<SEC-DOCUMENT>0001104659-24-067939.txt : 20240604
<SEC-HEADER>0001104659-24-067939.hdr.sgml : 20240604
<ACCEPTANCE-DATETIME>20240603181428
ACCESSION NUMBER:		0001104659-24-067939
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		11
FILED AS OF DATE:		20240604
DATE AS OF CHANGE:		20240603
EFFECTIVENESS DATE:		20240604

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ONCOLYTICS BIOTECH INC
		CENTRAL INDEX KEY:			0001129928
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-279926
		FILM NUMBER:		241015357

	BUSINESS ADDRESS:	
		STREET 1:		804, 322 - 11 AVENUE SW
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2R 0C5
		BUSINESS PHONE:		4036707380

	MAIL ADDRESS:	
		STREET 1:		804, 322 - 11 AVENUE SW
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2R 0C5
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2416197d1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="margin: 0pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>As filed with the Securities and Exchange Commission
on June 3, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B></B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<DIV STYLE="padding: 1pt 0in; border: black 1pt solid">

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</B></P>

</DIV>

<DIV STYLE="padding: 0in 0in 1pt; border-bottom: black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><IMG SRC="tm2416197d1_s8img001.jpg" ALT="">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ONCOLYTICS BIOTECH INC.</B></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 32%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Alberta, Canada</B></FONT></TD>
    <TD STYLE="width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 31%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 31%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of<BR>
incorporation or organization) </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
  </TABLE>
<DIV STYLE="padding: 0in 0in 1pt; border-bottom: black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><BR>
Suite 804, 322 11<SUP>th</SUP> Ave SW<BR>
Calgary, Alberta</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Canada T2R 0C5</B></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amended and Restated Stock Option Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Incentive Share Award Plan</B></P>

<DIV STYLE="padding: 1pt 0in 0in; border-top: Black 0.5pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full titles of plan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dorsey &amp; Whitney LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1400 Wewatta Street, Suite 400</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Denver, CO 80202-5549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-top: Black 0.5pt solid">(Name and address
of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(303) 629-3450</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-top: Black 0.5pt solid">(Telephone number,
including area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Copies to:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Jason K. Brenkert, Esq.<BR>
Dorsey &amp; Whitney LLP<BR>
1400 Wewatta Street, Suite 400<BR>
Denver, CO 80202-5549<BR>
<BR>
</P>

<DIV STYLE="padding: 1pt 0in 0in; border-top: Black 0.5pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Indicate
by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company.&nbsp;&nbsp;See definition of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and &#8220;emerging growth
company in Rule 12b-2 of the Exchange Act</FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 16%"><FONT STYLE="font-size: 10pt">Large Accelerated Filer</FONT></TD>
  <TD STYLE="width: 8%">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
  <TD STYLE="width: 16%">Accelerated Filer</TD>
  <TD STYLE="width: 8%"><FONT STYLE="font-family: Wingdings">&#120;</FONT>&nbsp;</TD>
  <TD STYLE="width: 16%">Non-Accelerated Filer</TD>
  <TD STYLE="width: 8%"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</TD>
  <TD STYLE="width: 20%">Smaller Reporting Company</TD>
  <TD STYLE="width: 1%"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><FONT STYLE="font-size: 10pt">Emerging Growth Company</FONT></TD>
  <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">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
13(a) of the Exchange Act.&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">INTRODUCTORY STATEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This registration statement on Form S-8 by Oncolytics
Biotech Inc. (the &ldquo;<B>Registrant</B>&rdquo;) is filed pursuant to General Instruction E to Form S-8 (i) to register 1,918,056 additional
common shares (&ldquo;<B>Common Shares</B>&rdquo;) which have been reserved under the Oncolytics Biotech Inc. Stock Option Plan (the &ldquo;<B>Stock
Option Plan</B>&rdquo;) to be issued upon exercise of outstanding options granted under the Stock Option Plan; (ii) to register 107,100
additional Common Shares to be issued upon vesting and settlement of outstanding awards granted under the Registrant&rsquo;s Incentive
Share Award Plan (the &ldquo;<B>Incentive Share Award Plan</B>&rdquo; together with the Stock Option Plan are collectively referred to
herein as, the &ldquo;<B>Plans</B>&rdquo;) and (iIi) to register an aggregate of 3,300,000 Common Shares reserved for issuance pursuant
to the exercise of options to be granted under the Stock Option Plan and the vesting and settlement of awards to be granted under the
Incentive Award Plan. The maximum number of shares issuable under the Plans shall not exceed 14% of the total number of issued and outstanding
Common Shares from time to time. An aggregate of 11,412,394 Common Shares reserved for issuance under the Plans were previously registered
with the United States Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) on Form S-8 filed with the Commission
on July 17, 2015 (File No. 333-205708) and an aggregate of 6,154,997 Common Shares for issuance under the Stock Option Plan were registered
with the Commission on Form S-8 filed with the Commission on January 10, 2011 (File No. 333-171625) (collectively, &ldquo;<B>Prior Registration
Statement</B>s&rdquo;). With respect to the Plans the Registrant incorporates by reference herein the contents of the Prior Registration
Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PART I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1. &nbsp;Plan Information.</B>*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2. &nbsp;Registrant Information and Employee Plan Annual Information.</B>*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: -9pt">* This information
is not required to be included in, and is not incorporated by reference in, this registration statement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PART II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 3. Incorporation of Documents by Reference.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following documents filed or furnished by
the Registrant with the Securities and Exchange Commission (the &#8220;<B>Commission</B>&#8221;) are hereby incorporated by reference
in this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">the Registrant&#8217;s Annual Report on Form 20-F for the fiscal year ended December 31, 2023 filed with
the Commission on March 12, 2024;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">all other reports of the Registrant filed pursuant to Section 13(a) or 15(d) of the United States Securities
Exchange Act of 1934, as amended (the &#8220;<B>Exchange Act</B>&#8221;), since the end of the fiscal year covered by the Annual Report
incorporated by reference herein pursuant to (a) above; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">the description of the Common Shares contained in the Registrant&#8217;s registration statement on Form
8-A filed with the Commission on May 31, 2018, including any amendment or report for the purpose of updating such description.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All documents subsequently filed by the
Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective amendment
that indicate that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference into this registration statement and to be a part hereof from the date of filing of such documents.
Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified
or superseded for the purposes of this registration statement to the extent that a statement contained herein or in any other
subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement.
Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this
registration statement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 4. Description of Securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5. Interests of Named Experts and Counsel.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 6. Indemnification of Directors and Officers.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the <I>Business Corporations Act</I> (Alberta),
the Registrant may indemnify a director or officer, a former director or officer, or a person who acts or acted at the Registrant&#8217;s
request as a director or officer or a body corporate of which the Registrant is or was a shareholder or creditor, and the director&#8217;s
or officer&#8217;s heirs and legal representatives, 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 or administrative action or proceeding
to which the individual is involved because of that association with the Registrant or other entity, and the Registrant may advance moneys
to such an individual for the costs, charges and expenses of such a proceeding. The Registrant may not indemnify such an individual unless
the individual 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 a director or officer or in a similar capacity at the Registrant&#8217;s
request, and, in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the individual
had reasonable grounds for believing that the individual&#8217;s conduct was lawful. In addition, the individual must repay any moneys
advanced by the Registrant if the individual has not fulfilled the conditions set out in the preceding sentence. Such indemnification
or advance of moneys may be made in connection with a derivative action only with court approval. Such an individual is entitled to indemnification
from the Registrant as a matter of right if the individual was not judged by the court or other competent authority to have committed
any fault or omitted to do anything that the individual ought to have done, and the individual fulfilled the conditions set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The by-laws of the Registrant provide that the
Registrant will indemnify any director or officer of the Registrant, any former director or officer of the Registrant or any individual
who acts or acted at the Registrant&#8217;s request as a director or officer, or in a similar capacity, of another entity, and his or
her heirs and legal representatives to the extent permitted by the <I>Business Corporations Act</I> (Alberta) and will, subject to the
terms of any indemnification agreement between the indemnified party and the Registrant, advance moneys to the indemnified party for costs,
charges and expenses reasonably incurred by the indemnified party in respect of any proceeding in which the indemnified party is, or has
been or may be involved or is or may be liable for or in respect of a judgment, penalty or fine by reason of or arising, in whole or in
part, out of or in connection with or incidental to (a) the fact the indemnified party: (i) is or was a director or officer of the Registrant;
(ii) is or was acting at the Registrant&#8217;s request as a director or officer, or in a similar capacity, of any entity; or (b) anything
done or not done by the indemnified party in any such capacity. Such advance of moneys will be made by the Registrant only to the extent
the Registrant receives a written demand from the indemnified party which must include: (x) affirmation of the indemnified party&#8217;s
good faith belief that he or she is entitled to indemnification by the Registrant hereunder together with particulars of the costs to
be covered by the advance of moneys by the Registrant; and (y) an undertaking from the indemnified party to repay all such advances if
and to the extent that it is determined pursuant to a final judicial determination (as to which all rights of appeal therefrom have been
exhausted or lapsed) by a court of competent jurisdiction that the indemnified party was not entitled to indemnification hereunder or
that the payment of such costs, charges or expenses was prohibited by applicable law.&#8206;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Registrant maintains a directors&#8217; &amp;
officers&#8217; insurance policy for the benefit of the directors and officers of the Registrant and its subsidiaries against liability
incurred by them in their official capacities for which they become obligated to pay to the extent permitted by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 7. Exemption from Registration Claimed.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8. Exhibits.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; padding-top: 3pt; padding-bottom: 3pt; text-align: left"><B><U>Exhibit No.</U></B></TD>
    <TD STYLE="width: 82%; padding-top: 3pt; padding-bottom: 3pt; text-align: left"><B><U>Exhibit</U></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left"><A HREF="tm2416197d1_ex4-1.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: justify"><A HREF="tm2416197d1_ex4-1.htm" STYLE="-sec-extract: exhibit">Amended and Restated Stock Option Plan</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left"><A HREF="tm2416197d1_ex4-2.htm" STYLE="-sec-extract: exhibit">4.2</A></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: justify"><A HREF="tm2416197d1_ex4-2.htm" STYLE="-sec-extract: exhibit">Amended and Restated Incentive Share Award Plan</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left"><A HREF="tm2416197d1_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1</A></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: justify"><A HREF="tm2416197d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of McCarthy T&eacute;trault LLP</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left"><A HREF="tm2416197d1_ex23-1.htm" STYLE="-sec-extract: exhibit">23.1</A></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: justify"><A HREF="tm2416197d1_ex23-1.htm" STYLE="-sec-extract: exhibit">Consent of Ernst &amp; Young LLP</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left"><A HREF="tm2416197d1_ex5-1.htm" STYLE="-sec-extract: exhibit">23.2</A></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: justify"><A HREF="tm2416197d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of McCarthy T&eacute;trault LLP (contained in its opinion filed as Exhibit 5.1)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left"><A HREF="#a_001">24.1</A></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: justify"><A HREF="#a_001">Powers of Attorney (See signature page of this registration statement)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left">104</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="background-color: white">Cover page interactive data file (formatted as Inline XBRL and included in Exhibit 101)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left"><A HREF="tm2416197d1_exfilingfees.htm" STYLE="-sec-extract: exhibit">107</A></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: justify"><A HREF="tm2416197d1_exfilingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="background-color: white">Filing Fees Table</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9. Undertakings.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The undersigned Registrant hereby undertakes:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">To file, during any period in which offers or sales are being made, a post-effective amendment to this
