ia conversioD des 9 167 S4t actioas ordinaires hniaes et en cizculatioa suite au fhM:tioaDOJDellt mentiODD6 en II doodcvant ea 9 16? 541 a.ctiOD& A droit de vote multiple; Par t•umularioo de toutes le:s actiOilS oniialiresdu capital aociaJ de Ia Soci6C6;. C. Par Ia suppressioa des mots tCtions ord1.D.aira-da statuti de la Socien ce qui a D. nit lUX actionsde prmUcr nma cc aux ICtioas FriviWai6ea de deuxiaDc rq deIa SocW pour lea laDpl&c Plr1cs mots ctio as droit de vote llJbeJtetoe et KbOIIIldroit de vote multiplet.

 

4186472455;# 5/11 5lot3977600... t..'W . t'AK · MAK ItrltAU WAU\t..K De sorte que, suite Al'obtcntion d•un certificat de modification ratifiant lcs prisetus c)auJeS modificatriccs, Ja Societe soit autoru6c un nombre iiUmite d'actions•droit de vote subaltcme (ci-apris.les -actions a droit de vote suhalteme-), un nombre ill.imid'actions l droit de vote multiple{ci-apres, lcs -actions droit de vote multiple-), un nombrt illimit6 d'actions privilde premier rang (a·aprCa.lc:s 4Ctions privil6ai6:s de premier rana•) pouvant!tre emiJCS en series et un nombre illimitjd'actions privilCgiies de dewdeme I'IDI (ci-apres, les •actions privilegi es de deuxi6me nne-> pouvant !tre emises en ames, comportant l.es droit:s, privilqes,conditions et resttidions suivants : •Article 1-Acdogs I! drplt de yob aubeltenc ct actigu 1droit dcyog •Pitipk Les actions a droit de vote subalteme et Jcs actiQDs droit de vote multiple comportent les droita, privilegca, eoaditions ct n:strictiOD5 qu1suiveot : 1.l Di.videDcha Chaque actioo a droit d: vote subelteme et chlquc action 6 droit de voce multiple contere, 90US reserve des droits cLss pol'tmln d'actioos pri'lil6Poa de pn:micr riDI e1 d'actiODJ pride deuxia:De rq.Jc droit de recevoir Jes divideDdes que1e conseil cradmiaistnticm de Ia Societe .mail en unmoatant idcDtiquc, Ill mime moment et sous la mame fo:me (que 00 soil 1111 c:GIIlpbiDt, eu Dlbll'e ou autremCDt) tout comme si CCS KtiODJ &lent d'uae seWe et ID&nc · CepcndaDt, sous r6sc:rve toujours des droits des portcurl d•acdODS priviwpet de premier raoact d'IICtions privilqiM!de deuxianc ran& lc CODICil d•admiDisuation de Ia Societe peut dCclarer des dividcDdes sur lcs ldioDI droit de YOIC subaltemc saas declarer de diYidclades aur les actioas droit de vote mukiple ou alon cWclarer des divideodes d'un montaut idrieur l'clca 8dioaa droit de vore multiple. Nul bctiolmemeot ou consolidation des act:ioasdroit de voCII subalteme ou des JICtioDs•clmit do vott multiple ue peat acre cft'ecaue'moins quo,1cs ICUoDsa droit de vote multiple ou les actioos droit de wtc IUbaltaDe. aeJon k cu, ne soicot fiactioaD6cs ouconsolicWes deIam!mc manike et, diDI ce cu, Jes droita, privileau.conditioaa et restrictions se rattacbaot uon aux actions a droit de vote subaltema et aux actions • droit de YOie multiple se l'lttacheroDt aUIIi cos actions aiDii OUCOiliOIJcWa, .

 

4166472455:# 6/11 514;jH776UO • 3. 1.3 LlquJdatioD En cas de liquidation ou de dissolution de la Societe ou de toutedistribution de SC9 ol cnts d'acdf parmi scs actiODDiires aux fins de Ia liquidation de ses affaires, que cc 50it de sonpropre chef ou non, lesporteurs d'actious droit de vote subaltemc et les porteurs d'actioas A droit de vote multiple oot le droit, sou.s reserve des droits des porteurs d'actions privll gieos de {RD1ier rama ct d'actioos privil iees de deuxi me nmg, de se partl8er action pour action, lc rellquat des biCDeJ t clements d'actif de Ia Societe dispooibles pour distribution A ses actionnaires, sans pr6ference ni distinction. 1.4 Vote Les porteurs d'actions a droit de vote subahrmle et lcs pxteun d'actions •droit de vote multiple oat droit de RCCVoir avis de toute as:semblee des actionnaires de la Soci6tO,Iy usillta'ct d'y voter commo uoescule c:atqaric a reprct de toute question sur laqueUe doivcnt voter los actiooDaim clc Ia Societe. saul dans lc cu d'uae assembl= oU seWs le.s portcurs d'actlons d'uneric ou d'unesene particulitre sont habiUteavoter de .r.a.cllstinctc aux t.ume. de Ia Loi ciiiUidlerre :sur lu Les actioas a droit de vote sociltu JND' acrioru ou des statuts de Ia . subalteme confttect un (1) vote par action et lcs actiou a droit de vote multiple confiJrent dix (10) votes par actioa. Cbaque ac1ion adroit de vote multiple en drcu1atioo pNI, eo tout temps et au ¢du porteur, atJe COilVa'tie ea uoe ltti011l droit de \'de subaltemo,eelon tcs modalites suiVIIdeS: l.S. llopriviJ9de coovcniooprewau paem l.S '/tJJU:r'(;O au moya crun avisCit c o me al'aacmdes traasfats de1a Sod6t6 ct IICCOIDPIID' du ou des catificats rep._tant les actioas 1droit de vote multiple 1'6prd delqueUa lepon:ur aoubaite se privaloir de ce pivi. avis doit f4n: sip!pao le porteur delactions •droit de vote multiple Al'eprd desqucUa exou par aoa Iepr4 ntJN dtJment autori.ee etU doit y lire c:eelt iDdiqle nombre d'actiO'DS ldroit de voae multiple que le portew' soubaite convertir. Lc pona rdoit 6plemeat acquiaa' tol*ltaxes ou autrca droita ou imp6ts pou\'IIDI-••••i l'tprd cfUDC ... COD'VCI'IioD. La conwnion dcl-=tioalldroit de wte multiple ea ICdca l r..-.... droit de \'Ole subaltame ....effct..de IaPll' 1raalfcdl de Ia SocWt6 de l'avis de COil etsioll et clu ou dca CldifiQII repacntam lea ldioas droit de vo1cmultiple f6prd dctqucllcslc par• souhaite Je pr6valoirprivilqc de COilVerlicla; et

 

4166472455;# 7/11 5143977600-t ; 2-15-96 ;16 .31 -4· 1.5.2des reception de cct avis et du ou.des ccrtificats. la Societ6 emettra ou fera avec: effet • la date de CCUe r=ptioo. un ou des certiflcatl des actions droit de vote subalteme en circulation, suivant les modalites d6erites ci-dessus, en favcur du poltcur de ces actions a droit de vote multiple qui nc poum, dCs Jon, excrcer scs drolts • titre de poneur d'actions droit de vote multiple. Si moins que la totalite des actions a droit de vote multiple rcpresaspar un certifiC8t doit ertic.le portcur est en droit deRCeVOir UD nO\MIBu certificat pour les actionsdroit de vote multiple que rcpresentait Je cenificat original et qui a'ont puconvenies. Raaa t.f; Sauf stipuJadon contralcc aux puaaraphea 1.1, 1.4 et 1.5.cbaque etiona droit de vote subllteme et chaque actioa droit de vote multiple coa1mat les dines droits, som a tous 9Ia entre cUes et seront traiteos pat Ia Socie.6 commc si ellea etaicnt des actions d'une seulc c:an61orie. Arfjdc l· Adim prMI.... de aamn•noa ct Idem• prid4aiiQ de dnslimc till Les actiou privileai•.premier I'IDI et lcs Ktions priviWgWes de deuxiime rua(cos actions 6tant ci-aqria qudquefois daiP'ea coiJectivcment lea cactioDJ privil'&Jb) peuvent atrc Cmiaes ensCrie et c:omportcalles droiU,pricoaditiGls et rallrictioas qui suivent: 2.1 bluloa ea Hritl Lea actioDS privilqi6cs peuwnt en tom temps etre Qnisos en ODe s6rieou plusietn series, tel que p.evu ci«tsuuet praumt rang, A l'intericur de leur aie aespective, eplcmem entre .aile&. quaDtiU peicmeut de divicledda et au J)ldl&e des bicas adYeuDt la diaolution do Ia SoeiCtt, a liquidltioa ou Ia disUibutioll de tout oo putie de aooiCtit}miDi les acdolmaira. Le coueil d•aclmialstraJioa peut, de tempt a autre, pourvoir 1la c:r61tioa et l l'anissioo de sate.d'actioas priviJesi6es, le CODiel1 d'wfministntion devant, aviDI 1'6milsion d'ICtiou priviJCPea d7uao sOrie clonD6c : 2.1.1 diterminer la cW siptkxl de1a sCric d'ldioas privil6Ji6cs de pn:mier rag <N d'ICtioDI privilepes de deuxi6me fiDI; · 2.1.2 detcrmiDer )e DOmbre d'actioas privilqWcs de preaUI!I' 11118 OU d'acdom priviWaWel de dou.Uime maa devut CCJmPOMr tcllo16dc;

 

4166472455:# 6/11 CJ\\' • r!ilt •Jl:\lt I IIU ftJUJ\J:.lt - s. deler1J1in«,sous reserve des caracteristiques propres a I'ensemble des actions privil iles droits. privileges, toaditions et restrictions se rattacbant a t.elle Sl!ric d'ldions, y compris, mais SII1B limiter Ia portee de cc qui : 2.1.3 le taux et Je montlllt ou 1a methode de c:alcul du dividcnde afFerent aux actions de telle sale alnsi que les modalites de paiement et Je caractae cumulatif ou non c:umuladf de tel dividendc;et le cas beant, tels droits, privileaes, conditions el restrictions jup i) ii) A propos relativcmeot A l'acquiaition par la Sociect de teUes actions (soit 6 5011are.al'optioo du cWtentcur ou autmoeut).ala constitution d'ua foods d'amortiuemeat ou d'ecbat acct prd. a l'kbmae ou Ia conversion de tel.les actions en actKma d'une aun sme ou cateaorie, ou ell«)re aux tnosfcrts de ccllea-d;et modifier en coosequencc les statuts de la Societe, conformemcntIa Lol ctJ1Illlli,nnt nu l1s lociillspal' t etion. 2.1.4 2.2 Vote Les actions priviWaUes ne conftrcnt pas a leurs dCtcntcurs lc droit de voter aux usembldes actiomWru, d'y atre conwques ou d'y asaistcr. 2.3.1Les ditentcurs d'actions privil ecs d'uae sCric ootle droit de reoevoir, A l' prd de cbaque exerc::iee fiaaoda do Ia SocWte ou tout 8\ltre iDtcrvallc pr6vu diDS les clauses moctifirelatives 1teUe Uric, des divideades Is cloalit candire cumuJetif ouDOD cumulatif, le taux, lo moatant ou 1& m4tbodo de c8:ul aiDsi que lei modallta de paie awll tom tels que a.clauses modifiatrica patiDeata. p1r 2.3.2Les d6tenteur8 d'actiODI privilegi6c:s d'UH sene n'ont droit, Ace title, i aucun dMcleode additioDDel ou dividcDde ausre·que Je dMdmde pra&eDtiel spc!Q11quc pmu Pll'1cs clausa modifiCittica Rlativcs telle!16rie. 2.3.3Aucun dividcDde ne peut attc la:C,paye ou mis de c:&e pour paiement au cours cl'uo ereice firwncicr de II ou de 1elle IUII'C p6riodc per les dallieS moclific:lttica peztiDeata.. ll"6prd des actioal privil6giees clc deuxitme rq.del.ctioas droit de vote subl.lteme ct des actioatc.lroit de 'VOte muldple 011de tome lldn:.....duaoc:ia1 da Ia Societ6, preDIDt rq....leiiiCtioalde pnmicr rq.• mow qu'cn prioliti ...de ce mfme exerdce ou de ccttc mime

 

4186472455;# 9/11 514397760()-. pCriodc,tout dividcndc (;oumnt rclatifdes actioas privflegiees de premier rana aJom en circulatioa ainsi que tout divideode accumuJ6 sur tellcs actions a divideodc cwnulatif ait CIC declare et payou mJs de cGte pour paiement. 2.3.4 Aucwt dividcodc ne peutdeclare,pay6 ou mis de cote pour paiemern au cours d'un exercice finaaeier de Ia Sotiou de tcUc autre periode determin4c par les clauses moditkatricC$ pertinentcsa l' ard des actions a droit de vote subalteme ct des actionsdroit de vote multiple ou de tou1e autre actioo du capital social de Ia Societe prenaat I'Bll& apm les actions privilegiecs de deuxieme rana, a moine qu'en priorit•J' eaard 4e cc meroe exercice ou de cette me periode, tollt dividcndc courant rclatif a des actions priviiC&ide deuxieme rang alors en cin:ulation aiDsi que lOW . divideruJe accumwe sur telles actions A dividc:ode cumulalif ait etc declare et paou mis de c&epour paiement. Le dividende aft'mnt toute action privilegiee d'une sene comportant m dividende eumulatif commeocec.ourir a eomptcr de1a dale d'Cmission de teUes adio Dt amoins que les clauses modificatriccs relatives A1elle sCrie ne prevoicm uoe date diff6rente., auquel cas ee divideade cumulatif commcuc:e acourir•oompter de Iadate prevuepar les clatdea modifiadrices pmtioeGtcs. Le dividende afferent toU1e action privitqia§e d'tme sme compor11Dt UD dividmde cumulatif ne"'gapequ'i I'expiration d,.UD exereice fiDancicr ou de teUe autre pmode pollf laquclle il est prevu. 1moiu que les clauaes modificatrlces lelatives a teUe amc soient a l'effet que tel dividende s'accumulc au jour lejour ou de telle autre IDIDK:re, auquel cas les clauses modiftcatricespeniDeotes prevalent. 2.3.5 . 2.3.6 Advenant lc montaut d•un dividcnde cWcJare soit iDiutfilaol pour acquiU. 23.7 IOUldi'YideDde courant re1ltif des actions privileaWcs alon en cin:ulatioa. ains1 que tout divideod.e aa:umul6 a 1'6pld de teUcs ICtioos l ctivideadc amulatif,lei d6tr:ntaurs d'actloas priperticipalt l tel dividcode.l t'J..otmcur de leur sate respective. d propartioDDellcaat 1m( sommcs qui acnicnt payables en cas d'ICqUittaoeat - 2.4 Liqaiclatioa oe dluohl&. 2.4.1Advmlllt Ia dissolution de la Societe, to partap de sea bieos lora de a de lOll ICtif' pmmi lee UquldaliOil ou Ia ctiltribution de tout OQ actioDoaiJa, Ia ciCtcDteun d'ICtions privilf&l6e8 de toutea l6ries 'V'CIIIt. en mun6raire ou ea bials. uae samme 6plc lla valour de la c:ootrclplltie Wll6c 1"9rddo tclles ICtioasea.circ:lllaino, reiJe que p0nse IUCMJI* do capitaltooial am.ct pay6 de1a SoolN.DUijonc :

 

1Hb4/l n5i#l0/ll -7· dans le cas d'actioas privileail!es componant un dividende cumulatif. du montant de tout dividcude alan accumule ouet impaye sur ccUos-ci; i) dans le cas d'actions privil i=s comportant un divideode non cumulatit du montant de tout dividcnde alors taresur celleKi ct impayt;et ii) lo cas echtant, de tout autre montant d termine par Ies clauses modiftcatrices creant telle sene d"aetioos. iii) 2.4.2Les daenteun d'acliona privilegi6es do premier t1ID8 oat le droit de reccvoir ces semmes par pnUcma et ea prioriA mute partieipetioo des dCtent.eurs d'actions pride dr:uxianc rq. d"acticms •droit de vote subalteme et d'actions a droit de vote Ulultiple ou d'actioDs de 1oUte autre catigorie d'actiona du c:apjtal social de Ia Soci, prenam 1'8ll& apres les actions privilerpa de premier raos qalement et propordonncUcmcmt au mootant de leur riclamatiou respective a reaard de aelles acdoas qu'Us detieMent 2.4.3LecWteotoura d"actioas privilcp6=s de dcuximlc rq ant lc droit de recevoit cas IOIDIDCS par prafCrcnce et on prioritel toute panlcipation des d6ttateun d'actiODS droit de vote subaherne et d'Ktions A droit de vote multiple ou d'ldions de toute au&re c:af6aoric d'actiou du capital social de Ia Soci . prcoaot Rill aprea los actioos privilde deuxiaDc nma et proportioonellemcnt au DlODbUlt de leur r6clamation respeetive i l'eprd de telles aoas qu'ils dbiatnent. priviWaib u'out droitl aucUDe participalion 2.4.4Lea d'IICtioDs additioaDeUec:e titre. 1e teste des bieu de la etaot dtvolu aux cWtadeul'l des aut1a IIOdoal du capitaleoclal de Ia Soci6t6 seloa leurs droit respedifi. 2. Modllatioe 2.S.lSous reaerve des dispotitions del articles 173 ec suivmts de Ia Loi CanadJeiiM sur /a IJOClifls par adtOM et SO\II reserve de Ia modifk.atioa des statuts de lale coaseil d'ldministntioo pallea tout temps lldoptcr uue Rsolutioa pour modifier. ame:ncla, SUip"l"be ou •muJer lea dtoits, privi)eps. cooditioas ctl'elllictiodlafiradlides actioas priv Wsi6ee. pour autorilcr Iacr6dioa d'actioGs d'UDe IIDU\'eJ1ecarqoriepreaa:rana avant les actioas pdviJ6JWa oa avec elles eumlli6re dD d.ivideades ou de piltl8e delbieDa.twa.l la liquiclatlala de Iaaclislolution ou Ia distributiou de tom ou partie de 101IC1if J*IDi Ia actioDDalra ou

 

4186472455;#11/11 5143977600... -. - " -B-encore,pour rcndre COOCUII'entes OUprioritaires A eet egard lcs actions d'UDO categorie cxistante mais aucunc teUe resolution n'a d'ctret a moins d'avoir etc ratifiee par le vote d'au moias les trois quarts ('A) des voix oxprim6es par les cWtenteun d'actions privi16gide cbaque s6rie affectie par c:cttc modification, votant "patGncnt en tant que Kric distin.cte, prSentl ou t6s lors d'unc assemblk eonvoquee et tenue ce«e fin, une assemblee coqjointe avec. d'autres dCtenteurs pouvaot11Wunoins itre tenuc pourw que le vote des detonteurs d'actions privileaide chaque sene aft'cctee par cettt: modification y soit pris siparement. Lea fomWita observer reJativement a Ia convocation de toute teUc assemblCe. a\ sa conduitc ainsi qu'ison qusont ccUcs pf6vucs par lcs r6&Jemeats de la Soci6te al'eprd desassembl=sdca dbentcurs d'ldiom comportant 1e droit de voter lors des asscmbl6cs des aetiolmailes, SOUl resmc des adaptations raolution =tesignee de tous Jesbabilcs voter en l'oc:c:uneDCe. - Le vote des actiompriviJePespeut amsl etre exprime par UDC 2.5.2Si la modification propoc doit affeeter les droits des tenteurs d"actioos priviJqiees d'une sme doDD d'tme maaike OU dans \lftC mesurc seosiblema!t difl'de ceUe qui aft'ecte1es droias desd'c1ionl privi1Cgi6cs de toute sene,ceue modification doit aJ.on. enplus d'atrc approuv= par les detenteurs d'actions privilqp6es de ebaque Mrio affedl!c par cette modifica&ion votant eo taat que a6rie tel que prevu cl-dessus, approuvCc, de la manemaniflre. par les cW\emeun des actiotu priviWaKet de chaque sene ainJi afi'ectee, votaDt CD 1IDt que aerie, et lcs dispositioas de l'llticle l.S.I s'appliquealll'obceution de ccttc approbation SOUl reserve des adaptatioDS cssaires.• IV. La rubrique! des llatutS coastitucifs de la Soci6te,•Nombrc (ou oombre mlnim l et maximal) cl' , Cit modifWe Pit ce qui suit : ·Lenomm miDim.& d'est de c:inq ct le DOmbre maximaJ d'admi.aistn!an est de quina. ED oltre, lee edmiDislra&curs Qlt IUlOris6s i llOIIUDet liD ou plusieurs admiDii1J'ICCur1 supplanataires (em plus du nombre d'ldmiDiJtraacurs 6lus l la de:miae aaembWe aaDiaelle) qui demeureroat en function pcmdmt uue pa;odc se termiDant au plus tard A la levee de 1a procbaine assembl"aanucllocoodition que lc DOmbre total d'administnbnn ablli nonuoaDC cWpase piS le tias du oomhre d'adminiatrltaun . .l cette dcmUn aaemhlIIIDUelle-.

 

1+1 lndustrie Canada Industry Canada Certificat de modification Certificate of Amendment Canada Business Corporations Act Loi canadienne sur les societes par actions susmentionnee ont eli modifies : named corporation were amended D Corporations Act in accordance with the attached canadienne sur les societes par actions, D Corporations Act as set out in the attached articles caMdienne sur les societes par actions, tel D Corporations Act as set out in the attached articles canadienne sur Jes societes par actions, tel October 19, 1995/le 19 octobre 1995 Canada LES LABORATOIRES AETERNA INC. 264271-9 Name of corporation-O!nomtnatton de la soct!t! Corporation nu•ber-Num!ro de la soci!te 1hereby certify that the articles of the above­Je certifie que les statuts de Ia societe (a) under section 13 of the Canada Businessa) en vertu de l'article 13 de Ia Loi notice;conformement a l'avis ci-joint; (b) under section 27 of the Canada Businessb) en vertu de I'article 27 de Ia Loi of amendment designating a series of shares; qu'il est indique dans les clauses modificatrices ci-jointes dCsignant une serie d'actions; (c) under section 179 of the Canada Business c) en vertu de l'article 179 de Ia Loi CorporatioJJs Act as set out in the attached articlescanadienne sur les sociites par actions , tel of amendment;qu'il est indique dans les clauses modificatrices ci-jointes; (d) under section 191 of the Canada Businessd) en vertu de l'article 191de Ia Loi of reorganization.qu'il est indique dans les clauses de reorganisation ci-jointes. . .. . , Director - DlrecteurDate of nd.ent - Date de aodificatton

 

•.,. •1nous ry Lanaoa 100unr.. naoa FORMULE 4 CLAUSES MODIFICATRICES (ARTICLES 27 OU 177) FORM • ARTICLES OF AMENDMENT (SECTION 27 OR 1T7) ""t:St.nidi'Buraness ·,..,,c,allons Act loi r6gisunt lea soc• th par actions de r6gime ffd6ral 3 - The artocles of the abOv&-named corporatiOn are amended as ronows: Les statuts de Ia soc•tlttl mentoonne ct-dessus sont mo<hloes de Ia lar;on su•vante : La rubrique 7 des statuts constitutifs de la societe intitulee "Autres dispositions" est modifiee par'abrogation du paragraphe 2 de l'annexe C qui se lit: a "2. Tout appel public l'epargne par la societe est interdit." .. Data Vice-president, Operations et ' Luc Dupont v• Title-Titre finances et Secretaire F0A OEP-'ATVEHTAl USE ONLY-A. L'USAGE OU loii'IISTERE SEULEYEN Filed - Dttpostle /9 octobre 1995 ' 1 - NamO LES L Ofpotahon - O.nomination de Ia soc•616 ABORATOIRES AETE&A INC. 2 -Corporahon No. - N• de Ia soct6t6 2642 71-9

 

Industry Canada lndustrie Canada Certificate of Amendment Certificat de modification Canada Business Corporations Act Loi canadienne sur les soci t& par actions D Corporations Act in accordance with the attached canadienne sur les societes par actions, D Corporations Act as set out in the attached articles ca adienne sur les societes par actions, tel 0 Corporations Act as set out in the attached articles canadienne sur les societes par actions, tel D Corporations Act as set out in the attached articles canadiemre sur les societes par actions, tel D Corporations Act as set out in the attached articles canadienne sur les societes par actions, tel Canada IC 3 11 (10.941(cc.a2140) LES LABORATOIRES AETERNA INC. 264271-9 Name of corporation-D na.tnation de la soci6t6Corporation nu.ber-Nu.&ro de Ia soct6t6 I hereby certify that the articles of the above­ Je certifie que les statuts de la soci6 named corporation were amended susmentionnee ont 6modifi: (a) under section 13 of the Canada Businessa) en vertu de l'article 13 de la Loi notice; conformement a l'avis ci-joint; (b) under section 27 of the Canada Businessb) en vertu de l'article 27 de la Loi of amendment designating a series of shares; qu'il est indique dans les clauses modificatrices ci-jointes ignant une s6rie d'actions; (c) under section 179 of the Canada Businessc) en vertu de l'article 179 de la Loi of amendment; qu'il est indique dans les clauses modificatrices ci-jointes; (d) under section 191of the Canada Busi11essd) en vertu de l'article 191de la Loi of reorganization; qu'il est indiqu6 dans les clauses de reorganisation ci-jointes; (e) under section 192 of the Ca ada Businesse) en vertu de l'article 192 de Ia Loi of arrangement. qu'il est indiqu6 dans les clauses d'arrangement ci-joinles. April 24, 1995/le 24 avril 1995 Director - DirecteurDate of Amendment - Date de modification

 

- •J+I.• Industry Canada lndustrie Canada Loi r6gissant les soci6t61 par actions de r6gime f6d6ral FORM 4 ARTICLES OF AMENDMENT (SECTION 27 OR 177) FORMULE 4 CLAUSES MODIFICATRICES (ARTICLES 27 OU 177) OCanada Business Corporations Act 3 - The articles of the above-named corporation are amended as follows: Les staluts de Ia societe mentionnee ci-dessus sont modifies de ta fsuivante : a titre de La rubrique 7 des statuts constitutifs de Ia societe intitulee •Autres dispositions• est modifiee par l'ajout, paragraphe 2 de l'annexe C, du texte suivant: •2. Tout appel public a l'epargne par Ia societe est interdit.» Date 21 avriJ.l995 7630-21·936-1387 (01·93) 48 Title -Tltre President FOR DEPARTMENTAL USE ONLY-A L'USAGE DU MINISrtRE SEULEMENT Rled--e 2 s 1995 1 - Name of corporation - Denomination de 1. sooi616. LES LABORATOIRES AETERNA INC. 2 - Corporalion No. - N• de Ia soci6te 264271-9

 

I+I lndustrie Canada Industry Canada Certificate of Amendment Certificat de modification Canada Business Corporations Act Loi canadienne sur les societes par actions D Corporations Act in accordance with the attached canadienne sur les societes par actions, D Corporations Act as set out in the attached articles canadienne sur les societes par actions, tel D catuulieiUze sur les societes par actions, tel Corporations Act as set out in the attached articles D Corporations Act as set out in the attached articles cmwdienne sur les sociites par actions, tel Canada IC3411 (10-94)(cca2140) LES LABORATOIRES AETERNA INC. 264271-9 NaMe of corporation·DEno•1nat1on de Ia sociEtECorporation nuDber-Hua!ro de Ia sociEt6 I hereby certify that the articles of the above­ Je certifie que les statues de Ia societe named corporation were amendedsusmentionnee ont ete modifies : (a) under section 13 of the Canada Businessa) en vertu de !'article 13 de Ia Loi notice; conformement a l'avis ci-joint; (b) under section 27 of the Canada Businessb) en vertu de }'article 27 de Ia Loi of amendment designating a series of shares;qu'il est indiqut dans les clauses modificatrices ci-joinles designant une s6rie d'actions; (c) under section 179 of the Canada Business c) en vertu de I'article 179 de Ia Loi CorporatioJJs Act as set out in the attached articles cmuuliemu: sur les sociites par actions, tel of amendment; qu'il est indiqut dans les clauses modificatrices ci-jointes; (d) under section 191of the Canada Businessd) en vertu de I'article 191de Ia Loi of reorganization; qu'il est indique dans les clauses de 16>rganisation ci·jointes; (e) under section 192 of the Canada Businesse) en vertu de !'article 192 de Ia Loi of arrangement. qu'il est indiqut dans les clauses 'd'arrangement ci-jointes. February 28, 1995/le 28 f6vrier 1995 Director - DirecteurDate of Amend.ent - Date de aodification

 

 

• ••••, lnduatry Canada lnduatrie t.nade Loir6gissant les soci6tb par ac:1ions de r6gime f6cHtel FORM 4 ARTICLES OF AMENDMENT (SECTION 27 OR 177) FORMULE 4 CLAUSES MODIFICATRICES (ARTICLES 27 OU 177) C('ada Businaaa rporationa Ac:1 3 - The articles or the abov.-named corporation are amended as follows: Les statuts de Ia soci"6 menlionllH ci.<fessus sont modirs da Ia rn suivante : La rubrique 7 des statuts constitutifs de Ia soci tintitule «A.utres dispositions» est modifie par !'abrogation du paragraphe 2 de l'annexe C qui se lit: Tout appel public a l' pargne par Ia societe est interdit.» «2. 24 fevrier 1995 7630-2t·G36-13117 (Ot·g3) 48 Eric Dupont .MAR o 1 1 54 rttte -Titre president FOR OEPAAn.tENTAl use ONLY-A L'USAOE DU a.tiNISTtRE SEULEMENT Filed - 06pos6e 1 - Name or COI'poratlon - o.nom1natlon de Ia soc16l• LES IABORATOIRES AETERNA INC. 2-Corporation No.-N• dela soci6t6 264271-9

 

I+I Industria Canada Industry Canada Certificate of Amendment Certificat de modification Loi regissant les societes par actions de regime federal Canada Business Corporations Act susmentioont ete modifies : named corporation were amended D les societes par actions de regime federal, Corporations Act in accordance with the attached D Corporations Act as set out in the attached articles les societes par actions de regime federal, tel 0 Jes societes par actions de regime federal, tel Corporations Act as set out in the attached articles D Corporations Act as set out in the attached articles les societes par actions de regime federal, tel Canada 7530-2 Hl36-210( 12-93) LES LABORATOIRES AETERNA INC. 264271-9 Naae of corporatfon-06noafnatfon de la sotf6t6 Corporation nuaber-NuD!ro de la soci t I hereby certify that the articles of the above­ Je certifie que les statuts de Ia socitte (a) under section 13 of the Ca1UldtJ Business a) en vertu de !'article 13 de Ia Loi regissant notice; conformement a l'avis ci-joint; (b) under section 27 of the Canada Business b) en vertu de )'article 27 de Ia Loi regissant of amendment designating a series of shares; qu'il est indique dans les clauses modificatrices ci-jointes d6;ignant une serie d'actions; (c) under section 179 of the Canada Business c) en vertu de l'article 179 de Ia Loi regissant Corporations Act as set out in the attached articles Jes societes par actions de regime federal, tel of amendment; qu'il est indique dans les clauses modificatrices ci-jointes; (d) under section 191of the Canada Business d) en vertu de ]'article 191de Ia Loi regissanl of reorganization; qu'il est indique dans les clauses de reorganisation ci-jointes; (e) under section 192 of the Canada Business e) en vertu de !'article 192 de Ia Loi regissanl of arrangement. qu'il est indique dans les clauses d'arrangement ci-jointes. March 28, 1994/le 28 mars 1994 Director - DfrecteurDate of Alendaent - Date de modtfication

 

... - ,. .... l Consun.-and I.....-:Corporate Atlalrs C1nada Consommatlon et Cofpo(atlons Canada Lol sur les soei6t6s eommerei11es ean1dlenne1 FORM 4 ARTICLES OF AMENDMEHT (SECTION 27 OR 171) FORMULE 4 CLAUSES MODIFICATRICES (ARTICLE 27 OU 171) A Business \.._./poratlons Act 3 - The attic:les of the above·nemed corporelion are amended ulollowt: Lea slatuts de Ia soc:i418 Ci-hlut menlionn6e sonlmodlfi6s de Ia fasuivllnle: La rubrique 7 des statuts constitutifs de 1a soci te du 12 septembre 1990 intitul e ccAutres dispositions» telle que modifie en vertu des clauses modificatrices et du certificat de modification du 4 octobre 1993 et en vertu des clauses 1nodificatrices et du certificat de tnodification du 25 octobre 1993, est de nouveau modifiee en abro­ geant et en annulant la restriction relative a l'appel publicl l pargne faisant l'objet du paragraphe 2 de l'annexe C qui se lit : cc2. A Tout appel public l' pargne par la soci test interdit.» --Deeetfpllon of Offlc:e -De tlon dupost• r sident DEPARTMENTAL USE ONLY-L'USAGE DU MINIS RE SEULEMENT - - MAR 3 1 1994' Fled-Dale 28 mars 1994 1 - Name o1 Corpotalion-06nominalion de Ia soci618 LES LABORATOIRES AETERNA INC. 2 - Cocpotalion No. - N• de Ia socl61' 264271-9

 