registration statement:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: left">To include any prospectus required by Section 10(a)(3) of the Securities Act;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
                                                                                                                                                                                    </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">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 Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represents no more than 20% change in the maximum aggregate offering price
set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>provided, however,</I> that paragraphs
(a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the
Exchange Act that are incorporated by reference in this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">That, for the purpose of determining any liability under the Securities Act, 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 <I>bona fide </I>offering thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 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 offered therein,
and the offering of such securities at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">Insofar as indemnification for liabilities arising under the Securities Act 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 Commission such indemnification is against public policy as expressed in the Securities Act 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 of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication
of such issue.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Signatures</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>The Registrant</U>. Pursuant to the requirements
of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Calgary, Province of Alberta, Canada on this 3rd day of June, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; background-color: White; text-transform: uppercase"><FONT STYLE="font-size: 10pt">ONCOLYTICS
    BIOTECH INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-size: 10pt">/s/ Kirk Look</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-size: 10pt">Name: Kirk Look</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-size: 10pt">Title: Chief Financial Officer</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_001"></A><B>POWERS OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each person whose signature appears below constitutes
and appoints Bradley G. Thompson and Kirk Look, or either one of them, his true and lawful attorney-in-fact and agent, with full power
of substitution and resubstitution, for such person and in such person&#8217;s name, place and stead, in any and all capacities, to sign
any and all amendments to this registration statement, and to file the same, with all exhibits thereto and other documents in connection
therewith, with the Commission, granting unto said attorneys-in-fact and agents and each of them, full power and authority to do and perform
each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he
might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes,
may lawfully do or cause to be done by virtue thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the
Securities Act of 1933, this registration statement has been signed by or on behalf of the following persons in the capacities
indicated on June 3, 2024:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 45%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Signature</U></B></FONT></TD>
<TD STYLE="width: 10%">&nbsp;</TD>
<TD STYLE="width: 45%"><FONT STYLE="font-size: 10pt"><B><U>Title</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; border-bottom: Black 1pt solid">/s/ Matthew Coffey</TD>
<TD>&nbsp;</TD>
<TD>President, Chief Executive Officer and </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">Matthew C. Coffey</TD>
<TD></TD>
<TD>Chairman of the Board <BR>
(Principal Executive Officer)</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; border-bottom: Black 1pt solid">/s/ Kirk Look</TD>
<TD>&nbsp;</TD>
<TD>Chief Financial Officer and Director</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">Kirk Look</TD>
<TD>&nbsp;</TD>
<TD>(Principal Financial and Accounting Officer)</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; border-bottom: Black 1pt solid">/s/ James T. Parsons</TD>
<TD>&nbsp;</TD>
<TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">James T. Parsons</TD>
<TD>&nbsp;</TD>
<TD></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; border-bottom: Black 1pt solid">/s/ Deborah M. Brown</TD>
<TD>&nbsp;</TD>
<TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">Deborah M. Brown</TD>
<TD>&nbsp;</TD>
<TD></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; border-bottom: Black 1pt solid">/s/ Angela Holtman</TD>
<TD>&nbsp;</TD>
<TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">Angela Holtham</TD>
<TD>&nbsp;</TD>
<TD></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; border-bottom: Black 1pt solid">/s/ Wayne Pisano</TD>
<TD>&nbsp;</TD>
<TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">Wayne Pisano</TD>
<TD>&nbsp;</TD>
<TD></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; border-bottom: Black 1pt solid">/s/ Jonathan Rigby</TD>
<TD>&nbsp;</TD>
<TD>Director </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">Jonathan Rigby</TD>
<TD>&nbsp;</TD>
<TD></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; border-bottom: Black 1pt solid">/s/ Patricia Andrews</TD>
<TD>&nbsp;</TD>
<TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">Patricia Andrews</TD>
<TD>&nbsp;</TD>
<TD></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; border-bottom: Black 1pt solid">/s/ Bernd R. Seizinger</TD>
<TD>&nbsp;</TD>
<TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">Bernd. R. Seizinger</TD>
<TD>&nbsp;</TD>
<TD></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AUTHORIZED REPRESENTATIVE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of Section 6(a) of
the Securities Act of 1933, the undersigned has signed this registration statement, solely in his capacity as the duly authorized representative
of Oncolytics Biotech Inc. in the United States, in Alberta, Canada, on June 3, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-size: 10pt">Oncolytics
    Biotech (US) Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: White; width: 47%">&nbsp;&nbsp;&nbsp;&nbsp;/s/
    Kirk J. Look</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-size: 10pt">Name: Kirk
    J. Look</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-size: 10pt">Title: Chief
    Financial Officer</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Exhibit index</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; padding-top: 3pt; padding-bottom: 3pt; text-align: left"><B><U>Exhibit No.</U></B></TD>
    <TD STYLE="width: 82%; padding-top: 3pt; padding-bottom: 3pt; text-align: left"><B><U>Exhibit</U></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left"><A HREF="tm2416197d1_ex4-1.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: justify"><A HREF="tm2416197d1_ex4-1.htm" STYLE="-sec-extract: exhibit">Amended and Restated Stock Option Plan</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left"><A HREF="tm2416197d1_ex4-2.htm" STYLE="-sec-extract: exhibit">4.2</A></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: justify"><A HREF="tm2416197d1_ex4-2.htm" STYLE="-sec-extract: exhibit">Amended and Restated Incentive Share Award Plan</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left"><A HREF="tm2416197d1_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1</A></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: justify"><A HREF="tm2416197d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of McCarthy T&eacute;trault LLP</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left"><A HREF="tm2416197d1_ex23-1.htm" STYLE="-sec-extract: exhibit">23.1</A></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: justify"><A HREF="tm2416197d1_ex23-1.htm" STYLE="-sec-extract: exhibit">Consent of Ernst &amp; Young LLP</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left"><A HREF="tm2416197d1_ex5-1.htm" STYLE="-sec-extract: exhibit">23.2</A></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: justify"><A HREF="tm2416197d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of McCarthy T&eacute;trault LLP (contained in its opinion filed as Exhibit 5.1)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left"><A HREF="#a_001">24.1</A></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: justify"><A HREF="#a_001">Powers of Attorney (See signature page of this registration statement)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left">104</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="background-color: white">Cover page interactive data file (formatted as Inline XBRL and included in Exhibit 101)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left"><A HREF="tm2416197d1_exfilingfees.htm" STYLE="-sec-extract: exhibit">107</A></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: justify"><A HREF="tm2416197d1_exfilingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="background-color: white">Filing Fees Table</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



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<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>tm2416197d1_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 4.1</B></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2416197d1_ex4-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>AMENDED AND RESTATED STOCK OPTION PLAN</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">1.</FONT></TD><TD STYLE="text-align: justify">The Plan</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors of
Oncolytics Biotech Inc. (the &#8220;<B>Corporation</B>&#8221;) has adopted this Stock Option Plan (the &#8220;<B>Plan</B>&#8221;) governing
the issuance of Options (as defined herein) of the Corporation to Eligible Persons (as defined herein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">2.</FONT></TD><TD STYLE="text-align: justify">Purpose</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The purpose of this Plan is
to advance the interests of the Corporation by encouraging the Directors, Officers, Employees and Consultants to acquire Shares, thereby
(i) increasing the proprietary interests of such persons in the Corporation; (ii) aligning the interests of such persons with the interests
of the Corporation&#8217;s shareholders generally; (iii) encouraging such persons to remain associated with the Corporation; and (iv)
furnishing such persons with an additional incentive in their efforts on behalf of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">3.</FONT></TD><TD STYLE="text-align: justify">Definitions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">&#8220;<B>associate</B>&#8221; has the meaning ascribed thereto in the TSX Policies.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">&#8220;<B>Board</B>&#8221; means the board of directors of the Corporation as constituted from time to
time and shall be deemed to include any committee thereof to which the Board has, fully or partially, delegated the administration and
operation of this Plan pursuant to Section 4 of this Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">&#8220;<B>Change of Control</B>&#8221; means:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the acceptance by the holders of Shares, representing in the aggregate of more than 50 percent (50%) of
all issued and outstanding Shares, of any offer, whether by way of a takeover bid or otherwise, for all or any of the Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the acquisition, by whatever means (including, without limitation, amalgamation, arrangement, consolidation
or merger), by a person (or two or more persons who in such acquisition have acted jointly or in concert or intend to exercise jointly
or in concert any voting rights attaching to the Shares acquired), directly or indirectly, of the beneficial ownership of such number
of Shares, which together with such person&#8217;s then owned Shares, if any, represent more than 50 percent (50%) of the Corporation&#8217;s
then outstanding Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the sale, lease or other disposition of all or substantially all of the assets of the Corporation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">the passing of a resolution by the board of directors of the Corporation or shareholders of the Corporation
to substantially liquidate assets or wind-up its business or significantly rearrange its affairs in one or more transactions or series
of transactions or the commencement of proceedings for such a liquidation, winding-up or re-arrangement (except where such re-arrangement
is part of a <I>bona fide</I> reorganization of the Corporation in circumstances where the business of the Corporation is continued and
where the shareholdings remain substantially the same following the re-arrangement as existed prior to the re-arrangement);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">individuals who were members of the board of directors of the Corporation immediately prior to a meeting
of the shareholders of the Corporation involving a contest for or, an item of business relating to the election of directors shall not
constitute a majority of the board of directors of the Corporation following such election;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">the completion of any transaction or the first of a series of transactions which would have the same or
similar effect as any transaction or series of transactions referred to in subsections (i), (ii), (iii), (iv) or (v) referred to above;
or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">a determination by the board of directors of the Corporation that there has been a change, whether by
way of a change in the holding of the Shares, in the ownership of the Corporation&#8217;s assets or by any other means, as a result of
which any person or group of persons acting jointly or in concert is in a position to exercise effective control of the Corporation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">&#8220;<B>Corporation</B>&#8221; means Oncolytics Biotech Inc.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">&#8220;<B>Consultant</B>&#8221; means an individual or Consultant Corporation, other than a Director,
Officer or Employee, that:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">is engaged to provide on an ongoing <I>bona fide</I> basis, consulting, technical, management or other
services to the Corporation or a subsidiary of the Corporation, other than services in relation to a distribution;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">provides the services under a written contract for an initial, renewable or extended period of twelve
months or more; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">spends or will spend a significant amount of time and attention on the affairs of the Corporation or a
subsidiary of the Corporation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">&#8220;<B>Consultant Corporation</B>&#8221; means for an individual consultant, a company or partnership
of which the individual is an employee, shareholder or partner.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">&#8220;<B>Director</B>&#8221; means a director of the Corporation or any subsidiary of the Corporation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">&#8220;<B>Eligible Person</B>&#8221; means a Director, Officer, Employee or Consultant of the Corporation
or its subsidiaries.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">&#8220;<B>Employee</B>&#8221; means a persons who would be considered an &#8216;employee&#8217; under
the Tax Act, or who works full-time or for a specified number of hours per week on a continuing regular basis and is subject to the same
control and direction by the Corporation or a subsidiary of the company over the details and methods of work as an employee of the company,
but for whom tax and other deductions are not made at source.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">&#8220;<B>Exchange</B>&#8221; means the Toronto Stock Exchange and such other stock exchange(s) on which
the Shares are then listed and posted for trading from time to time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">&#8220;<B>insider</B>&#8221; has the meaning ascribed thereto in the TSX Policies.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">&#8220;<B>insider participation limit</B>&#8221; has the meaning ascribed thereto in the TSX Policies.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">&#8220;<B>Market Price</B>&#8221; means the closing price of the Shares on the TSX (or, if the Shares
are not then listed and posted for trading on the TSX or are then listed and posted for trading on more than one Exchange, on such Exchange
on which the Shares are then listed and posted for trading as may be selected for such purpose by the Board acting reasonably and in good
faith) on the last trading date prior to the date of grant of an Option hereunder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">&quot;<B>Non-Employee Director</B>&quot; means any Director who is not also an Employee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify">&#8220;<B>Officer</B>&#8221; means an officer of the Corporation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify">&#8220;<B>Option</B>&#8221; means an option to purchase Shares granted pursuant to this Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify">&#8220;<B>Participant</B>&#8221; means each of the Eligible Persons granted an Option pursuant to this
Plan and their heirs, executors and administrators.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify">&#8220;<B>Plan</B>&#8221; means this Stock Option Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify">&#8220;<B>Security Based Compensation Arrangement</B>&#8221; has the meaning ascribed thereto in the TSX
Policies.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify">&#8220;<B>Shares</B>&#8221; means common shares in the capital of the Corporation and shall be deemed
to include any other listed securities that may be acquired by a Participant upon the exercise of an Option the terms of which have been
modified in accordance with Section 17.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(u)</TD><TD STYLE="text-align: justify">&#8220;<B>Tax Act</B>&#8221; means the <I>Income Tax Act</I> (Canada), as amended from time to time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">&#8220;<B>TSX</B>&#8221; means the Toronto Stock Exchange.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(w)</TD><TD STYLE="text-align: justify">&#8220;<B>TSX Policies</B>&#8221; means the policies included in the TSX Company Manual.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">4.</FONT></TD><TD STYLE="text-align: justify">Administration</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Plan shall be administered by the Board and, for greater certainty, the board of directors of the
Corporation shall have the right to delegate the administration and operation of this Plan, in whole or in part, to a committee of the
board of directors that has been assigned the responsibility
of determining the Corporation&#8217;s policies with respect to executive compensation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Subject to the terms and conditions set forth herein and the TSX Policies, the Board is authorized to
provide for the granting, exercise and method of exercise of Options, all on such terms (which may vary between Options granted from time
to time) as it shall determine. In addition, the Board shall have the authority to:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">construe and interpret this Plan and all option agreements entered into hereunder,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">prescribe, amend and rescind rules and regulations relating to this Plan; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">make all other determinations necessary or advisable for the administration of this Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">All determinations and
interpretations made by the Board shall be binding on all Participants and on their legal, personal representatives and beneficiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Options shall be evidenced by an agreement, signed on behalf of the Corporation and by the person to whom
an Option is granted, which agreement shall be in such form as the Board shall approve or authorize from time to time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">5.</FONT></TD><TD STYLE="text-align: justify">Shares Subject to this Plan</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Subject to Section 17, the securities that may be acquired by Participants under this Plan shall consist
of authorized but unissued Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The number of Shares reserved for issuance under this Plan and all other Security Based Compensation Arrangements
in aggregate shall not exceed fourteen percent (14%) of the total number of issued and outstanding Shares from time to time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">If any Option granted under this Plan shall be exercised or shall expire or terminate for any reason without
having been exercised in full, any Shares to which such Option relates shall be available for the purposes of the granting of Options
under this Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">6.</FONT></TD><TD STYLE="text-align: justify">Maintenance of Sufficient Capital</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Corporation shall at all
times during the term of this Plan ensure that the number of Shares it is authorized to issue shall be sufficient to satisfy the requirements
of this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">7.</FONT></TD><TD STYLE="text-align: justify">Eligibility and Participation</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board may from time to
time, in its discretion, grant an Option to any Eligible Person, upon such terms, conditions and limitations as the Board may determine,
including the terms, conditions and limitations set forth herein, provided that Options granted to any Participant shall be approved by
the shareholders of the Corporation if the TSX Policies or the requirements of any other Exchange on which the Shares are listed require
such approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">8.</FONT></TD><TD STYLE="text-align: justify">Exercise Price</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Options may be exercised at
a price (the &#8220;<B>Exercise Price</B>&#8221;) which shall be fixed by the Board at the time that the Option is granted. No Option
shall be granted with an Exercise Price at a discount to the Market Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">9.</FONT></TD><TD STYLE="text-align: justify">Number of Optioned Shares</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The number of Shares that
may be acquired under an Option granted to a Participant shall be determined by the Board as at the time the Option is granted, provided
that the aggregate number of Shares reserved for issuance to any one Participant under this Plan or any other Security Based Compensation
Arrangement, shall not exceed five percent (5%) of the total number of issued and outstanding Shares (calculated on a non-diluted basis).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">10.</FONT></TD><TD STYLE="text-align: justify">Term</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The period during which an
Option may be exercised (the &#8220;<B>Option Period</B>&#8221;) shall be determined by the Board at the time the Option is granted, subject
to any vesting limitations which may be imposed by the Board in its sole unfettered discretion at the time such Option is granted, provided
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">no Option shall be exercisable for a period exceeding ten (10) years from the date the Option is granted;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the Option Period shall be automatically reduced in accordance with Sections 12 and 13 upon the occurrence
of any of the events referred to therein; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">no Option in respect of which shareholder approval is required under the TSX Policies or the requirements
of any other Exchange on which the Shares are then listed shall be exercisable until such time as the Option has been approved by the
shareholders of the Corporation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
if the Option Period of an Option expires during a Blackout Period (as defined below) or within five (5) business days after a Blackout
Period, such Option Period shall be deemed to be extended to the date which is the tenth (10<SUP>th</SUP>) business day after the last
day of the applicable Black Out Period. For the purposes of this Plan, Blackout Period means, with respect to an Option, any period during
which the holder of such Option is not permitted to trade Shares pursuant to the policies of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">11.</FONT></TD><TD STYLE="text-align: justify">Method of Exercise of Option</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Except as set forth in Sections 12 and 13 or as otherwise determined by the Board, no Option may be exercised
unless the holder of such Option is, at the time the Option is exercised, an Eligible Person.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Options may be exercised in whole or in part and may be exercised on a cumulative basis where a vesting
limitation has been imposed at the time of grant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Any Participant (or his legal, personal representative) wishing to exercise an Option shall deliver to
the Corporation, at its principal office in the City of Calgary, Alberta:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">a written notice expressing the intention of such Participant (or his legal, personal representative)
to exercise his Option and specifying the number of Shares in respect of which the Option is exercised; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">a cash payment, cheque or bank draft, representing the full purchase price of the Shares in respect of
which the Option is exercised. For greater certainty, the Corporation shall not provide financial assistance in regards to the exercise
of an Option.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Upon the exercise of an Option as aforesaid, the Corporation shall use its reasonable efforts to forthwith
deliver, or cause the registrar and transfer agent of the Shares to deliver, to the relevant Participant (or his legal, personal representative)
or to the order thereof, a certificate representing the aggregate number of fully paid and non-assessable Shares as the Participant (or
his legal, personal representative) shall have then paid for.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">In order to fulfill the Corporation&#8217;s obligations under the Tax Act in respect of withholding and
remittance on account of tax payable by Participants on the exercise of Options under this Section 11, the Corporation shall advise each
Participant, on receiving such Participant&#8217;s notice of intention to exercise, of the amount of such remittance (the &#8220;<B>Remittance
Amount</B>&#8221;) required under the Tax Act. Prior to the delivery of the Shares, the Corporation may, in its sole discretion:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">require the Participant to pay to the Corporation, as an additional amount on the exercise of their Options,
the Remittance Amount;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">withhold from any remuneration or consideration payable to the Participant an amount equal to the Remittance
Amount;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">retain and sell on behalf of the Participant such number of Shares to obtain proceeds from the sale of
such shares on the principal stock exchange on which the common shares are traded sufficient to satisfy the Remittance Amount; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">any combination of the above.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">Upon receipt or payment
of this amount in the manner described above, the Corporation shall in accordance with Section 11(d) issue to the Participant the Shares
(or in the case of subsection 11(d)(iii), the remaining Shares) for which the Option was exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">Notwithstanding anything else contained herein, each Participant shall be responsible for the payment
of all applicable taxes, including, but not limited to, income taxes payable in connection with the exercise of any Options under this
Plan and the Corporation, its Directors, Officers, Employees and agents shall bear no liability in connection with the payment of such
taxes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">12.</FONT></TD><TD STYLE="text-align: justify">Ceasing to be an Eligible Person</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to any written