·.. 1+1 Industria Canada Industry Canada Certificate of Amendment Certif'lcat de modification Canada Business Corporations Act Loi regissant les societes par actions de regime federal D Corporations Act in accordance with the attached les sociitis par actiotJS de regime federal, D Corporations Act as set out in the attached articles les societis par actions de regime federal, tel D les societis par actions de regime federal, tel Corporatiotrs Act as set out in the attached articles D Corporations Act as set out in the attached articles 'J "f "• , .·· les societis par actions de regime federal, tel d'arrangement ci-jointes. March 30, 1994/le 30 mars 1994 Date of Aaend.ent - Date de modification Director - Directeur Canada 7530·2Hll6-2140 (12·93) LES LABORATOIRES AETERNA INC. 264271-9 Name of corporation-D no•tnation de la soci t Corporation nu•ber-Hua!ro de ta soci t I hereby certify that the articles of the above­ Je ccrtifie que les statuts de Ia soci6te named corporation were amended susmentioont te modifie<! : (a) under section 13 of the Canada Business a) en vertu de l'article 13 de Ia Loi regissant notice; conformement a l'avis ci-joint; (b) under section 27 of the Canada Business b) en vertu de l'article 27 de Ia Loi regissant of amendment designating a series of shares; qu'il est indique dans les clauses modificatrices ci-jointes dbignant une rie d'actions; (c) under section 179 of the Canada Business c) en vertu de !'article 179 de Ia Loi regissant Corporations Act as set out in the attached articles les sociitis par actiotJS de regime fidiral, tel of amendment; qu'il est indique dans les clauses modificatrices ci-jointes; (d) under section 191of the Canada Business d) en vertu de l'article 191de Ia Loi regissatu of reorganization; qu'il est indique dans les clauses de reorganisation ci-jointes; (e) under section 192 of the Canada Business e) en vertu de !'article 192 de Ia Loi regissant of arrangement. qu'il est indique dans les clauses :-· -

 

. ••• 4 Consomtnallon et COtPOtatlons Canada lol SUt les socr th commerciales canadlennes sumef rid FORM 4 ARTICLES OF AMENDMEHT (SECnON 27 OR 111) FORMULE 4 CLAUSES MODIACATRICES (ARTICLE 27 OU 171) Corpotate''tfarrs Canada aallons Act Canada Business 3 - The lltk:les of the above·named COtPOf8tion are amended ..follows: lea statuts de Ia soc:l4116 o-haut mentionnusont modifies de Ia fa on aufvante: La rubrique 7 des statuts constitutifs de la soci tdu 12 septembre 1990 intitule «Autres dispositions» telle que modifiee en vertu des clauses modificatrices et du certificat de modification du 4 octobre 1993, en vertu des clauses modificatrices et du certificat de modification du 25 octobre 1993 et en vertu des clauses modifi­ catrices et du certificat de modification du 28 mars 1994 est de nouveau modifi e en ajoutant conme paragraphe 2 de 1•annexe C, les dispositions suivantes, soit : a Tout appel public 11 pargne par la soci test interdit.» ((2 . 30 mars 1994 Oeacriptlon of Office -Descripllon du POSit Secretaire FOR DEPARTMENTAL USE ONLY-L'USAGE DU MIN RE SEULEMENT Flied - D'J)OHe ·tet 4 1994 1 - Name of Corporation - 06nomtnabon de Ia IOCUI16 LES LABORATOIRES AETERNA INC. 2 - Corporation No.-N• de Ia soci6t6 264271-9

 

Industry and Science Canada lndustrie et Sciences Canada 1+1 Certlflcat de modification Lol r glssant les socl tes par actions de regime federal Certificate of Amendment Canada Business Corporations Act articles of the above-named de Ia soci tsusmentionn e Loi regissant les societes par conform ment A l'avls ci-]oint; Canada Business CoTP.orations attached notice; Canada Business Coroorations articles of amendment Loi regissaFJ.t les societes v.ar actions dans Ies clauses modificatricci­ Loi regissa11t les societes p_ar actions dans Ies clauses modlficatrlces Canada Business Coroorations articles of amendment; Lol regissant les societes v.ar actions dans Ies clauses ae reorganisation Canada Business Coroorations articles of reorganization; Canada Business Coroorations articles of arrangement. Lol regJssant les societes v.ar actions dans Ies clauses a'arrangement Canada 0432 LES LABORATOIRES AETERNA INC. 264271-9 Name or corporation - Dinomination de la soci6tiCorporation number - Num6ro de la sociiti I hereby certify that the Je certifie que les statuts corporation were amendedont tmodifies: Ca) under section 13 of the Da) en vertu d!'article 13 de Ia Act in accordance with the actions de regime federall (b) under section 27 of the 0b) en vertu de 1'article 27 de la Act as set out in tlie attached de regtme Jederal, tel qu'11 est indique designating a series of shares; jointes deslgnant une serle d actions; (c) under section 179 of the c) en vertu de !'article 179 de Ia Act as set out in tlie attachedde reg1me tederal, tel qu'II est indlque cl-jointes; (d) under section 191 of the Dd) en vertu de Particle 191 de la Act as set out in the attachedde reg1me federatel qu'il est indlque ci-jointes; Ce) under Section 192 of the 0e) en vertu de !'article 192 de la Act as set out in tlie attachedde reglme federatel qu'11 est indique ci-jointes. October 25, 1993/le 25 octobre 1993 Director - DirecteurDate of Amendment - Date de moditieation

 

I FORM 4 ARTICLES OF AMENDMENT (SECTION 27 OR 177) FORMULE 4 CLAUSES MODIFICATRICES (ARTICLE 27 OU 177) • . • Can BusinessLoir6gissant les soci616s Corp' 'ons Act par actions de regime f6deral 3 - The articles of the above-named corporation are amended as follows;Les statuts de Ia societe ci-haut mentionnee sont modifies de Ia fa on suivante: La rubrique 7 des statuts constitutifs de la soci te du 12 septembre 1990 intitul e ccAutres dispositionS)) telle que modifiee en vertu des clauses modificatrices et du certificat de modification du 4 octobre 1993 est de nouveau modifi en ajoutant paragraphe 2 de l'annexe C, les dispositions suivantes, soit : com­ public a <<2. Tout appel l'epargne par la societest interdit.n 25 OCTOBRE 1993 CCA 1387 (02-89) Filed - Oeposee President FOR D£PAfiTf,IENTAL US£ ON LY-A 'USAGE OU MINISTtRI:' SEULEMENT NOV _-: 9 1993 1 - Name of Corporation - Denomination deIa soc1ete1 LES LABORATOIRES AETERNA INC. 2 -Corporation No. N° de Ia soccete 264271-9

 

'.1+1 lndustrie et Sciences Canada Industry and Science Canada • ' Certlficat de modification Certificate of Amendment Lol regissant les societes par actions de regime federal Canada Business Corporations Act articles of the above-named de la soci tsusmentlonn e Canada Business CoTP.orations attached notice; Loi regissant les societes par conform ment a 1'avis cl-)oint; Loi regissaFJ,t les societes P,ar actions dans res clauses modificatrices ci­ Canada Business Corvorations articles of amendment Loi reg_issant les societes P,ar actions dans res clauses modiflcatrices Canada Business Corvorations articles of amendment; Canada Business Corvorations articles of reorganization; Loi regissaFJ,t les societes P,ar actions dans Ies ctauses ae reorganisation Canada Business Corooratfons articles of arrangement. Loi reg_issaFJ,t les societes P,ar actions dans res clauses a'arrangement Canada LES LABORATOIRES AETERNA INC. 264271-9 Name or corporation - Denomination de la societeCorporation number - Numero de la societe I hereby certify that the Je certifie que les statuts corporation were amended ont tmodlfi s: Ca) under section 13 of the Da) en vertu d1'article 13 de la Act in accordance with the actions de regime federal Cb) under section 27 of the 0b) en vertu de 1'article 27 de Ia Act as set out in the attached de regrme federal, tel qu •11 est indiqu designating a series of shares;jointes d signant une s rie d 'actlons; (c) under section 179 of the c) en vertu de 1'article 179 de la Act as set out in the attachedde reg1me federal, tel qu'll est indiqu ci-jolntes; (d) under section 191 of the Dd) en vertu de !'article 191 de la Act as set out in the attachedde regrme Jederal1 tel qu•11 est indique ci-jointes; (e) under Section 192 of the 0e) en vertu de l'article 192 de la Act as set out in th-e attachedde reg1me Jederatel qu'11 est indique ci-jointes. October 20, 1993/le 20 octobre 1993 Director - DirecteurDate of Amendment - Date de modification

 

Consumer and l:ofpofate Alfai;s Canada '-'onsommatiOO et Corporations Canada FORM 4 ARTICLES OF AMENDMENT (SECTION 27 OR 171) tUHMULt 4 CLAUSES MODIACATRICES (ARTICLE 27 OU 171) C<Hnada Business Loi sUf les soci4tes commerciales canadiennes ions Act 3 - The articles of the above·named corporation are amended ..followa: les ataMa de Ia sociitt6 el·haut mentronooe sont moclifl6s de Ia farron sulvante: a) La rubrique 3 des statuts constitutifs de la soci tdu 12 septembre 1990 intitul e «Cat gorie et tout nombre maximum d'actions que la soci test autoris e a mettre» telle que modifie en vertu des clauses modificatrices et du certificat de modifi­ cation du 27 avril 1992 est de nouveau modifie par les dispositions de l'annexe A jointe aux pr sentes clauses modificatrices2 laquelle annexe fait partie int grante des pr sentes clauses modificatrices; b) La rubrique 7 des statuts constitutifs de la soci tdu 12 septembre 1990 intitul e «Autres dispositions» est modifie de fa on A abroger et A annuler la restriction relative 3 l'appel public a l' pargne faisant l'objet du paragraphe 2 de l'annexe c qui se lit Tout appel public a l' pargne par la soci test interdit.» «2. c) La rubrique 2 des statuts constitutifs de la societe du 12 septembre 1990 intitulee «Lieu au Canada oO doit etre situle siege socialn telle que modifie en vertu des clauses modificatrices et du certificat de modification du 26 septembre 1991, est de nouveau modifie de fa on ace que dorenavant le lieu au Canada oO doit etre si­ tule siege social de la soci tsoit le district judiciaire de Qu bec dans la pro­ vinee de Qu bec. ,_,.,.-""'"""'...._ ·--p-a·8-·.C\;-CU!ll:,1J r 1,:1 • ....._,·v· / G, ' outG OCT 2.0 1993 ·-Dlle 20 octobre 1993 of Office - Description du poste Pr sident SEULEMENT FOR DEPARTMENTAL USE ONLY-L'USAGE OU MIN Fhd - D6poe6e NOV-2 1993 CCA-1387(41151 LES of Cofpofation - !»nomination de Ia aoci616 lABORATOIRES AETERNA INC. 2 - COIJ)O(ation No. - N• de Ia soci616 264271-9

 

0 LES IABORATOIRES AEIEBNA INC. - G 0 R U ! , ·. i , BUREAU DE O:I;)·J t11CT • 0 . , OUtOEC OCT 20 1993 ; CLAUSES MODIFICATRIC ANNEXE A REMANIEMENT DU CAPITAL SOCIAL DE LA SOCIETE 1. Le capital social autorise de Ia soci test modifipar Ia re ignation des actions de categorie «A>. tant ceDes mises que non mises en actions ordinaires. 2. Les cent quatre-vingt-onze mille sept cent vingt et une (191721) actions de categorie -A» actueUement en cours et ainsi redesign es en actions ordinaires du capital social de Ia societsont par les presentes subdivisees en cinq cent trois mille neuf cent douze (503 912) actions ordinaires. Le capital social autoride Ia soci test augmente par Ia creation de deux nouvelles categories d'actions privil giees design es «actions privilegi es de premier rang» et «actions privilegi es de deux:i me rang» (les «actions privil giees de premier rang» et les «actions privil gi es de deux:i me rang») tant quelquefois design es collectivement les «actions privil giees», dont Ie nombre autorise est illimite, pouvant etre emises en ries et comportant les droits, privil ges, conditions et restrictions mentionnes ci-aprau paragraphe 5. 3. 4. ACITONS ORDINAIRES Les actions ordinaires du capital social de la soci tconferentleurs detenteurs Ies droits suivants: 4.1 Les detenteurs d'actions ordinaires ont le droit d'etre convoques, d'assister et de voter, raison d'un vote par action ordinaire detenue,toutes les assemblees d'actionnaires.

 

-2-4.2 Dividendes Sous r6serve des droits des d tenteurs d'actions de toute autre categoric ou serie particuli re, prenant rang avant les actions ordinaires, les d tenteurs d'actionsordinaires ont le droit de recevoir tout dividende d lar6 par Ia soci6t . 4.3Distribution de l'actif Sous r6serve des droits des d6tenteurs d'actions de toute autre cat gorie ou serie particuli re, prenant rang avant les actions ordinaires, les detenteurs d'actions ordinaires ont le droit de partager le reliquat des biens de Ia soci6tadvenant Ia dissolution de Ia soci6te, le partage de ses biens tors de sa liquidation ou Ia distribution de tout ou partie de son actif parmi les actionnaires. 5. ACITONS PRIVILEGffiES PE PREMIER RANG ET DE DEUXIEME RANG Les actions privilegiees de premier rang et de deuxi me rang (ces actions tant ci-apr quelquefois designees collectivement les «actions privilegiees») peuvent etre mises en serie et comportent les droits, privil ges, conditions et restrictions qui suivent : 5.1 Emission en series Les actions privilegiees peuvent en tout temps tre emises en une serie ou plusieurs series, tel que prevu ci-dessous et prenant rang, a l'interieur de leur serie respective, egalement entre elles, quant au paiement de dividendes et au partage des biens advenant la dissolution de la societe, sa liquidation ou Ia distribution de tout ou partie de son actif parmi les actionnaires. Le conseil d'administration peut, de temps a autre, pourvoir a Ia creation et a I'emission de series d'actions privilegiees, le conseil d'administration devant, avant l'emission d'actions privilegiees d'une serie donnee : 5.1.1 determiner Ia designation de Ia serie d'actions privilegiees de premier rang ou d'actions privilegiees de deuxi me rang; 5.1.2 d6terminer le nombre d'actions privilegiees de premier rang ou d'actions privilegiees de deuxi me rang devant composer telle serie; determiner, sous r6serve des caracteristiques propres a !'ensemble des actions privil6giees, les droits, privil ges, conditions et restrictions se rattachant a telle serie d'actions, y compris, mais sans limiter Ia portee de ce qui precede : 5.1.3

 

-3-le taux et le montant ou Ia methode de calcul du dividende afferent aux actions de telle rie ainsi que Jes modalites de paiement et le caract re cumulatif ou non cumulatif de tel dividende; et Je cas echeant, tels droits, privil ges, conditions et restrictions juges a propos relativement a !'acquisition par Ia societe de telles actions (soit a son gre, a !'option du detenteur ou autrement), a Ia constitution d'un fonds d'amortissement ou d'achat a eel egard, a l'echange ou Ia conversion de telles actions en actions d'une autre serie ou categorie, ou encore aux transferts de celles-ci; et i) ii) 5.1.4modifier en consequence les statuts de Ia societe, conformement a Loi sur les sociitb par actions. 5.2 Vote Les actions privilegiees ne conterent pas a leurs detenteurs le droit de voter aux assemblees des actionnaires, d'y etre convoques ou d'y assister. 5.3 Dividendes Les detenteurs d'actions privilegiees d'une serie ont le droit de recevoir, a regard 5.3.1 de chaque exercice financier de Ia societe ou a tout autre intervalle prevu dans les clauses modificatrices relatives a telle serie, des dividendes preferentiels dont le caract re cumulatif ou non cumulatif, Je taux, le montant ou Ia methode de calcul ainsi que les modalites de paiement sont tels que determines par les clauses modificatrices pertinentes. Les detenteurs d'actions privilegiees d'une serie n'ont droit, a ce titre, a aucun dividende additionnel ou dividende autre que le dividende preferentiel specifique prevu par les clauses modificatrices relatives a telle serie. Aucun dividende ne peut etre declare, paye ou mis de cf»te pour paiement au cours 5.3.2 5.3.3 d'un exercice fmancier de Ia societe ou de telle autre periode determinee par les clauses modificatrices pertinentes, a l'egard des actions privilegiees de deuxi me rang, des actions ordinaires ou de toute autre action du capital social de Ia societe, a moins qu'en priorite prenant rang aprles actions privilegiees de premier rang, a l'egard de ce meme exercice ou de cette meme periode, tout dividende courant relatif a des actions privilegiees de premier rang alors en circulation ainsi que tout dividende accumule sur teUes actions a dividende cumulatif ait ete declare et paye ou mis de cf»te pour paiement.

 

0 5.3.4 Aucun dividende ne peut !tre declare, paye ou mis de c6te pour paiement au cours d'un exercice fmancier de Ia societe ou de telle autre periode determinee par Jes clauses modificatrices pertinentes A l'egard des actions ordinaires ou de toute autre action du capital social de Ia societe prenant rang aprJes actions privilegiees de deuxi me rang. A moins qu'en priorite Al'egard de ce m!me exercice ou de cette m!me periode, tout dividende courant relatif A des actions pripvilegiees de deuxi me rang alors en circulation ainsi que tout dividende accumule sur telles actions A dividende cumulatif ait ete declare et paye ou mis de c6te pour paiement. 5.3.5 Le dividende afferent A toute action privilegiee d'une serie comportant un dividende cumulatif commence A courir A compter de Ia date d'emission de telles actions, A moins que les clauses modificatrices relatives A telle serie ne prevoient une date differente, auquel cas ce dividende cumulatif commence A courir a compter de Ia date prevue par les clauses modificatrices pertinentes. 5.3.6 Le dividende afferent A toute action priviMgiee d'une serie comportant un dividende cumulatif ne se gagne qu'a !'expiration d'un exercice financier ou de telle autre periode pour Iaquelle il est prevu, A moins que les clauses modificatrices relatives a telle serie soient A l'effet que tel dividende s'accumule au jour le jour ou de telle autre mani re, auquel cas les clauses modificatrices pertinentes prevalent. 5.3.7 Advenant que le montant d'un dividende declare soit insuffisant pour acquitter tout dividende courant relatif A des actions privilegiees alors en circulation, ainsi que tout dividende accumule A l'egard de telles actions A dividende cumulatif, les detenteurs d'actions privilegiees participent A tel dividende, A l'interieur de leur serie respective, egalement et proportionnellement aux sommes qui seraient payables en cas d'acquittement integral. 5.4 Liquidation ou dissolution 5.4.1 Advenant Ia dissolution de Ia societe, le partage de ses biens lors de sa liquidation ou Ia distribution de tout ou partie de son actif parmi les actionnaires, les detenteurs d'actions privilegiees de toutes series r ivent, en numeraire ou en biens, une 5omme egale A Ia valeur de Ia contrepartie versee A l'egard de telles actions en circulation, telle que portee au compte de capital social emis et paye de Ia societe, majoree: i) dans le cas d'actions privilegiees comportant un dividende cumulatif, du montant de tout dividende alors accumule ou declare et impaye sur celles-ci; ii) dans le cas d'actions privilegiees comportant un dividende non cumulatif, du montant de tout dividende alors declare sur celles-ci et impaye; et

 

.·. 0 iii) le cas ech&nt, de tout autre montant determine par les clauses modificatrices creant telle serie d'actions. 5.4.2 Les detenteurs d'actions privilegiees de premier rang ont le droit de recevoir ces sommes par preference et en priorite a toute participation des detenteurs d'actions privilegiees de deuxi me rang, d'actions ordinaires ou d'actions de toute autre categorie d'actions du capital social de Ia societe, prenant rang aprles actions privilegiees de premier rang egalement et proportionnellement au montant de leur reclamation respective a l'egard de telles actions qu'ils detiennent. Les detenteurs d'actions privilegiees de deuxi me rang ont le droit de recevoir ces sommes par preference et en priorite a toute participation des detenteurs d'actions ordinaires ou d'actions de toute autre categoric d'actions du capital social de Ia societe prenant rang aprles actions privilegiees de deuxi me rang, egalement et proportionnellement au montant de leur reclamation respective a l'egard de telles actions qu'ils detiennent. 5.4.3 5.4.4 Les detenteurs d'actions privilegiees n'ont droit a aucune participation additionnelle a ce titre, le reste des biens de Ia societe etant devolu aux detenteurs des autres actions du capital social de Ia societe selon leurs droits respectifs. 6. MODIFICATION Sous reselVe des dispositions des articles 173 et suivants de Ia Loi sur les sociitls par actions et sous reselVe de Ia modification des statuts de Ia societe, le conseil d'administration peut en tout temps adopter une r lution pour modifier, amender, suspendre ou annuler les droits, privil ges, conditions et restrictions afferents a des actions privilegiees, pour autoriser Ia creation d'actions d'une nouvelle categorie prenant rang avant les actions privilegiees ou concurremment avec elles en mati re de dividendes ou de partage des biens advenant Ia liquidation de Ia societe, sa dissolution ou Ia distribution de tout ou partie de son actif parmi les actionnaires ou encore, pour rendre concurrentes ou prioritaires a cet egard les actions d'une categoric existante mais aucune telle resolution n'a d'effet a moins d'avoir ete ratifiee par le vote d'au moins les trois quarts (¥•) des voix exprimees par les detenteurs d'actions privilegiees de chaque serie affectee par cette modification, votant separement en tant que serie distincte, presents ou representes lors d'une assemblee convoquee et tenue a cette fin, une assemblee conjointe avec d'autres detenteurs pouvant neanmoins tre tenue pourvu que le vote des detenteurs d'actions privilegiees de chaque serie affectee par cette modification y soit pris separement. Les formalites a observer relativement a Ia convocation de toute telle assemblee, a sa conduite ainsi qu'a son quorum, sont celles prevues par les r glements de Ia societe a l'egard des assemblees des detenteurs d'actions comportant le droit de yoter lors des assemblees des actionnaires, sous reselVe des 6.1

 

. , '·. 0 -6-adaptations necessaires. Le vote des actions privil6giees peut aussi tre exprim6 par une r6solution 6crite sign6e de tous les detenteurs habiles voter en !'occurrence. Si Ja modification proposee doit affecter les droits des d6tenteurs d'actions privilegid'une serie donnd'une mani re ou dans une mesure sensiblement differente de celle qui affecte les droits des detenteurs d'actions privil6giees de toute autre serie, cette modification doit alors, en plus d'etre approuvpar les detenteurs d'actions privil6giees de chaque serie affectpar cette modification votant en tant que serie tel que prevu ci-dessus, tre approuv6e, de Ia m me mani re, par les detenteurs des actions privil6giees de chaque s6rie ainsi affect, votant separ6ment en tant que serie, et les dispo itions de !'article 6.1 s'appliquent a !'obtention de cette approbation sous r6serve des adaptations necessaires. 6.2 7. ABROGATION Les actions de cat6gorie «B», les actions de categorie «0., les actions de cat6gorie «D», les actions de cat6gorie «E», les actions de cat6gorie «F» et les actions de cat6gorie «0» du capital social de Ia soci6te qui 6taient autoris6es en nombre illimite mais dont aucune n'a et6 emise ni n'est en coors soot par les pr6sentes abrog6es. 8. ETAT DU CAPITAL SOCIAL Le tout de sorte que suite aux modifications apport6es en vertu des pr6sentes clauses modificatrices, le capital social autoris6 de Ia soci6t6 sera constitu6 d'un nombre illimite d'actions ordinaires, d'un nombre illimit6 d'actions privilegiees de premier rang et de deuxi me rang emissibles en s6ries dont cinq cent trois mille neuf cent douze (503 912) actions ordinaires seront, a Ia date des presentes clauses modificatrices, emises et en coors comme entierement liberees.

 

. '. , 1+1 Corporate Affairs Canada Consommation et Corporat ons Canada Consumer and J Certlficat de modification Certificate of Amendment Canada Business Corporations Act Lol reglssant les socletes par actions de regime federal Articles of the above-mentioned les statuts i:ie la societe C&lada Business CofP.9rations attached notice; Lm regissant les societes par confonnement A !'avis ci-joint; Cclnada Business CorPOrations Articles of Amendment Loi regissant les socletes par actions les clauses modiflcatrices ci-Jointes Ccinada Business CorPOrations Articles of Amendment; Loi regissant les socletes par actions les clauses modlficatrices ci-Jointes; Ca:nada Business CorPOrations Articles of Reorganization; Lo1 reglssant les societes par actions dans res clauses de reorganisation canada Business CorPOrations Articles of Arrangement. Lo1 regissant les societes par actions les clauses d'arrangement ci-Jointes. Canada LES LABORATOIRES AETERNA INC. 264271-9 Name of Corporation - D nomination de la societ6Number - Numero I hereby certify that the Je certifie Qar les presentes que Corporation were amendedmentionnee ci-haut ant ete modifies Ca) under Section 13 of the 0Cal en vertu de 1'article 13 de la Act in accordance with the actions de regime federal (b> under Section 27 of the D(b) en vertu de 1'article 27 de la Act as set out in the attachedde re_gune federal tel qu'ihdigue dans designating a series of shares; deslgnant une serle d'actions; (c) under Section 177 of the (c) en vertu de 1'article 177 de la Act as set out in the attachedde re_gune federal tel qu'indigue dans (d) under Section 191 of the DCdl en vertu de !'article 191 de la Act as set out in the attachedde reg1me federal tel qu'indique ci-jointes; (e) under Section 192 of the D(el en vertu de 1'article 192 de Ia Act as set out in the attachedde reJnme federal tel qu'lildique dans Le direc:teur April 27, 1992/le 27 avril 1992 DirectorDate of Amendment - Date de la modification

 

FORM 4 ARTICLES OF AMENDMENT (SECTION 27 OR 177) FORMULE 4 CLAUSES MODIFICATRICES (ARTICLE 27 OU 177) ------·-Can!( ustnessLOI regtssant les SOCII tes Corpo -.Jons Act par actions de reg•me federal t - Name ol Corporahon r ES LABORATOIRES AETERNA INC. 3 - The ar11cles of the above·named corporation are amended as follows Les statuts de Ia societe ct·haut menttonnee sont modtlies de Ia la on suavante· Modification du capital-actions tel que decrit rlans l'annexe "A" ci-jointe. Date 23-04-1992 Oescnptton of Olhce - Descndu FOR DEPARTMENTAL USE ONLY - A USAGE DU MlNISTERE SEULEMENT Filed - Oeposee CCA 1387 (02 89146 - Oenommatton de Ia socu te 2 -Corporahon No N° de Ia socu te 264271-9

 

·o ANNEXE A relative au CAPITAL-ACTIONS Le capital-actions i.llimite de la societe se compose de sept (7) catego­ ries d'actions qui comportent les droits, privil ges, restrictions et conditions suivants: A) ACTIONS DE CATEGORIE -A.. :Le nombredes actions de la categorie ·x· est illimitd; ces actions comportent les droits, privU ­ ges, restrictions et conditions suivants: Dividende et participat . Sous reserve des droits et pri­ 1) vil ges conldrds par les autres categories d'actions, les deten­ teurs d'actions de la categorie ..A.. , de pair avec les detenteurs ·a-, ont droit de: biens,profits et . surplus d'actif de la fin, recevoir tout dividende declare par d'actions de 1a cab gorie a) participer aux societe et, l cette la societe; et b)se partager le sa dissolution • reliquat des biens de la societe lors de 2) Restriction. Outre les conditions imposees par !'article 42 de la Lot SUR LES SOCIETES PAR ACTIONS, la societe ne peut verser aucun dividende sur les actions de 1a categorie -A-ni acheter de gre-1-gre de ces actions, si, de ce fait, la valeur de realisation de l'actif net de la societe ne suffit pas pour racheter les actions des categories ·o-et '"E'". 3) Droit de vote. Les detenteurs d'actions de la categorie ·A­ ont droit de voter l toute assemblee des actionnaires de la societe, et chaque action de la categorie -A-leur conf re un (1) vote, sauf lors d'une assemblee ou le droit de vote se limite aux. detenteurs d'une autre categorie d'actions.

 

0 B) ACTIONS DE CAT GORIE "B": Le nombre des actions de la Cat gorie "B" est illimit ces actions comportent les droits, privileges, restrictions et conditions suivants: 1) Dividende et participation. Sous r serve des droits et privileges conf rs par les autres cat gories d'actions, les d tenteurs d'actions de la cat gorie "B", de pair avec les d'tenteurs d'actio de la cat gorie "A", ont droit de: a) participer aux biens, profits et surplus d'actif de la soci te't, a cette fin, recevoir tout dividende d clare par la soci't et b) se partager le reliquat des biens de de sa dissolution. la societlors 2) Restriction. Outre les conditions impos es par l'arti­ cle 42 de la LOI SUR LES SOCIETES PAR ACTIONS, la soci t ne peut verser aucun dividende sur les actions de la ca­ t gorie "B" ni acheter de gr -a-gre de ces actions, si, de ce fait, la valeur de realisation de l'actif net de la so­ cietne suffit pas pour racheter les actions des catego­ ries "D" et "E". 3) Droit de vote.Les detenteurs d'actions de la cat go­ rie "B" ont droit de voter itoute assemble des action­ naires de la societ , et chaque actionde la cat gorie "B" leur conf re un (1)vote, sauf lors d'une assembl e ou le droit de vote se limite aux d tenteurs d'une autre cat gorie d'actions. /2

 

0 ACTIONS DE CATEGORIE ·c·: Le nombredes actions de la C) categorie -c-est illimite: ces actions comportent les droits, privil ­ ges, restrictions et conditions suivants: 1) Dividende et participation. Les detenteurs d'actions de la categorie..C.. ne participentpas aux profitsniauxsurplus d'actif de la societe et, lcette fin, n'ont droit a aucun divi­ dende declare par la societe. Z) de Remboursement. Si, pour tout motif, et notamment au cas dissolution, de liquidation volontaire ou de liquidation forcee, y U a repartition des biensde la societe. lesdeten teurs d'actionsde la categorie·c· ont droit,en prioritesur les detenteurs d1actions de toutes les autres categories, au rembour­ sementdu montantverse au compte capitaldeclarepourles actions de la categorie ·c·. 3) Droit de vote. Les detenteurs d 1actions de la categorie ·c­ ontdroit de votera toute -assembleedes actionnaires de la societe, et chaque action de la categorie ·c-leur conf re un (1) vote, sauf lors d'une assembtee ou le droit de vote se limite aux detenteurs d'une autre categorie d'actions. 4) Rachat automatique.Sousreserve des dispositions du paragraphe 36(Z) de la-LOI SUR LES SOCIETES PAR ACTIONS, la societe rachete automatiquement les actions de la categorie -c­ que poss de un detenteur d'actions a son dec s. La societe dis­ pose d 1un delai de trente (30) jours a compter de la date du dec s. pour verser aux executeurs testamentaires ou aux admi­ nistrateurs successoraux du dtHunt un prix egal au montant verse au compte capital declare pour ces actions, sur reception des certificats qui representent les action§.. rachetees. /3

 

 

0 Les actions de la categorie we• ainsi rachetees sont annu­ lees a la date de leur rachat, et la societe reduit, conformement aux dispositions de !'article 39 de la LOI SUR LES SOCIETES PAR ACTIONS, le compte capital declare afferent aux actions de la categorie -c . 5) Droit d1achat. Sous reserve des dispositions du paragraphe 36(2) de la LOI SUR LES SOCIETES PAR ACTIONS, la societe peut, lorsqu'elle le juge a propos et sans donner avis ni tenir compte des autres categories d'actions, acheter de gre a gre et au meilleur prix la categorie -c-Les actions possible, la totalite ou une partie des actions de en circulation. de la categorie ·c-ainsi achetees sont automati­ quement annulees a la date de leur achat, et la societe reduit, conformement aux dispositions de !'article 39 de la LOI SUR LES SOCIETES PAR ACTIONS, le compte capital declare afferent aux actions de la categorie ·c·. D) ACTIONS DE CATEGORIE'"D": Le nombre des actions de Ia categorie "D'" est illimite; ces actions comportent les droits, privile­ ges, restrictions et conditions suivants: 1) Dividende. Lorsque la societe declare un dividende,les detenteurs d1actions de la categorie ·o-ont droit de recevoir, jusqu'aconcurrence du dividende declare, en priorite sur les detenteurs d'actions des categories -A-, -s-, '"E-, -F-et "G-, et a meme les fonds applicables au versement de dividendes, un dividende mensuel, preferentiel et non cumulatif de un pour cent (1%) par mois, calcule sur la ·valeur de rachat· des actions. de la categorie -D-, tel .,valeur de rachat·. pour plus d 1un mois que le paragraphe (5) ci-aprs definit cette La societe ne peut declarerce dividende a la fois, et il incombe aux administrateurs d'en determiner le moment et les modalites de versement. 2) de Remboursement. Si, pour tout motif, et notamment au cas dissolution, de liquidation volontaire ou de liquidation forcee, U a repartition des biensde la societe, lesdetenteurs y d'actionsde la categorie-D-ontdroit, enprioritesur les detenteurs d1actions des categories -A-, -s-, -E-, -F-et -G-, mais subsequemment aux detenteurs d'actionsde la categorie ·c-, au versement de la ·valeur de rachat· des actions de Ia paragraphe (5) ci-apres definit cette . categorie '"D'", tel que le -valeur de rachat·, auquel s1ajoute le montantdes dividendes declares, mais non verses sur les actions de la categorie ..D... /4

 