agreement between the Corporation and a Participant providing otherwise, if any Participant shall cease to be an Eligible Person for
any reason other than the termination for cause or the death or permanent disability of the Participant, such Participant&#8217;s
Option will terminate immediately as to the then unvested portion thereof and at 5:00 p.m. (Calgary time) on the earlier of the date
of the expiration of the Option Period and the ninetieth (90<SUP>th</SUP>) day after the date such Participant ceases to be an
Eligible Person as to the then vested portion of the Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a Participant ceases to
be an Eligible Person as a result of the termination of such Participant for cause, effective as of the date notice is given to the Participant
of such termination, all outstanding Option Agreements under which Options have been granted to such Participant shall be terminated and
all rights to receive Shares thereunder shall be forfeited by such Participant, and the Participant shall not be entitled to receive any
Shares or other compensation in lieu thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither the selection of any
person as a Participant nor the granting of an Option to any Participant under this Plan shall (i) confer upon such Participant any right
to continue as a Director, Officer, Employee or Consultant of the Corporation or a subsidiary thereof, as the case may be, or (ii) be
construed as a guarantee that the Participant will continue as a Director, Officer, Employee or Consultant of the Corporation or a subsidiary
thereof, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
the Board may, at its sole discretion, extend the period during which any Options may be exercised by a Participant that has ceased to
be an Eligible Person, in the case of Options held by non-management Directors, by not more than one (1) year, and in the case of Options
held by other persons, by not more than three (3) years, but in no case longer than the original expiry date of the Options established
at the time of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">13.</FONT></TD><TD STYLE="text-align: justify">Death or Permanent Disability of a Participant</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to any written agreement
between the Corporation and a Participant providing otherwise, if in the event of the death or permanent disability of a Participant,
any Option previously granted to such Participant shall be exercisable until the end of the Option Period or until the expiration of 12
months after the date of death or permanent disability of such Participant, whichever is earlier, and then only:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">by the person or persons to whom the Participant&#8217;s rights under the Option shall pass by the Participant&#8217;s
will or applicable law;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">to the extent that he was entitled to exercise the Option as at the date of the Participant&#8217;s death
or permanent disability.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">14.</FONT></TD><TD STYLE="text-align: justify">Change of Control</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding any other
provision hereof, in the event of a Change of Control, all Options which have not otherwise vested in accordance with their terms shall
immediately vest and be exercisable, notwithstanding the other terms of the Options or this Plan for a period of time ending on the earlier
of the expiry time of the Option and the ninetieth (90<SUP>th</SUP>) day following the Change of Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">15.</FONT></TD><TD STYLE="text-align: justify">Transferability</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All benefits, rights and
Options accruing to any Participant in accordance with the terms and conditions of this Plan shall not be transferable or assignable
unless specifically provided herein. The Corporation shall not recognize any attempted exercise of any purported assignee of a
Participant. During the lifetime of a Participant any Options granted hereunder may only be exercised by the Participant and in the
event of the death or permanent disability of a Participant, by the person or persons to whom the Participant&#8217;s rights under
the Option pass by the Participant&#8217;s will or applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">16.</FONT></TD><TD STYLE="text-align: justify">Amendment and Termination of Plan</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Board may, at any time, suspend or terminate this Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Subject to Section 16(c) and 16(d), the Board may, at any time and from time to time, amend this Plan
or any Option, subject to applicable TSX Policies and the requirements of any other Exchange on which the Shares are then listed, without
the consent or approval from any Participant or shareholder of the Corporation (provided that no such amendment may be made that will
materially prejudice the rights of any Participant under any Option previously granted to the Participant without consent by such Participant)
including without limitation:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">to amend, modify or terminate this Plan with respect to all Shares in respect of Options which have not
yet been granted thereunder;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">to make any amendment of a &#8220;housekeeping nature&#8221;, including to make any amendment typographical,
grammatical, clerical or administrative nature or clarification correcting or rectifying any ambiguity, immaterial inconsistency, defective
provision, mistake, or error or omission in this Plan or any Option;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">to change the provisions relating to the manner of exercise of Options, including changing or adding any
form of financial assistance provided by the Corporation or adding or amending provisions relating to a cashless exercise of Options;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">accelerating vesting or extending the expiration date of any Option (provided that such Option is not
held by an insider), provided that the period during which an Option is exercisable does not exceed 10 years from the date the Option
is granted;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">adding a cashless exercise feature, payable in cash or securities, whether or not providing for a full
deduction of the number of underlying Shares from this Plan reserve; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">to make any addition to, deletion from or alteration of the provisions of this Plan or any Option that
are necessary to comply with applicable law, the TSX Policies, or the requirements of any other Exchange on which the Shares are then
listed and to avoid unanticipated consequences deemed by the Board to be inconsistent with the purpose of this Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Notwithstanding Section 16(b), the Board may not, without approval of the holders of a majority of Shares
present and voting in person or by proxy at a meeting of holders of Shares, amend this Plan or any Option to:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">increase the number of Shares reserved for issuance pursuant to this Plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">extend eligibility to participate in this Plan to persons other than Eligible Persons;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">permit Options to be transferred, other than for normal estate settlement purposes or to an RRSP or similar
plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">permit awards other than Options to be made under this Plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">amend or delete Section 10(a) to extend the term of any Option beyond the Option Period of such Option
or allow for such Option to be exercisable for a period exceeding ten (10) years from the date the Option is granted, or extend any Option
benefitting an insider other than as otherwise provided for under this Plan; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">reduce the Exercise Price of an Option, except for the purpose of maintaining Option value in connection
with a conversion, change, reclassification, redivision, redesignation, subdivision or consolidation of shares or a reorganization, amalgamation,
consolidation, merger, takeover bid or similar transaction involving the Corporation (for this purpose, cancellation or termination of
an Option prior to its expiry date for the purpose of reissuing Options to the same option-holder with a lower Exercise Price will be
considered an amendment to reduce the Exercise Price of an Option); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">change the insider participation limitation under this Plan; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">amend this Section 16.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Notwithstanding Section 16(b), no amendment or revision to this Plan or any Option pursuant to Section
16(b) shall in any manner materially adversely affect the rights of any Participant under any Options granted under this Plan prior to
such amendment or revision without such Participant&#8217;s consent.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">17.</FONT></TD><TD STYLE="text-align: justify">Necessary Approvals</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The obligation of the Corporation to issue and deliver Shares in accordance with this Plan is subject
to applicable securities legislation and to the receipt of any approvals that may be required from any regulatory authority or any Exchange
on which the Shares are then listed. If Shares cannot be issued to a Participant upon the exercise of an Option for any reason whatsoever,
the obligation of the Corporation to issue such Shares shall terminate and any funds paid to the Corporation in connection with the exercise
of such Option will be returned to the relevant Participant as soon as practicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Without obtaining the approval of the shareholders of the Corporation in accordance with the TSX Policies
or the requirements of any other Exchange on which the Shares are then listed, no Options shall be granted pursuant to this Plan, if such
grant together with grants pursuant to all other share compensation arrangements of the Corporation, could result, at any time, in:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">a number of Shares issuable pursuant to Options granted to insiders exceeding ten percent (10%) of the
number of outstanding Shares at any time;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the issuance within a one year period to insiders, of a number of Shares exceeding ten percent (10%) of
the number of outstanding Shares; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the issuance to any one insider and such insider&#8217;s associates, within a one year period, of a number
of Shares exceeding five percent (5%) of the number of outstanding Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The total annual grant of Options to any one Non-Employee Director cannot exceed a grant value of $150,000.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">18.</FONT></TD><TD STYLE="text-align: justify">Stock Exchange Rules</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Plan and any option agreements
entered into hereunder shall comply with the TSX Policies and the requirements of any other Exchange on which the Shares are then listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">19.</FONT></TD><TD STYLE="text-align: justify">Right to Issue Other Shares</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Corporation shall not
by virtue of this Plan be in any way restricted from declaring and paying stock dividends, issuing further Shares, varying or amending
its share capital or corporate structure or conducting its business in any way whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">20.</FONT></TD><TD STYLE="text-align: justify">Notice</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any notice required to be
given by this Plan shall be in writing and shall be given by registered mail, postage prepaid or delivered by courier or by facsimile
or email transmission addressed, if to the Corporation, at its principal address in Calgary, Alberta (being currently 210, 1167 Kensington
Crescent N.W., Calgary, Alberta T2N 1X7), Attention: Chief Financial Officer; or if to a Participant, to such Participant at his address
as it appears on the books of the Corporation or in the event of the address of any such Participant not so appearing then to the last
known address of such Participant; or if to any other person, to the last known address of such person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">21.</FONT></TD><TD STYLE="text-align: justify">Gender</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever used herein words
importing the masculine gender shall include the feminine and neuter genders and vice versa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-transform: uppercase">22.</FONT></TD><TD STYLE="text-align: justify">Interpretation</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Plan will be governed
by and construed in accordance with the laws of the Province of Alberta.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DATED: May 9, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0pt"></P>

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<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>tm2416197d1_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 4.2</B></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2416197d1_ex4-2img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>AMENDED AND RESTATED INCENTIVE SHARE AWARD
PLAN</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Directors of Oncolytics Biotech Inc. (the &ldquo;<B>Corporation</B>&rdquo;)
has adopted this Incentive Share Award Plan (the &ldquo;<B>Plan</B>&rdquo;) governing the issuance of: (i) Restricted Share Awards to
Eligible Persons; and (ii) Performance Share Awards to Employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">1.</FONT></TD><TD>Purposes</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The principal purposes of the Plan are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD>to retain and attract qualified directors, officers, employees and consultants for the Corporation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">to promote ownership of common shares of the Corporation by such directors, officers, employees and consultants and to encourage such
persons to remain in the employ or service of the Corporation and put forth maximum efforts for the success of the affairs of the Corporation;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD>to focus management of the Corporation on operating and financial performance and total long-term shareholder return.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.</FONT></TD><TD>Definitions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where used herein, the following terms shall have the following meanings,