·o 3) Participation additionnelle. Les actions de la categorie ..D. ne conf rent aucun autre droit de participation aux profits ou aux surplus d'actif de la societe. 4) Droit de vote. Sous reserve des dispositions de la LOI SUR LES SOCIETES PAR ACTIONS, les detenteurs d'actions de la categorie ·c· n'ont pas, lce seul titre, droit de vote aux assemblees des actfonnaires de la societe ni droitd'assister l celles-ci ou d'en recevoir l'avis de convocation. 5) Droit de rachat. Sous reserve des dispositions du para­ graphe 36(2) de Ia LOI SUR LES SOCIETES PAR ACTIONS, les detenteurs d'actions de la categorie "S"' ont, en tout temps et sur demande ecrite, droit d1exiger le rachat par la societe de la totalite ou d'une partie de leurs actions, lu.n prix egal au montant verse au compte capital declare pour ces actions, auquel s'ajoute, le cas echeant, le montant que verse 1a societe au titre des dividendes declares, mais non verses sur ces actions de la categorie "D". La soci•!te procede au rachat des la reception de la demande de rachat, et dispose, 1 compter de cette date, d'un delai de d1actions trente(30) jourspour verser aux anciens detenteurs de la categorie "D" le P.rix du rachat de leurs actions. Les actions de la categorie "D", ainsi r chetees au gre de leur detenteur, sont annulees lla date de leur rachat, et la societe reduit, conformement aux dispositions de l'article 39 de la LOI SUR LES SOCIETES PAR ACTIONS, le compte capital declare afferent aux actions de la categorie "D". /5

 

·.·o· 6) Droit d'achat. Sous reserve des dispositions du paragraphe 36(2) de la LOl SUR LES SOCIETES PAR ACTIONS, la societe peut, lorsqu'elle le juge propos et sans donner avis ni tenir compte des autres categories d'actions, acheter de gre a gre et au meilleur prix possible, la totalite ou une partie des actions de la categorie ·o· en circulation. Ce prix d'achat ne doit toutefois jamais depasser le prix de rachat susmentionne ni depasser la valeur de realisation de l'actif net de la societe. Les actions de la cateiorie ·o· ainsi achetees sont automati­ quement annulees a la date de leur achat, et la societe reduit, conformement awe dispositions de 11article 39 de la LOI SUR LES SOCIETES PAR ACTIONS, le compte capital declare afferent aux actions de la categorle ·o·. E) ACTIONS DECATEGORIE ·E·:Le nombre des actionsde la categorie ·t-est illimite; ces actions comportent les droits, privile­ ges, restrictions et conditions suivants: Dividende. Lorsque la societe declare un dividende, les 1) detenteurs d'actions de la categorie ..E.. ont droit de recevoir, jusqu 11 concurrence du dividende declare, en prioritesur les detenteurs d1actions des categories -A", -a·, ..F.. et ·a-, mais subsequemment awe detenteurs d'actions de 1a categorie ·o-, et 1 mame les fonds applicables au versement de dividendes, un dividende mensuel, preferentiel et non cumulatif de un pour cent (1%) par mois, calcule sur la ·valeur de rachat" des actions de 1a categorie -E-, tel que le paragraphe ( 5) ci-apres definit cette ·valeur de rachat·.La societe ne peut declarer ce dividende pour plus d 1un mois 1 la fois, et il incombe aux administrateurs d'en determiner le moment et les modalites de versement. 2) Remboursement. Si, pour tout motif, et notamment au cas de dissolution, de liquidation volontaire ou de liquidation forcee, U y a repartitiondes biensde la societe,les detenteurs d'actions de la categorie ..E.. ont droit, en priorite sur les deten­ teurs d'actions des categories -A-, ·a·, ·F-et -a-, mais subse­ quemment aux detenteurs d'actions des categories ·c-et -o-, au versement de la ·valeur de rachat• des actions de la categorie -E-, tel que le paragraphe (5) ci-apres dtHinit cette ·valeur de rachat-, auquel s'ajoute le montant des dividendes declares, mais non verses sur les actions de la categorie -E-. 3) Participation additionnelle. Les actions de la categorie -E­ ne conferent aucun autre droit de participation aux profits ou aux surplus d'actif de la societe. - /6

 

4) Droit de vote.Sous reserve des dispositions de la LOI SUR LES SOCIETES PAR ACTIONS, les detenteurs la categorie RE-n'ont pas, l ce seul titre, droit assemblees des actionnaires de la societe ni droit celles-ci ou d'en recevoir l'avis de convocation. d'actions de de vote awe d'assister a 5) Droit de rachat. Sous reserve des dispositions du paragra­ phe36(2) de la LOI SUR LES SOCIETES PAR ACTIONS,les detenteurs d'actions de la categorie ·E-ont, en tout temps et sur demande ecrite, droit d'exiger le rachat de leurs actions par la societe a declare pour entre, d'une un prix egal au montant verse au compte capital ces actions, plus une prime egale a Ia difference part, 1a juste valeur marchande de la contrepartie recue par la societe lors de !'emission de ces actions de 1a cate­ gorie ..E.. , en consideration de leur «!mission, et, d'autre part, le total forme par: a) le montant verse au compte capital declare pour ces actions, et b) la juste valeur marchande de tout bien, autre qu'une action de la cate gorie ·ER, donne par la societe en paiement de cette con trepartie. Le rachat· prix de rachat ainsi determine constitue la ·valeur de des actions de la categorie ..E., auquel s'ajoute, le cas echeant, le montant que verse la societe au titre des dividendes declares, mais non verses sur ces actions de la categorie ..E... La societe et le souscripteur des actions de 1a categorie ..E.. deter­ minent d'un commun accord tors de !'emission des actions de la categorie ·E-, la juste valeur marchande de la contrepartie sus­ mentionnee. En cas de desaccord avec le ministere du revenu, federal ou provincial, !'evaluation ministerielle de la juste valeur marchande de cette contrepartie prevaut, et le montantde la prime est rajuste en consequence, si le ministere fournit a la societe et au detenteur des actions de 1a categorie .. E.. , !'occasion de contester son evaluation aupres du ministere ou devant les tribunaux. En cas de divergence entre !'evaluation federate et !'evaluation provinciale, le montant de la prime correspond a la moins tHevee des evaluations fixees conformement a une cotisation non contestee ou a un jugement final, le cas echeant. Les actions de la categorie '"E.., ainsi rachetees au gre de leur detenteur, sont annulees 1 la date de leur rachat, et la societe reduit, conformement aux dispositions de !'article 39 de la LOI SUR LES SOCIETES PAR ACTIONS, le compte capital declare afferent aux actions de-la categorie .. E... /7

 

o· De plus, advenantque torsd'unajustement,toutes les actions de la categorie ·E-ont dejA te rachetees,la societe paieraaux d tenteurs,dl!s qu'elle pourra legalement le faire, tout montant de prime additionnel,si l'ajustement se fait a la hausse, ou les detenteurs rembourseront A se la societ tout fait a la baisse, montant de prime reu en trop si l'ajustement avec inter ts au plus eleve du taux prescrit en vertu de l'article ZS de la LOI SUR LE MlNISTERE DU REVENU (L.R.Q., c. M-31) ou de l'article 4301 du REGLEMENT DE L'lMPOT SUR LE REVENU federal, tel que fixpour les periodes visees, le tout au prorata des actions de 1a categorie ·E-detenues par chaque detenteur. Si seulement une partie des actions de la cat gorie -E-avait remboursement, seton le cas, correspondant aux actions deja rachet es, s'effectuera dl!s que legalement possible, avec des inter8ts au taux d termine ci-dessua, et quant a celle relative aux actions restant a racheter, elle modifiera, en plus ou en mains, seton le cas, le montant de la prime pour ces dernil!res actions. alors trachet e, la proportion du paiement additionnel ou du 6) Droit d'achat. Sous reserve des dispositions du paragraphe 36(Z) de la LOl SUR LES SOCIETES PAR ACTIONS, la societe peut, lorsqu'elle le juge lpropos et sans donner avis ni tenir compte des autres categories d'actions, acheter de gre a gre et au meilleur prix possible, la totalite ou une partie des actions de la categorie -E·en circulation. Ce prix d'achat ne doit toutefois jamais depasser le prix de rachat susmentionne ni depasser la valeur de realisation de l'actif net de la societe afferente a ces actions de la categorie ·E-. Les actions de la categorie -E-ainsi achetees sont automati­ quement annulees a la date de leur achat, et la societe reduit, conformement aux dispositions de !'article 39 de la LOI SUR LES SOCIETES PAR ACTIONS, le compte capital declare afferent aux actions de la categorie ·a·. F) ACTIONS DE CATEGORIE ·F-:Le nombre des actionsde la Ies droits, privill!­ categorie "F" est illiDiite: ces actions comporten t ges, restrictions et conditions suivants: Dividende. Lorsquela societe declare un dividende,les 1) detenteurs d1actions de la categorie ..F.. ont droit de recevoir, jusqu'a concurrencedu dividende declare, en prioritesur les detenteurs d'actions des categories -A-, -a-et-a-, mais subse­ quemment aux detenteurs d'actions des categories ·n-et -E-, a /8

 

. . . mcme les fonds applicables au versement de dividendes, un divi­ dende annuel, prcHerentiel et non cumulatif de un dollar (1$) par action: il incombe aux administrateurs d1en determiner le moment et les modalltes de versement. 2) de Remboursement. Si, pour tout motif, et notamment au cas dissolution, de liquidation volontaire ou de liquidation forcee, a repartitiondes biensde la societe,les deten teurs i1 y d'actions de 1a categorie ..F.. ont droit, en priorite sur les deten­ teurs d'actions des categories .. A-, ..B.. et ·a·, mais subsequem­ ment aux detenteurs d'actions des categories ·c·, -D-et ..E.. , au remboursement du montant verse au compte capital declare pour les actions de la categorie ..F.., auquel s'ajoute le montant des dividendes declares, mais non verses sur les actions de la categorie ·r·. 3) Participation additionnelle. Les actions de 1a categorie ..F.. ne conf&ent aucun autre droit de participation aux profits ou aux surplus d'actif de la societe. 4) Droit de vote. Sous reserve des dispositions de la LOI SUR LES SOClETES PAR ACTIONS, les detenteurs d'actions de la categorie ..F.. n'ont pas, ce seul titre, droit de vote aux ociete ni droit d'assister a assemblees des actionnaires de la celles-ci ou d'en recevoir l'avis de convocation. 5) Droit de rachat. Sous reservedes dispositions du para­ graphe 36(2) de la LOI SUR LES SOCIETES PAR ACTIONS, les detenteurs d'actions de la categorie ·r-ont, en tout temps et sur demande ecrite, droit d'exiger le racbat par la societe de la totalite ou d1une partie de leurs actions' a un prix egal au montant verse au compte capital declare pour ces actions, auquel s1ajoute, le cas echeant, le montant que verse la societe au titre des dividendes declares, mais non verses sur ces actions de la categorie -F-. La societe procede au rachat des la reception de la demande de rachat, et dispose, a compter de cette date, d'un delai de d'actions trente(30) jours pour verser au.x anciensdetenteurs de la categorie '"F-le P.rix du rachat de leurs actions. Les actions de la categorie ..F.. , ainsi r chetees au gre de leur detenteur, sont annulees a la date de leur rachat, et la societe reduit, conformement aux dispositions de !'article 39 de la LOI SUR LES SOCIETES PAR ACTIONS, le compte capital declare afferent aux actions de la categorie "'F... /9

 

...-6) Droit d'achat. Sous reserve des dispositions du paragraphe 36 (2) de la LOI SUR LES SOCIETES PAR ACTIONS, la societe peut, lorsqu 1elle le juge a propos et sans donner avis ni tenir compte des autres categoris d'actions, acheter de gre a gre et au meilleur prix possible, la totalite ou une partie des actions de la categorie .F.. en circulation. Les actions de la categorie ..F.. ainsi achetees sont automati­ quement annulees a la date de leur achat, et la societe reduit, conformement awe dispositions de !'article 39 de la LOI .SUR LES SOCIETES PAR ACTIONS, le compte capital declare afferent aux actions de la categorie '"F'" 1 G) ACTIONS DE CATEGORIE '"G'":Le nombre des actionsde 1a Ies d.roits, privil ­ categorie -G-est illiiiiite; ces actions comportent ges, restrictions et conditions suivants: 1) Dividende. Lorsque la societe declare un dividende,les detenteurs d 1actions de 1a c:ategorie ..G. ont droit de recevoir, jusqu 1a concurrence du dividende declare, en priorite sur les detenteurs d'actions des categories ·A.. et ·a·, mais subsequem­ ment aux detenteurs d'actions des categories '"D'", '"E'" et '"F'", a m@me les fonds appUcables au versement de dividendes, un divi­ dende annuel, preferentiel et non cumulatif de un dollar {1$) par action; U incombe awe administrateurs d'en determiner la date, l'heure et les modalites de versement 2) Remboursement. Si, pour tout motif, et notamment au cas de dissolution, de liqu idation volontaire ou de liquidation forcee, u y a repartition des biensde la societe' les deten teurs d'ac:tions de la categorie '"G'" ont droit, en priorite sur les detenteurs d'ac:tions des categories .. A·et -s.. , mais subsequem­ ment awe detenteurs d'actions des categories -c-, "D.. , -E-et '"F'", au remboursementdu montantverse au compte capital declare pour les actions de la categorie ·a·, auquel s1ajoute le montant des dividendes declares, mais non verses sur les actions de 1a c:ategorie ·a·I Les actions de la categorie -a­ de particip·ation awe profits ou 3) Participation additionnelle. ne conUrent aucun autre droit aux surplus d1actif de la societe. 4) Droit de vote.Sous reservedes dispositions de Ia LOI SUR LES SOCIETES PAR ACTIONS, les detenteurs d'actions de la categorie ·a-n1ont pas, a ce seul titre, droit de vote aux assemblees des actionnaires de la societe ni droit d'assister a celles-ci ou d'en recevoir l'avis de convocation. /10

 

o· • • 5) Droit de rachat unilateral. Sous reserve des dispositions paragraphe36(2) de ""'1a LOISUR LESSOCIETES PAR du ACTIONS, la societe peut, lorsqu'elle le juge a propos et sur avis ecritde trente(30) jours,racheter unilateralementles a'ctions de la categorie MGM a un prix egal au montant verse au compte capital declarepour ces actions, auquels'ajoutele montantdes dividendesdeclares, mais non versessur ces Si la societeproc de aun rachat partie!, celui-cl actions. s'effectue proportionnellement au nombre des actions de la cate­ gorie ·eM d'actions. en circulation,sans tenir compte des .fractions Les actions de 1a categorie ·G-ainsi rachetees sont annu­ lees l la date de leur rachat, et la societe reduit, conformement aux dispositions de l'article 39 de 1a LOI SUR LES SOCIETES PAR ACTIONS, le compte capital declare afferent aux actions de la categorie -o-. 6} Droit d'achat. Sous reserve des dispositions du paragraphe 36(2) de la Lol SUR LES SOCIETES PAR ACTIONS, 1a societe peut, lorsqu'elle le juge lpropos et sans donner avis ni tenir compte des autres categories d'actions, acheter de gre l gre et au meilleur prix possible, la totalite ou une partie des actions de la categorie MG-en circulation. Les actions de la categorie -G-ainsi achetees sont automati­ quement annulees a la date de leur achat, et la societe reduit, conformement awe dispositions de !'article 39 de la LOI SUR LES aux SOCIETES actions de PAR ACTIONS, le compte capital declare afferent la categorie ·c·. /11

 

Consommation et Corporations Canada Consumer and Corporate Affairs Canada . , Certiflcat de modlflcation Certificate of Amendment Lol reglssant les socletes par actions de regime federal Canada Business Corporations Act Articles of the above-mentioned les statuts ae la societe canada Business Cot"P.Qrations attached notice; Lol reglssant les societes par conformement A l'avis ci-joint; canada Business Con><>rations Articles of Amendment Lol reglssant les socletes par actions les ciauses modificatrices ci-Jointes canada Business Con><>rations Articles of Amendment; Lol regissant les societes par actions les ciauses modificatrlces ci-Jointes; canada Business Coroorations Articles of Reorganization; Lo1 regissant les socletes par actions dans res clauses de reorganisation canada Business Coroorations Articles of Arrangement. Lol regissant les societes par actions les ciauses d'arrangement ci-Jolntes. Canada LES LABORATOIRES AETERNA INC. 264271-9 Name ot Corporation - Denomination de la societe Number - Numero I hereby certify that the Je certifie P.ar les presentes que Corporation were amended mentionnee ci-haut ont eM modifies (a) under Section 13 of the D (a) en vertu de l'artlcle 13 de la Act in accordance with the actions de regime federal (b) under Section 27 of the D(b) en vertu de l'article 27 de Ia Act as set out in ttie attachedde re_gune federal tel qu'indique dans designating a series of shares;designant une serie d'actions; (c) under Section 177 of the (c} en vertu de !'article 177 de la Act as set out in ttie attachedde re..g1me federal tel qu'ihdique dans (d) under Section 191 of the 0Cdl en vertu de !'article 191 de la Act as set out in ttie attachedde reglme federal tel qu r indlque ci-jointes; (e) under Section 192 of the 0C e) en vertu de 1'article 192 de la Act as set out in the attachedde re_glme federal tel qu'indlque dans September 26, 1991/le 26 septembre 1991 Date of Amendment - Date de la modification

 

•-•... ,.., Conaommttlon tt Corporttlonl Cantdt "''•lr1 FORM 4 ARTICLES OF AMENOMENT (SECTION 27 OR 171) FORMULE 4 CLAUSES MODIACATRICES (ARTlCLE 27 OU 171) c tWda" Bualnell Lol sur Itt soci,tts commercitles ctnadlennes ..loniAct Ia soci616 c:H18Ut mentionn"sont modif..s de Ia Les statuti d e 1. Modification de la denomination socia1e: LES LABORATOIRES AETERNA INC. 2. Changernent d'adresse du siege social: 955, St-Jean Bureau 150, Baptiste, Quebec, Que. G2E 5J5 ecreta1re OCT - 8 1991 CCA-1387{4/UJ c. 24-09-1991 / . .././ - Deac:rlption of Office -Detcriptlon du poste s,, / FOR DEPARTMENTAL USE ONLY-A. L'USAGE OU MINIST RE SEULEMENT Fled -[)6pc)aM 1 - Nlme of Cofpotallon - Ibn de ..10d6t6 171662 CANADA INC. 2 - CotJ)oftllon No. - N• de Ia soc l6 264271-9

 

• CANADA BUSINESS CORPORAnONS ACT ARTICLES OF AMENDMENT FORM 4 INSTRUCnONS LOI SUR LES SOCIETtS COMMERCIALES CANADtENNES CLAUSES MODIFICATRICES FORMULE 4 INSTRUCT10NS Format Documents requited to be sent to the Director pursuant to the c.n&da 8usinesa Corporations Act must conform to sections 5 to 10 of the Aeguialions made under the Act. Fonnat Toua lea documents donll'envoi au Dlrecteur est lectuia conform6· ment 6 Ia Loi ulas t•s commercialea canadlennes doivent ttte confonnes aux atticles 5 • 10 des R ts 'tablis en vertu de Ia Lol. Qen ral (1) Any change In the Articles of the c:otporatlon must be made in accordance with section 27 or 171 of the Act. II an amend· ment Involves a change to a COfP(Wate name. the new name must compty with aectlona 10 and 12 of the Act. luticlea of Alnencfment must be accompanied by a CANADA biased MJANS search report dated not more than ninety (90) days prior to the receipt of the art1c1ea by the Oitector. A number name (subsection 11(2) of CBCA),If requested, may be granted withOut a search. Q,n.,allt'• (11 Toute modific;alion apport6e aux statuts de Ia t6 dolt satislanaux elligences des atticlea 27 ou 171 de Ia Lol. Dana lea cas oU Ia modifiCatiOn comporte un changernent de denomination sociele, Ia nouvele d'nomlnatlon soc:lale doit satlslaire aux exlgences des artiCles 10 et 12 de Ia Loi. LM clauses modlficatricea doivent 6tte accornpagn6ea d'un ...,.. port de recherche NUANS cowrant le Canada, dent Ia date ramonle 6 quatre·vingt-dlx (901 joura ou moina de Ia date de r6ceplion par le Ottecteur des clauses modlflcatricea. Sl a. num•ro matricule est demand6 en guise de d'nominatlon soclale lparagr..,... 11(2) de Ia LSCC), I peut ttre accorcl6 sans recherche prM!Itlle. (2) Cheque modifiCation dolt correspondre aux r f6rencea clea alln6aa at soua alln6aa des atatuta qu'on modifle. (31 Un admlnistrateur ou dirtgeant aulor!M de Ia socl"'dolt iiQJWieedausea. (2) Each amendment must correspond to the paragraph and sub­ paragraph referencea of the Articles being amended. (3) A director or authorized offiCer of the corporation shal sign the Articles. Other Notices If ltiPIIcable.the Attlcles must be accompanied by a copy of a Notice of Change of Registered OffiCe (Form 3) or Notice of Change of Directors (Form 8). Autre• avla ·applicable, lea clauses doivent ttta accompagn6ea d'une cople de ravia de changement de ai-'ge social (Formula 3) ou de !'avis de c:hangement des admlnlstraten (Formula 8). Canada payables au Receveur du Canada, doivent Otre Conaommallon et Corporations canada Ottawa/Hul, Canada, Lea documenr. comP"t6a en dupllcata at tea drolta, envoyh i: Le Oirecteur.Direction des Corporatlona, Place du Portage, K1A OC9 Completed documents In duplicate and fees payable to the Receiver General for C&nada. are to be sent to: The Dltector, Corporatlona Branch, Conaooler and Corporate Affairs canada Place du Portage. Ottawa/Hull, Canada. K1A oce

 

. . ·, ' •." . I&I · Consumer and I ;.. :f • Consommation et Corporations Canada . .B..· . Corporate AHa1rs Canada I Certltlcat de constitution / CertJflcate of Incorporation Canada Business Corporations Act 1 rt les soc16t6s par actJons de r glme f6d6ral mentlonn6e cl-haut 9 6t6 constltu6e e·n socl6t6 par actions de r6gime Director Data of Incorporation - Date de constitution Canada 264271-9 Nllllber - lfua6ro le par les pr6sentes que statuts constltutlfs sotit de la Lol r6glssant les f6d6ral. September 12, 1990/le 12 septembre 1990 '. 171662 CANAD/. INC. N...of Corporation - D6noaination de la •oci6t6 I hereby certify that the above­ Je certlf mentioned Corporation, the la socl t Articles of Incorporation of which dont les are attached, was Incorporatedjoints·;a under4 the Canada Business en vertu ·CorporatJons Act.socl6t6s

 

1+1 LOt SUA LES SOCIETES ::OMMERCIALES CANAOIENNES FORMULE 1 STATUTS CONSTITUTIFS Car11cle 6) CANADA BUSINESS CORPORATIONS ACT FORM 1 ARTICLES OF INCORPORATION (a.ctlon 6) .· t - Denomrnallon socrale de Ia socrete Name olCorporaiiQfl 171662 CANADA INC. The piace rn Canada where lhe regrsteted offrce rs ro bi srtuareo----Region Hetropolitaine de Montreal 3 - Catego11es et tout nombre maxrmald acuons que Ia socrete The classes and any maxrmum numoer of shares lhatlhe corporatror 851 autorisee a emettre rs aulhonze d to rssue Voir armexe "A" 4 - RestrictiOns sur le transfert eses aciiQflS.Ia eas echeanl Restnctlons.if any. on sllare transfers Voir annexe ''B" 5 - Nombre (ou nombre mmrmum et maxrmumt d'admrnrstraleurs Mini.oun 1 maximm 10 Number (or mrnlmum and maJrrmum number) of drrectors 6 - ReslriCtrons rmposees aux actrVJies commercrales de Ia sociele Restnctrons II any on buSiness lhe COfPQraiiOn may carry on 7 - Aulres drsposrhons.le cas echeant Other PfOV1SQ'15 rl any Voir armexe " ' 8 - Fondateurs IOCOI'poralors Addrus (poslal c:odel FOR DEPARTMENTAL USE ONLY ./-Z-I-/_-.Lf_--.J._Oe_pos_ee _-F•_ _ _S_E_P Z_1_99_0 _ A L USAGE OU MINISTEAE SEULEI,IENT 6 N_ d N >1e ra !ooeele - Co•;x:l•:u Nom-Name Adreue (code poslall GUINTDenise 1396, Ste-catherine Ouest, Suite #420 fobntreal iliec H3G 1P9

 

.. : ANNEXE A relative au CAPITAL-ACTIONS Le capital-actions illimite de la societe se compose de sept (7) catego­ ries d'actions qui comportent les droits, privileges, restrictions et conditions suivants: A) ACTIONS DE CATEGORIE -A-:Le nombredes actions de la categorie "A" est illiDiite; ces actions comportent les droits, privile­ ges, restrictions et conditions suivants: 1) Dividende et participation.Sous reserve des droits et pri­ vileges conf rs par les autres categories d'actions, les deHen­ teurs d1actions de la caUgorie -A.. , de pair avec les detenteurs d'actions de la categorie ..B-, ont droit de: a) participer aux biens, profits et . surplus d'actifde la fin, recevoir tout dividende declare par societe et, lcette la societe; et b) se partager le sa dissolution. reliquat des biens de la societe lors de Z)Restriction. Outre les conditions imposees par !'article 4Z de la LOI SUR LES SOCIETES PAR ACTIONS, la societe ne peut verser aucun dividende sur les actions de la categorie "A-ni acheter de gre-1-gre de ces actions, si, e ce fait, la valeur de realisation de l'actif net de Ja societe ne suffit pas pour racheter les actions des categories -o-et "E". 3) Droit de vote. Les detenteurs d 1actions de la categorie ·A­ ont droit de voter l toute assemblee des actionnaires de la societe, et chaque action de la categorie ..A-leur conf re un (1) vote, sauf lors d'une assemblee ou le droit de vote se limite aux detenteu.rs d'une autre .4) Droit d'tkhange. des administrateurs de categorie d'actions• Soureserve. de !'approbation co juguee la majorite detenteurs la s;cie et des detenteurs de des actions de d'actions de la la categorie - - en circulation, les categorie "A-on droit d'exiger, l l'egard de la totalite ou d'une partie de leurs a tions, et sur demande, !'emis­ sion d'une action de la categorie .. - en echange de toute action

 

: ' \ \ '·, de la ca tegorie A selon les proportions et modalites suivantes: sera d'une actioncategorie-o-pour A..echangee, Ia nouvelle action de la le tauxde conversion chaque action categorie categorie "Dportant sur un montant identique au montant verse au compte capital declare l'egard 'de I'action de Ia categorie A.. echangee. f S'ils desirent exercer leur droit d'echange, les detenteurs d1actions de la categorie -A" remettent au si ge social de la societe ou au bureau de sop agent de transfert, un avis ecrit qui indique le nombre des actions de la categorie ·A·qu'ils desi­ rent echanger. Cet avis de la categorie "A" qui signature des personnes s'accompagne du certificat des actions font 11objet d'un ecbange, et porte la qui sont inscrites au registre de la soci te en qualite de detenteur, ou Ia signature de leurs repre­ sentants dQment autorises. Lorsqu'elle re,oit cet avis et le certi­ ficat des actions de la categorie "A" qui font l'objet d'un echange,1a societeprepare un certificatqui representeles actionsde la categorie·o-qu'elleemet en contrepartiede l'echange et, au cas d'echange partie!des actions que represente le certificat remis l1a societe, prepare sans, frais un nouveau "A· qui ne certificat qui represente les actions de 1a fc;mt pas l'objet de l'echange. Les actions de la categorie ..A-ainsi automatiquement des actions de la categorie cates._orie '""' echangeeS'-4eviennent "D.. l la dald'e leur echange, et Ia societe modifie, conformement aux dispositi<tns de le et l'article39 de la LOI SUR LES SOCIETES PAR ACTIONS, compte capital declare afferent aux actions des categories ..A-o... B) ACTIONS DE CATEGORIE B-:Le nombredes actionsde la categorie .. B-est illimite; ces actions comporttmt les droits, privile­ ges, restrictions et conditions suivants; Dividende et participation. Sous reserve des droits et pri­ 1) vileges conferes par les autres categories d'actions, les deten­ teurs d 1actions de la categorie ·s.. , de pair avec les detenteurs d'actions de 1a categorie "A.. , ont droit de: ·a) participer aux biens, profits et surplus d1actif de la societe et, l cette fin, recevoir tout dividende declare par 1a societe; et b) sa se partager le reliquat des biens de la societe lors de dissolution • .. /2 '

 

. . 2) Restriction. Outre les conditions imposees par J 1articJe 42 de Ia LOl SUR LES SOCIETES PAR ACTIONS, la societe ne peut verser aucun dividende sur les actions de la categorie '"B-ni acheter de gre-1-gre de ces actions, si, de ce fait, la valeur de realisation de l'actif net de la societe ne su!fit pas pour racheter les actions des categories ·o· et -E-. 3) Droit de vote.Les detenteurs d'actions de la categorie ·s· ont droit de voter1 toute assembleedes actionnairesde la societe, et chaque action de Ia categorie ·a· leur confere un (1) vote, sauf lors d'une assemblee o\) le droit de vote se limite aux detenteurs d'une autre categorie d'actions. ACTIONS DE CATEGORIE ·c·: Le nombre des actions de 1a C) categorie uc• est illiiDite: ces actions comportent les droits, privll ges, restrictions et conditions auivants: 1) Dividende et participation. Les detenteurs d'actions de la catt!gorie "C" ne participent pas aux profits ni aux surplus d'actif de la societe et, lcette fin, n'ont droit laucun divi­ dende declare par Ia societe. 2) Remboursement. 51, pour tout motif, et notamment au cas de dissolution, de liquidation volontaire ou de liquidation forcee, u ya repartition des biensde la societe t les deten teurs d'actions de la categorie·c· ont droit,en prioritesur les detenteurs d'actions de toutes les autres categories, au rembour­ sement du montant verse au compte capitaldeclarepourles actions de la categorie ·c·. 3) Droit de vote.Les detenteurs d1actions de la categorie ·c­ ont droitde voterl toute .assembteedes actionnairesde la societe, et chaque action de la categorie ·c· leur conf re un (1) vote, sauf lors d'une assemblee ou le droit de vote se limite aux detenteurs d'une autre categorie d'actions. 4) Rachat automatique.Sous reserve des dispositions du paragraphe 36(2) de la-LOI SUR LES SOCIETES PAR ACTIONS, la societe rachete automatiquement les actions de la categorie ·c­ que possede un detenteur d'actions lson deces. La societe dis­ pose d'un delai de trente (30) jours 1 compter de la date du dec s, pour verser aux executeurs testamentaires ou aux admi­ nistrateurs successorauxdu defunt un prixegal au montant verse au compte capital declare pour ces actions, sur reception des certificats qui representent les actions raehetees. . /3

 

Les actions de la cat gorie ·c· ainsi rachetees sont annu­ Iees l la date de leur rachat, et la soci treduit, conformement aux dispositions de l'article 39 de la LOI SUR LES SOCIETES PAR ACTIONS, le compte capital declarafferent aux actions de ta cat gorle ·c-. 5) Droit d'achat. Sous r serve des dispositions du paragraphe 36(2) de La LO! SUR LESSOCIETES PAR ACTIONS, la societe peut, lorsqu'elle le juge l propos et sans donner avis n1 tenir compte des autres categories d'actions, acheter de gre l gre et au meilleur prix possible, la totalite ou une partie des actions de la categorie ·c-en circulation. Les actions de la categorie ·c· alnsi achetees sont automati­ quement a.nnulees l la date de leur achat, et la societreduit, conformement aux dispositions de !'article 39 de Ia LOI SUR LES SOCIETES PAR ACTIONS, le compte capital declare afferent aux actions de Ia categorie ·c-. D) ACTIONS DE CATEGORIE ..D.. :Le nombre des actions de 1a categorie ·o-est Uliiiiiie: ces actions comportent les droits, privU ­ ges, restrictions et conditions suivants: 1) Dividende. Lorsque la societe declare un dividende,les detenteurs d1actions de la categorie ·o-ont droit de recevoir, jusqu'l concurrencedu dividende declare, en prioritesur les d tenteurs d'actions des categories -A-, ·a-, -E-, -F-et ·a-, et l mame les fonds applicable& au versement de dividendes, un dividende mensuel, preferentiel et non cumulatif de un pour cent (1%) par mots, calcule sur la ·valeur de rachat• des actions. de la cat gorie ·D-, tel "valeur de rachat·. que le pa.ragraphe (5) ci-aprs definit cette La societe ne peut declarer ce dividende pour plus d'un mois l la fois, et il incombe aux administrateurs d'en determiner le moment et Ies modalites de versement. 2) de Remboursement. Si, pour tout motif, et notamment au cas dissolution, de liquidation volontaire ou de liquidation forcee, il y a repartition des biensde la societe, les deten teurs d'actions de la cat gorie-D-ont droit,en prioritesur les detenteurs d'actions des categories .. A... ·a·, ..E., ·r-et ..G., mais subs quemmentauxd tenteurs d'actionsde la categorle ·c-, au versement de Ia ·valeur de rachat· des actions de 1a cat gorie ·o·, tel que le paragraphe ( 5) cl-aprs d finit cette . ·valeur de rachat•,auquel· s1ajoute le montantdes dividendes declar s, mais non verses sur les actions de Ia categorie ·o-. /4

 

3) Participation additionnelle. Les actions de la categorie -o· ne confhent aucun autre droit de au.x surplus d'actif de la societe. participation aux profits ou 4) Droit de vote.Sous reserve des dispositionsde la LOI SUR LES SOCIETES PAR ACTIONS, les detenteurs d'actions de de vote aux d1assister l la categorie -o-n1ont pas, lce seul titre, droit assemblees des actionnaires de la societe ni droit celles-ci ou d'en recevoir l'avis de convocation. 5) Droit de racbat. Sous reserve des dispositions du para­ graphe 36(2) de la-LOI SUR LES SOCIETES PAR ACTIONS, les detenteurs d'actions de la categorie ·n-ont, en tout temps et sur demande ecrite, droit d'exiger le rachat de leurs actions par la societ lun prix egal au montant verse au compte capital declare pour ces actions, plus une prime egale 1 la difference entre, d'une part, le montant verse au compte capital declare pour ces actions, et, d'autre part, la juste valeur marchande des actions de la categorie -A·lors de leur echange pour des actions de la categorie ·o·. Le prix de rachat ainsi •I t determine constitue la ·valeur de de la categorie ·o-, auquel s'ajoute, le cas rachat'" des actions echeant, le montant que verse la societe au titre des dividendes verses sur ces actions de la categorie ·n·. declares, mais La societe et non les detenteurs d'actions de la categorie-o-se fondent sur la juste valeur marchande des actions de la categorie -A.. lors de leur echange pour des actions de la categorie ·o·, lorsqu'U s'agit de fixer 1a valeur de la prime susmentionnee. En cas de desaccord ou provincial, !'evaluation chande des actions de la prevaut, et le montant de avec le minist re du revenu, federal ministerielle de la juste valeur mar­ categorie-A.· lors de leur echange la prime est rajuste en consequence, si le ministere !ournit l la societe et au detenteur des actions de la categorie ·n·, !'occasion de contester son evaluation aupr s du minist re ou devant les tribunaux. En cas de divergence entre !'evaluation federate et !'evaluation provinciale, le montant de la prime correspond lla moins elevee des evaluations fixees conformement a une cotisation non contestee ou l un jugement final, le cas echeant. Les actions de Ia categorie ·o·, ainsi rachetees au gre de leur detenteur, sont annulees lla date de leur rachat, et la societe reduit, conformement au.x dispositions de !'article 39 de la LOI SUR LES SOCIETES PAR ACTIONS, le compte capital declare afferent aux actions de la categorie ·o·. /5

 

... 6) Droit d'achat. Sous reserve d es dispositions du paragrapbe PAR ACTIONS, la societe 36(2) de la LOI SUR LES SOCIETES peut, lorsqu'elle le juge a propos et sans donner avis ni tenir compte des autres categories d'actions, acheter de gre a gre et au meilleur prix possible, la totalite ou une partie des actions de la categorie -o· en circulation. Ce prix d'achat ne doit toutefois jamais depasser le prix de rachat susmentionne ni depasser la valeur de realisation de l'actif net de la societe. Les actions de la categorie -o-ainsi achetees soot automati­ quement annulees a la date de leur achat, et la societe reduit, conformement aux dispositions de l'article 39 de la LOI SUR LES SOCIETES PAR ACTIONS, le compte capital declare afferent aux actions de la categorie ·o·. E) ACTIONS DE CATEGORIE "E": Le nombredes actions de la categorie "E-est illimite: ces actions comportent Ies droits, privile­ ges, restrictions et conditions suivants: 1) Dividende. Lorsque la societe declare un dividende,les detenteurs d'actions de la categorie "E" ont droit de recevoir, jusqu'a concurrence du dividende declare, en priorite sur les detenteurs d'actions des categories -A-, "B", "F" et "G", mais subsequemment awe detenteurs d'actions de la categorie "D-, et a meme les fonds applicables au versement de dividendes, un dividende mensuel, preferentiel et non cumulatif de un pour cent (1\) par mois, calcule sur Ia ·valeur de rachat" des actions de la categorie "E.. , tel que le paragraphe (5) ci-apres definit cette ·valeur de rachat·.La societe ne peutdeclarerce dividende pour plus d'un mois a la fois, et i1 incombe aux administrateurs d'en determiner le moment et les modalites de versement. Z) de Remboursement. Si, pour tout motif, et notamment au cas dissolution, de liquidation volontaire ou de liquidation forcee, y a repartition des biensde la societe, les detenteurs i1 d'actions de la categorie .. E.. ont droit, en priorite sur les deten­ teurs d'actions des categories ..A·, ·s-, -F-et ..G.. , mais subse­ quemment awe detenteurs d'actions des categories ·c· et -n-, au versement de la ·valeur de rachat· des actions de la categorie -E-, tel que le paragraphe (5) ci-apres definit cette ·valeur de rachat", auquel s'ajoute le montant des dividendes declares, mais non verses sur les actions de la categorie ..E... 3) Participation additionnelle. Les actions de la categorie -E.. ne conf rent aucun autre droit de participation aux profits ou aux surplus d 1actif de Ia societe. - /6

 

4) Droit de vote. Sous reserve des dispositions de la LOI SUR LES SOCIETE'S PAR ACTIONS, les detenteurs d1actions de la categorle -E-n 1ont pas, lce seul titre, droit de vote aux assemblees des actionnaires de la societe ni droit d'assister l celles-ci ou d1en recevoir l'avis de convocation. 5) Droit de rachat. Sous reserve des dispositions du paragra­ phe 36(2) de la LOI SUR LES SOCIETES PAR ACTIONS, les detenteurs d'actions de la categorie -E-ont, en tout temps et sur demande ecrite, droit d'exiger le rachat de leurs actions par Ia societe lun prix egal au montant verse au compte capital ces actions, plus une prime egale a la difference part, 1a juste valeur marchande de la contrepartie societe lors de !'emission de ces actions de 1a cate­ declare pour entre, d'une recue par 1a. gorie '"E'", en consideration de leur emission, et, d 1autre part, le total forme par: a) le montant verse au compte capital declare pour ces actions, et b) la juste valeur marchande de tout bien, autre qu'une action de Ja categorie '"E'", donne par Ia societe en paiement de cette con trepartie. Le prix de rachat ainsi determine constitue la '"valeur de rachat'" des actions de la categorie -E-, auquel s'ajoute, le cas echeant, le montant que verse la societe au titre des dividendes declares, mais non verses sur ces actions de la categorie -E-. La societe et le souscripteur des actions de Ia categorie '"E'" deter­ minent d1un commun accord lors de !'emission des actions de la categorie '"E'", la juste valeur marchande de la contrepartie sus­ mentionnee. En cas de desaccord avec le ministere du revenu, federal ou marchande provincial, !'evaluation ministerielle de la juste valeur de cette contrepartie prevaut,et Ie montantde la prime est rajuste en consequence,si le ministere fournit lla societe et au detenteur des actions de Ia categorie -E-, !'occasion de contester son evaluation auprs du minist re ou devant les tribunaux. En cas de divergence entre l1evaluation federale et !'evaluation provinciale, le montant de la prime correspond lla moins elevee des evaluations fixees conformement l une cotisation non contestee ou l un jugement final, le cas echeant. Les actions de la categorie '"E'", ainsi rachetees au gre de leur detenteur, sont annulees lla date de leur rachat, et la societe reduit, conformement aux dispositions de l'article 39 de la LOI SUR LES . SOCIETES PAR ACTIONS, le compte capital declare afferent aux actions de-Ja categorie -E-. /7

 

 

.. De plus,advenantquelors d'unajustement,toutesles actions de la categorie paiera aux dtHenteurs, tout montant de prime "E" ont dej ete rachetees,la societe d s qu'elle pourra legalement le faire, additionnel,si l'ajustement se fait a la hausse, ou les detenteurs rembourseront la societe tout montant de prime reu en trop si l'ajustement se fait a la baisse, avec inter@ts au plus eleve du taux prescrit en vertu de !'article 28 de la LOI SUR LE MINISTERE DU REVENU (L.R.Q., c. M-31) ou de l1article 4301 du REGLEMENT DE L'IMPOT SUR LE REVENU federal, tel que fixe pour les periodes visees, le tout au prorata des actions de 1a categorie "E-detenues par chaque detenteur. Si seulement une partie des actions de la categorie "E-avait alors ete rachetee. la proportion du paiement additionnel ou du remboursement, selon le cas, correspondant aux actions dej rachetees, s'effectuera d s que legalement possible. avec des inter@ts au taux determine ci-dessus, aux actions restant a racheter, elle moins, selon le cas, le mont ant de la actions. et quant celle relative modiiiera, en plus ou en prime pour ces derni res 6) Droit d'achat. Sous reserve des dispositions du paragraphe 36(2) de Ia LOI SUR LES SOCIETES PAR ACTIONS, la societe peut, lorsqu'elle le juge a propos et sans donner avis ni tenir compte des autres categories d'actions, acheter de gre a gre et au meilleur prix possible, la totalite ou une partie des actions de la categorie "£" en circulation. Ce jamais depasser le prix de rachat valeur de realisation de l'actif net actions de la categorie "E". prix d'achat ne doit toutefois susmentionne ni depasser Ia de la societe afferente a ces Les actions de la categorie "E-ainsi achetees sont automati­ quement annulees a la date de leur achat, et la societe reduit, conformement aux dispositions de }'article 39 de la LOI SUR LES SOCIETES PAR ACTIONS, le compte capital declare afferent aux actions de la categorie "B-. F) ACTIONS DE CATEGORIE "F-: Le nombredes actions de la categorie "F" est illiDlite; ces actions comportent les droits, privile­ ges, restrictions et conditions suivants: 1) Dividende. Lorsque la societe declare un dividende, les detenteurs d1actions de la categorie -r-ont droit de recevoir, jusqu'a concurrencedu dividende declare,en priorite sur les detenteurs d'actions des categories "A", -a-et -a-. mais subse­ quemment aux detenteurs d'actions des categories "D" et -E-, a /8

 

mcme les fonds applicables au versement de dividendes, un divi­ dende annuel, preferentiel et non cumulatif action; il incombe aux administrateurs d'en et les modalites de versement. de un dollar {1$) par determiner le moment 2) Remboursement. Si, pour tout motif, et notamment de liquidation au cas forcee, de dissolution, de liquidation volontaire ou u ya repartition des biens dela societe,les detenteurs d1actions de la categorieFont droit, en priorite sur les dcHen­ teurs d'actions des categoriesA ,s-et G-, mais subsequem­ ment aux detenteurs d'actions des categories ·c-, ·o-et '"E'", au remboursement du montant verse au compte capital declare pour les actions de la categorie ..F.., auquel s'ajoute le montant des dividendes declares, mais non verses sur les actions de la categorie -F-. 3) Participation additionnelle. Les actions de la categorie '"F'" ne conf&ent aucun autre droit de participation aux profits ou aux surplus d'actif de la societe. 4) Droit de vote. Sous reserve desdispositions de la LOI SUR LES SOC!ETES PAR ACTIONS, les detenteurs d'actions de la categorie '"F.. n'ont pas, a ce seul titre, droit de vote aux assemblees des actionnaires de la s.ociete ni droit d'assister a celles-ci ou d'en recevoir l'avis de convocation. 5) Droit de rachat. Sous reserve des dispositions du para­ graphe 36(2) de la LOI SUR LES SOCIETES PAR ACTIONS, les detenteurs d'actions de la categorie '"F.. ont, en tout temps et sur demande ecrite, droit d'exiger le rachat par la societe de la totalite ou d'une partie de leurs actions, a un prix egal au montant verse au compte capital declare pour ces actions, auquel s1ajoute, le cas ckheant, le montant que erse la societe au titre des dividendes declares, mais non verses sur ces actions de la categorie '"F'". La societe precede au rachat des Ia reception de Ia demande de rachat, et dispose, a compter de cette date, d'un delai de trente (30) jours pour verser aux anciens detenteurs d1actions de la categorie '"F'" le p_rix du racbat de leurs actions. Les actions de la categorie '"F'", ainsi r chetees au gre de leur detenteur, sont annulees a la date de leur racbat, et la societe reduit, conformement aux dispositions de l'article 39 de la LOI SUR LES SOCIETES PAR ACTIONS, le compte capital declare afferent aux actions de Ia categorie '"F... /9

 

•' 6) Droit d'achat. Sous reserve des dispositions du paragraphe 36(2) de la LOI SUR LES SOCIETES PAR ACTIONS, la societe peut, lorsqu'elle le juge l propos et sans donner avis ni tenir compte des autres categories d'actions, acheter de gre l gre et au meilleur prix possible, Ia totalite ou une partie des actions de Ia categorie F-en circulation. Les actions de la categorie -F-ainsi achetees sont automati­ quement annulees l la date de leur achat, et la societe reduit, conformement aux dispositions de !'article 39 de la LOI .SUR LES SOCIETES PAR ACTIONS, le compte capital declare afferent aux actions de la categorie "F•• ACTIONSDE CATEGORIE ·a·: Le nombre G) des actionsde 1a les droits, privile­ categorie ·a-est illimite; ces actions comportent ges, restrictions et conditions suivants: 1) Dividende. Lorsque la societe declare un dividende,les droit de recevoir, detenteurs d1actions de la categorie ·a· ont jusqu'l concurrence du dividende declare, en priorite sur les detenteurs d'aetions des categories ..A.. et ·s.. , mais subsequem­ ment aux detenteurs d'actions des categories ·o·, ..E.. et .. F.. , l meme les fonds applicables au versement de dividendes, un divi­ dende annuel, preferentiel et non cumulatif de un dollar (1$) par action; il incombe aux administrateurs d'en determiner la date, l'heure et les modalites de versement. Z) de Remboursement. Si, pour tout motif, et notamment au cas dissolution, de liquidation volontaire ou de liquidation forcee, il y a repartition des biensde Ia societe, lesdeten teurs d'actions de la categorie ·a· ont droit, en priorite sur les detenteurs d'actions des categories .. A.. et ·s·, mais subsequem­ ment aux detenteurs d 1actions des categories ·c·, ·o·, .E.. et ..F.. , au remboursementdu montantverse au comptecapital declare pour les actions de la categorie ·a·, auquel s1ajoute le montant des dividendes declares, de 1a categorie ..G... mais non verses sur les actions 3) Participation additionnelle. ne conf rent aucun autre droit aux surplus d'actif de la societe. Les actions de la categorie ..G.. de particip'ation aux profits ou 4) Droit de vote. Sous reservedes dispositions de la LOI SUR LES SOCIETES PAR ACTIONS, les detenteurs d'actions de la categorie ..G.. n'ont pas, a ce seul titre, droit de vote aux assemblees des actionnaires de la societe ni droit d'assister l celles-ci ou d'en recevoir !'avis de convocation. /10

 

5) du Droit de rachat unilateral. Sous reserve des dispositions de Ia LOI paragraphe 36(2) SUR LES SOCIETES PAR lorsqu'elle le juge a propos et sur ACTIONS, la societe peut, de trente (30) avisecrit a·ctions de jours, racheterunilateralementles a un prix egal au montant verse au la categorie "G-comptecapitaldeclarepour ces actions, auquels'ajoutele montantdes dividendesdeclares, mais non versessur ces Si la societeprod:de aun actions. rachat partiel, celui-ci s1effectue proportionnellement au nombre des actions de la cate­ gorie en circulation, sans tenir compte des fractions -G-d'actions. Les actions de la categorie ·a· ainsi rachetees sont annu­ lees l la date de leur rachat, et la societe reduit, conformement aux dispositions de !'article 39 de Ia LOI SUR LES SOCIETES PAR ACTIONS, le compte capital declare afferent aux actions de la categorie ·a·. 6) Droit d'achat. Sous reserve des dispositions du paragraphe 36(2) de la LOI SUR LES SOCIETES PAR ACTIONS, la societe peut, lorsqu'elle le juge a propos et sans donner avis ni tenir compte des autres categories d'actions, acheter de gre a gre et au meilleur prix possible, la totalite ou une partie des actions de la categorie ·a· en circulation. Les actions de la categorie ·G·ainsi achetees sont automati­ quement annult es a la date de leur achat, et la societe reduit, conformement aux dispositions de l'article 39 de Ia LOI SUR LES aux SOCIETES actions de PAR ACTIONS, le compte capital declare afferent la categorie ·a·. /11

 

. ..'... ' . p ••••' ANNEXE B relative aux RESTRICTIONS SUR LA CESSION DES ACTIONS Aucune cession d 1actions de la societe ne pourra s'effectuer sans le consentement des aclministrateurs, lequel devra etre atteste par une resolution du conseU d'administration. Ce consentement peut toutefois !tre donne aprs que la cession ait ete enregistree dans le livre de 1a societe, auquel cas celui-ci sera vallde et prendra effet retroactive­ ment 1 la date de !'enregistrement de la cession d'actions.

 

.....:;-:·. t•• •, • • . \a I 11 ' . ANNEXE C relative aux AUTRES--DI·SP·O-SI-T-IO-N5 1. Le nombre des actionnaires de la societe est limite lcinquante, deduction faite de ceux qui sont ou ont ete salaries de la societe ou d'une filiate; deux personnes ou plus qui detiennent en commun une ou plusieurs actions sont comptees comme un seul actionnaire: 2. Tout appel public l l'epargne par Ia soci'ete est interdit. 3. Les administrateurs pourront, lorsqu'ils le jugeront opportun: a) faire des emprunts de deniers sur le credit de la societe; b) emettre des obligations ou autres valeurs de Ia societe et les donner en garantie ou sommes juges convenables: les vendre pourles prixet c) nonobstantles dispositions nantir ou mettre en gage les du Codecivil, hypothequer, biens mobiliers ou immobiliers, presents ou futurs, de la societe, pour assurer le paiement de tellesobligationsou autresvaleurs,ou donner une partie seulement de ces garanties pour les memes fins; et constituer l'hypotheque, le nantissement ou le gageci­ conformement dessus mentionnespar acte de fideicommis, auxarticles 27 et suivants de Ia Loi sur les aouvoirs speciaux des corp2rations (L.R.Q., c. P-16), oue toute autre manil;re; d) hypothequer ou nantir les immeubles, ou donner en gage ou autrement !rapper d'une charge quelconque les biens meubles de la societe, ou donner ces diverses especes de garanties, pour assurerle paiement desempruntsfaits autrement que par emission d'obligations. ainsi que le paie­ ment ou l1execution des autres dettes, contrats et engage­ ments de la societe.

 

Exhibit 4.2

 

1+1 Industry Canada Industria Canada Date orAmendment (Y_,Y.,..,.Y,..,.Y,...,.&...M,...,.,M... -DD) Canada Certificate of Amendment Certificat de modification Canada Business Corporations Act Lol canadlenne sur les socletes par actions AETERNA ZENTARIS INC. Corporate n11111c I Denomination sociale 264271-9 Corporation number I Numero de societe I HEREBY CERTIFY that the articles of the JE CERTIFIE que les statuts de Ia societe above named corporation are amended under susmentionnee sont modifies aux termes de section 178 of the Canada Business !'article 178 de Ia Loi canadienne sur les Corporations Act as set out in the attached socifltes par actions, tel qu'il est indique dans les articles of amendment. clauses modificatrices ci jointes. Marcie Girouard Director I Direcleur 2012-10-02 Date de modification (AAAA-MM-JJ)

 

.... -. ----. --..-------·-· -·,...... ...-------------.. ---·---••• !11·---(iJAIIfc-..•------............. .,.,.......,...._.._.£...-.c..r..r..,........t.l.,. AETERNA ZENTARISINC. ...... ---21-tT71111!Cit'A. .c:aaM.L A......,....-....,.I.ll........,.......r. lcl•............-.aar-..CII - •c -•-•-,•a•,r......._.._......n....1.llad'ra 11111211.. CJCA•WII•JIII2cl.........._, ,., 0....;..-...-..-...-..-..-..I.-...-.,..'._.·.-, •J n.......-lllllftded.. .__ ttea-•CitA.... ...................... ....... ....,.., -.eec Manbe....... . . lllln, IT!)lDllualulatlo•n-·--.· ..-..·...... ...........2ta....CII:4 a,...-......,,...,...ln........ .,.....,_.,...........U.f.U..:0.4..1................ QIIecllll . ........... EICA .II IIInitll_... I.I,.C..IC..A._IJ,...._.,.W.ir.. . ,._,Ail ...... ...._..., ........ II Wft.'*OIIMII.cl... -..c:CI•_... •I \ 1•1.,,....1.:.tIOt,G',_........... ,....,lbtd,... I1'tll'Q .•_lr•..•c•s.adt•it.r...,._..,......s.:!.O.t ..._ GinllllllfC.:W.....•.,.triMI-...-.1 ...._d. . IZI\IO*biOt 10 -.,.... .....,bf..CSCA10 be set .-_..-.......,..,..n.......l.n...d..e..r.l............,...... Ccnmon8hlfe) .. 001 on ltle .,._ otone(t) lion Shi c=..Mt.....a.......,.. ,...,_a a....-.n-..--..,..o... ShaniiiObo !auldupon ...-..neeof ...of Amendlnenl .....be Cemrnoc1 S...ID whldl•!Wgietered wouldOlhlrwiM become enlilecl ....D..',.. ... . ..., . _... _ .nclleflliiUW on U.ln8fbt. wla\ VIe lwt pcocoeda IMnlftom .,.;ng '110....,... dlslrill*d tD 0... ,.,.c...: lnpa .DeIoJ.oe.c1.:tl.\w.d.n..-H...cM....,....,...... -Lluu1er,...,... OftMA .._.. . . .....-,• .. CX t. )l ::o , ....,.,.. • ......_..,.,._,..--.......-...-..-.ssoao.-...--E-MAIL 2012 -1D-0 2 ,..clocai1IIIIID c.po.aHusu c-cr. lllaMt&l.. . Or ....docwlnda INit ,..... ON KfA OC8 err ltJ-Mf·otll ,.....IMC_..... 8: n.co\lOillbn c:fw1a-a.piiiW'A or WrllaryIn cw.c.....,N 111111:.11 -..1111 10. noe.......w ........ C: 1hJ· c:M'lgel.. lrOIIW nw*lui'IIIIII'Oer clchcblll:&: Jet ............-dlectarl.irdclle . _ rum. balh .. rrHrun.., opiOI'III D: Olwdwpcla Jr.lo,.c-.d.._,to,_ldiii•an.,.. ID onu. OIA.. ,. , 'The luued end outltlncllnO ccnwnon thwes i't lhe Clpilal of ltw Cotjl(lflllioc1(NCII, • ConlmonM for each*(&)prH)OIIIOidellon Cornman sn..a, No hdionll Commoft .,..bellluedupon . CCifiiOicWon of .. iMued end outlteldflg Connon Sf.-In.a:anlanca-"'theM ,_Common IOUndld dawnlrllht nHMit whole number of Common SIWM lfld al frldtoNI •11•'.,.,._...o..f..l,'l.a CXlniOidlllon Wll belnd by lhe CCJ11101•11on's

 

Exhibit 4.3

 

•••Industry Industria Canada Canada Canada Certificate of Amendment Certificat de modification Canada Business Corporations Act Lol canadienne sur les socletes par actions AETERNA ZENTARIS INC. Corporate name I Denomination socialc 264271-9 Corporation number I Numcro de societe I HEREBY CERTIFY that the articles of theJE CERTIFIE que les statuts de Ia societe above-named corporation are amended undersusmentionnee sont modifies aux termes de section 178 of the Canada Business !'article 178 de Ia Loi canadienne sur /es Corporations Act as set out in the attached societes par actions, tel qu'il est indique dans les articles of amendment. clauses modificatrices ci-jointes. Virginie Ethier Director I Directeur 2015-11-17 Date of Amendment (YYYY-MM-DD) Date de modification (MAA-MM-JJ)

 

1+1 Canada Industry lndustrie Canada Form4 Articles of Amendment Canada Business Corporations Act (CBCA) (s. 27 or 177) Formulaire 4 Clauses modificatrices Loi canadienne sur /es socif}tf}s par actions (LCSA) {at1. 27 ou 177) OJCorporate name Denomination sociale AETERNA ZENTARIS INC. 0Corporntion number Num<..de Ia societe 264271-9 [}] The articles arc amended as follows Les statuts sont modifies de Ia fa on sui\lante See attached schedule I Voir l'annexe ci-jointe [I}Declaration: I cenify that I am a di rector or an officer of the corporntion. Declaration :J'altestc que jc suis un admi nistrutcu r o u u n dirigca n t de Ia societe, Original signed by I Originalsigne par Philip A. Theodore Philip A. Theodore 843-900-3211 M1snpresentalJOft consut•esn ofTcncc and, an s\IJMW\ co1n1t'UCW\. apenan 11 lr•ble-lo • fine not nc.etdm& SSt;QJOt to impnsonman ror ••mn not atriAIIl\ mon\hs or both (s JI:ts«bon lS4l (lloCiheCIIC'Al s d d·.-empn fauer sc Mdantion eoN\IIUC me tnft¥Uon l't IQft aulcv IW d«<»J.Uon de culp.abiJut pal ptocidure tonwTUIR. at patlblt d \ftem.a.'unaJe deGOO rowamol dt"'mou.ou I"..,.do ca p<tnOS(p&rOIDIIh< 250(I)de lllCSAJ Y o .lt PfO\Idanllnf""""b'"' nq'"oed b) lhe CBCA Noto thM bolhlhe CIICA and lhe l'tllu.) A<HIIol\ lluunform.tlull\ IO be dudosod IO lh•l"'bh<. Ia '"" be Sloml '"pmon>lonfonn>UO<I bani. nUIIIber IC'IPPIMJ.I9 Vous f ssu des ......,pl<IMIIIJ cucb par lalCSA-II al•n-quo lalCSA d la l.ol ""I<> rmsct IMnll ('<WJNJ<IJ pmndl<nl quede lth ...,..."'""""IJ soiml do"il"" au1"'1>11<. lis .....,,11o<la d.1m II Nnqu.de '"""cr-"p<ftONids nllmbo IC'/PPlJ.(II9 Canada IC 3069 (2008104)

 

Schedule I Annexe Amendment Schedules I Annexes-ModHicdon The issued and outstanding common shares in the capital of the Corporation (each, a Common Share) are hereby consolidated on the basis of one (1) post-consolidation Common Share for each one hundred (100) pre-consolidation Common Shares. No fractionalCommon Shares shall be issued upon the consolidation of the issued and outstanding Common Shares in accordance with the foregoing. All new Common Shares to be issued upon the issuance of the Certificate of Amendment shall be rounded down to the nearest whole number of Common Shares and all fractional Common Shares to which a registered shareholder would otherwise become entitled as a result of the consolidation will be aggregated and sold by the Corporation's transfer agent and registrar on the market, with the net proceeds therefrom being proportionately distributed to registered shareholders.

 

Exhibit 4.4

 

AETERNA ZENTARIS INC. (the "Corporation") AMENDED AND RESTATED BY-LAW ONE MEETINGS OF SHAREHOLDERS AND DIRECTORS,COMMITTEES AND OTHER MATIERS ARTICLE I. MEETINGS OF SHAREHOLDERS. 1.1 Place. Time and Notice. Meetings of shareholders of the Corporation shall be held at the registered office of the Corporation or at such other place and at such time as the board of directors of the Corporation (the "Board" or the "Board of Directors"), the Chief Executive Officer or the President may determine, from time to time. 1.2. Electronic Meetings. If the directors of the Corporation call a meeting of shareholders pursuant to the laws governing the Corporation, those directors may determine that the meeting shall be held in accordance with the regulations, if any, governing the Corporation entirely by means of telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other during the meeting. 1.3. Chairman. Subject to the provisions of any resolution of the Board of Directors, the Chairman of the Board or, in his absence or inability or refusal or failure to act, a Vice or Deputy Chairman of the Board or, in his absence or inability or refusal or failure to act, the President or, in his absence or inability or refusal or failure to act, the Vice-President or, if there be more than one Vice­ President, that one of them who may have been designated for the purpose by the Board of Directors, shall preside at all meetings of shareholders. All of the foregoing officers may attend such meetings but no Vice-President shall act as chairman if the Board of Directors shall have determined that he shall not so act. If all of the foregoing officers be absent or unable or refuse or fail to act, the persons present may choose a chairman. The chairman of any meeting of shareholders shall conduct the procedure thereat in all respects and his decision on all matters, including, but without in any way limiting the generality of the foregoing, any question regarding the validity or invalidity of any proxy, shall be conclusive and binding upon the shareholders. A declaration by the chairman at any meeting that a resolution has been carried or carried unanimously or carried by any particular majority or lost or not carried by a particular majority sh ll be conclusive evidence of such fact. The chairman of any meeting of shareholders may, in his discretion, order a ballot. Moreover, any shareholder or its representative, where the shareholder is a body corporate or an association, or his proxyholder,either before or after any vote by show of hands, may require a ballot on any question at any time before the termination of the meeting. A demand for a ballot may be withdrawn. If at any meeting a ballot is to be taken, it shall be taken in such manner and either at once or after adjournment as the chairman directs. The result of a ballot shall be deemed to be a resolution of the meeting at which the ballot was taken whether or not a vote on a show of hands had previously been taken on the same question. The chairman of any meeting of shareholders may appoint up to two (2) persons, who may but need not be directors, officers, employees or shareholders of the Corporation, to act as scrutineers at such meeting. 1.4. Quorum. The holder or holders of not less than ten (10) per cent of the outstanding shares of the Corporation carrying voting rights at the meeting, presentin person or represented by proxy or by an authorized representative, shall constitute a quorum. DOCSMTL:5050091\2 1

 

The quorum at any reconvened meeting of shareholders so adjourned is fixed at one (1) shareholder present or represented in accordance with this By-law. The reconvened meeting may then proceed to examine and dispose of the business for which it was called. 1.5 Voting Rights. At all meetings of shareholders, every shareholder entitled to vote thereat, whether present in person or by proxyholder,or, in the case of a body corporate or association by a duly authorized representative, shall be entitled to one (1) vote for each voting share; if, however, in virtue of the law or the articles of the Corporation (the "Articles") another scale of voting rights is fixed with respect to a particular matter or to another class of shares, such scale of voting shall be adopted. 1.6 Particulars of Proxies. The directors may also permit particulars of proxies for use at or in connection with any such meeting which have been deposited with the Corporation or its agent at a place other than the place of such meeting to be cabled, telecopied or telegrammed to the secretary of the Corporation prior to such meeting. In such event, such proxies, if otherwise in order, shall be valid and any votes cast in accordance therewith shall be counted. 1.7 Nominations of Directors. Subject only to the Canada Business Corporations Act (the Act) and the Articles, only persons who are nominated in accordance with the following procedures shall be eligible for election as directors of the Corporation. Nominations of persons for election to the Board may be made at any annual meeting of shareholders, or at any special meeting of shareholders if one of the purposes for which the specialmeeting was called was the election of directors: a. by or at the direction of the Board, including pursuant to a notice of meeting; b. by or at the direction or request of one or more shareholders pursuant to a proposal made in accordance with the provisions of the Act, or a requisition of the shareholders made in accordance with the provisions of the Act; or c. by any person (a "Nominating Shareholder"): (A) who, at the close of business on the date of the giving of the notice provided for below in this Section 1.7 and on the record date for notice of such meeting, is entered in the securities register as a holder of one or more shares carrying the right to vote at such meeting or who beneficially owns shares that are entitled to be voted at such meeting; and (B) who complies with the notice procedures set forth below in this Section 1.7. In addition to any other applicable requirements, for a nomination to be made by a Nominating Shareholder, the Nominating Shareholder must have given timely notice thereof in proper written form to the Secretary of the Corporation at the principal executive offices of the Corporation. To be timely, a Nominating Shareholder's notice to the Secretary of the Corporation must be made: a. in the case of an annualmeeting of shareholders, not less than 30 nor more than 65 days prior to the date of the annual meeting of shareholders; provided, however, that in the event that the annual meeting of shareholders is to be held on a date that is less than 50 days after the date on which the first public announcement (the "Notice Date") of the date of the annual meeting was made, notice by the Nominating Shareholder may be made not later than the close of business on the tenth (10th) day following the Notice Date; and b. in the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose of electing directors (whether or not called for other purposes), not later than the close of business on the fifteenth (15th) day following the day on which the first public announcement of the date of the specialmeeting of shareholders was made. DOCSMTL:5050091\2 2