respectively:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Black-Out Period</B>&rdquo; means any period during which the holder of a Share Award is not permitted to trade Shares pursuant
to the policies of the Corporation.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Board</B>&rdquo; means the board of directors of the Corporation as constituted from time to time and shall be deemed to
include any committee thereof to which the Board has, fully or partially, delegated the administration and operation of this Plan pursuant
to Section 3 of this Plan.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Business Day</B>&rdquo; means each day other than a Saturday, Sunday, a statutory holiday in Alberta or any day on which
the principal chartered banks located in Calgary, Alberta are not open for business during normal business hours.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Cessation Date</B>&rdquo; means, in respect of a Participant, the last day of active employment or service of the Participant
with the Corporation, regardless of the reason for the cessation of employment or service and regardless of whether any or any adequate
or proper advance notice of termination or resignation is provided in respect of such cessation of employment or service.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD>&ldquo;<B>Change of Control</B>&rdquo; means:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">the acceptance by the holders of Shares, representing in the aggregate of more than 50 percent (50%) of all issued and outstanding
Shares, of any offer, whether by way of a takeover bid or otherwise, for all or any of the Shares;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">the acquisition, by whatever means (including, without limitation, amalgamation, arrangement, consolidation or merger), by a person
(or two or more persons who in such acquisition have acted jointly or in concert or intend to exercise jointly or in concert any voting
rights attaching to the Shares acquired), directly or indirectly, of the beneficial ownership of such number of Shares, which together
with such person's then owned Shares, if any, represent more than 50 percent (50%) of the Corporation's then outstanding Shares;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">the sale, lease or other disposition of all or substantially all of the assets of the Corporation;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">the passing of a resolution by the board of directors of the Corporation or shareholders of the Corporation to substantially liquidate
assets or wind-up its business or significantly rearrange its affairs in one or more transactions or series of transactions or the commencement
of proceedings for such a liquidation, winding-up or re-arrangement (except where such re-arrangement is part of a bona fide reorganization
of the Corporation in circumstances where the business of the Corporation is continued and where the shareholdings remain substantially
the same following the re-arrangement as existed prior to the re-arrangement);</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">individuals who were members of the board of directors of the Corporation immediately prior to a meeting of the shareholders of the
Corporation involving a contest for or, an item of business relating to the election of directors shall not constitute a majority of the
board of directors of the Corporation following such election;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(vi)</FONT></TD><TD STYLE="text-align: justify">the completion of any transaction or the first of a series of transactions which would have the same or similar effect as any transaction
or series of transactions referred to in subsections (i), (ii), (iii), (iv) or (v) referred to above; or</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(vii)</FONT></TD><TD STYLE="text-align: justify">a determination by the board of directors of the Corporation that there has been a change, whether by way of a change in the holding
of the Shares, in the ownership of the Corporation's assets or by any other means, as a result of which any person or group of persons
acting jointly or in concert is in a position to exercise effective control of the Corporation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>Consultant</B>&quot; means an individual or Consultant Corporation,
other than an Employee or a Non-Employee Director, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">is engaged to provide on an ongoing bona fide basis, consulting, technical, management or other services to the Corporation or a subsidiary
of the Corporation, other than services in relation to a distribution;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">provides the services under a written contract for an initial, renewable or extended period of twelve months or more; and</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">spends or will spend a significant amount of time and attention on the affairs of the Corporation or a subsidiary of the Corporation.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">&quot;<B>Consultant Corporation</B>&quot; means for an individual consultant, a company or partnership of which the individual is
an employee, shareholder or partner.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Eligible Person</B>&rdquo; means an Employee, a Non-Employee Director or a Consultant.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">&quot;<B>Employee</B>&quot; means a persons who would be considered an 'employee' under the Tax Act, or who works full-time or for
a specified number of hours per week on a continuing regular basis and is subject to the same control and direction by the Corporation
or a subsidiary of the company over the details and methods of work as an employee of the company, but for whom tax and other deductions
are not made at source.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Exchange</B>&rdquo; means the TSX and such other stock exchange(s) on which the Shares are then listed and posted for trading
from time to time.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Grant Date</B>&rdquo; means the grant date for a Share Award.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">&quot;<B>insider</B>&quot; has the meaning ascribed thereto in the TSX Policies.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(j)</FONT></TD><TD STYLE="text-align: justify">&quot;<B>insider participation limit</B>&quot; has the meaning ascribed thereto in the TSX Policies.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(k)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Issue Date</B>&rdquo; means the date on which Shares are issued to a Participant in respect of a Share Award following completion
of the applicable Vesting Period.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(l)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Non-Employee Director</B>&rdquo; means any director of the Corporation (including, for greater certainty, any subsidiary
of the Corporation) who is not also an Employee.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(m)</FONT></TD><TD STYLE="text-align: justify">&quot;<B>Officer</B>&quot; means an officer of the Corporation.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(n)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Participant</B>&rdquo; means an Eligible Person to whom a Share Award has been granted.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(o)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Performance Criteria</B>&rdquo; means any performance-related measures or criteria as determined by the Board in its sole
discretion at Grant Date to be taken into consideration over the Vesting Period of a Performance Share Award for purposes of determining
the applicable Vesting Percentage, which measures or criteria may include, the Corporation&rsquo; performance compared to identified operational
or financial targets, the Corporation&rsquo; shareholder return, and any such other performance-related measures or criteria matters
as the Board may determine, in its sole discretion.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(p)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Performance Share Award</B>&rdquo; means an award to an Employee under the Plan pursuant to which Shares shall be issued
on the Issue Dates, as applicable, determined in accordance with Section 5 hereof, based upon achieving the applicable Performance Criteria
and subject to adjustment in accordance with the terms of the Plan.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(q)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Restricted Share Award</B>&rdquo; means an award to an Eligible Person under the Plan pursuant to which Shares shall be
issued on the Issue Dates, as applicable, determined in accordance with Section 5 hereof, subject to adjustment in accordance with the
terms of the Plan.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(r)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Security Based Compensation Arrangement</B>&rdquo; has the meaning ascribed thereto in the TSX Policies.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(s)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Share</B>&rdquo; mean a common share in the capital of the Corporation.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(t)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Share Award</B>&rdquo; means a Performance Share Award or Restricted Share Award, as applicable.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(u)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Share Award Agreement</B>&rdquo; has the meaning set forth in Section 5 hereof.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Shareholder</B>&rdquo; means a holder of Shares.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(w)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>TSX</B>&rdquo; means the Toronto Stock Exchange.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(x)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>TSX Policies</B>&rdquo; means the policies included in the TSX Company Manual.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(y)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Vested</B>&rdquo; means the applicable Vesting Period having been completed and additionally in the case of Performance
Share Awards, the applicable Performance Criteria in relation to a whole or percentage of the number of Shares covered by such Performance
Share Award determined by the Board having been met, where &ldquo;<B>Vesting</B>&rdquo; (or any applicable derivative term) has a comparable
meaning.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(z)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Vesting Percentage</B>&rdquo; means the percentage of outstanding Performance Share Awards that will vest based upon the
relative achievement of the Performance Criteria for such award during the Vesting Period, where such percentage will range from 0 percent
to 100 percent reflecting the Board&rsquo;s determination, in its sole discretion, of the achievement of the Performance Criteria.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(aa)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Vesting Period</B>&rdquo; means the period over which Share Awards granted under the Plan shall vest in accordance with
Section 5(b)(i), subject to adjustment or modification pursuant to the terms and conditions of the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">3.</FONT></TD><TD>Administration</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">The Plan shall be administered by the Board and, for greater certainty, the board of directors of the Corporation shall have the right
to delegate the administration and operation of this Plan, in whole or in part, to a committee
of the board of directors that has been assigned the responsibility of determining the Corporation&rsquo;s policies with respect to executive
compensation. The Board shall have the authority in its sole and absolute discretion to administer the Plan and to exercise all the powers
and authorities either specifically granted to it under the Plan or necessary or advisable in the administration of the Plan including,
without limitation, the authority to:</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">grant Restricted <FONT STYLE="color: windowtext">Share Award</FONT>s to Eligible Persons and Performance <FONT STYLE="color: windowtext">Share
Award</FONT>s to Employees;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">determine the Grant Date for <FONT STYLE="color: windowtext">Share Award</FONT>s;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">determine the Eligible Persons who may participate in this Plan and designate any officer or employee of the Corporation as being
an Employee under this Plan;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">determine Performance Criteria applicable to any Performance <FONT STYLE="color: windowtext">Share Award</FONT>;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">approve the form and determine the terms and provisions of <FONT STYLE="color: windowtext">Share Award</FONT> Agreements (which need
not be identical) entered into in connection with <FONT STYLE="color: windowtext">Share Award</FONT>s;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(vi)</FONT></TD><TD STYLE="text-align: justify">interpret the Plan and the <FONT STYLE="color: windowtext">Share Award</FONT> Agreements;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(vii)</FONT></TD><TD STYLE="text-align: justify">prescribe, amend and rescind rules and regulations relating to the Plan;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(viii)</FONT></TD><TD STYLE="text-align: justify">determine whether and the extent to which adjustments shall be made pursuant to the Plan; and</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(ix)</FONT></TD><TD STYLE="text-align: justify">make all other determinations deemed necessary or advisable for the administration of the Plan.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">For greater certainty and without limiting the discretion conferred on the Board pursuant to this Section 3, the Board&rsquo;s decision
to approve the grant of a Share Award in any period shall not require the Board to approve the grant of a Share Award to any Participant
in any other period; nor shall the Board&rsquo;s decision with respect to the amount or terms and conditions of a Share Award in any period
require it to approve the grant of a Share Award of the same or similar amount or with the same or similar terms and conditions to any
Participant in any other period. The Board shall not be precluded from approving the grant of a Share Award to any Participant solely
because such Participant may previously have been granted a Share Award under this Plan or any other Security Based Compensation Arrangement.