 

c. In no event shall any adjournment or postponement of a meeting of shareholders or the announcement thereof commence a new time period for the giving of a Nominating Shareholder's notice as described above. To be in proper written form, a Nominating Shareholder's notice to the Secretary of the Corporation must set forth: a. as to each person whom the Nominating Shareholder proposes to nominate for election as a director: (A) the name,age, business address and residential address of the person; (B) the principal occupation or employment of the person; (C) the class or series and number of shares in the capital of the Corporation which are controlled or which are owned beneficially or of record by the person as of the record date for the meeting of shareholders (if such date shall then have been made publicly available and shall have occurred) and as of the date of such notice; and (D) any other information relating to the person that would be required to be disclosed in a dissident's proxy circular in connection with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws (as defined below); and b. as to the Nominating Shareholder giving the notice, any proxy, contract, arrangement, understanding or relationship pursuant to which such Nominating Shareholder has a right to vote any shares of the Corporation and any other information relating to such Nominating Shareholder that would be required to be made in a dissident's proxy circular in connection with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws (as defined below). The Corporation may require any proposed nominee to furnish such other information as may reasonably be required by the Corporation to determine the eligibility of such proposed nominee to serve as an independent director of the Corporation or that could be material to a reasonable shareholder's understanding of the independence, or lack thereof, of such proposed nominee. No person shall be eligible for election as a director of the Corporation unless nominated in accordance with the provisions of this Section 1.7; provided, however, that nothing in this Section 1.7 shall be deemed to preclude discussion by a shareholder (as distinct from the nomination of directors) at a meeting of shareholders of any matter in respect of which it would have been entitled to submit a proposal pursuant to the provisions of the Act. The Chairman of the meeting shall have the power and duty to determine whether a nomination was made in accordance with the procedures set forth in the foregoing provisions and, if any proposed nomination is not in compliance with such foregoing provisions, to declare that such defective nomination shall be disregarded. For purposes of this Section 1.7: a. "public announcement" shall mean disclosure in a press release reported by a national news service in Canada, or in a document publicly filed by the Corporation under its profile on the System of Electronic Document Analysis and Retrieval at www.sedar.com; and b. "Applicable Securities Laws" means the applicable securities legislation of each relevant province of Canada, as amended from time to time, the rules, regulations and forms made or promulgated under any such statute and the published national instruments, multilateral instruments, policies, bulletins and notices of the securities commission and similar regulatory authority of each province of Canada. Notwithstanding any other provision of this Section 1.7, notice given to the Secretary of the Corporation pursuant to this Section 1.7 may only be given by personal delivery, facsimile transmission or by email (to the Secretary of the Corporation), and shall be deemed to have been given and made only at the time it is served by personal delivery, email or sent by facsimile transmission (provided that receipt of confirmation of such transmission has been received) to the Secretary at the address of the principal executive offices of the Corporation; provided that if such delivery or electronic DOCSMTL:5050091\2 3

 

communication is made on a day which is a not a business day or later than 5:00 p.m. (Quebec time) on a day which is a business day, then such delivery or electronic communication shall be deemed to have been made on the subsequent day that is a business day. Notwithstanding the foregoing, the Board may. in its sole discretion, waive any requirement in this Section 1.7. ARTICLE 2. MEETINGS OF DIRECTORS. 2.1. Place. Time and Notice. Immediately after the annual meeting of shareholders in each year, a meeting of such of the newly elected directors as are then present may be held, provided that they shall constitute a quorum, without notice, for the appointment of officers of the Corporation and the transaction of such other business as may come before the meeting. Subject to the provisions of any resolution of the Board of Directors, meetings of the Board of Directors may be called at any time by the Chairman of the Board or a Vice or Deputy Chairman of the Board or the President or any Vice-President who is a director or any two directors and notice of the time and place for holding any meeting of the Board of Directors shall be given at least twelve (12) hours prior to the time fixed for the meeting. Any meeting so called may be held at the registered office of the Corporation or any other place which shall have been fixed by the Board of Directors. The Board of Directors may also from time to time provide for the holding of regular meetings of the Board of Directors at such place, within or outside of Canada, with or without notice, as may be determined by resolution. 2.2. Chairman. Subject to the provisions of any resolution of the Board of Directors, the Chairman of the Board or, in his absence or inability or refusal or failure to act, any Vice or Deputy Chairman of the Board or, in his absence or Inability or refusal or failure to act, the President or, in his absence or inability or refusal or failure to act, the Vice-President or, if there be more than one Vice­ President, that one of them who may have been designated for the purpose by the Board of Directors, shall preside at all meetings of the Board of Directors; provided that neither the President nor any Vice­ President shall so act unless he is a director. If all of the foregoing officers be absent or unable or refuse or fail to act, the directors present may choose a chairman from among their number. The chairman at any meeting of directors may vote as a director. 2.3. Qyorum. Except where the Corporation has only one director, the Board of Directors may, from time to time, fix by resolution the quorum for meetings of the Board of Directors but until otherwise fixed a majority of directors in offiCe, from time to time, shall constitute a quorum. ARTICLE 3. COMMITTEES 3.1 Election. The Board of Directors may, from time to time, appoint from their number committees of directors, however designated, containing such proportion of Canadian residents as may be required by law. 3.2 Chairman. Quorum and Procedure. Any committee of directors shall have the power to appoint a chairman and a vice or deputy chairman, to fix its quorum, which quorum shall consist of not less than a majority of its members, and to determine its procedure. 3.3 Secretary. The secretary of the Corporation shall act as secretary of each committee of directors unless some other secretary be appointed by the committee. 3.4 Powers. The Board of Directors may delegate to any such committee of directors any of the powers of the board except those which by law a committee of directors has no authority to exercise. DOCSMTL:5050091\2 4

 

3.5. Proceedings ooen to the Board. All proceedings of committees of directors shall be open to the examination of the Board of Directors of the Corporation and shall be reported to the board of directors if and when the Board of Directors so directs. 3.6. Meetings. Meetings of committees of directors may be held at the registered office of the Corporation or at such other place within or outside of Canada as a committee may from time to time determine. Meetings of a committee may be called by or by the order of the president, the chairman of the committee, the vice-chairman or any two (2) members thereof. 3.7. Remuneration. The members of a committee of directors shall be entitled to receive such remuneration for their services as members of the committee as the directors may from time to time determine. 3.8. Removal and Replacement. The directors may from time to time remove any member of a committee of directors from office. The directors may also from time to time fill any vacancy which may occur in the membership of a committee. ARTICLE4. OTHER MATTERS 4.1. Indemnification. The Corporation shall, to the full extent provided by law, indemnity a director or officer of the Corporation, a former director or officer of the Corporation or another individual who acts or acted at the Corporation's request as a director or officer, or an individual acting in a similar capacity, of another entity, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of association with the corporation or other entity. that Enacted on March 21, 2013. Witness the signatures of the President and the Secretary of the Corporation President Secretary OOCSMTL: 5050091\2 5

 

AETERNA ZENTARIS INC. (the "Corporation") BY-LAW 2013-1: ADVANCE NOTICE BY-LAW By-law One of the Corporation is hereby amended by adding the following thereto as Section 1.7 to form part thereof. 1.7 Nominations of Directors. Subject only to the Canada Business Corporations Act (the Act) and the articles of the Corporation (the "Articles"), only persons who are nominated in accordance with the following procedures shall be eligible for election as directors of the Corporation. Nominations of persons for election to the board of directors of the Corporation (the "Board") may be made at any annual meeting of shareholders, or at any special meeting of shareholders if one of the purposes for which the specialmeeting was called was the election of directors: a. by or at the direction of the Board, including pursuant to a notice of meeting; b. by or at the direction or request of one or more shareholders pursuant to a proposal made in accordance with the provisions of the Act, or a requisition of the shareholders made in accordance with the provisions of the Act; or c. by any person (a "Nominating Shareholder"): (A) who, at the close of business on the date of the giving of the notice provided for below in this Section 1.7 and on the record date for notice of such meeting, is entered in the securities register as a holder of one or more shares carrying the right to vote at such meeting or who beneficially owns shares that are entitled to be voted at such meeting; and (8) who complies with the notice procedures set forth below in this Section 1.7. In addition to any other applicable requirements, for a nomination to be made by a Nominating Shareholder, the Nominating Shareholder must have given timely notice thereof in proper written form to the Secretary of the Corporation at the principal executive offices of the Corporation. To be timely, a Nominating Shareholder's notice to the Secretary of the Corporation must be made: a. in the case of an annualmeeting of shareholders, not less than 30 nor more than 65 days prior to the date of the annual meeting of shareholders; provided, however, that in the event that the annual meeting of shareholders is to be held on a date that is less than 50 days after the date on which the first public announcement (the "Notice Date") of the date of the annual meeting was made, notice by the Nominating Shareholder may be made not later than the close of business on the tenth (10th) day following the Notice Date; and b. in the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose of electing directors (whether or not called for other purposes), not later than the close of business on the fifteenth (15th) day following the day on which the first public announcement of the date of the specialmeeting of shareholders was made. c. In no event shall any adjournment or postponement of a meeting of shareholders or the announcement thereof commence a new time period for the giving of a Nominating Shareholder's notice as described above. To be in proper written form, a Nominating Shareholder's notice to the Secretary of the Corporation must set forth: a. as to each person whom the Nominating Shareholder proposes to nominate for election as a director: (A) the name, age, business address and residential address of the person; DOCSMTL:4969344\4 1

 

(B) the principal occupation or employment of the person; (C) the class or series and number of shares in the capital of the Corporation which are controlled or which are owned beneficially or of record by the person as of the record date for the meeting of shareholders (if such date shall then have been made publicly available and shall have occurred) and as of the date of such notice;and (D) any other information relating to the person that would be required to be disclosed in a dissident's proxy circular in connection with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws (as defined below); and b. as to the Nominating Shareholder giving the notice, any proxy, contract, arrangement, understanding or relationship pursuant to which such Nominating Shareholder has a right to vote any shares of the Corporation and any other information relating to such Nominating Shareholder that would be required to be made in a dissident's proxy circular in connection with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws (as defined below). The Corporation may require any proposed nominee to furnish such other information as may reasonably be required by the Corporation to determine the eligibility of such proposed nominee to serve as an independent director of the Corporation or that could be material to a reasonable shareholder's understanding of the independence, or lack thereof, of such proposed nominee. No person shall be eligible for election as a director of the Corporation unless nominated in accordance with the provisions of this Section 1.7; provided, however, that nothing in this Section 1.7 shall be deemed to preclude discussion by a shareholder (as distinct from the nomination of directors) at a meeting of shareholders of any matter in respect of which it would have been entitled to submit a proposal pursuant to the provisions of the Act. The Chairman of the meeting shall have the power and duty to determine whether a nomination was made in accordance with the procedures set forth in the foregoing provisions and, if any proposed nomination is not in compliance with such foregoing provisions, to declare that such defective nomination shall be disregarded. For purposes of this Section 1.7: a.public announcementshall mean disclosure in a press release reported by a national news service in Canada, or in a document publicly filed by the Corporation under its profile on the System of Electronic Document Analysis and Retrieval at www.sedar.com; and b. UApplicable Securitles Laws" means the applicable securities legislation of each relevant province of Canada, as amended from time to time, the rules, regulations and forms made or promulgated under any such statute and the published national instruments, multilateral instruments, policies, bulletins and notices of the securities commission and similar regulatory authority of each province of Canada. Notwithstanding any other provision of this Section 1.7. notice given to the Secretary of the Corporation pursuant to this Section 1.7 may only be given by personal delivery, facsimile transmission or by email (to the Secretary of the Corporation), and shall be deemed to have been given and made only at the time it is served by personal delivery, email or sent by facsimile transmission (provided that receipt of confirmation of such transmission has been received) to the Secretary at the address of the principal executive offices of the Corporation; provided that if such delivery or electronic communication is made on a day which is a not a business day or later than 5:00p.m. (Quebec time) on a day which is a business day, then such delivery or electronic communication shall be deemed to have been made on the subsequent day that is a business day. Notwithstanding the foregoing, the Board may, in its sole discretion, waive any requirement in this Section 1.7. DOCSMTL: 4969344\4 2

 

Enacted on March 21, 2013. Witness the signatures of the President and the Secretary of the Corporation Secretary DOCSMTL:4969344\4 3

 

AMENDED AND RESTATED ON MARCH 21, 2013 JETERNA ZENTARIS INC. (the "Corporation") BY LAWONE MEETINGS OF SHAREHOLDERS AND DIRECTORS, COMMITTEES AND OTHER MATTERS ARTICLE I. MEETINGS OF SHAREHOLDERS. 1.1 Place, Time and Notice. Meetings of shareholders of the Corporation shall be held at the registered office of the Corporation or at such other place and at such time as the Board of Directors, the Chief Executive Officer or the President may determine, from time to time. 1.2. Electronic Meetings. If the directors of the Corporation call a meeting of shareholders pursuant to the laws governing the Corporation, those directors may determine that the meeting shall be held in accordance with the regulations, if any, governing the Corporation entirely by means of telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other during the meeting. 1.3. Chairman. Subject to the provisions of any resolution of the Board of Directors, the Chairman of the Board or, in his absence or inability or refusal or failure to act, a Vice or Deputy Chairman of the Board or, in his absence or inability or refusal or failure to act, the President or, in his absence or inability or refusal or failure to act, the Vice-President or, if there be more than one Vice-President, that one of them who may have been designated for the purpose by the Board of Directors, shall preside at all meetings of shareholders. All of the foregoing officers may attend such meetings but no Vice-President shall act as chairman if the Board of Directors shall have determined that he shall not so act. If all of the foregoing officers be absent or unable or refuse or fail to act, the persons present may choose a chairman. The chairman of any meeting of shareholders shall conduct the procedure thereat in all respects and his decision on all matters, including, but without in any way limiting the generality of the foregoing, any question regarding the validity or invalidity of any proxy, shall be conclusive and binding upon the shareholders. A declaration by the chairman at any meeting that a resolution has been carried or carried unanimously or carried by any particular majority or lost or not carried by a particular majority shall be conclusive evidence of such fact. The chairman of any meeting of shareholders may, in his discretion, order a ballot. Moreover, any shareholder or its representative, where the shareholder is a body corporate or an association, or his proxyholder, either before or after any vote by show of hands, may OOCSMTL: 4170371\4

 

require a ballot on any question at any time before the termination of the meeting. A demand for a ballot may be withdrawn. 0 If at any meeting a ballot is to be taken, it shall be taken in such manner and either at once or after adjournment as the chairman directs. The result of a ballot shall be deemed to be a resolution of the meeting at which the ballot was taken whether or not a vote on a show of hands had previously been taken on the same question. The chairman of any meeting of shareholders may appoint up to two (2) persons, who may but need not be directors, officers, employees or shareholders of the Corporation, to act as scrutineers at such meeting. 1.4. Quorum.The holder or holders of not less than ten (10) per cent of the outstanding shares of the Corporation carrying voting rights at the meeting, present in person or represented by proxy or by an authorized representative, shall constitute a quorum. The quorum at any reconvened meeting of shareholders so adjourned is fixed at one (1) shareholder present or represented in accordance with this By-Law. The reconvened meeting may then proceed to examine and dispose of the business for which it was called. 1.5 Voting Rights. At all meetings of shareholders, every shareholder entitled to vote thereat, whether present in person or by proxyholder, or, in the case of a body corporate or association by a duly authorized representative, shall be entitled to one (1) vote for each voting share; if, however, in virtue of the law or the articles of the Corporation another scale of voting rights is fixed with respect to a particular matter or to another class of shares, such scale of voting shall be adopted. 0 1.6 Particulars of Proxies. The directors may also permit particulars of proxies for use at or in connection with any such meeting which have been deposited with the Corporation or its agent at a place other than the place of such meeting to be cabled, telecopied or telegrammed to the secretary of the Corporation prior to such meeting. In such event, such proxies, if otherwise in order, shall be valid and any votes cast in accordance therewith shall be counted. ARTICLE 2. M EETINGS OF DIRECTORS. 2.1. Place, Time and Notice. Immediately after the annual meeting of shareholders in each year, a meeting of such of the newly elected directors as are then present may be held, provided that they shall constitute a quorum, without notice, for the appointment of officers of the Corporation and the transaction of such other business as may come before the meeting. Subject to the provisions of any resolution of the Board of Directors, meetings of the Board of Directors may be called at any time by the Chairman of the Board or a Vice or Deputy Chairman of the Board or the President or any Vice-President who is a director or any two directors and notice of the time and place for holding any meeting of the Board of Directors shall be given at least twelve (12) hours prior to the time fixed for the meeting. Any meeting so 0 DOCSMTL; 4170371\4

 

called may be held at the registered office of the Corporation or any other place which shall have been fixed by the Board of Directors. 0 The Board of Directors may also from time to time provide for the holding of regular meetings of the Board of Directors at such place, within or outside of Canada, with or without notice, as may be determined by resolution. 2.2. Chairman. Subject to the provisions of any resolution of the Board of Directors, the Chairman of the Board or, in his absence or inability or refusal or failure to act, any Vice or Deputy Chairman of the Board or, in his absence or inability or refusal or failure to act, the President or, in his absence or inability or refusal or failure to act, the Vice-President or, if there be more than one Vice-President, that one of them who may have been designated for the purpose by the Board of Directors, shall preside at all meetings of the Board of Directors; provided that neither the President nor any Vice-President shall so act unless he is a director. If all of the foregoing officers be absent or unable or refuse or fail to act, the directors present may choose a chairman from among their number. The chairman at any meeting of directors may vote as a director. 2.3. Quorum. Except where the Corporation has only one director, the Board of Directors may, from time to time, fix by resolution the quorum for meetings of the Board of Directors but until otherwise fixed a majority of directors in office, from time to time, shall constitute a quorum. 0 ARTICLE 3. COMMITTEES 3.1 Election. The Board of Directors may, from time to time, appoint from their number committees of directors, however designated, containing such proportion of Canadian residents as may be required by law. 3.2 Chairman. Quorum and Procedure. Any committee of directors shall have the power to appoint a chairman and a vice or deputy chairman, to fix its quorum, which quorum shall consist of not less than a majority of its members, and to determine its procedure. 3.3 Secretary.The secretary of the Corporation shall act as secretary of each committee of directors unless some other secretary be appointed by the committee. 3.4 Powers. The Board of Directors may delegate to any such committee of directors any of the powers of the board except those which by law a committee of directors has no authority to exercise. 3.5. Proceedings open to the Board. All proceedings of committees of directors shall be open to the examination of the Board of Directors of the Corporation and shall be reported to the board of directors if and when the Board of Directors so directs. 0 DOCSMTL: 4170371\4

 

3.6. Meetings. Meetings of committees of directors may be held at the registered 0 office of the Corporation or at such other place within or outside of Canada as a committee may from time to time determine. Meetings of a committee may be called by or by the order of the presidentt the chairman of the committeet the vice-chainnan or any two (2) members thereof. 3.7. Remuneration. The members of a committee of directors shall be entitled to receive such remuneration for their services as members of the committee as the directors may from time to time determine. 3.8. Removal and Replacement. The directors may from time to time remove any member of a committee of directors from office. The directors may also from time to time fill any vacancy which may occur in the membership of a committee. ARTICLE4. OTH ER MATTERS 4.1. Indemnification. The Corporation shall, to the full extent provided by law, indemnify a director or officer of the Corporation, a former director or officer of the Corporation or another individual who acts or acted at the Corporation's request as a director or officert or an individual acting in a similar capacity, of another entity, against all costst charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of that association with the corporation or other entity. 0 0 OOCSMTL: 4170371\4

 

JETERNA ZENTARIS INC. (the "Corporation") BY-LAW 2011-1 I. The Corporation's existing Code of General By-Laws, adopted on November 29, 1995, is hereby repealed in its entirety without in any way derogating from or affecting any or all acts and things done or carried out under or pursuant to the authority conferred by said by-laws prior to their repeal. 2. The repeal of any by-law shall not be deemed to revive any by-laws or parts thereof repealed thereby. Enacted this 22nd day of March 2011. Witness the signatures of the President and the Secretary of the Corporation. Secretary DOCSMTL: 4253576\2

 

 

I PEPE.lUID 0l1l\..l0-I 22, 2011. OOGE LES LABORATOIRES JETERNA INC. CODEDEREGLEMENISGENERAUX etabli confonnement aux dispositions de Ia Loi canadienne sur /es sociitis par actions Adopte le 29 novembre 1995

 

... TABLE DES MATrERES .' .............................................................. DEFINITIONS BUREAUX ET SCEAU DE LA SOcrETE 1. 2. Bureaux . .. ............. . ... . ...... . ... . ... . ................. . ..... . Sceau . .... ...... .... . ....... .. . . .......... ....... . .. .. ......... . .. . ACTIONNAm.ES 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. IS. Assembh!es annuelles Assemblees extraordinaires ............................................ . Lieu des assemblees ... . ............................................. . Avis de convocation ....................................... . ... . ..... . President d'assemblec .... ..... . ...... . ....... . ...... . .......... . ..... . Quorum . ....... . ... . ..... ... ...... . ... . . .... . . . ... .. .... . .. ... . . .. . Representation aux assemblees ..•.... . .. . .... . .................... . ..... Vote . ...... ..... ..... . ............ ........... . ........... . ........ . Procedure aux assemblees •....................... ...................... Scrutateurs . ... ....... . ................... . ....................... . . . Cessionnaires subsequents d'actions ... ........................ . ......... . Adresses des actionnaires .... . . .. ... ........ . . ... ..... .. . ......... ..... Resolutions signees .................................................. . 2 2 2 2 3 3 4 5 6 6 6 6 6 CONSEU. D'ADMINISIRATION 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. Nombre .. .. • .. . . . . . . . . .. . . . . . .. . ... . . . . . . . .. . . . .. . .. . .. . . . . . . . . . . . . Election et duree du mandat . . . . . . . .. . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . Vacance . . . ... .. . ....• .... . . . . . . .. . . . . . . . . . . . .. . . . . .. . . . . . . . . . . . . . . . Remplacement . . . ... . . . . .. . .. . . .. . . . . . .. . . . ... . . . . . . . . . . . . . . . . . . . . . . . Qualites requises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . Reunions et avis .. .. ... . . ...... ...... .. .. . . . .... . . . ... . . . .. . . . . . . . . . . Participation par moyens techniques .. . ... ... . . . . .• . . . . .. . . . .. . . . . . . . . . . . . Quorum .• • .. . . . . .. . . . . . . . . . . . . . . . . • . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . Demission .... ........ • ... .. .. .... . . . ... .. . . ... . . . .. .. . . . . .. . . . . . . . . Revocation . . . . . . . . . . . . . . . . . ... . . . . .. . ... . . . . ... . . . ... . . . . . . . . .. . . . . . Remuneration . .. . . .. . . . . . . . . . . . . . . . .. . . . . . . . . . .. . . . .. . . . . . .. . .. . . . . . Resolutions signees ......... . .. .. .. . ..... . .. . . ..... . .. . .. . . . ....... . . . Pouvoirs des administrateurs. . . . . . . .. ... . . .. . . . ... . . . . ... . . .. .. . .. . . . . . Irregularite .... .. . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . ... . . . . . .. . . . .. . . .. . . . Pouvoir d'attribuer des actions et de consentir des options ·.. . .• . ... .. . ... ... . . Pouvoir de declarer des dividendes • . . . . . . • . . . .. . . . . ... . . . ... . . . . .... .. . . . Utilisation de biens ou d'infonnation . . . . ... . . . .. . . . . .. . . . . . .. . . . .• . . .. . . . Conflits d'interets ...• .. ......·. .. ..• .....• . . .• ... ... ... . . . .. . ... . .. . . Contrat avec Ia societe. . . . . . . . . . .. ... . . .. . ..... . . ... . . . ... . . . ... . . . . . . 6 7 7 7 7 7 8 8 9 9 9 9 9 9 9 l 0 10 1o 10 I

 

LA DIRECTION 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. Dirigeants . . . .. . ... . . .. . .. .. . . . ..... . .. . .. . . . . . ... . . . . . . . . . . . . . . . . . . President du conseil d'administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . President . . . . . . ... .. . . . .. .. . .. .. .. .. . .. . . . . . . . . . . . .. .. . . .. . . . . . . . . . . Vice-president . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Directeur general ou administrateur-gerant . . .. . . . . .. . . . . . . . . . . . . . . . . . . . . . . Secretaire . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tresorier . . . .. ... ... . .. . . . .. .. . . . . .... . . .. . . ... . . . . . . .. .. . . . .. . . . . . . Controleur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Destitution.renvoi et demission . .. . ...... . .. . . . . .. . . . .. .. .. . . . . . .. . . . . . . Remuneration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 11 12 12 12 12 12 13 13 13 COMITES DU CONSElL nrADMINISTRATION 45. 46. 47. 48. 49. 50. 51. 52. Election . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . President d'assemblee, quorum et procedure . . . ... . . . .. . . . .. .• . .. . . . . . . . . . . Secretaire . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pouvoirs . ..... ...... . .... . .... . ... ... ... .. .. . . .. . . . .. .. . . . . . . . . . . . . . Pouvoir de surveillance du conseil d'administration . . . . . . . . . . . . . . . . . . . . . . . . . . Reunions .. . .. ... . . . . . . . .. .. . .. . . . ... . .. .. . . . . .. . . . .. . . . . . . . . . . . . . . . Remuneration . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Destitution et remplacement . . .. .. .. ..... ..... . .. ... . . . . . . . . . . . . . . . . . . .. 13 13 13 13 13 13 14 14 INDEMNISATION DES ADMINISTRATEVRS ET DIRIGEANIS 14 14 53. Indemnite .. .. . . . .. .. ........ ... ... .. .... ... ... ....... .. .... ... .... . . 54. Assurance CAPITAL SOCIAL 55. 56. 51. 58. 59. Certificats d'actions et transferts d'actions .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Registre des va1eurs mobilieres .. .. .... ....... .... .. ......·. .. . . . . . . . . . . . . Agents de transfert et agents charges de Ia tenue des registres . . . . .. . . . . . . . . . . . Date de reference et fermeture des registres . .. .. .. .... . .. ... . . . . . . . . . . . . . . . Certificats perdus ou detruits . . . . . . . . . . . . . . . . . . . . . ... . . . . . . .. . . . . . . . . . . . 14 15 15 15 15 EXERCICE FINANCIER ET vERIFICATION 60. Exercice fmancier . . .. . . . .. . . . .. . . . . . . . . . . .. . . . . . . ... . .. . . . . . . . .. . . . . . 61. verification • • . ... .. .. ... .. . . . . . .. . .. . ...... .. .. . .... .... . . . . . . . .... . 16 16 REPRESENTATION DE LA SOCIETE A CERJAJNES FINS 16 16 17 17 62. 63. 64. 65. Declaration . ................. .... ...... .. ............ . .... .... . ·... ·· Representation aux assemblees .. . .... . .. .. ... .. . . . .. . . .. . .... .. .. . .. . . ·· Signature de documents .. . .... . . . . .......... .. ... ..............······· Declarations au registre ... . ... . . .. . ..... .• .......•.. .......····.··· ··· ·

 

CODEDEREGLEMENTSGENEBAUX DE LA SOCIETE etabli conformement aux dispositions de Ia Loi canadienne sur /es societes par actions DEFINITIONS Pour les fins des presents reglements, a mains d'une disposition contraire, les termes ou expressions : •Loiadesigne Ia Loi canadienne sur les societes par actions, L.R.C.(1985) ch. C-44, ainsi que toute modification qui pourrait lui etre apportee, et toute loi pouvant y etre substituee. •resident canadien• a le sens particulier qu'attribue Ia Loi a cette expression. •resolution ordinaire• designe une resolution adoptee a Ia majorite des voix exprimees par les actionnaires habiles a voter en !'occurrence, ou signee par Ia totalite d'entre eux. •resolution speciale• designe une resolution adoptee aux deux tiers au mains des voix exprimees par les actionnaires habiles a voter en l'occurrence, ou signee par Ia totalite d'entre eux. •verificateur-designe le verificateur de Ia societe et comprend un cabinet de verificateurs. BUREAUX EI SCEAV DE LA SOCIETE 1. Bureaux. La societe peut, en plus de son siege social, etablir ailleurs, a l'interieur comme a l'exterieur du Canada, les bureaux et agences que les administrateurs peuvent de temps a autre determiner. 2. . Le sceau de Ia societe est de forme circulaire et porte le nom de Ia societe et l'annee de sa constitution. Si Ia societe a un nom comportant une appellation fran9aise et une appellation anglaise, distinctes ou combinees, le sceau de Ia societe peut porter Ia mention a Ia fois les appellations fran aise et anglaise de son nom, ou Ia societe peut avoir deux sceaux, egalement valides, l'un portant I'appellation fran-9aise et l'autre I'appellation anglaise. Le president ou, s'il est nomme, tout vice-president ou, le directeur general, le contraleur, le secretaire, le tresorier ou tout autre dirigeant ou administrateur autorise a cet effet par Je conseil d'administration, a le pouvoir d'apposer le sceau de Ia societe sur tout document au besoin. De plus, Ia societe peut avoir, en vue de s'en servir dans une province autre que celle ou est situe son siege social, dans un territoire du Canada ou dans un endroit hors du Canada, un sceau officiel qui doit ctre un fac-simile du sceau de Ia societe, avec l'addition sur sa face du nom de Ia province, du territoire ou de l'endroit ou ce sceau doit etre utilise, et Ia societe peut, par ecrit, autoriser toute personne a apposer le sceau officiel sur tout acte ou tout document auquella societe est partie dans cette province, ce territoire ou cet endroit.

 

Lorsque.les statuts, en vue d'une utilisation a l'exterieur du Canada, enoncent le nom de Ia societe dans une langue autre que le fran ais ou I'anglais, Ia societe peut, en vue de cette utilisation, avoir un sceau de fonne circulaire portant Je nom de Ia societe dans telle autre langue ainsi que l'annee de sa constitution en societe et comportant Je nom de l'endroit oil iJ doit etre utilise par Ia societe. La societe peut par ecrit autoriser toute personne a apposer ce sceau sur tout acte ou document auquel elle est partie dans tel endroit. ACTIONNAIRES 3. Assembtees annuelles.. Sous reserve des dispositions de Ia loi, l'assemblee annuelle des actionnaires de Ia societe se tient a telle date chaque annee, a telle heure et, sous reserve des dispositions du Reglement numcro 5, a tel endroit que peut fixer le conseil d'administration aux fins de recevoir et d'examiner les etats financiers ainsi que le rapport du verificateur, d'elire les administrateurs, de nommer un verificateur et de fixer ou d'autoriser le conseil d'administration a fixer sa remuneration et de considerer, de traiter et de disposer de toute autre affaire dont peut etre legalement saisie une assemblee d'actionnaires. Toute assemblee annuelle peut aussi constituer une assembtee extraordinaire pour prendre connaissance et disposer de toute affaire dont peut prendre connaissance et disposer une assemblee extraordinaire. 4. Assemblees extraordinaires. Une assemblee extraordinaire des actionnaires peut etre convoquee en tout temps par Je president ou sur son ordre, ou par le conseil d'administration de Ia societe ou sur son ordre, et doit etre convoquee par le conseil d'administration lorsque un ou plusieurs actionnaires detenteurs d'au moins 20% des actions votantes en circulation en font Ia demande confonnement a Ia Loi. Lieu des assemb!ees. Les assemblees des actionnaires se tiennent au siege social de Ia societe ou a S. tout autre endroit que peut fixer le conseil d'administration. Cependant, Jes assemblees des actionnaires ne peuvent etre tenues a l'exterieur du Canada que si tous les actionnaires autorises a voter y consentent, soit par ecrit, par telegramme, par cable ou par telecopieur, avant ou apres leur tenue, ou soit en y assistant en persoiUle, par fonde de pouvoir ou, lorsqu'il s'agit d'une personne morale ou association, par un representant dument autorise conformement aux dispositions du Reglement numero 9;toutefois,un actionnaire qui assiste a une assemblee tenue hors du Canada n'est pas repute y avoir consenti s'il y est present dans le but expres de s'opposer a ce que des affaires y soient traitees pour le motif que cette assembJee n'est pa.S tenue legalement. - 6. Avis de convocation. Un avis de chaque assemblee annuelle et de chaque assemblee extraordinaire des actionnaires doit etre transmis aux actionnaires autorises a y voter ainsi qu'aux administrateurs et au verificateur ou, a Ja discretion de Ia personne chargee de l'envoi de tel avis,_mis a Ja poste par courrier ordinaire port paye d'avance ou enftn envoye par cable, par telt gramme ou par telecopieur, le tout a l'adresse respective des destinataires telle qu'inscrite aux registres de Ia societe.au moins 21 jours et au plus SO jours avant Ia date fixee pour telle assemblee. Si l'adresse du destinataire n'est pas inscrite aux registres de Ia societe, I'avis de convocation peut etre envoye tel que susdit a l'adresse oil, de l'avis de l'expediteur de I'avis, il est Je plus susceptible de lui parvenir rapidement.

 

- 3 . Un actionnaire et toute autre personne autorisee a assister a une assemblee d'actionnaires peuvent renoncer a l'avis de celle-ci, soit P¥ ecrit, par telegramme, par cable ou par tcHecopieur, avant ou apres sa tenue, ou soit en y assistant en personne ou, dans le cas des actionnaires, par fonde de procuration ou, lorsqu'il s'agit d'une personne morale ou d'une association, par un representant dument autorise conformement aux dispositions du Reglement numero 9; toutefois, une personne qui assiste a une telle assemblee n'est pas reputee avoir renonce a )'avis de convocation de l'assemblee lorsqu'elle y est presente dans le but expres de s'opposer ace que des affaires y soient traitees pour le motif que cette assemblee n'est pas convoquee legalement. Cet avis doit indiquer Ia date, l'heure et le lieu de chaque assemblee. L'avis d'une assemblee annuelle peut, mais ne doit pas necessairement enoncer Ia nature des affaires qui en constitueront l'ordre du jour, lorsque telle assemblee n'est convoquee que pour examiner les etats financiers ainsi que le rapport du verificateur, elire les administrateurs et renouve)er le mandat du verificateur. L'avis de convocation d'une assembJee annuelle a laquelle d'autres affaires doivent etre traitees, de meme que I'avis de convocation d'une assemblee extraordinaire doivent enoncer: a) Ia nature des affaires qui en constitueront l'ordre du jour d'une maniere suffisamment detaillee pour pennettre aux actionnaires de se faire une idee exacte sur celles-ci; et le texte de toute resolution Speciale qui doit etre soumise a l'assembJee. b) II n'est pas necessaire de donner un avis de convocation de Ia reprise d'une assemblee ajournee autrement que par une annonce faite lors de la premiere assemblee qui est ajournee; un nouvel avis de convocation est toutefois requis si une assemblee d'actionnaires est ajournee une ou plusieurs fois pour un total de 30 jours ou plus. La signature de tout avis de convocation d'une assemblee peut etre manuscrite, estampillee, dactylographiee, imprimee ou autrement reproduite mecaniquement. Un certificat du secretaire ou de tout autre dirigeant dument autorise de Ia societe en fonction Iars de Ia confection de tel certificat, ou de tout dirigeant, agent de transfert ou agent charge de Ia tenue des registres d'actions de Ia societe, constitue une preuve concluante de Ia remise, de l'envoi du cable, du telegramme ou de Ia telecopie ou de Ia mise a Ia poste d'un avis de convocation, et lie chaque persoe qui doit Je recevoir. 7. President d'assembJee. Le president de Ia societe, ou toute autre personne qui peut etre de temps a autre nommee a cet effet par le conseil d'administration, preside aux assemblees d'actionnaires. Quorum. Un quorum des actionnaires est atteint a toute assemblee annuelle ou extraordinaire des 8. actionnaires, sans egard au nombre de personnes presentes personnellement, si le ou Jes detenteurs d'au mains vingt pour cent{20 %) des actions en circulation donnant droit de vote a cette assemblee sont presents personnellement ou representes confonnement au Reglement numero 9 ci-apres.

 

Si le quorum est atteint a l'ouverture de l'assemblee, les actionnaires presents ou representes peuvent proceder a l'examen des affaires de cette assemblee nonobstant le fait qu'il n'y a it pas quorum tout au long de l'assemblee. Si le quorum n'est pas atteint dans les trente (30) minutes de,l'heure pour laquelle une telle assemblee est convoquee, les actionnaires presents ou representes doivent ajoumer celle-ci a une autre date et en un autre lieu, mais ils ne peuvent traiter d'aucune autre affaire. Si le quorum est atteint a Ia reprise de l'assemblee ainsi ajoumee, l'assemblee peut alors proceder a l'examen eta Ia disposition des affaires pour lesquelles elle avait 6te convoquee. Si le quorum n'est pas atteint lors de Ia reprise de l'assemblee ajoumee, celle-ci doit a nouveau etre ajoumee ou encore, si les dt!lais prevus au Reglement numero 6 sont expires, une nouvelle assemblee doit etre convoquee. Dans le cas oil Ia Loi, lcs statuts ou tout reglement de Ja societe requierent ou permettent le vote par categoric des detenteurs d'une categoric donne d'actions du capital social de Ia societe, le quorum a une tellc assemblee sera de une ou plusieurs pcrsonnes representant vingt pour cent (20 %) des actions de cette categoric en circulation. Si le quorum n'est pas atteint dans les trente (30) minutes de l'heure pour laquelle une telle assemblee d'une categoric d'actionnaires est convoquee, les actionnaires de Ia categoric presents ou representes doivent ajoumer celle-ci a une autre date et en un autre lieu, mais ils ne peuvent traiter d'aucune autre affaire. Si le quorum est atteint a Ia reprise de l'assemblee ainsi ajoumee, l'assembtee peut alors procedcr a l'examen et a Ia disposition des affaires pour lesquelles elle avait ete co.nvoquee. Si le quorum n'est pas atteint lors de Ia reprise de l'assemblee ajoumee, celle-ci doit a nouveau etre ajoumee ou encore, si les delais prevus au Reglement numero 6 sont expires, une nouvelle assemblee doit etre convoquee. 9. Representation aux assemblees. Les actionnaires ont droit de voter en personne ou, s'il s'agit de personnes morales ou d'associations, par des representants dument autorises par resolution du conseil d'administration ou du conseil de direction de telles personnes morales ou associations. Les actionnaires peuvent aussi voter par fonde de pouvoir ou par·un ou plusieurs fondes de pouvoir suppleants qui ne sont pas tenus d'etre des actionnaires; le fonde de pouvoir assiste a l'assemblt§e, y vote et y agit de Ia maniere et dans Ia mesure qu'autorise sa procuration et avec l'autorite qu'elle lui confere. L'actionnaire ou le mandataire qu'il autorise par ecri·t a agir de Ia sorte doit signer Ia procuration et cette signature n'a pas besoin d'etre attestee par un temoin. · Une procuration n'est valable que tors de l'assemblee relativement a )aquelle elle est donnee ou lors de Ia reprise de cette assemblee si celle-ci a etc ajoumee. L'instrument nommant un fonde de pouvoir peut, sauf dans les cas oil Ia loi y pourvoit autrement, revetir Ia forme suivante ou une autre forme appropriee : de/Noussoussigne(s), actionnaire(s) de LesLaboratoiresJEtema Inc., nomme/nommons et constitue/constituons par les presentes ou, a son defaut, (ou ). mon/nos mandataire(s), representant(s) et fonde(s) de pouvoir avec plein pouvoir et

 

- s pleine autorite pour assister, voter et autrement agir pour moi!nous en monlnotre nom et a rna/notre place a J'assemblee annuelle (ou extraordinaire) des actionnaires de Ia societe qui a lieu a le jour de ) et a tout ajoumement d'icelle, avec plein pouvoir de se 19 (20 substituer quelqu'un d'autre; je/nous soussigne(s) revoque/revoquons par les presentes toute autre procuration donnee par moilnous soussigne(s} qui pourrait etre utilisee a cette assemblee et a tout ajournement d'icelle. Le mandataire, representant et fonde de pouvoir nomme ou constitue par les presentes est autorise a signer toutes les renonciations a )'avis concernant l'assemblee susmentionnee et sur tous les ajoumements de celle-ci. Donne ce jour de 19(20 ).» Le conseil d'administration peut, dans l'avis de convocation d'une assemblee d'actionnaires, preciser une date et une heure qui ne doivent pas etre anterieures de plus de 48 heures, excluant les samedis et les jours feries, a l'assembtee ou a sa reprise en cas d'ajoumement, date avant laquelle les procurations qui doivent etre utilisees tors de cette assemblee doivent etre deposees aupres de Ia societe ou de son mandataire. Le conseil d'administration peut egalement pennettre que les details des procurations devant etre utilisees au cours d'une assemblee ou en rapport avec celle-ci et qui ont ete deposees aupres de Ia societe ou de son agent a un endroit autre que celui oil doit avoir lieu telle assembh e, scient envoyes par telegram me, par cable ou par telecopieur au secretaire de Ia societe avant l assemblee. Dans une telle eventualite, ces procurations, si elles sont d'autre part confonnes, sont valides et les votes doMes sous leur autorite doivent etre comptes. Vote. Toute question soumise a une assembtee d'actionnaires est decidee au vote a main levee a 10. moins qu'un vote a voix ouverte ou par scrutin secret ne soit ordoMe ou requis, conformement aux paragraphes qui suivent. Le president de toute assemblee peut, a sa discretion, ordoMer un vote a voix ouverte ou par scrutin secret. Par ailleurs, tout actioMaire ou son representant ou fonde de pouvoir, peut, en tout temps avant Ia levee d'une assemblee, exiger un vote a voix ouverte ou par scrutin secret sur toute question, avant ou apres qu'un vote a main levee ne soit pris. Une telle demande peut etre retiree. Si l'on doit recourir au vote par scrutin secret tors d'une assemblee, il y est procede immediatement, ou apres l'ajoumement de l'assemblee, a Ia discretion du president d'assemblee, et de Ia maniere qu'il determine. Qu'un vote a main levee ou a voix ouverte ait ete ou non prealablement pris sur Ia meme question, Ie resultat d'un scrutin secret est suppose representer Ia resolution de l'assemblee a son egard. A chaque assemblee d'actionnaires, chaque actionnaire ayant droit de vote, present en personne ou represente a droit a une voix pour chaque action comportant droit de vote a cette assemblee; si cependant, en vertu de Ia Loi ou des statuts de Ja societe, une autre repartition des voix est etablie, Jes droits de vote sont ceux determines par cette repartition.

 

Les actes des actionnaires, de leurs representants et de leurs fondes de pouvoir comportant une majorite des voix a l'egard des actions ainsi representees a cette assemblee, soot des actes des actionnaires, excepte dans le cas oil une majorite plus grande que Ia majorite simple est requise par Ia Loi ou les statuts de Ia societe. 11. Procedure aux assemblees. Le president de toute assemblee d'act onnaires y controle Ia procedure sous tout rapport, et sa decision sur toute matiere, y compris, mais sans aucunement restreindre Ia generalite de ce qui precede, toute question relative a Ia validite ou a l'invalidite d'une procuration, est finale et lie tous les actionnaires. Une declaration par le president d'une assemblee a l'effet qu'une resolution a ete adoptee, adoptee a l'unanimite, adoptee par une majorite quelconque au qu'elle a ete defaite ou n'a pas rencontre Ia majorite fixee, fait preuve de son contenu. Les administrateurs de Ia societe ont le droit. a ce seul titre, d'assister aux assemblees des actionnaires et d'y prendre Ia parole. 12. Scrutateurs. Le president d'une assemblee d'actionnaires peut nommer deux personnes qui peuvent, mais ne doivent pas necessairement etre des administrateurs, dirigeants, employes ou actionnaires de Ia societe, pour agir comme scrutateurs a cette assembh e. 13.Cessjonnajres subseguents d'actjons. Toute personne qui, de par Ia Loi, par l'effet d'un transfert au de toute autre maniere, acquiert un droit a quelque action, est liee par tout avis donne au sujet de cette action avant l'entree de son nom et de son adresse au registre, a Ia personne dont le nom etait inscrit au registre au moment de I'envoi de tel avis. Adresses des actjonnajres. Tout actionnaire doit foumir ala societe une adresse a laquelle peuvent 14. lui etre envoyes, tel que prescrit au Reglement numcro 6, tous les avis qui lui soot destines. 15. Resolutions siwees. Sauf dans Jes cas oil Ia loi l'interdit. une resolution ecrite signee par tous les actionnaires ayant droit de voter sur cette resolution tors d'une assemblee d'actionnaires, a Ia meme valeur que si elle avait ete adoptee tors d'une assemblee de ces actionnaires. ' Un exemplaire de toute resolution visee par le paragraphe precedent doit etre conserve avec les proces·verbaux des assemblees d'actionnaires. CONSEIL D'ADMINISTRATION 16. Nombre.Le conseit d'administration se compose du nombre d'administrateurs que les administrateurs peuvent detenniner de temps a autre, sous reserve du nombre minimal et du nombre maximal d'administrateurs prevus aux statuts de Ia societe.

 

17. Election et duree du mandat. Sauf: i) si les statuts de Ia societe prevoient le vote cumulatif, auquel cas les dispositions de Ia Loi a cet egard s'appliquent, ii) lorsque les statuts conlerent aux detenteurs d'une categoric ou d'une serie d'actions des droits exclusifs d'elire un ou plusieurs administrateurs, auxquels cas on doit se reporter aux dispositions pertinentes des statuts, iii) lorsqu'il est autrement pourvu a Ia nomination d'un administrateur a un poste d'administrateur devenu vacant, auquel cas les dispositions du Reglement s'applique, ou iv) lorsqu'il est autrement pourvu a l'«Hection d'administrateurs supplementaires, auquel cas on doit se reporter aux dispositions pertinentes des statuts; chaque administrateur est elu par resolution ordinaire, ill'assemblee annuelle a laquelle une election d'administrateurs est requise. Un vote au scrutin secret n'est pas necessaire pour )'election des administrateurs de Ia societe, a moins qu'il ne soit exige par une personne presente et autorisee it voter it l'assemblee au cours de laquelle !'election a lieu.. Chaque administrateur ainsi elu demeure en fonctionjusqu'a ('election de son successeur sauf en cas de demission ou si son poste devient vacant par deces ou autrement. 18. Vacance. Devient automatiquement vacant le poste d'un adrninistrateur qui: a) decede; demissionne de son poste, au moment ou cette demission prend effet; est revoque confonnement a Ia Loi, et qu'aucune personne n'est nommee pour le rem placer lors de l'assemblee des actionnaires au cours de laquelle ila ete ainsi revoque; b) c) d) cesse de posseder les qualites requises pour etre administrateur. 19. Remplacement. Sous reserve des dispositions de la Loi, s'il survient une vacance au sein du conseil d'administration, y compris une vacance causee par une augmentation du nombre d'administrateurs, les administrateurs restants, s'ils constituent un quorum, peuvent nommer une personne qualifiee pour com bier une telle vacance, pour Ia duree non-ecoulee du mandat. En l'absence d'un quorum, les adrninistrateurs restants doivent immediatement convoquer une assemblee extraordinaire des actionnaires en vue de combier cette vacance, confonnement a !'article Ill de Ia Loi. 20. OuaHtes requises. Une personne ne peut etre elue administrateur si elle est agee de moins de.18 ans, si elle est faible d'esprit et a ete reconnue telle par un tribunal du Canada ou d'ailleurs, si elle n'est pas un particulier, si elle ale statut de failli ou si un tribunal lui a interdit d'exercer Ia fonction d'adrninistrateur. Un administrateur n'est pas tenu d'etre actionnaire. La majorite des administrateurs doit se composer de •residents canadienS», a moins que Ia Loi ne prescrive autrement. Si Ia societe est une societe qui a fait une distribution publique de ses valeurs mobilieres, au moins deux de ses administrateurs ne devront pas etre des dirigeants ou des employes de Ia societe ou de ses filiales. Un administrateur sortant est reeligible s'il est autrement admissible. 21. Reunions et ayis. Chaque annee, immediatement apres l'assemblee annuelle des actionnaires, doit avoir lieu sans autre avis une reunion des administrateurs qui sont alors presents, pourvu qu'ils constituent un quorum, aux fins de nommer les dirigeants de Ia societe et de transiger toute autre affaire dont Ia reunion peut legalement etre saisie.

 

- 8-Les reunions du conseil d'administration peuvent etre convoquees par le president du conseil d'administration ou, sur son ordre s'il y a lieu, par le president de Ia societe ou, sur son ordre, par un vice-president de Ia societe s'il est egalement un administrateur ou, sur son ordre, par deux administrateurs, et ces reunions peuvent etre tenues n'importe ou au Canada ou hors du Canada. Un avis de convocation de tetles reunions mentionnant le lieu, Ia date et l'heure, doit etre remis a chaque administrateur ou laisse a sa residence ou a son etablissement d'affaires, ou mis a Ia paste par courrier ordinaire, port paye d'avance, ou envoye par telegramme, par cable ou par telecopieur a l'adresse inscrite dans les registres de Ia societe, au mains deuxjours avant Ia date fixee pour cette reunion. Si l'adresse d'un administrateur n'est pas inscrite dans les registres de Ia societe, cet avis de convocation peut alors etre envoye tel que susdit a l'adresse au l'expediteur considere que ('avis est le plus susceptible d'atteindre rapidement cet administrateur. Le conseil d'administration peut de temps a autre pourvoir a Ia tenue de reunions regulieres du conseil d'administration, avec ou sans avis de convocation, a tout endroit au Canada ou ailleurs, le tout tel que determine par une resolution adoptee a cet effet. II n'est pas necessaire de specifier dans un avis les buts de Ia convocation d'une reunion du conseil d'administration ou Ia nature des questions a debattre a cette reunion sauf dans le cas de questions visees a l'article 115(3) de Ia Loi dont, notamment, Ia declaration de dividendes, l'emission de valeurs mobilieres, !'acquisition d'actions emises par Ia societe, I'approbation des etats financiers annuels, les vacances au conseil d'administration ou au paste de verificateur et I'adoption, Ia modification ou Ia revocation des reglements. II n'est pas necessaire de donner avis de Ia date, de l'heure et du lieu de Ia convocation d'une reunion du conseil d'administration a tout administrateur qui y renonce soit par ecrit, par telegramme, par cable, ou par telecopieur avant ou apres Ia tenue de cette reunion, ou soit en y assistant; toutefois, tel acte de presence a une reunion d'administrateurs ne constitue pas une renonciation a l'avis de convocation de cette reunion si l'administrateur y assiste dans le but expres de s'opposer aux deliberations au motif que cette reunion n'est pas regulierement convoquee. II n'est pas necessaire de doMer avis de Ia reprise d'une reunion ajoumee d'administrateurs si Ia date, l'heure et le Heu de Ia reprise de cette reunion sont aMonces tors de Ia reunion initiate. 22. Participation Par moyens techniques. Les administrateurs peuvent, si tous sont d'accord, participer a une reunion du conseil d'administration a I'aide de moyens techniques, notamment le telephone, pe ettant a tous les participants de communiquer oralement entre eux. Un administrateur participant a une reunion a l'aide de tel moyen est repute avoir assiste a Ja reunion. 23. Quorum. La presence de Ia majorite des administrateurs alors en fonction constitue un quorum pour une reunion du conseil d'administration. Lorsque le quorum est atteint, Ies administrateurs peuvent exercer leurs pouvoirs nonobstant toute vacance au conseil; toutefois, aocune affaire ne doit etre traitee a mains que les administrateurs presents qui sont des •residents canadiens• n'atteignent le nombre prevu par Ia Loi. Les questions soulevees a unc reunion des administrateurs sont decidees a Ia majorite des voix des administrateurs presents. En cas de partage des voix, le president du conseil a droit a un (1) vote preponderant.

 

- 9-24. Demission. Un administrateur peut demissionner en tout temps de son poste, en envoyant sa demission ecrite au president ou au secretaire de Ia societe au siege social de celle-ci, ou en remettant cette demission ecrite Iars d'une reunion du conseil d'administration. La demission prend effet a Ia date de son envoi ou de sa remise, ou a Ia date posterieure qui y est indiquee. 25. Revocation. Sous reserve des statuts de Ia societe, tout administrateur peut etre revoque par resolution ordinaire Iars d'une assemblee extraordinaire des actionnaires. La revocation d'un administrateur, tout comme son election, releve du bon vouloir des actionnaires. Elle peut etre faite en tout temps et n'a pas besoin d'etre fondee sur des motifs particuliers, serieux ou non. Ni Ia societe, ni les actionnaires votant en faveur de Ia revocation n'encourent de responsabilite envers un administrateur du simple fait de sa revocation, meme non motivee. L'administrateur informe de sa revocation prochaine peut, dans une declaration ecrite, e&poser a Ia societe le motif de son opposition a cette revocation, et Ia societe doit faire parvenir cette declaration ecrite aux actionnaires fondes a voter en ('occurrence. 26. Remuneration. La remuneration des administrateurs est celle fixee par le conseil d'administration, de temps a autre, par resolution, ou par un comite auquel les administrateurs peuvent dcHeguer le pouvoir de le faire. Cette remuneration est en sus du salaire ou de Ia remuneration que re oit comme tel un officier, salarie ou prestataire de service de Ia societe qui se trouve aussi administrateur. Les administrateurs peuvent aussi recevoir le remboursement des depenses de voyage et autres encourues en relation avec les affaires de Ia societe. De plus, les administrateurs peuvent, par resolution, accorder une remuneration particuliere a tout administrateur qui entreprend pour lecompte de Ia societe quelque Service special autre que le travail auquel un administrateur est norrnalement tenu envers Ia societe. 27. Resolutions signees. Une resolution ecrite, signee par taus les administrateurs ayant droit de vote sur cette resolution lors d'une reunion d'administrateurs ou d'une reunion d'un comite du conseil d'administration, a Ia meme valeur que si elle avait ete adoptee tors d'une telle reunion. Un exemplaire de chaque resolution visee par le paragraphe precedent doit etre conserve avec les proces-verbaux des deliberations du conseil d'administration ou d'un comite du conseil d'administration. 28. Pouvoirs des administrateurs. Les administrateurs de Ia societe dirigent et administrent son entreprise et ses affaires et exercent toute l'autorite et taus les pouvoirs qu'a Ia societe en vertu de Ia Loi, de ses statuts et reglements, a mains que Ia Loi ou les statuts de Ia societe n'exigent que ces pouvoirsoient exerces par les actionnaires exclusivement ou avec leur consentement. 29. Jrregularite. Nonobstant Ia decouverte ulterieure d'une irregularite quelconque dans l'election du conseil d'administration ou Ia nomination des dirigeants de Ia societe ou encore nonobstant Ia decouverte d'une presumee irregularite dans l'election d'une personne agissant comme administrateur ou dans sa qualification, les actes poses par une reunion du conseil d'administration ou par une persoMe agissant comme administrateur au comme dirigeant, soot valides et lient Ia societe comme si !'election ou Ia nomination avait ete reguliere ou le conseil d'administration ou cette personne diiment qualifiee. 30. Pouvoir d'attribuer des actions et de consentjr des Qptions. Sous reserve des dispositions des statuts de Ia societe, Jesquels comporteraient des restrictions sur I'emission et I'attribution des actions de Ia societe, le conseil d'administration peut de temps a autre accepter des souscriptions, attribuer,emettre le tout ou toute

 

- 10 - partie des actions non emises de Ia societe, consentir des options relatives a ces actions ou autrement disposer en faveur de toute personne d'une partie ou de toutes les actions non emises de la societe, en Ia maniere, aux conditions et pour une consideration conformcs a Ia Loi ou statuts de Ia societe que Ie conseil d'administrationjuge a propos. Pouvoir de declarer des dividendes. Le conseil d'administration peut, de temps a autre, lorsqu'ille 31. juge opportun et dans Ia mesure permise par Ia Loi, declarer et payer aux actionnaires, suivant leurs droits, des dividendes en argent ou en biens ou sous forme d'actions de Ia societe. Un transfert d'actions ne cede pas le droit aux dividendes declares sur ces actions avant !'enregistrement de ce transfert. Lorsque deux personnes ou plus soot enregistrees comme detenteurs conjoints d'une action, chacune d'entre elles peut donner une quittance valide a l'egard de tout dividende payable sur cette action. 32. Utilisation de biens ou d'infoonation. Tout administrateur est tenu, dans l'exercice de ses fonctions, d'agir avec integrite et de borme foi au mieux des interets de Ia societe. II ne peut, notamment, confondre les biens de Ia societe avec les siens ni utiliser a son profit ou au projet d'un tiers, les biens de Ia societe ou !'information qu'il obtient en raison de ses fonctions, a mains qu'il ne soit expressement et specifiquement autorise a le faire par les actionnaires de Ia societe. 33. Conflits d'interets. Chaque administrateur doit cviter de se placer dans une situation de conflit entre son interet personnel et ses obligations d'administrateur de Ia societe. II doit denoncer sans delai a Ia societe tout interet qu'il possede dans une entreprise ou une association susceptible de le placer en situation de conflit d'interets, ainsi que les droits qu'il peut faire valoir contre elle, en indiquant, le cas echeant, leur nature et leur valeur. Cette denonciation d'interet est consignee au proces-verbal des deliberations du conseil d'administration ou a Ia resolution signee en tenant lieu. A Ia demande du president ou de tout administrateur, l'administrateur place dans une situation de conflit d'interet doit quitter Ia reunion pendant que le conseil d'administration delibere et vote sur Ia question. 34. Contrat avec Ia societe. Un administrateur ou un dirigeant peut, meme dans l'exercice de ses fonctions, etre partie a un contrat important avec Ia societe, ou etre administrateur, dirigeant QU detenteur d'un interet important dans une personne morale partie a ce contrat. II doit alors divulguer, par ecrit a Ia societe, conformement a l'articJe 120 de Ia Loi, Ia nature et l'etendue de son interet dans ce contrat, ou demander que celles-ci soient consignees au proces-verbal des deliberatipns du conseil d'administration, et ce meme si ce contrat, dans le cadre de l'activite commerciale normale de Ia societe, ne requiert )'approbation ni des administrateurs ni des actionnaires. Un avis general que l'administrateur ou le dirigeant est administrateur, dirigeant ou detenteur d'un interet important dans une personne morale, et qu'il doit etre considere com me ayant une interet dans tout contrat conclu avec elle, constitue une divulgation suffisante aux fins du present reglement.

 

- 11-L'administrateur ainsi interesse dans un contrat avec Ia societe ne peut deliberer ou voter sur Ia resolution presente pour faire approuver le contrat, sauf s'il s'agit d'un contrat vise a )'article 120(5) de Ia Loi, c'est-a-dire portant notamment sur Ia remuneration ou l'indemnisation de cet administrateur, ou conclu avec une personne morale de meme groupe que la societe. A Ia demande du president ou de tout admhtistrateur, l'administrateur interesse doit quitter Ia reunion pendant que le conseil d'administration delibere et vote sur le contrat en question. Ni Ia societe, ni J'un de ses actionnaires, ne pourra contester Ia validite d'un contrat conclu avec un administrateur ou dirigeant de Ia societe, ou avec une personne morale dans Jaquelle cet administrateur ou dirigeant est administrateur, dirigeant ou detenteur d'un interet important, pour ce seul motif, du moment que cet administrateur ou dirigeant a divulgue son interet tel que susmentionne, que le conseil d'administration ou les actionnaires de Ia societe ont approuve le contrat, et que ce contrat etait, a cette epoque, equitable pour Ia societe. LA DIRECTION 35. Dirigeants. La direction de Ia societe se compose des dirigeants, que le conseil d'administration peut de temps a autre juger necessaire de nommer, incluant Je president du conseil d'administration, s'il en est nomme un, le president, un ou plusieurs vice-presidents, l'administrateur-gerant ou directeur general, le controleur, le secretaire et le tresorier. Sous reserve des pouvoirs qui, en vertu de Ia Loi, ne peuvent etre exerces que par le conseil d'administration, le president et, s'ils sont nommes, les autres dirigeants de Ia societe exercent respectivement les pouvoirs et l'autorite et accomp1issent les devoirs qui peuvent de temps a autre etre prescrits par le conseil d'administration en plus de ceux qui sont specifies dans ce reglement. La meme pcrsonne peut occuper deux ou plusieurs pastes dans Ia direction de la societe. Aucun dirigeant de Ia societe, a ('exception du president du conseil d'administration, s'il en est un, de l'administrateur-gerant, s'il est nomme, et du president, n'a besoin d'etre administrateur de Ia societe. Le conseil d'administration peut egalement de temps a autre nommer d'autres mandataires,dirigeants et employes de Ia societe, a l'interieur comme a l'exterieur du Canada; ceux-ci peuvent se voir decemer les titres, exercer les pouvoirs et l'autorite (y compris le pouvoir de sous-delegation) et remplir les devoirs de direction ou autres que le conseil d'administration pcut de temps a autre determiner. · En cas d'absence d'un dirigeant ou d'un employe de Ia societe ou pour toute autre raison que le conseil d'administration peut estimer suffisante, ce demier peut deleguer temporairement les pouvoirs et l'autorite de tel dirigeant ou employe a un autre dirigeant ou a un autre employe ou a tout administrateur de Ia societe. 36. President du conseil d'admjnistration. Le president du conseil d'administration preside toutes les reunions du conseil d'administration; il exerce les pouvoirs et l'autorite et remplit les autres devoirs que le conseil d'administration peut de temps a autre prescrire.

 

- 12 - 37. President. Le president est le principal dirigeant de Ia societe et, sous le controle du conseil d'administration, il surveille, administre et dirige l'entreprise et Jes affaires de Ia societe generalement. Le presi ent preside a toutes les assemblees d'actionnaires a mains qu'il n'en soit decide autrement par le conseil d'administration, et en cas d'absence, d'incapacite au de defaut d'agir du president du conseil d'administration, le president, au en son absence, l'un au l'autre des vice-presidents, preside a toutes les reunions du conseil d'administration. Le president exerce les autres pouvoirs, a toute autorite et remplit les autres devoirs que peuvent de temps a autre prescrire Ie conseil d'administration de Ia societe. 38. Vice-president. Le vice·.:president au, s'il yen a plus d'un, les vice-presidents, exercent les pouvoirs, ant l'autorite et remplissent les devoirs que peuvent de temps a autre prescrire le conseil d'administration ou le president. 39. Directeur general au adminjstrateur-gerant. Le directeur general doit, sous le controle du president, diriger les operations de Ia societe generalement, et il exerce taus les autres pouvoirs, a l'autorite et remplit taus les autres devoirs que peuvent de temps a autre prescrire le conseil d'administration. L'administrateur-gerant doit etre •resident canadien• et etre administrateur. Le conseil d'administration peut deleguer a cet administrateur-gerant taus les pouvoirs du conseil sauf les pouvoirs qu'un administrateur-gerant n'a pas Je droit d'exercer en vertu de Ia Lei. 40. Secretajre. Le secretaire s'occupe de donner taus les avis de Ia societe. II doit garder les proces-verbaux de toutes les reunions des administrateurs, des comites du conseil d'administration et des assemblees des actionnaires dans un au pJusieurs livres tenus a cet effet. II doit garder en surete le sceau de Ia societe. II est charge des archives de Ia societe et des registres contenant les noms et adresses des membres du conseil d'administration de Ia societe, les copies de taus les rapports faits par Ia societe et taus Ies autres livres au documents que les administrateurs peuvent prescrire. II est responsable de Ia garde et de Ia production de tout registre, rapport, certificat et de taus les autres documents que Ia lei oblige Ia societe a garder et a produire. II est soumis au controle du president et ilexerce taus les autres pouvoirs, a l'autorite et remplit taus les autres devoirs que le conseil d'administration ou le president peuvent de temps a autre prescrire. Des secretaires adjoints peuvent remplir les devoirs du secretaire. 41. llisorier. Le tresorier a Ia charge generate des fmances de Ia societe. 11 doit deposer l'argent et les autres valeurs de Ia societe au nom de celle-ci et a son credit dans toute banque au toute autre institution de dep6t designee de temps a autre par Je conseil d'administration;ildoit, chaque fois qu'il en est requis, rendre compte au president et aux administrateurs de Ia situation fmanciere de Ia societe et de toutes ses operations comme tresorier; aussitot que possible apres Ia cloture de chaque exercice financier, it doit preparer et soumettre au president et aux administrateurs un compte tel que prevu plus haut pour tel exercice fmancier. II a Ia charge et Ia garde des livres de comptes et il en est responsable. II est soumis au controle du president et il exerce tous les autres pouvoirs, a l'autorite et remplit tous les devoirs que peuvent de temps a autre prescrire le conseil d'administration au le president. Des tresoriers adjoints peuvent remplir les devoirs du tresorier.

 

- 13 - 42. ControJeur. Le contro)eur exerce, sous le controle du president et du tresoricr, tous les pouvoirs et a toute l'autorite qui peuvent de temps a autre etre presents parIes administrateurs, le president et le tresorier et, a defaut de telle prescription, il agit comme chef comptable de Ia societe. 43.Destitution. renvoi et demission. Les administrateurs peuvent, par le vote affirmatif de Ia majorite du conseil d'administration, destituer tout dirigeant, avec ou sans cause, en tout temps, a moins que le contrat ou Ia resolution prevoyant sa charge ne stipule le contraire.Tout mandataire ou employe qui n'est pas un dirigeant de Ia societe peut etre renvoye par le president ou tout autre dirigeant autorise a cette fin par le president, avec ou sans cause, en tout temps, a moins que son contrat d'engagement ne stipule le contraire. Tout dirigeant peut demissionner comme tel en tout temps en remettant sa demission par ecrit au president ou au secretaire de Ia societe ou tors d'une reunion du conseil d'administration, sauf convention a l'effet contraire. Remuneration. La remuneration, s'il y a lieu, de tousles dirigeants est fixec de temps a autre par 44. resolution du conseil d'administration. COMITES DU CONSEIL D'APMINJSIRATION Election. Le conseil d'administration peut, de temps a autre, designer parmi Jes administrateurs des 45. comites du conseil d'administration, quelies que soient leurs appellations, composes du nombre de •residents canadiens» requis par Ia Loi. 46. President d'assemblee.quorum et procedure. Un comite du conseil d'administration a le pouvoir de nommer un president et un vice-president, de fixer son quorum a au moins une majorite de ses membres et d'etablir sa propre procedure. 47. Secretaire. Le secretaire de Ia societe agit egalement comme secretaire d'un comite du conseil d'administration a moins qu'un autre secretaire ne soit nomme par le comiteS. Pouvojrs. Le conseil d'administration peut deleguer a tout comite du conseil d'administration taus 48. les pouvoirs du conseil saufles pouvoirs qu'un comite du conseil d'administration n'a pas le droit d' xercer en vertu de Ia Loi. 49. Pouvojr de surveillance du conseil d'administration. Toutes les procedures d'un comite du conseil d'administration sont soumises a Ia surveillance du conseil d'administration de Ia societe, et il doit en etre fait rapport au conseil d'adrninistration lorsque ce demier le requiert. 50. Reunions. Les reunions d'un comite du conseil d'administration peuvent etre tenues au siege social de Ia societe ou a tout autre endroit a l'interieur comme a l'exterieur du CBI)ada que le comiteS peut de temps a autre determiner. Les reunions d'un comite peuvent etre convoquees par le president, le president du comite, le vice-president du comite ou deux membres dudit comitC, ou sur leur ordre.