No Participant has any claim or right to be granted a Share Award. There is no obligation for uniformity of treatment of Non-Employee
Directors, Employees or Consultants, or any group of Non-Employee Directors, Employees or Consultants.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">Any interpretation, rule, regulation, determination or other act of the Board hereunder shall be made in its sole discretion and shall
be final and conclusively binding upon the Corporation and all persons affected by the
Plan. No member of the Board shall be liable for any action or determination made in good faith pursuant to the Plan or any instrument
of grant evidencing any Share Award awarded under the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">4.</FONT></TD><TD>Reservation of <FONT STYLE="color: windowtext">Share</FONT>s; Participation Limits</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">The number of Shares reserved for issuance under the Plan and all other Security Based Compensation Arrangements in aggregate shall
not exceed 14% of the total number of issued and outstanding Shares from time to time.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">The number of Shares issuable to Insiders at any time, under all Security Based Compensation Arrangements of the Corporation, shall
not exceed 10% of the issued and outstanding Shares.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">The number of Shares issued to Insiders, within any one-year period, under all Security Based Compensation Arrangements of the Corporation,
shall not exceed 10% of the issued and outstanding Shares.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">The number of Shares reserved for issuance under all Security Based Compensation Arrangements of the Corporation to any one Participant
shall not exceed 5% of the total number of issued and outstanding Shares.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding any other provision of this Plan, Performance Share Awards may only be granted to Employees.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">Share Awards that are vested and redeemed, or are cancelled, terminated or expire prior to the settlement of all or a portion thereof,
shall result in the Shares that were reserved for issuance thereunder being available for a subsequent grant of Share Awards pursuant
to this Plan.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">The maximum number of Shares that may be reserved for issuance to Non-Employee Directors pursuant to Restricted Share Awards under
the Plan is 1% of the Shares outstanding at the time of the grant (on a non-diluted basis), less the aggregate number of Shares reserved
for issuance to such Non-Employee Director under any other Security Based Compensation Arrangement, and the total annual grant of Restricted
Share Awards to any one Non-Employee Director cannot exceed a grant value of $150,000 (less the amount awarded to such Non-Employee Director
in the year pursuant to any other Security Based Compensation Arrangement).</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">5.</FONT></TD><TD STYLE="text-align: justify">Terms and Conditions of <FONT STYLE="color: windowtext">Share Award</FONT>s</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each Share Award granted under the Plan shall be subject to the terms
and conditions of the Plan and evidenced by a written agreement between the Corporation and the Participant or an award letter from the
Corporation to the Participant (a &ldquo;<B>Share Award Agreement</B>&rdquo;) which agreement shall comply with, and be subject to, the
requirements of the Exchange and the following terms and conditions (and with such other terms and conditions as the Board, in its discretion,
shall establish):</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><B>Number of <FONT STYLE="color: windowtext">Share Award</FONT>s</B> - The Board may determine the number of <FONT STYLE="color: windowtext">Share
Awards</FONT> to be awarded to a Participant in its sole discretion.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD><B>Vesting of <FONT STYLE="color: windowtext">Share Award</FONT>s </B>-</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: windowtext">Unless otherwise determined by the Board, the Vesting Period in respect of Share Award</FONT>s granted
hereunder shall be three (3) years from the Grant Date of such <FONT STYLE="color: windowtext">Share Award</FONT>s. The Board may, in
its sole discretion, accelerate the vesting of all or any Share Awards at any time and from time to time.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: windowtext">Upon vesting, each Restricted Share Award and each Performance Share Award (following application
of the applicable Vesting Percentage) so vested will entitle the holder to receive one Share (subject to adjustment in accordance with
the terms of this Plan) on the applicable Issue Date. For greater certainty, a Participant shall have no right to receive any Shares or
other consideration in respect of any Performance Share Awards other than for the Vesting Percentage of such Performance Share Awards.</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">The Board shall determine the Performance Criteria for each grant of Performance <FONT STYLE="color: windowtext">Share Awards</FONT>
at the time of the grant of the award and, the Board shall, as soon as reasonably practicable following the completion of the Vesting
Period applicable to a particular grant of Performance <FONT STYLE="color: windowtext">Share Awards</FONT> determine, in its sole discretion,
the applicable &ldquo;Vesting Percentage&rdquo;.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding any other provision of this Plan, no term or condition of a grant of <FONT STYLE="color: windowtext">Share Award</FONT>s
hereunder or any <FONT STYLE="color: windowtext">Share Award</FONT> Agreement may have the effect of causing any <FONT STYLE="color: windowtext">Share</FONT>s
to be issued pursuant to any <FONT STYLE="color: windowtext">Share Award</FONT> under the Plan to a Participant in satisfaction of such
Participant&rsquo;s Performance <FONT STYLE="color: windowtext">Share Award</FONT>s under the Plan (or any portion thereof) to occur after
December 31 in the third (3<SUP>rd</SUP>) calendar year following the calendar year in respect of which such <FONT STYLE="color: windowtext">Share
Award</FONT>s were granted.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify"><B>Issuance of <FONT STYLE="color: windowtext">Share</FONT>s </B>- <FONT STYLE="color: windowtext">Share</FONT>s that are issuable
to the Participant on the Issue Date shall be issued from treasury as fully paid and non-assessable <FONT STYLE="color: windowtext">Share</FONT>s.