 

- 14 . 51. Remuneration. Les membres d'un comite du conseil d'administration ont droit pour leurs services ace titre a Ia remuneration que le conseil d'administration peut de temps a autre fixer. 52. Destitution et remplacement. Le conseil d'administration peut en tout temps destituer n'importe lequel des membres d'un comite du conseil d'administration. Le conseil d'administration peut egalement de temps a autre combler toute vacance qui peut survenir au sein d'un comite du conseil d'administration. 1NDEMN1SATION DES ADMINJSIRATEVRS ET DIRIGEANTS 53. Indemnjte. Sous reserve des restrictions prescrites par Ia Loi, Ia societe doit indemniser tout administrateur, dirigeant, ancien administrateur ou ancien dirigeant de celle-ci ainsi que toute personne qui agit ou a agi a Ia demande de Ia societe en qualite d'administrateur ou de dirigeant d'une societe dont Ia societe est ou etait elle-meme actionnaire ou creancier, de meme que leurs heritiers ou representants legaux, de tous les frais, debourses et depenses, y compris une somme payee pour transiger sur un proces ou satisfaire a un jugement, que toute telle personne a raisonnablement engages en raison de toute action ou procedure civile, penale ou administrative dans Jaquelle elle s'est trouvee partie en raison du fait qu'eJte est ou etait administrateur ou dirigeant de Ia societe ou de telle compagnie, pourvu : a) qu'elle ait agi avec integrite et de bonne foi au mieux des interets de Ia societe; et b) dans le cas d'une action ou procedure penale ou administrative dont le denouement est assorti d'une condamnation en argent, qu'il y ait eu des motifs raisonnables de..c. roire que sa conduite etait confonne a Ia loi. Les administrateurs de Ia societe sont par les presentes autorises a indemniser de temps a autre tout administrateur ou autre personne qui a assume ouest sur le point d'assumer dans le cours ordinaire des affaires quelque responsabilite pour Ia societe ou pour toute societe controlee par cette demiere, et de garanti.r tel administrateur ou autre personne contre une perte par le mise en gage de tout ou partie des biens meubles ou immeubles de la societe par Ia creation d'une hypotheque ou de tout autre droit reel sur.le tout ou partie de ceux ci ou de toute autre maniere. 54. A ssurance. Dans Ia mesure pennise par Ia Loi, Ia societe peut souscrire et maintenir en vigueur, au benefice de toute personne mentionnee ci-dessus, une assurance contre tout type de responsabilite que peut fixer de temps a autre Je conseil d'administration. CAPITAL SOCIAL 55. Certjficats d'actjons et transferts d'actjons. Les certificats representant les actions du capital social de Ia soci te portent Ia signature du president ou d'un vice-president et celle du secretaire. La signature du

 

- 15-president ou du vice-president peut etre gravee, lithographiee ou autrement reproduite mecaniquement et, au cas oil Ia societe aurait nomme un agent de transfert, Ia signature du secretaire ou du secretaire adjoint peut egalement y etre gravee, lithographiee ou autrement reproduite mecaniquement. Tout certificat portant Ia reproduction fac-simile des signatures de tels dirigeants autorises est repute avoir ete signe a Ia main par ceux-ci et est aussi valide a toutes fins quelconques que s'il avait etc signe a Ia main, nonobstant le fait que Ia personne dont Ia signature est ainsi reproduite ait cesse, a Ia date du certificat ou au moment de son emission, d'etre dirigeant de Ia societe. Chaque certificat d'actions doit comporter toutes Jes restrictions assorties a son transfert et toutes les autres mentions requises par Ia Loi. Registre des yaleurs mobilieres. La societe ou son agent doit tenir a son siege social ou a tout autre 56. endroit au Canada designe a cette fin par le conseil d'administration, un registre central des valeurs mobilieres. Le conseil d'administration peut, de temps a autre, faire en sorte qu'un ou plusieurs registres Jocaux des valeurs mobilieres soient tenus en des endroits, au Canada ou ailleurs, designes par une resolution, et peuvent nommer des dirigeants ou agents pour les tenir et y effectuer et enregistrer les transferts d'actions du capital social de Ia societe. 57. Agents de transfert et agents char es de Ia tenue des registres. Les agents de Ia societe responsables de Ia tenue du registre central des valeurs mobilieres de Ia societe et de ses registres locaux peuvent, seton leur fonction, etre designes comme agents de transfert et agents charges de Ia tenue des registres de Ia societe. Le conseil d'administration peut, en tout temps, mettre fin a rengagement de tels agents de transfert et agents charges de Ia tenue des registres. 58.Date de reference et fenneture des registres. Sous reserve des dispositions de Ia Loi relatives a sa notification, le conseil d'administration peut fLXer a l'avance, par resolution, une date precedant d'au plus 50 jours Ia date du paiement d'un dividende ou d'une allocation de droits, ou Ia date oil un changement, une conversion ou un echange d'actions du capital social de Ia societe prendra effet, comme date de reference aux fins de determiner quels actiormaires ont droit au versement de tel dividende, a !'attribution de tels droits ou peuvent exercer des droits a l'occasion du changement, de Ia conversion ou de J'echange dans le capital social de Ia societe, avec Ia consequence que seuls les actiormaires inscrits a Ia date ainsi fLXee par le conseil d'administration auront droit a tel versement de dividende, a !'attribution de tels droits ou a l'exercice de tels droits, selon le cas, nonobstant tout transfert d'actions aux registres de Ia societe apres telle date de reference. Certjficats perdus ou detruits. Le conseil d'administration peut, aux conditions qu'iljuge apropos 59. au sujet de l'indemnisation et autrement, ordormer l'emission d'un nouveau certificat ou de nouveaux certificats en remplacement de tout certificat prealabJement emis par Ja societe et qui a ete deteriore, perdu, vole ou detruit. Le conseil d'administration, lorsqu'il autorise l'emission d'un ou plusieurs nouveaux certificats, peut, a sa discretion, et comme condition de cette nouvelle emission, exiger du proprietaire de tel certificat deteriore, perdu, vole ou detroit, ou de ses representants legaux, qu'il donne a Ia societe et a l'agent ou aux agents de transfert eta l'agent ou aux agents charges de Ia tenue des registres qui peuvent etre autorises ou requis de contresigner tel nouveau certificat ou nouveaux certificats, un cautionnement au montant qu'ils peuvent determiner, de les indemniser contre toute reclamation qui peut etre faite contre eux ou l'un quelconque d'entre eux au sujet des actions representees par les certificats qu'on allegue avoir ete deteriores, perdus, voles ou detruits.

 

- 16 EXERCICE FINANCIER ET vERIFICATION Exercjce financier. La periode de l'exercice financier de Ia societe est determinee de temps a autre 60. par les administrateurs. Verification. Saufdans les cas oil Ia Loi le prescrit autrement, les actionnaires, a chaque assemblee 61. annuelle, nomment un verificateur qui detient son poste jusqu'a l'assembtee annuelle suivante et jusqu'a ce que son successeur ait ete nomme, a moins qu'il ne demissionne ou que son poste ne devienne vacant de par son deces. Au moins une fois par exercice financier, ce verificateur doit examiner les comptes de Ia societe et les etats financiers deposes devant Ia societe a l'assemblee annuelle, et il doit faire rapport a ce sujet aux actionnaires. Sa remuneration est ftXee par le comite de verification ou par Je conseil d'administration, si ce pouvoir n'est pas exerce par les actionnaires. Le verificateur est independant de Ia societe, des personnes morales de son groupe ou de leurs administrateurs ou dirigeants, confonnement a Ia Loi. Le verificateur peut etre revoque en tout temps par les actionnaires reunis en assembtee extraordinaire. Une vacance creee par Ia revocation du verificateur peut etre comblee par les actionnaires, a l'assemblee ou le verificateur a ete revoque, ou, si elle n'est pas ainsi comblee, par le conseil d'administration. Toute autre vacance au poste de verificateur sera comblee par Je conseil d'administration, confonnement a !'article 166 de Ia Loi. REPRESENTATION DE LA socxtrt A CERTAINES FINS 62. Declaration. Le president, tout vice-president, l'administrateur-gerant, le directeur general, le controleur, le secretaire et le trcsorier, ou l'un quelconque d'entre eux, ou tout autre dirigeant ou toute personne a ce autorisee par le conseil d'administration, soot autorises et habilitcs a repondre pour Ia societe a tout bref, ordonnance et interrogatoire sur faits et articles emis par tout tribunal, a repondre ou a faire une opposition au nom de Ia societe a toute saisie et a declarer au nom de Ia societe sur tout bref de saisie-arret dans lequel Ia societe est tierce saisic, a faire tout affidavit ou declaration assermentee en relation avec telle procedure ou en relation avec toute procedure judiciaire a laquelle Ia societe est partie, a faire des requetes pour ordonnance de liquidation, de sequestre ou de faillite contre tout debiteur de la societe, de meme qu'a etre presents et a voter a toute assemblee de creanciers des debiteurs de 'ta societe et a accorder des procurations relatives a ces procedures. . 63. Rccpresentatjon aux assembtees. Le president, tout vice-president, l'administrateur-gerant, le directeur general, Ie secretaire et le tresorier, ou t:un quelconque d'entre eux, ou toute autre personne ainsi autorisee par le president du conseil d'administration, representent Ia societe, assistent et votent a chaque assemblee d'actionnaires au de membres de toute entreprise, compagnie, societe ou syndicat dans lequel Ia societe detient des actions ou est autrement interessee, et toute action prise et tout vote donne par eux ou J'un d'entre eux a tellcs assemblees sont reputes etre l'acte et le vote de la societe. Deu;l( des personnes suivantes, soit le president, tout vice-president, le directeur general, l'administrateur-gerant, le secretaire et le tresorier ont de plus le pouvoir d'autoriser toute p rsonne (qu'elle

 

- 17 - soit dirigeant de _Ia societe ou non) a assister, voter et autrement agir a toute assemblee d'actionnaires ou de membres de toute entreprise, compagnie, societe ou syndicat dans lequella societe detient des actions ou est autrement interessee, et a cette fin, ils sent autorises a signer et a delivrer de temps a autre pour Ia societe, a sa place een son nom, une procuration dans Ia forme et selon les tennes que ces dirigeants jugent a propos, y compris, mais sans restreindre aucunement Ia generalitc de ce qui precede, les clauses pour Ia nomination d'un fonde de procuration substitue et Ia revocation de toute procuration doimee anterieurement par Ia societe relativement a une telle assemblee. 64. Signature de documents. Les contrats, les documents, les actes ecrits, incluant les quittances et mainlevees, necessitant Ia signature de Ia societe peuvent etre valablement signes par le president seul, ou par une des personnes designee par le president et ainsi lier Ia societe: tout vice-president, l'administrateur­ gerant ou directeur general, le secretaire et le tresorier. Le conseil d'administration peut egalement designer toute autre personne pour signer et pour livrer au nom de Ia societe taus les contrats, documents et actes ecrits, et telle autorisation peut etre donnee par resolution en termes generaux ou specifiques. Declarations au rcgistre. Les declarations devant etre produites a l'inspecteur general des institutions 65. financieres seton la Loi sur Ia publicite legale des entreprises individue/les, des societes et des personnes morales sont signees par le president, tout administrateur de Ia societe, ou toute autre personne autorisee a cette fin par resolution du conseil d'administration. Tout administrateur ayant cesse d'occuper ce paste par suite de sa demission, de sa destitution ou autrement est autorise a signer au nom de Ia societe et a produire une declaration modificative a l'effet qu'il a cesse d'etre administrateur, a compter de quinze (1S) jours apres Ia date ou cette cessation est survenue, a mains qu'il ne re'roive une preuve que Ia societe a produit une telJe declaration. Eric Dupont President et chef de Ia direction

 

 

LES LABORATOIRES IETERNA INC. r CODE OF GENERAL BY-LAWS enacted in accordance with the provisions of the Canada Business Corporations Act Adopted on November 29, 1995

 

CODE OF GENERAL BY-LAWS OF THE CORPORATION TABLE OF CONTENTS DEFINITIONS OFFICES AND CORPORATE SEAL I . 2. Offices . .. . .. . .. .. .... . . . . . . .... .. . . . . . . . . . . . .. . . . . . . . ... . . . . . . . . . . I Seal .. ........... . .. . . ... . ...... .... . .. .. . . . ....... . . ....... .. ... . . 1 SHAREHOLDERS 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. I 4. 15. Annual Meetings .. .......... . ....... . .. . .. .. ... . .. . .... ...... ....... 2 Special Meetings . .... .. ..... . ............. . ... ... . . .. . .............. 2 Place of Meetings . . ........ . . .·.... . ....... .. ..... . . .. . .... ........... 2 Notice of Meetings . .. ..... . . . . .. ..... . .. . ....... ...... . .. . . . .. . .. . ... 3 Chairman .. .. . .. .... ...•. .. ... .... . . . ....... .. .. . ... . . .... .. . . .. .. . 4 Quorum .. . .. . ...... .. .. . .. ... ...... .. . . .. . . . . .. .. . .. . .. ..... . ..... 4 Representation at Meetings .. .. . ... . .. .... .. ....... . .... .. .... . . ... .. . . 4 Voting .. . ... . .. .... . ...... . .. . . .. . . .. .. . . .... ... . .. ... . .. ... .. .. .. 5 Procedure at Meetings . . ........... .. . . ............ ... . ..... .......... 6 Scrutineers . . . .. . . . . . . . . .. ..... . . . . . .. . . . . . . .. . .. . . . . . . . . . .. . . . . . . . . 6 Subsequent Transferees . . ..... . .... ... . .. . .. . ... ... . . .. .. . . . ...... .. . . 6 Addresses of Shareholders ... . ... . .. .. . .. . . .. . .. . .... . . .. .... ... . .... .. 6 Signed Resolution . . .. ............ ... .... ..... . . . .. ..:..... .. ........6 BOARD OF DIRECTORS 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. Number ............ . . .. .................. ...... .. .. .. . .........·.. .. 6 Election and Term of Office .... .............................. . ... . ... . 6 Vacancy . . ..... . . . . . . . . .. ... . .... ... . ..... . . . ... . ... . .. . . . . . . . . . . . . 7 Replacement ....... .. .. . .. .......• . .... . . .. ............ . .......... . . 7 Qualities Required .. ..... .. .. ..·... . .. . ... .. . .. ..... .... . .. ... .... .... 7 Meetings and Notices . ........ .. .... .. .... .. .. ... ... . .. .... . . ..... ... . 7 Participation by Technical Means .............. :... ...... ........ .. ... .. 8 Quorum . .... . .. . . . . . .. . . . . . . . .. . . .. .. .. . ... . .. . . . . . . .. . . . .... ... . . 8 Resignation ...... ; .. ... .... ................... ................. .. .. 9 Removal ...... .. . ....... . ............. . ..... . ................ . . . ... 9 Remuneration . . .. .. ..•.. ... ......... . . . ....: .... . .. .. .... ..... ....... 9 Signed Resolutions ......... ...... .. . . . . . ........ ... . .. . ....... . ...... 9

 

28. 29. 30. 3 l. 32. 33. 34. Powers of Directors .. . .... .. . ... . ..·.. ..................... .... . .. ....9 Irregularity ... . ... .. . ............. .... . ... ... .. ....... .........-... . 10 Power to Allot Stock and Grant Options ................ . ...... ....... .. . 10 Power to Declare Dividends . .. . .. . .... . .. ....................... . . ... 10 Use of Property or Information ........................................ 10 Conflicts oflnterest ... .... ............. . ... . .. .. ..... . ....... . ...... 10 Contracts with the Company . . .................. .. ... .............. . .. 10 MANAGEMENT 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. Officers ...... ................... .. . . ....... . .. ... .......... . ... . .. 12 Chairman of the Board ................ . ........................... . .. 13 President ...... ... ...... ......... .. . ............................... 13 Vice-President ........ . .......... . .............. . ............ ...... 13 ·Chief Executive Officer or Managing Director ... ...... ...............r•••• 13 Secretary ................ .... .......... .. .......... .. . ............. 13 Treasurer ............... . .. . .... ... ....... . ... ............. ... .. ..13 Comptroller ..................... ..................... ........ . .. .. 14 Removal, Discharge and Resignation .......... . ........... ....... . ..... 14 Remuneration ................................................... . .. I 4 COMMITTEES OF THE BOARD OF DIRECTORS 47. 48. 49. 50. 5 I . 52. 53. 54. Election ..................·. ........ ... ... ..... ... .. .. .... . ..... .. . I4 Chairman, Quorum and Procedure ..................... .. .. .... ........ . 14 Secretary ...... ..................................... . ............ . . 14 Powers . .. .. . .. . .......... ..... . ... .......... .. ................... 14 Proceedings open to the Board ......................................... 15 Meetings ..... ....... . .............. ... . .. ........ .. ...... . ....... . 15 Remuneration ......................... ..... . ................... .... 15 Removal and Replacement .... ......... ........ ......... ............ .. 15 INDEMNJFICAIION OF DIRECTORS AND OFFICERS 55. Indemnity ......................................................... 15 56. Insurance ......................................................... 16 CAPITAL STOCK 57. 58. 59. 60. 61. Share Certificates and Stock Transfers .............. ........... ...... ... 16 Securities Register ...................... .... ................ . ..... .. 16 Transfer Agents and Registrars ...................... .................. 16 Record Date and Closing of Books ................................... ··16 Lost and Destroyed Certificates ....._................ ................... 17

 

FISCAL YEAR AND AUDIT 62. Fiscal year . ... . . .. . . . . . . .. . . .. . . . ... . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . 17 63. Audit .. . .. ... . .. . . . ...... . . .. ... .. . . .... . ...... . . . . . . ... ... . .. ... 17 REPRESENTAIION OF THE CORPORATION FOR CERTAIN PVRPOSES 64. 65. 66. 67. Declaration ... .... .. .. . . . . ... .... . .. . . .. .. . . . .... . ........ . . . .. ... . 18 Representation at Meetings . . . . . .. ..... .... .. . . . ... . .............. . .. . 18 Signature of Documents .. . . . . . ............. .. . ....................... 18 Declarations in Register .... . .. .. . . .......... . . . ... ... ............ . .. . 18

 

CODE OF GENERAL BY LAWS OF THE CORPORATION enacted in accordance with the provisions of the Canada Business Corporations Act DEFINITIONS For the purposes of these by-laws, unless otherwise provided, the following terms or expressions have the meanings set forth hereinbelow: "Act.. means the Canada Business Corporations Act, R.S.C. (1985) ch. C-44;--as well as any amendment that may be made thereto, and any statute that may be substituted therefor. - "Resident Canadian" has the particular meaning ascribed to such expression by the Act. "Ordinary Resolution" means a resolution adopted by the majority of the votes cast by the shareholders entitled to vote in the circumstances concerned, or signed by the aggregate of the shareholders. "Special Resolution" means a resolution adopted by no less than two-thirds of the votes cast by the shareholders entitled to vote in the circumstances concerned, or signed by the aggregate of the shareholders. "Auditor" means the auditor of the Corporation and includes a firm of auditors. OFFICES AND CORPORATE SEAL Office:2. The Corporation may,in addition to its registered office, establish elsewhere within 1. or outside Canada such offices and agencies as the directors may from time to time determine. 2. - The seal of t4e Corporation shall be circular in fonn and s Corporation and the year of its incorporation. If the Corporation has a name consisting of a separated or combined French and English fonn, the seal of the Corporation may have both the French and English forms of the name, or the Corporation may have two (2) seals, equally valid, one (1) showing the French and the other the English form ofthe name. The president, or, if appointed, any vice president, or, if appointed, the chief executive officer, the comptroller, the secretary, the treasurer or any other officer or director so authorized by the directors, shall have authority to affix

 

-2-the seal of the Corporation to any document requiring the same. The Corporation may, in addition, have for use in any province other than that in which the registered office of the Corporation is situate, or in any territory in Canada, or in any place outside Canada, an official seal which shall be a facsimile of the seal of the Corporation, with the addition on its face of the name of the province, territory or place where it is to be used and the Corporation may, by writing, authorize any person to affix the official seal to any deed or document to which the Corporation is a party in such province, territory or place. When the articles set forth the name of the Corporation in a language other than French or English, for use outside Canada, the Corporation may, in view of such use, have a seal in circular form bearing the name of the Corporation in such other language as wen as the year of its incorporation and including the name of the place where such name is to be used by the Corporation. The Corporation may by writing authorize any person to affix such seal to any deed or doctunent to which it is a party in such place. SHAREHOLDERS 3. Annual Meetings. Subject to the provisions of the Act, the annual meeting of the shareholders of the Corporation shall be held on such date ineach year, at such time and, subject to By-law Number 5, at such place as the board of directors may determine to receive and consider the financial statements with the report of the auditor or auditors, to elect directors, to appoint an auditor or auditors and to fix or to authorize the board of directors to fix his or their remuneration and to consider, deal with and dispose of such other business as may properly come before a meeting of shareholders. Any annual meeting may also constitute a special meeting to take cognizance and dispose of any matter of which a special meeting may take cognizance and dispose. 4. Special MeetiniS. Special meetings of the shareholders may be called at any time by or by order of the president or the board of directors of the Corporation and shall be called when .one or more shareholders who hold at least 20% of the outstanding voting shares so request in accordance with the Act. 5. Place of Meetings. Meetings of the shareholders shall be held at the registered office of the Corporation or at such other place as may be fixed by the bod of directors. However, meetings of the shareholders may not be held outside Canada unless all shareholders entitled to vote thereat so agree in writing, by telegram, telecopy or cable, before or after they have been held or by attending the meetings in person, by proxyholder or in the case of a body corporate or an association by a representative duly authorized in accordance with the provisions of By-law Number 9; nevertheless, a shareholder who attends a meeting held outside Canada is not deemed to have so agreed if he is

 

3-present for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully held. 6. Notice of Meetings. Notice of each annual meeting and of each special meeting of the shareholders shall be delivered to the shareholders entitled to vote thereat, the directors and auditor or auditors or, in the discretion of the person charged with the giving of such notice, mailed by unregistered mail, postage prepaid, cabled, telecopied or telegrammed, addressed to such shareholders, directors and auditor or auditors at their respective addresses as they appear in the books of the Corporation, not less than twenty-one (21) days and not more than fifty (50) days prior to the date ftxed for such meeting. lfthe address of any shareholder, director or auditor does not appear in the books of the Corporation, the notice may be sent as aforesaid to such address as the person sending the notice may consider to be most likely to reach such shareholder, director or auditor promptly. A shareholder and any other person entitled to attend a meeting of shareholders may waive such notice in writing, by telegram, telecopy or cable, before or after the holding of such meeting or by attending the meeting in person, or, in the case of shareholders, by proxyholder or in the case of a body corporate or an association by a representative duly authorized in accordance with the provisions of By-law Nwnber 9; neverthel ss, a person who attends such a meeting is not deemed to have waived the right to notice of the meeting when he so attends for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully held. Such notice shall indicate the time, date and place of each meeting. The notice of an annual meeting may, but need not necessarily, set forth the nature of the business that will constitute the agenda thereof, when any such meeting is convened only to consider the financial statements and the auditor's report, to elect the directors and to renew the term of office of the auditor. The notice of a special meeting shall set forth: (a) the nature of the business that will constitute the agenda of the meeting in sufficient detail to enable the shareholders to form a reasoned judgment thereon and (b) the text of any special resolution to be submitted to the meeting. It is not necessary to give notice of the reconvening of an adjourned meeting other than by announcement at the earliest meeting that is adjourned; a new notice of meeting is, however, required if the meeting of shareholders is adjourned one (1) or more times for an aggregate of thirty (30) days or more. The signature to any notice of meeting may be written, stamped, typewritten, printed or otherwise mechanically reproduced thereon. A certificate of the secretary or of any other duly authorized officer of the Corporation in office at the time of the making of the certificate or of any officer, transfer agent or registrar of transfers of shares of the Corporation shall be conclusive evidence of the delivery t mailing, cabling,

 

-4-telecopying or telegramming of such notice of meeting and shall be binding on every person entitled to receive notice thereof. 7. Chainnan. The president of the Corporation, or such other person as may from time to time be appointed for the purpose by the board of directors, shall preside at meetings of shareholders. 8. Quorum.A quorum of shareholders is present at an annual or special meeting of shareholders, regardless of the number of persons present in person at the meeting, if the holder or holders of shares representing at least twenty percent (20%) of the outstanding voting shares at such meeting are present in person or represented in accordance with By-law Number 9 hereinbelow. If a quorum is present at the opening of the meeting, the shareholders present or represented may proceed with the business of the meeting, notwithstanding the fact that a quorum is not present throughout the meeting. · If a quorum is not present within thirty (30) minutes of the time for which such meeting is convened, the shareholders present or represented shall adjourn the meeting to another time and place but may not transact any other business. If a quorum is reached at the reconvening of the meeting so adjourned, the meeting may then proceed to examine and dispose of the business for which it was called. If at the time of the reconvening of the meeting so adjourned there is not a quorum, the meeting shall again be adjourned or, if the time limits set forth in By-law Number 6 have expired, a new meeting shall be called. In the case where the Act, the articles or any by-law of the Corporation require or permit the vote by class ofholders of a given class of shares of the share capital of the Corporation, the quorum at any meeting will be one or more persons representing twenty percent (20%) of the outstanding shares of such class. If the quorum is not reached within thirty (30) minutes of the time for which such a meeting of a class of shareholders is convened, the shareholders of the class who are present or represented shall adjourn such meeting to another date and place, but they may not deal with any other business. If the quorum is reached at the reconvening of the meeting so adjourned, the meeting may them proceed to consider and dispose of the matters for which it had been convened.. If the quorum is not reached at the resumption of the adjourned meeting, such meeting shall again be adjourned or, if the time limits set out in By-Law Number 6 have expired, a new meeting shall be convened. Representation at Meetinas. Shareholders shall be entitled to vote in person or, if a body 9. corporate or an association, by a representative duly authorized by resolution of the board of directors or the board of directors of such body corporate or association. Shareholders shall also be entitled to vote by proxyholder or by one or more alternative proxyholders, who need not be shareholders; the proxyholder shall attend the meeting, vote thereat and otherwise act in the manner and to the extent authorized and with the authority conferred by the proxy.

 

-5-A proxy shall be signed by the shareholder or by his agent authorized in writing and such signature need not be witnessed. A proxy is valid only at the meeting in respect of which it is given or any reconvening thereof. The instrument appointing a proxyholder may, except in cases where the Act otherwise provides, be in the following form or in any other appropriate form: "1/We, and constitute undersigned, shareholders ofLes Laboratoires JEtema Inc., hereby appoint or, failing him, (or ), my/our agent(s}, representative(s) and proxies with full power and authority to attend, vote and othenvise act for me/us on my/our behalf and_in my/our stead at the annual (or special) meeting of the shareholders of the Corporation, which takes place at on the day of 19 (20 ) and at any adjournment thereof, with full power of substitution;1/we, the undersigned, hereby revoke any other proxy given by me/us, the und rsigned, which may be used at any meeting or any adjourrunent thereof. The agent, representative and proxyholder hereby appointed and constituted is authorized to sign all waivers of the notice concerning the aforementioned meeting and all adjournments thereof. Given this day of 19 (20 )." The board of directors may, in the notice of a meeting of shareholders set forth a date and a time, which shall not be prior to over 48 hours, excluding Saturdays and statutory holidays, to the meeting or its reconvening in the event of adjournment, a date prior to which the proxies to be used at such meeting shall be deposited with the Corporation or its agent The board of directors may also pennit particulars of proxies for use at or in connection with any such meeting which have been deposited with the Corporation or its agent at a place other than the place of such meeting to be cabled, telecopied or telegrammed to the secretary of the Corporation prior to such meeting. Insuch event, such proxies, if otherwise in order, shall be valid and any votes cast in accordance therewith shall be counted. 10. Voting. Every question submitted to any meeting of shareholders shall be decided by a show of hands unless a voice vote or a vote by secret ballot is ordered or required in the manner set out in the paragraphs hereinbelow. The chairman of any meeting may, in his discretion, order a voice vote or secret ballot. Moreover, any shareholder or its representative may, either before or after any vote by a show of hands, require a voice vote or secret ballot on any question at any time before or after a vote by a show of hands is taken. Such a demand for a ballot may be withdrawn.

 

-6-If at any meeting a secret ballot is to be taken, it shall be taken in such marmer and either at once or after adjowrunent as the chairman directs. The result of a secret ballot shall be deemed to be a resolution of the meeting at which the ballot was taken whether or not a vote by a show of hands or a voice vote was taken on the same question. At all meetings of shareholders, every shareholder entitled to vote thereat, whether present in person or represented, shall be entitled to one vote for each voting share at such meeting; if, however, pursuant to the Act or the articles of the Corporation another ratio of voting rights is established, the voting rights shall be as determined by such other ratio. The acts of the shareholders, their representatives and their proxyholders casting a majority of the votes in respect of shares so represented shall be the acts of the shareholders, except where a greater majority than a simple majority is required by the Act or the articles of the Corporation. 11. Procedure at Meetings. The chairman of any meeting of shareholders shall conduct the procedure thereat in all respects and his decision on all matters, including, but without in any manner limiting the generality of the foregoing, any question regarding the validity or invalidity of any proxy, shall be conclusive and binding upon the shareholders. A declaration by the chairman at any meeting that a resolution has been carried or carried unanimously or carried by any particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact. The directors of the Corporation are entitled, in such sole capacity, to attend meetings of the shareholders and speak thereat. 12. Scrutineers. The chairman of any meeting of shareholders may appoint two persons, who may but need not be directors, officers, employees or shareholders of the Corporation, to act as scrutineers at such meeting. 13. SubseQuent Transferees. Every person who, by operation of the Act, transfer or any other means whatsoever, becomes entitled to any share, shall be bound by every notice given in respect of such share which, prior to the entry of his name and address on the register, is given to the person whose name appears on the register at the time such notice is sent. 14. Addresses ofSharebolders. Every shareholder shall finnish the Corporation with an address to or at which all cori>orate notices intended for such shareholder may be sent as provided in By-law Number6. Signed Resolution. Except incases prohibited by the Act, a resolution in writing signed by 15. all the shareholders entitled to vote on that resolution at a meeting of shareholders is as valid as if it had been cast at a meeting of the shareholders.

 

-7-A copy of every resolution referred to in the preceding paragraph shall be kept with the minutes of the meetings of shareholders. BOARD OF DIRECTORS 16. Number. The board of directors shall be composed of such number of directors as may be determined from time to time by the directors, subject to the minimum number and the maximum number of directors set out in the articles of the Corporation. 17. Election and Tenn of Office. Except (i) if the articles of the Corporation provide for cumulative.voting, in which case the provisions of the Act in such respect apply, (ii) .when the articles confer upon the holders of a class or a series of shares the exclusive right to elect one or more directors, in which case, the provisions of the articles shall prevail, (iii) when the appointment of a director to an office of director that has become vacant is otherwise provided for, or (iv) when the election of additional directors is otherwise provided for, in which case the relevant provisions of the articles shall apply, each director shall be elected by a majority of votes cast at the arulUal meeting at which an election of directors is required. A vote by secret ballot shall not be necessary for the election of the directors of the Corporation unless it is required by person attending and entitled to vote at the meeting at which such election takes place. Each director so elected shall hold office until the election of his successor except in the case of a resignation or if his office becomes vacant by death or otherwise. 18. Vacancy. The office of a director shall be automatically vacated: (a) if he dies; (b) if he resigns his office, at the time such resignation takes effect; ifbe is removed in accordance with the Act and no one is appointed to replace him at the meeting of the shareholders during which be is so removed; (c) (d) ceases to be qualified as a director. 19. Replacement. Subject to the provisions of the As:t, if a vacancy occurs on the board of directors, including a vacancy caused by an increase in the number of directors, the remaining directors, if they constitute a quorum, may appoint a qualified person to fill such a vacancy, or the unexpired term of office. In the absence of a quorum, the remaining direcotrs shall immediately convene a special meeting of the directors in order to fill such vacancy, in accordance with section 111 of the Act.