No fractional <FONT STYLE="color: windowtext">Share</FONT>s will be issued and all fractional entitlements shall be rounded down to the
nearest whole number.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify"><B>Delivery of <FONT STYLE="color: windowtext">Share</FONT>s </B>- The Issue Date shall occur as soon as practicable and in any event
within 31 days following the completion of the Vesting Period applicable to a <FONT STYLE="color: windowtext">Share Award</FONT>. Subject
to the remainder of this Section 5(d), on the Issue Date, the Corporation will issue from treasury to the Participant that number of <FONT STYLE="color: windowtext">Share</FONT>s
to which the Participant is entitled to receive in respect of such <FONT STYLE="color: windowtext">Share Award</FONT> in accordance with
this Section 5, subject to Section 7 hereof, and sent by pre-paid mail or delivered to the Participant. Notwithstanding the foregoing,
if on the Issue Date a Black-Out Period has been imposed upon a Participant which is still in effect, then the Issue Date shall not occur
until the date which is the tenth (10<SUP>th</SUP>) business day after the last day of the applicable Black Out Period.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify"><B>Change of Control</B> - Unless otherwise determined by the Board in its sole discretion, upon a Change of Control, all unvested
Share Awards shall become automatically vested (in the case of Performance Share Awards, with <FONT STYLE="color: windowtext">a deemed
Vesting Percentage of 100</FONT>). Shares issuable in respect of Share Awards shall be, and shall be deemed to be, issued to Participants
effective immediately prior to the completion of the transaction which would result in the Change of Control unless issued prior thereto
in accordance with this Plan.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify"><B>Board Discretion</B> - Notwithstanding anything else in this Plan, the Board may, in its sole discretion, but subject to the limits
described in Sections 4 and 9 hereof and any other applicable requirements of the Exchange or other regulatory authority:</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">make any additional adjustments to the Vesting Percentage (in respect of any Performance <FONT STYLE="color: windowtext">Share Award</FONT>s)
or the number of <FONT STYLE="color: windowtext">Share</FONT>s to be issued or delivered to a Participant in connection with any <FONT STYLE="color: windowtext">Share
Award</FONT> if, in the sole discretion of the Board, such adjustments are appropriate in the circumstances having regard to the principal
purposes of the Plan;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">change the Issue Date (including amending the Vesting Period related thereto) for all or any <FONT STYLE="color: windowtext">Share
Award</FONT>s at any time and from time to time; and</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">otherwise amend or modify the terms and conditions regarding any grant of <FONT STYLE="color: windowtext">Share Award</FONT>s or payments
in respect of any <FONT STYLE="color: windowtext">Share Award</FONT>s hereunder, provided, however, that no such amendment or modification
may, without the consent of the affected Participant, impair or adversely affect a <FONT STYLE="color: windowtext">Share Award</FONT>
granted to the Participant under the Plan prior to the date of such amendment or modification.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify"><B>Effect of Certain Changes</B> - In the event:</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">of any change in the <FONT STYLE="color: windowtext">Share</FONT>s through subdivision, consolidation, reclassification, recapitalization
or similar transaction; or</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">that any rights are granted to <FONT STYLE="color: windowtext">Shareholder</FONT>s to purchase <FONT STYLE="color: windowtext">Share</FONT>s
at prices substantially below fair market value, and such events do not constitute a Change of Control, then, in any such case, the Board
may make such adjustments to the Plan, to any <FONT STYLE="color: windowtext">Share Award</FONT>s and to any <FONT STYLE="color: windowtext">Share
Award</FONT> Agreements outstanding under the Plan as the Board may, in its sole discretion, consider appropriate in the circumstances
to prevent dilution or enlargement of the rights granted to Participants hereunder.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify"><B>Ceasing to be an Eligible Person</B> - Unless otherwise determined by the Board or unless otherwise expressly set forth in a <FONT STYLE="color: windowtext">Share
Award</FONT> Agreement pertaining to a particular <FONT STYLE="color: windowtext">Share Award</FONT> or any written employment or other
agreement governing a Participant&rsquo;s role as an Eligible Person, the following provisions shall apply in the event that a Participant
ceases to be an Eligible Person:</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: windowtext"><I>Termination for Cause</I> &ndash; If a Participant ceases to be an Eligible Person as a result
of the termination of such Participant for cause, effective as of the date notice is given to the Participant of such termination,
all outstanding Share Awards Agreements under which Share Awards have been granted to such Participant shall be terminated and all rights
to receive Shares thereunder shall be forfeited by such Participant, and the Participant shall not be entitled to receive any Shares or
other compensation in lieu thereof.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: windowtext"><I>Voluntary Resignation</I> - If a Participant voluntarily ceases to be an Eligible Person for any
reason other than as a result of the death, permanent disability or retirement of the Participant as set forth in Section 7(h)(iii), effective
as of the date notice is given by the Participant of such resignation, unless otherwise determined by the Board, all outstanding Share
Award Agreements under which Share Awards have been made to such Participant shall be terminated and all rights to receive Shares thereunder
shall be forfeited by the Participant, and the Participant shall not be entitled to receive any Shares or other compensation in lieu thereof.</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify"><I>Termination Upon Death or Permanent Disability or Retirement</I> - Upon the death, permanent disability or retirement of a Participant
(other than the early retirement of an Eligible Employee), all outstanding <FONT STYLE="color: windowtext">Share Award</FONT> Agreements
under which <FONT STYLE="color: windowtext">Share Award</FONT>s have been made to such Participant prior to the Cessation Date shall immediately
vest as of the Cessation Date, and the Issue Date in respect of all Share Awards held by such Participant shall be the earlier of: (A)
the 90<SUP>th</SUP> day following the Cessation Date; and (B) the original Issue Date contemplated by Section 5(d) of this Plan.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: windowtext"><I>Termination not for Cause </I>- If a Participant ceases to be an Eligible Person other than as
set forth in Sections 7(h)(i), (ii) or (iii), effective as of the Cessation Date all Share Awards awarded to such Participant under any
outstanding Share Award Agreements shall fully vest effective as of the Cessation Date, unless otherwise determined by the Board. On the
applicable Issue Date in respect of such Share Awards, the Participant shall be entitled to receive the number of Shares equal to the
number of Share Awards granted multiplied by a fraction (A) the numerator of which is the number of days from the Grant Date in respect
of the applicable Share Award to the Cessation Date; and (B) the denominator of which is the total number of days comprising the Vesting
Period in respect of such Share Award. In such circumstances, the Vesting Percentage in respect of Performance Share Awards shall be determined
as of the Cessation Date. The Issue Date in respect of any such Awards shall </FONT>be the earlier of: (A) the 90<SUP>th</SUP> day following
the Cessation Date; and (B) the original Issue Date contemplated by Section 5(d) of this Plan<FONT STYLE="color: windowtext">.</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify"><B>Rights as a <FONT STYLE="color: windowtext">Shareholder</FONT></B> - Until the <FONT STYLE="color: windowtext">Share</FONT>s underlying
any <FONT STYLE="color: windowtext">Share Award</FONT> have been issued in accordance with the terms of the Plan, the Participant to whom
such <FONT STYLE="color: windowtext">Share Award</FONT> has been made shall not possess any incidents of ownership of such <FONT STYLE="color: windowtext">Share</FONT>s
including, for greater certainty and without limitation, the right to exercise voting rights in respect of such <FONT STYLE="color: windowtext">Share</FONT>s.
Such Participant shall only be considered a <FONT STYLE="color: windowtext">Shareholder</FONT> in respect of such <FONT STYLE="color: windowtext">Share</FONT>s
when such issuance has been entered upon the records of the duly authorized transfer
agent of the Corporation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.</FONT></TD><TD>Ratification and Approval by <FONT STYLE="color: windowtext">Shareholder</FONT>s</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding any other provision of this Plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">no <FONT STYLE="color: windowtext">Share</FONT>s may be issued pursuant to any <FONT STYLE="color: windowtext">Share Award</FONT>
until the Plan has been approved by the <FONT STYLE="color: windowtext">Shareholder</FONT>s at a duly called meeting of the <FONT STYLE="color: windowtext">Shareholder</FONT>s;
and</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">any grants of <FONT STYLE="color: windowtext">Share Award</FONT>s by the Board prior to the Plan being approved by the <FONT STYLE="color: windowtext">Shareholder</FONT>s
must be ratified by the <FONT STYLE="color: windowtext">Shareholder</FONT>s at the meeting of the <FONT STYLE="color: windowtext">Shareholder</FONT>s
at which the <FONT STYLE="color: windowtext">Shareholder</FONT>s approve the Plan.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">7.</FONT></TD><TD STYLE="text-align: justify">Withholding Taxes</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When a Participant or other person becomes entitled to receive Shares
under any Share Award, the Corporation shall have the right to require the Participant or such other person to remit to the Corporation
an amount sufficient to satisfy any withholding tax requirements relating thereto. Unless otherwise prohibited by the Board or by applicable
law, satisfaction of the withholding tax obligation may be accomplished by any of the following methods or by a combination of such methods:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">the tendering by the Participant of cash payment to <FONT STYLE="color: windowtext">the Corporation</FONT> in an amount equal to the
total withholding tax obligation;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">the withholding or sale by <FONT STYLE="color: windowtext">the Corporation</FONT> from the <FONT STYLE="color: windowtext">Share</FONT>s
otherwise due to the Participant, of such number of <FONT STYLE="color: windowtext">Share</FONT>s having a value determined by <FONT STYLE="color: windowtext">the
Corporation</FONT> in its sole discretion, acting reasonably, equal to the amount of the total withholding tax obligation (and in the
case of a treasury issuance of <FONT STYLE="color: windowtext">Share</FONT>s to settle <FONT STYLE="color: windowtext">Share Award</FONT>s
hereunder, such sale of <FONT STYLE="color: windowtext">Share</FONT>s shall be automatically made on or as soon as practicable after the
applicable Issue Date for the purposes of satisfying withholding tax obligations, unless otherwise agreed to by <FONT STYLE="color: windowtext">the
Corporation</FONT> and the Participant);</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">the withholding by <FONT STYLE="color: windowtext">the Corporation</FONT> from any cash payment otherwise due to the Participant of
such amount of cash as is equal to the amount of the total withholding tax obligation; or</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">any other method determined by <FONT STYLE="color: windowtext">the Corporation</FONT> in its sole discretion, acting reasonably,</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">provided, however, that the sum of any cash so paid or withheld and
the value of any Shares so withheld or sold is, sufficient, in the reasonable estimation of the Corporation, to satisfy the total withholding
tax obligation.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">8.</FONT></TD><TD STYLE="text-align: justify">Non-Transferability</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The right to receive Shares pursuant to a Share Award granted to
a Participant may only be settled by such Participant personally or through the Participant&rsquo;s personal representative or
estate and no assignment, sale, transfer, pledge or charge of a Share Award, whether voluntary, involuntary, by operation of law or
otherwise (except by will or the laws of descent and distribution), vests any interest or right in such Share Award whatsoever in
any assignee or transferee and, immediately upon any assignment, sale, transfer, pledge or charge or attempt to assign, sell,
transfer, pledge or charge, such Share Award shall terminate and be of no further force or effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">9.</FONT></TD><TD>Amendment and Termination of Plan</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD>The Board may, at any time, suspend or terminate this Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">Subject to Section 9(c), the Board may, at any time and from time to time, amend this Plan or any Share Award, subject to applicable