 

- 8-20. Qualities Required. No person shall be qualified for election as a director if he is less than eighteen (18) years of age; if he is of unsound mind and has been so found by a court in Canada or elsewhere; if he is not an individual; if he has the status of a bankrupt, or if a court prohibits him from holding the office of director. A director need not be a shareholder. A majority of the directors shall be composed of Resident Canadians, unless otherwise set forth in the Act. If the Corporation is a corporation that makes a public distribution of its securities, at least two-thirds of its directors· shall not be officers or employees of the Corporation or its subsidiaries. A retiring director, if is otherwise qualified, shall be eligible for re-election. 21. Meetings and Notices. Immediately after the annual meeting of shareholders in each year, a meeting of the directors who are then present shall be held without further notice, provided a quorum is present, for the appointment of the officers of the Corporation; such meeting may transact such other business as may properly come before it. ... Meetings of the board of directors may be called by or by the order of the chairman of the board, if any, or, by or by the order of the president of the Corporation or, by or by the order of a vice-president of the Corporation, if he is also a director, or, by or by the order of any two directors, and may be held at any place within or outside Canada. Notice specifying the place, date and time of each such meeting shall be delivered to each director or left at his residence or place of business, or shall be mailed by unregistered mail, postage prepaid, or telegrammed, telecopied or cabled to each director at his respective address as it appears in the books of the Corporation at least two days prior to the date fixed for such meeting. If the address of any director does not appear in the books of the Corporation, then such notice may be sent as aforesaid to such address as the person sending the notice may consider to be most likely to reach such director promptly. The board of directors may from time to time provide for the holding of regular meetings of the board of directors at such place, within or outside Canada, with or without notice, as may be determined by a resolution passed to such effect. Except in respect of questions or matters set forth in section 153(3) of the Act, including inter alia, the declaration of dividends, the issue of securities, the acquisition of shares issued by the Corporation, the approval of the annual financial statements, vacancies on the board of directors or in the office of auditor and the adoption, amendment or revocation of the by-laws. No notice of the date, time and place of any meeting of the board of directors need be given to any director who waives notice thereof, either in writing, by telegram, by telecopy or by cable before or after the holding thereof or who is present thereat; nevertheless, a director's presence at such meeting shall not constitute a waiver of notice if the director so attends for the express purpose of objecting to the transaction of any business on the ounds that the meeting is not lawfully constituted. It is not necessary to give notice of the reconvening of an adjourned meeting if the date, time and place of the reconvening of such meeting are announced at the initial meeting. -

 

-9-22. Participation by Technical Means. The directors may, if all are in agreement, participate in a meeting of the board of directors using technical means, including the telephone, enabling all participants to communicate orally amongst themselves. A director participating in a meeting using such means shall be deemed to have attended the meeting. 23. Quorum. A majority of the number of directors of whom the board is composed shall constitute a quorum for a meeting of the board of directors. When the quorum is reached, the directors may exercise their powers notwithstanding any vacancy on the board; however, no matter shall be dealt with unless the number of directors present who are Resident Canadians is as set out in the Act. Questions raised at any meeting of the directors shall be decided by a majority of the votes of the directors present. In the case of an equality of votes, the chairman of the board shall be entitled to one (1) casting vote. 24. Resignation. A director may resign at any time from his office, by sending his written resignation to the president or the secretary of the Corporation at the Corporation's head office or by remitting such written resignation at a meeting of the board of directors. The resignation shall take effect on the date of its sending or its remittance or on such subsequent date as may be indicated therein. 25. Removal. Subject to the articles of the Corporation, any director may be removed by Ordinary Resolution at a special meeting of the shareholders. The removal, as well as the election, of a director shall be at the discretion of the shareholders. It may be done at any time and need not be based on any particular reasons, whether serious or not. Neither the Corporation nor the shareholders voting in favour or the removal shall incur any liability toward a director by the mere fact of his removal, even if there be no grounds therefor. A director who is infonned of his imminent removal may, in a written declaration, set forth to the Corporation the reason for his objection to such removal, and the Corporation shall forward such written declaration to the shareholders entitled to vote in the circumstances concerned. 26. Remuneration. The remuneration to be paid to the directors shall be as fixed by resolution of the board of directors from time to time or by a committee to which the directors may delegate the power to so do. Such remuneration shall be in addition to the salary or remuneration received as such by an officer, an employee or a supplier of services to the Corporation who is also a director. The directors may also be reimbursed for such travelling and other expenses as may be incurred by them in connection with the business of the Corporation. In addition, the directors may, by resolution, provide special remuneration to any director who undertakes on behalf of the Corporation any special service other than the work a director is normally required to perform for the Corporation.

 

- 10-27. Signed Resolutions.·A resolution in writing signed by all the directors entitled to vote on that resolution at a meeting of the directors or of a committee of the board of directors is as valid as if it had been passed at a meeting of the directors or of a committee of the board of directors. A copy of every resolution referred to in the preceding paragraph shall be kept with the minutes of the meetings of the directors or of a committee of the board of directors. 28. Powers of Directors. The directors of the Corporation shall manage and administer the business and affairs of the Corporation and shall exercise all such powers and authority as the Corporation is authorized to exercise pursuant to the Act, the articles and the by-laws and as are not by the Act, the articles or the by-laws required to be exercised exclusively by the shareholders or with the consent thereof. 29. Irregularity. Notwithstanding that it be afterwards discovered that there was some defect in the election of the board of directors or the appointment of the officers of the Corporation or notwithstanding the discovery of an apparent irregularity in the election of any person acting as director or in his qualification, all acts of the board of directors or of any person acting as director or officer shall be as valid and binding upon the Corporation as if every such board or person had been duly elected or appointed and had been duly qualified. 30. Power to Allot Stock and Grant Options. Subject to the provisions of the articles of the Corporation restricting the issue and allotment of the shares of the capital stock of the Corporation, the board of directors may, from time to time, accept subscriptions, allot, issue all or part of the unissued shares of the Corporation, grant options in respect of such shares or otherwise dispose thereof to such persons, on such terms and conditions and for such consideration and in such manner not contrary to the Act or the articles of the Corporation as the directors think fit. 31. Power to Peclare Dividends. The board of directors may, from time to time as it may deem advisable and to the extent permitted by the Act, declare and pay to the shareholders, according to their rights, dividends in money or property or in the fonn of shares of the Corporation. Transfers of shares shall not transfer the right to dividends declared thereon before the registration of such transfers. In the event that two or more persons are registered as joint holders of any share, any one of such persons may give effective acquittance for all dividends in respect of such share. Use ofPrqperty or Infounation. Any director is required, in the exercise of his duties, to act 32. with integrity and good faith in the best interests of the Corporation. He may not, in particular, mingle or use the property of the Corporation or any infonnation he obtains by reason of his duties, for his profit or for the profit of a third party, unless he is expressly and specifically authorized to so do by the shareholders of the Corporation.

 

- 11 - 33. Conflicts of Interest. Each director shall avoid placing himself in a situation of conflict between his personal interest and his obligations as a director of the Corporation. He shall promptly disclose to the Corporation any interest he has in any undertaking or association that is likely to place him in a situation of conflict of interest, as well as the rights he may assert thereagainst, indicating, should such be the case, the nature and value thereof. Such disclosure of interest shall be entered in the minutes of the meetings of the board of _ directors or the resolution signed in its place and stead. At the request of the president or any director, the director placed in a situation of conflict of interest shall leave the meeting while the board of directors discusses such matter. 34. Contracts with the Company. A director or an officer may, even in perfonning his duties, be a party to a material contract with the Corporation, or be a director, an officer or a holder of a material interest in a body corporate that is a party to such contract. He shall then disclose, in writing to the Corporation, in accordance with section 120 of the Act, the nature and extent of his interest in such contract, or request that same be entered in the minutes of the meetings of the board of directors, even if such contract, in connection with the normal business activity of the Corporation, does not require the approval of either the directors or the shareholders. A general notice that the director or officer is a director, an officer or a holder of a material_interest in a body corporate, and that he is to be considered as having an interest in any contract entered into with it, shall constitute sufficient disclosure for the purposes of this by-law. A director who is so interested in a contract shall abstain from the discussion and voting on this resolution to have the contract approved, unless the contract is one set out in section 120(5) of the Act, namely a contract relating primarily to the remuneration or indemnification of such director or is entered into with an affiliate of the Corporation. At the request of the president or any director, the interested director shall leave the meeting while the board of directors discusses and votes on the contract concerned. . Neither the Company nor any of its shareholders may contest the validity of a contract entered into with a director or an officer of the Corporation, or with a body corporate in which such director or officer is a director, an officer or a holder or a material interest, for such sole reasons, as long as such director or officer has disclosed its interest as aforementioned, the board of directors or the shareholders of the Corporation have approved the contract and such contract was, at such time, equitable for the Corporation. MANAGEMENT

 

- 12-35. Officers. The management of the Corporation shall be composed of such officers as the board of directors may from time to time deem necessary to appoint, including the chairman of the board of directors, if appointed, the president, one of more vice-presidents, the managing director or the chief executive officer, the comptroller, the secretary and the treasurer. Subject to the powers which, pursuant to the Act, may be exercised only by the board of directors, the president and, if appointed, the other officers of the Corporation shall exercise respectively the powers and authority and perform such duties as may from to time be prescribed by the board of directors in addition to those specified in this regulation. The same person may hold two or more offices in the management ofthe Corporation. No officerofthe Corporation, with the exception of the chainnan of the board of directors, if any, the managing director, if appointed, and the president, need be a director of the Corporation. The board of directors may also from time to time appoint other agents, officers and employees of the Corporation, within or outside Canada, who may be given such titles and who shall exercise such powers and authority (including the power of sub-delegation) and perform such managerial duties or other duties as the board of directors may from time to time determine. In case of the absence of any officer or employee of the Corporation or for any other reason that the directors may deem sufficient, the board of directors may delegate temporarily the powers and authority of such officer or employee to any other officer, employee or director of the Corporation. 36. Chairman of the Board. The chairman of the board shall preside at all meetings of the board of directors and shall exercise such other powers and authority and perform such other duties which the directors may from time to time prescribe. 37. President. The president is the principal officer of the Corporation and, subject to the control of the board of directors, shall supervise, administer and manage the business and affairs of the Corporation generally. The president shall preside at all meetings of the shareholders, unless otherwise determined by the board of directors, and in the event of the absence, inability or failure of the chairman of the board to act, the president, or in the event of its absence, one of the vice­ presidents, shall preside at all meetings of the board of directors. The president shall exercise such other powers and authority and perform such other duties as may from time to time be prescribed by the directors of the Corporation. 38. Vice-President. The vice-president, or if more than one, the vice-presidents, shall exercise such powers and authority and perform such duties as may.from time to time be prescribed by the board of directors or the president. 39. Chief Executive Officer or Managjna Director. The chief executive officer shall, subject to the control of the president, manage the operations of the Corporation generally, and shall exercise such other powers and authority and perform such other duties as may from time to time be prescribed by the board of directors.

 

• 13. The managing director shall be a Resident Canadian and a director. The board of directors may delegate to such managing director all of the powers of the board except the powers that a managing director is not entitled to exercise pursuant to the Act. 40. Secretary. The secretary shall attend to the giving of all notices of the Corporation. He shall keep the minutes of all meetings of the board of directors, all the committees of the board of directors ina book or books to be kept for that purpose. He shall keep in safe custody the corporate seal of the Corporation. He shall have charge of the records of the Corporation including books containing the names and addresses of the members of the board of directors of the Corporation, together with copies of all reports made by the Corporation and such other books and papers as the board of directors may direct. He shall be responsible for the keeping and filing of all books, reports, certificates and all other documents required by the Act to be kept and filed by the Corporation. He shall be subject to the control of the president and shall exercise such other powers and authd"rity and perform such other duties as may from time to time be prescribed by the board of directors or the president. Assistant-secretaries may perform any of the duties of the secretary. 41. Treasurer. The treasurer shall have general charge of the finances of the Corporation. He shall deposit all moneys and other valuable effects of the Corporation in the name and to the credit of the Corporation in such banks or other depositories as the board of directors may from time to time designate; he shall render to the president and to the board of directors, whenever so directed, an account of the financial situation of the Corporation and of all his transactions as treasurer; as soon as possible after the close of each fiscal year he shall prepare and submit to the president and to the board of directors a like report for such fiscal year. He shall have charge and custody of and be responsible for the keeping of the books of account. He shall be subject to the control of the president and shall exercise such other powers and authority and perform such other duties as may from time to time be prescribed by the board of directors or by the president. Assistant·treasurers may perform any of the duties of the treasurer. 42. Comptroller. The comptroller shall, subject to the control of the president and treasurer, exercise such powers and authority as may from time to time be prescribed by the board of directors, the president or the treasurer, failing which he shall act as the chief accounting officer of the Corporation. 43. Removal. Discharge and Resignation. The directors may, by the affirmative vote of the majority of the board of directors, remove any officer with or without cause at any time, unless the resolution or contract providing for his appointment stipulates otherwise. Aity agent or employee who is not an officer of the Corporation may be discharged by the president or any other officer autorized by the president, with or without cause at any time, unless the contract providing for his employment stipulates otherwise. Any officer may resign as such at any time by remitting his

 

- 14-resignation in writing to the president or secretary of the Corporation or at a meeting of the board of directors, unless otherwise agreed to the contrary. 44. Remuneration. The remuneration, if any, to be paid to all of the officers shall be fixed from time to time by a resolution of the board of directors. COMMITTEES OF THE BOARD OF DIRECTORS 45. Election. The board of directors may, from time to time, appoint from amongst their number committees of the board of directors, however designated, containing such proportion of Resident Canadians as may be required by the Act. r 46. Chairman. Quorum and Procedure. Any committee of the board of directors shall have power to appoint a chainnan and a vice-chainnan, to fix its quorum, which quorum shall consist of not less than a majority of its members, and to determine its procedure. 47. Secretazy. The secretary of the Corporation shall act as secretary of each committee of directors unless some other secretary be appointed by the committee. 48. Powers. The board of directors may delegate to any such committee of the board of directors any of the powers of the board except those which pursuant to the Act a committee of the board of directors has no authority to exercise. 49. Proceedings open to the Board. All proceedings of committees of the board of directors shall be open to the examination of the board of board of directors of the Corporation and shall be reported to the board of directors if and when the board of directors so directs. 50. MeetinKS. Meetings of committees of the board of directors may be held at the registered office of the Corporation or at such other place within or outside Canada as a committee may from tune to time determine. Meetings of a committee may be called by or by the order of the president, the chairman of the committee, the vice-chairman or any two members thereof. 51. Remuneration. The members of a committee of the board of directors shall be entitled to receive such remuneration for their services as members of the committee as the directors may from time to time determine. 52. Removal and Replacement. The directors may from time to time remove any member of a committee of the board of directors from office. The board of directors may also from time to time fill any vacancy which may occur in the membership of a committee.

 

- 15-INQEMNIFICATION OF DIRECTORS AND OFFICERS 53. Indemnity. Subject to the limitations provided by the Act, the Corporation shall indemnify a director or an officer of the Corporation, a former director or officer of the Corporation or a person who acts or acted at the Corporation's request as a director or officer of a body corporate of which the Corporation is or was a shareholder or creditor, and his heirs and legal representatives, against all costs, losses, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incWTed by hiin in respect of any civil, cruninal or administrative action or proceeding to which he is made a party by reason of being or having been a director or officer of the Corporation or such body corporate, provided: (a) he acted honestly and in good faith in the best interests of the Corporation; and (b) in the case of a criminal or an admi.nistrative action or proceeding that is enforced by a monetary penalty, he had reasonable grounds to believe that his conduct was lawful. The directors of the Corporation are hereby authorized to indemnify from time to time any director or other person who has assumed or is about to assume in the normal course of business any liability for the Corporation or for any corporation controlJed by the Corporation, and to secure such director or other person against any loss by the pledge of all or part of the movable or immovable property of the Corporation through the creation of a hypothec or any other real right in all or part of such property or in any other manner. 54. Insurance. To the extent permitted by the Act, the Corporation may purchase and maintain insurance for the benefit of any person referred to above against any such liability as the board of directors may from time to time determine. CAPITAL STOCK 55. ·share Certificates and Stock Transfers. Certificates representing shares of the share capital of the Corporation shall bear the signature of the president or a vice-president and the secretary. The signature of the president or vice-president may be engraved, lithographed or otherwise mechanically reproduced thereon and the signature of the secretary may also be engraved, lithographed or otherwise mechanically reproduced. Any certificates bearing the·facsimile reproduction of the signatures of such authorized officers shall be deemed to have been manually signed by them and shall be as valid to all intents and purposes as if it had been so manually signed notwithstanding that the persons whose signatures are so reproduced shall have ceased to be officers of the Corporation

 

- 16-on the date of such certificate or at the time that it is issued. Each share certificate shall include all restrictions pertaining to its transfer and all other notations required by the Act. 56. Securities Register. A central securities register shall be maintained by the Corporation or its agent at the registered office or at any other place in Canada designated by the directors. The directors may from time to time provide that one (1) or more branch securities registers shall be maintained at such places within Canada or-elsewhere as may be designated by a resolution and may appoint officers or agents to maintain the same and to effect and record therein transfers of shares of the share capital of the Corporation. 57. Transfer Agents and Registrars. Agents of the Corporation charged with the maintenance of the central and/or branch securities registers may be designated as transfer agents and/or registrars of transfers, according to their functions. The board of directors may at any time terminate the appointment of such transfer agents and/or registrars. 58. Record Date and Closing of Books. Subject to compliance with the Act pertaining to notification, the directors may fix in advance, by resolution, a date not exceeding fifty (50) days preceding the date for payment of a dividend or the date for the allotment of rights or the date when any change or conversion or exchange of shares of the share capital of the Corporation shall go into effect as the record date for the determination of the shareholders entitled to receive payment of such dividend, the allotment of such rights or the exercise of such rights in respect of such change, conversion or exchange of the share capital of the Corporation with the effect that only the shareholders of record on the date so fixed by the directors shall be entitled to receive payment of such dividend or allotment of rights or to exercise such rights, as the case may be, notwithstanding a transfer of any shares on the books of the Corporation after such record date. 59. Lost and Destroyed Certificates. The directors may, upon such terms and conditions as to indenmity and otherwise as they may deem advisable, direct that a new certificate or certificates of shares be issued to replace any certificate or certificates of shares theretofore issued by the Corporation that have been worn out, lost, stolen or destroyed. The board of directors, when authorizing the issue of such new certificate or certificates, may, in their discretion, and as a condition precedent thereto, require the owner of such worn-out, lost, stolen or destroyed certificate or his legal representatives to give to the Corporation and/or transfer agent or transfer agents and to such registrar or registrars, as may be authorized or required to countersign such new certificate or certificates, a bond insuch sum as they may direct, as indemnity against any claim that may be made against them or either of them for or in respect of the shares represented by such certificates alleged to have been worn out, lost, stolen or destroyed. FISCAL YEAR AND AUDIT

 

- 17-60. Fiscal Year. The period for the fiscal year of the Corporation shall be determined from time to time by the directors. A.wlli. Except in cases otherwise prescribed by the Act, the shareholders, at each annual 61. meeting, shall appoint an auditor or auditors to hold office until the next annual meeting and until the appointment of his or their successor or successors, unless he or they resign or his or their office becomes vacant by his or their death. At least once in every fiscal year, such auditor or auditors shall examine the accounts of the Corporation and the financial statements to be presented at the annual meeting and shall report thereon to the shareholders. The auditor's remuneration shall be fixed by the audit cqmmittee or the board of directors, if such power is not exercised by the shareholders. The auditor shall be independent of the Corporation, its affiliates or their directors or officers, in accordance with the Act. The auditor may be removed at any time by the shareholders in a special meeting. A vacancy·created by the removal of the auditor may be filled by the shareholders, at the meeting at which the auditor was removed, or, if not so filled, by the board of directors. Any other vacancy in the office of auditor will be filled by the board of directors, in accordance with section 166 of the Act. REPRESENTATION OF THE CORPORATION FOR CERTAIN PURPOSES 62. Declaration. The president, any vice-president, the managing director, the chief executive officer, the comptroller, the secretary and the treasurer or any one of them or any other officer or person thereunto authorized by the directors is authorized and empowered to make answer for the Corporation to all writs, orders and interrogatories upon articulated facts issued out of any Court, to answer and/or oppose for and on behalf of the Corporation all seizures and to declare for and on behalf of the Corporation to writs of attachment by manner of garnishment in which the Corporation is garnishee, to make all affidavits and sworn declarations in connection therewith or in connection with any judicial proceedings to which the Corporation is a party, to make petitions for winding-up, sequestration or bankruptcy against any debtor of the Corporation, to attend and vote at all meetings of creditors of the Corporation•s debt.ors and to grant proxies in connection therewith. 63. Representation at Meetings. The president,any vice-president, the managing director, the chief executive officer, the secretary and the treasurer, or any one of them or any other p rson thereWlto authorized by the chairman of the board shall represent the Corporation, attend and vote at any meeting of shareholders or members of any finn, company, corporation or syndicate in which the Corporation holds shares or is otherwise interested, and any action taken and/or vote cast by them or one of them at any such meeting shall be deemed to be the act and/or vote of the Corporation. Any two of the president, any vice-president, the managing director, the chief executive officer, the secretary and the treasurer shall moreover be empowered to authorize any per on (whether an officer of the Corporation or not) to attend, vote and otherwise act at all meetings of

 

- 18-shareholders or members of any finn, company, corporation or syndicate in which the Corporation holds shares or is otherwise interested, and for this purpose, such officers shall be authorized to execute and to deliver from time to time for and on behalf and in the name of the Corporation a proxy in such form and terms as such officers see fit, including therein, but without in any way limiting or restricting the generality of the foregoing, provision for the appointment of a substitute proxyholder and the revocation of all proxies given by the Corporation prior thereto with respect to any such meeting. 64. Signature of Documents. The contracts, documents, written acts, including acquittances and discharges, requiring the signature of the Corporation may be validly signed by the president alone, or by one person designated by the president and hence be binding on the Corporation: any vice­ president, the managing director or the chief executive officer, the secretary and the treasurer. The board of directors may also designate any other person to sign and deliver on behalf of the Corporation all contracts, documents and written acts, and such authorization may be given by resolution in general or specific terms. 65. Declarations in Register. The declarations to filed with the Inspector General of financial Institutions in accordance with the Act respecting the legal publicity of sole proprietorships, partnerships and legal persons shall be signed by the president, any director of the Corporation, or any other person authorized for such purpose by resolution of the board of directors. Any director who has ceased to hold such office as a result of his dismissal or removal or who is otherwise authorized to sign on behalf of the Corporation and file an amending declaration to the effect that he has ceased to be a director, commencing fifteen (15) days after the date on which such cessation occurred, unless he receives proof that the Co ation has file 1 Eric Dupont President and Chief Executive Officer

 

ATTESTATION Je, soussigne, Luc Dupont, Vice-president, Operations et Finances et secretaire de Les Laboratoires .IEtema Inc., certifie par la presente que le document joint a Ia presente attestation constitue tme copie exacte et conforme du code de reglements generaux de Les Laboratoires .IEtema Inc. MONTREAL, ce 19ejour de decembre 1995 .. Lqe{>upont

 

Exhibit 5.1

 

August 1, 2019

 

Aeterna Zentaris Inc.

315 Sigma Drive

Summerville, South Carolina 29486

 

Dear Sirs/Mesdames:

 

This opinion is furnished to Aeterna Zentaris Inc. (“ Aeterna Zentaris ” or the “ Company ”), a corporation incorporated under the federal laws of Canada, in connection with the Registration Statement on Form F-3 (the “ Registration Statement ”), filed by Aeterna Zentaris with the United States Securities and Exchange Commission on the date hereof, under the Securities Act of 1933 , as amended (the “ Securities Act ”). The Registration Statement registers the issuance and sale of up to US$45,000,000 of the Company’s common shares (“ Common Shares ”), rights to purchase Common Shares under the Company’s shareholder rights plan dated May 8, 2019 (“ Rights ”), preferred shares (“ Preferred Shares ”, together with the Common Shares, the “ Shares ”), warrants to purchase Shares (“ Warrants ”), and units (“ Units ”), which are comprised of one or more Securities (as defined below) in any combination, all of which may be issued from time to time on a delayed or continuous basis pursuant to Rule 415 under the Securities Act:

 

The Shares, Rights, Warrants, and Units are collectively referred to herein as the “ Securities .” The Registration Statement includes a prospectus (the “ Prospectus ”), which provides that it will be supplemented in the future by one or more prospectus supplements (each, a “ Prospectus Supplement ”). The Warrants may be issued under a separate warrant indenture (a “ Warrant Indenture ”) or warrant agency agreement (a “ Warrant Agreement ”) to be entered into between the Company and either (i) the holder or beneficial owner or (ii) a warrant agent. The Units may be issued under a written unit agreement (“ Unit Agreement ”) to be entered into between the Company and either (i) the holder or beneficial owner or (ii) a unit agent. Warrant Indentures, Warrant Agreements and Unit Agreements are referred to herein collectively as “ Governing Documents ”.

 

As counsel to Aeterna Zentaris, we have made such investigations and examined the originals, or duplicate, certified, conformed, telecopied or photostatic copies of such corporate records, agreements, documents and other instruments and have made such other investigations as we have considered necessary or relevant for the purposes of this opinion, including:

 

(a)                                  the Registration Statement;

 

(b)                                  the restated articles of incorporation, articles of amendment and by-laws of Aeterna Zentaris;

 

(c)                                   the shareholder rights plan between the Company and Computershare Trust Company of Canada dated May 8, 2019; and

 

(d)                                  a Certificate of Compliance dated August 1, 2019 issued by Corporations Canada pertaining to Aeterna Zentaris.

 


 

With respect to the accuracy of factual matters material to this opinion, we have relied upon certificates or comparable documents and representations of public officials and of officers of Aeterna Zentaris and have not performed any independent check or verification of such factual matters.

 

Our opinion has been prepared for your use in connection with the Registration Statement is expressed with respect to the laws in effect on the date of this opinion and we do not accept any responsibility to take into account or inform the addressee, or any other person authorized to rely on this opinion, of any changes in law, facts or other developments subsequent to this date that do or may affect the opinions we express, nor do we have any obligation to advise you of any other change in any matter addressed in this opinion or to consider whether it would be appropriate for any other person other than the addressee to rely on our opinion.

 

Our opinions set forth below are limited to the laws of the Province of Ontario, the Province of Quebec (in reference to the Rights) and the federal laws of Canada applicable therein.

 

In examining all documents and in providing our opinions expressed herein, we have assumed that:

 

(a)                                  all individuals had the requisite legal capacity;

 

(b)                                  all signatures are genuine;

 

(c)                                   all documents submitted to us as originals are complete and authentic and all photostatic, certified, telecopied, notarial or other copies conform to the originals; and

 

(d)                                  all facts set forth in the official public records, certificates and documents supplied by public officials or otherwise conveyed to us by public officials are complete, true and accurate.

 

(e)                                   the Registration Statement and any amendments thereto (including post-effective amendments) will have become effective under the Securities Act and such effectiveness shall not have been terminated or rescinded;

 

(f)                                    an appropriate Prospectus Supplement with respect to the offered Securities will have been prepared and filed in compliance with the Securities Act and the applicable rules and regulations thereunder;

 

(g)                                   all Securities will be offered, issued and sold in compliance with applicable United States federal and state securities law and in the manner stated in the Registration Statement, the Prospectus and the appropriate Prospectus Supplement;

 

(h)                                  if the offered Securities are to be sold pursuant to a definitive purchase, subscription, underwriting or similar agreement, such agreement will have been duly authorized, executed and delivered by the Company and the other parties thereto;

 

(i)                                      at the time of any offering or sale of any Shares, Rights, Warrants or Units exercisable, exchangeable or convertible into Shares, in whole or in part, (together, “ Convertible Securities ”) and as of the date of the issuance of any Shares issuable upon exercise of any Convertible Securities, there will be sufficient Shares authorized and unissued under the Company’s then operative constating documents and not otherwise reserved for issuance;

 

(j)                                     any Shares issuable upon exercise of offered Convertible Securities will have been duly authorized, created and reserved for issuance upon such exercise;

 

2


 

(k)                                  at the time of the issuance of any Securities, the Company validly exists and is duly qualified and in good standing under the laws of its jurisdiction of incorporation and has the necessary corporate power and authority to issue such Securities and to execute and deliver any applicable Governing Document;

 

(l)                                      any applicable Governing Document will have been duly authorized, executed and delivered by the parties thereto (other than the Company), as applicable, and constitutes legally valid and binding obligations of the parties thereto (other than the Company), enforceable against each of them in accordance with its terms;

 

(m)                              any Governing Document will be governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein;

 

(n)                                  the terms of the offered Securities and of their issuance and sale have been duly established in conformity with the Company’s constating documents, so as not to violate any applicable law or Governing Document, or result in a default under or breach of any agreement or instrument binding upon the Company, and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company and the parties (other than the Company) to a Governing Document, as applicable; and

 

(o)                                  the offered Securities will have been duly authorized, established, certificated, executed, delivered, countersigned and registered, as applicable, in accordance with the provisions of the Company’s constating documents, applicable law, applicable Governing Documents, if any, and the Authorizing Resolutions (as defined below).

 

On the basis of the foregoing and subject to the qualifications hereinafter expressed, we are of the opinion that:

 

1.               when (i) all requisite corporate action, including the adoption of appropriate resolutions of the board of directors of the Company or a duly authorized committee thereof (the “ Authorizing Resolutions ”), has been taken by the Company to authorize the issuance of any Shares (and the associated Rights) and the consideration to be received therefor, and (ii) certificates evidencing such Shares have been duly executed, countersigned, issued and delivered, against payment therefor of the consideration specified in such Authorizing Resolutions, in the manner described in such Authorizing Resolutions, such Shares (together with the associated Rights) will be validly issued as fully paid and non-assessable;

 

2.               when (i) all requisite corporate action, including the adoption of Authorizing Resolutions, has been taken by the Company to establish the terms of and to authorize the issuance of any series of Warrants and the consideration to be received therefor and to authorize the Governing Document relating thereto; (ii) all actions described in paragraph (a) above with respect to the Shares issuable upon the exercise of such Warrants have been taken; and (iii) the applicable Governing Document has been duly executed and delivered by the parties thereto and certificates evidencing such Warrants have been duly executed, countersigned, issued and delivered, against payment therefor of the consideration specified in such Authorizing Resolutions, in accordance with the applicable Governing Document and in the manner described in such Authorizing Resolutions, such Warrants will be valid and legally binding obligations of the Company, enforceable against the Company in accordance with their terms; and

 

3.               when (i) all requisite corporate action, including the adoption of Authorizing Resolutions, has been taken by the Company to establish the terms of and to authorize the issuance of any Units and the consideration to be received therefor and to authorize the Governing Document relating thereto; (ii) all actions described in paragraph (a) and/or (b) above, as applicable, with respect to

 

3


 

the issuance of Shares and/or Warrants in connection with such Units have been taken; and (iii) the applicable Governing Document has been duly executed and delivered by the parties thereto and certificates evidencing such Units have been duly executed, countersigned, issued and delivered, against payment therefor of the consideration specified in such Authorizing Resolutions, in accordance with the applicable Governing Document and in the manner described in such Authorizing Resolutions, such Units will be valid and legally binding obligations of the Company, enforceable against the Company in accordance with their terms.

 

4.               pursuant to its shareholder rights plan agreement dated May 8, 2019, the Rights are a binding obligation of Aeterna Zentaris under the laws of the Province of Quebec and the laws of Canada applicable therein, being the governing law applicable to such shareholder rights plan agreement.

 

The foregoing opinions are subject to the following qualifications and limitations:

 

(a)                                  where our opinion refers to Securities to be issued as being “fully paid and non-assessable”, such opinion assumes that all required consideration (in whatever form) has or will be paid or provided and no opinion is expressed as to the adequacy of any such consideration paid or provided;

 

(b)                                  the enforceability of the Governing Documents may be limited by bankruptcy, winding-up, insolvency, arrangement, fraudulent preference and conveyance, assignment and preference and other similar laws of general application affecting the enforcement of creditors’ rights;

 

(c)                                   a court may exercise discretion in the granting of equitable remedies such as specific performance and injunction;

 

(d)                                  the discretion that a court may reserve to itself to decline to hear an action if it is not the proper forum to hear the action or if concurrent proceedings are being brought elsewhere;

 

(e)                                   we express no opinion as to the enforceability of any term providing for the severance of illegal or unenforceable provisions from the remaining provisions of an agreement;

 

(f)                                    we express no opinion as to the enforceability of any provision exculpating any party from liability in respect of acts or omissions that may be illegal, fraudulent or involve wilful misconduct or gross negligence;

 

(g)                                   any provision that provides for interest to be paid at a higher rate after than before default, that provides for a forfeiture of a deposit or any other property or that provides for a particular calculation of damages upon breach may not be enforceable if it is interpreted by a court to be a penalty or if the court determines that relief from forfeiture is appropriate;

 

(h)                                  a court may decline to enforce rights of indemnification or contribution to the extent that they directly or indirectly relate to (i) liabilities imposed by law on the indemnified party for which it would be contrary to public policy or public order to require indemnification by the indemnifying party, (ii) liabilities for non-Canadian taxes or (iii) fraud, wilful misconduct or gross negligence;

 

(i)                                      we express no opinion as to the enforceability by or against a person who is not a party to the Governing Document of any provision in the Governing Document which purports to bind or affect or confer a benefit upon that person;

 

4


 

(j)                                     we express no opinion as to the enforceability of any provision of a Governing Document that is inconsistent with any provision of any other Governing Document except, where that inconsistency is addressed by a paramountcy clause, the paramountcy clause would be enforceable;

 

(k)                                  the enforceability of Governing Documents is subject to the limitations contained in the Limitations Act, 2002 (Ontario); and

 

(l)                                      we express no opinion as to compliance with the Personal Information Protection and Electronic Documents Act or any other privacy laws.

 

Our opinion is expressly limited to the matters set forth above and we render no opinion, whether by implication or otherwise, as to any other matters relating to the Company, the Prospectus, the Registration Statement or the Securities.

 

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the use of our name under the caption “Legal Matters” in the Prospectus included in the Registration Statement. In giving this consent, we do not hereby agree that we come within the category of persons whose consent is required by Section 7 of the Securities Act.

 

Yours truly,

 

/s/ Stikeman Elliott LLP

 

Stikeman Elliott LLP

 

5


Exhibit 23.2

 

 

Consent of Independent Registered Public Accounting Firm

 

We hereby consent to the incorporation by reference in this Registration Statement on Form F-3 of Aeterna Zentaris Inc. of our report dated March 29, 2019 relating to the consolidated financial statements, which appears in Aeterna Zentaris Inc.’s Annual Report on Form 20-F for the year ended December 31, 2018. We also consent to the reference to us under the heading “Experts” in such registration statement.

 

“/s/PricewaterhouseCoopers LLP”

 

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Ontario, Canada

Canada

 

July 31, 2019

 

PricewaterhouseCoopers LLP

PwC Tower, 18 York Street, Suite 2600, Toronto, Ontario, Canada M5J 0B2

T: +1 416 863 1133, F: +1 416 365 8215, www.pwc.com/ca

 

“PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.