TSX Policies and the requirements of any other Exchange on which the Shares are then listed, without the consent or approval from any
Participant or shareholder of the Corporation, including without limitation:</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">to amend, modify or terminate this Plan with respect to all Shares in respect of Share Awards which have not yet been granted thereunder;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">to make any amendment of a &quot;housekeeping nature&quot;, including to make any amendment typographical, grammatical, clerical or
administrative nature or clarification correcting or rectifying any ambiguity, immaterial inconsistency, defective provision, mistake,
or error or omission in this Plan or any Share Award; and</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">to make any addition to, deletion from or alteration of the provisions of this Plan or any Share Award that are necessary to comply
with applicable law, the TSX Policies, or the requirements of any other Exchange on which the Shares are then listed and to avoid unanticipated
consequences deemed by the Board to be inconsistent with the purpose of this Plan.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding Section 9(b), the Plan or any Share Award may not be amended without Shareholder approval to:</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">increase the number of <FONT STYLE="color: windowtext">Share</FONT>s issuable pursuant to outstanding <FONT STYLE="color: windowtext">Share
Award</FONT>s at any time pursuant to Section 4 hereof;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">change the insider participation limitation under this Plan;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">expand the categories of individuals contained in the definition of &quot;Employee&quot; who are eligible to participate in the Plan;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">extend the term of any <FONT STYLE="color: windowtext">Share Award</FONT> beyond the term of such awards provided for under the terms
and conditions of this Plan;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">permit the transfer or assignment of <FONT STYLE="color: windowtext">Share Award</FONT>s, except to permit a transfer to a family
member, an entity controlled by the holder of the <FONT STYLE="color: windowtext">Share Award</FONT>s or a family member, a charity or
for estate planning or estate settlement purposes; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(vi)</FONT></TD><TD>amend this Section 9.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">In addition, no amendment to the Plan or Share Awards granted pursuant to the Plan may be made without the consent of the Participant,
if such amendment adversely alters or impairs the rights of any Participant in respect of any Share Award previously granted to such Participant
under the Plan.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">10.</FONT></TD><TD STYLE="text-align: justify">Miscellaneous</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><B>Effect of Headings</B> - The Section headings contained herein are for convenience only and shall not affect the construction hereof.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><B>Compliance with Legal Requirements</B> - The Corporation shall not be obliged to issue any <FONT STYLE="color: windowtext">Share</FONT>s
if such issuance would violate any law or regulation or any rule of any government authority or Exchange. The Corporation, in its sole
discretion, may postpone the issuance or delivery of <FONT STYLE="color: windowtext">Share</FONT>s under any <FONT STYLE="color: windowtext">Share
Award</FONT> as the Board may consider appropriate, and may require any Participant to make such representations and furnish such information
as it may consider appropriate in connection with the issuance or delivery of <FONT STYLE="color: windowtext">Share</FONT>s in compliance
with applicable laws, rules and regulations. The Corporation shall not be required to qualify for resale pursuant to a prospectus or similar
document any <FONT STYLE="color: windowtext">Share</FONT>s awarded under the Plan, provided that, if required, the Corporation shall notify
the Exchange and any other appropriate regulatory bodies in Canada of the existence of the Plan and the granting of <FONT STYLE="color: windowtext">Share
Award</FONT>s hereunder in accordance with any such requirements.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify"><B>No Right to Continued Employment</B> - Nothing in the Plan or in any <FONT STYLE="color: windowtext">Share Award</FONT> Agreement
entered into pursuant hereto shall confer upon any Participant the right to continue in the employ or service of the Corporation, to be
entitled to any remuneration or benefits not set forth in the Plan or a <FONT STYLE="color: windowtext">Share Award</FONT> Agreement or
to interfere with or limit in any way the right of the Corporation to terminate Participant&rsquo;s employment or service arrangement
with the Corporation.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify"><B>Expenses</B> - All expenses in connection with the Plan shall be borne by the Corporation.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify"><B>Governing Language</B> -This Plan is drawn up in the English language and each notice, instrument, certificate or other communication
to be given under or in connection with this Plan shall be in the English language. If this Plan or any notice, instrument, certificate
or other communication is translated into any other language, the English language text shall prevail.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify"><B>Market Fluctuations</B> - No amount will be paid to, or in respect of, a Participant under the Plan to compensate for a downward
fluctuation in the price of <FONT STYLE="color: windowtext">Share</FONT>s which impacts the <FONT STYLE="color: windowtext">Share Award</FONT>,
nor will any other form of benefit be conferred upon, or in respect of, a Participant for such purpose. The Corporation makes no representations
or warranties to a Participant with respect to the Plan or the <FONT STYLE="color: windowtext">Share Award</FONT>s whatsoever. In seeking
the benefits of participation in the Plan, a Participant agrees to exclusively accept all risks associated with a decline in the market
price of <FONT STYLE="color: windowtext">Share</FONT>s and all other risks associated with the holding of <FONT STYLE="color: windowtext">Share
Award</FONT>s.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify"><B>Currency</B> - Any payments and benefits under the Plan to be paid in cash shall be determined in the lawful currency of Canada
and paid in the local currency of the Participant&rsquo;s country of residence using the currency exchange rate available to the Corporation
at the time of payment.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify"><B>Participation is Voluntary; No Additional Rights</B> - Participation in the Plan shall be entirely voluntary and any decision by
a Participant not to participate shall not affect any Participant&rsquo;s employment or service with the Corporation. In such instance
where a Participant provides notice in writing to the Corporation of his or her intent to not participate in a <FONT STYLE="color: windowtext">Share
Award</FONT>, such award shall be immediately terminated and the Participant shall not be eligible to receive any form of in lieu compensation.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">11.</FONT></TD><TD STYLE="text-align: justify">Governing Law</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan shall be governed by, interpreted and construed in accordance
with the laws in force in the Province of Alberta.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="color: #010000">12.</FONT></TD><TD STYLE="text-align: justify">Effective Date</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Plan shall take effect on May 9, 2023. The issuance of Shares
under the Plan is subject to the acceptance of the Plan by the Exchange and any other relevant regulatory authorities and approval of
the Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0pt"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>tm2416197d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 78%">&nbsp;</TD>
    <TD STYLE="width: 22%; padding-right: 5.4pt; font-size: 10pt">McCarthy T&eacute;trault <FONT STYLE="font-size: 10pt">LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt">Suite 3300, 421 7th Avenue SW</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt">Calgary AB&nbsp;&nbsp;T2P 4K9</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt">Canada</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt">Tel:&#8239;&#8239;&#8239;&#8239;&#8239;403-260-3500</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt">Fax:&#8239;&#8239;&#8239;&#8239;&#8239;403-260-3501</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="tm2416197d1_ex5-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 3, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; font-size: 10pt"><B>Oncolytics Biotech Inc.</B></TD>
    <TD STYLE="width: 51%; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Suite 804, 322 11<SUP>th</SUP> Avenue S.W.</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Calgary, Alberta&nbsp;&nbsp;T2R 0C5</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sirs/Mesdames:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Oncolytics Biotech Inc.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion is furnished to Oncolytics Biotech
Inc. (&ldquo;<B>Oncolytics</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;), a corporation incorporated under the laws of the Province
of Alberta, Canada, in connection with the preparation and filing with the United States Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;)
under the <I>United States Securities Act of 1933, as amended</I> (the &ldquo;<B>Securities Act</B>&rdquo;), of the Company&rsquo;s Registration
Statement on Form S-8 to be filed on the date hereof (the &ldquo;<B>Registration Statement</B>&rdquo;) relating to the registration of:
(i) 1,918,056 additional common shares (&ldquo;<B>Common Shares</B>&rdquo;) which have been reserved under the Oncolytics Biotech Inc.
Stock Option Plan (the &ldquo;<B>Stock Option Plan</B>&rdquo;) to be issued upon exercise of outstanding options granted under the Stock
Option Plan; (ii) 107,100 additional Common Shares to be issued upon vesting and settlement of outstanding awards granted under the Registrant&rsquo;s
Incentive Share Award Plan (the &ldquo;<B>Incentive Share Award Plan</B>&rdquo; together with the Stock Option Plan are collectively referred
to herein as, the &ldquo;<B>Plans</B>&rdquo;) and (iii) an aggregate of 3,300,000 Common Shares reserved for issuance pursuant to the
exercise of options to be granted under the Stock Option Plan and the vesting and settlement of awards to be granted under the Incentive
Award Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As counsel, we have made such investigations and
examined the originals, or duplicate, certified, conformed, facsimiled 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.
We have also examined originals or copies, certified or otherwise identified to our satisfaction, of such records of the Company and such
agreements, certificates of public officials, certificates of officers, or other representatives of the Company, and such other documents
as we have deemed necessary or appropriate as a basis for the opinion set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In our examination, we have assumed the
legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as
originals, the conformity to original documents of all documents submitted to us as certified, conformed, photostatic, electronic,
or facsimile copies and the authenticity of the originals of such documents. In making our examination of executed documents or
documents which may be executed, we have assumed that the parties thereto, other than the Company, had or will have the power,
corporate or other, to enter into and perform all obligations thereunder and have also assumed the due authorization by all
requisite action, corporate or other, and execution and delivery by such parties, of such documents and that such documents
constitute or will constitute valid and binding obligations of the parties thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><IMG SRC="tm2416197d1_ex5-1img002.jpg" ALT="">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 50%">page 2</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with our opinions expressed below,
we have assumed that, at or prior to the time of the issuance of any such Common Shares, the authorization to issue the Common Shares
pursuant to the Plans will not have been modified or rescinded by the Board of Directors of Oncolytics and there will not have occurred
any change in law affecting the validity or enforceability of such issuance of Common Shares. We have also assumed that neither the issuance
of the Common Shares, nor the compliance by Oncolytics with the terms of the Plans, will violate any applicable federal, provincial or
state law or will result in a violation of any provision of any instrument or agreement then binding upon Oncolytics or any restriction
imposed by any court or governmental body having jurisdiction over Oncolytics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The opinions expressed herein are limited to the
laws of the Province of Alberta and the federal laws of Canada applicable therein (the &#8220;<B>Applicable Law</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based upon and subject to the foregoing, we are
of the opinion that the Common Shares, when issued (i) upon the exercise of options in accordance with the terms of the Option Plan and
any relevant agreements thereunder and upon payment of the consideration provided therein to the Company; and (ii) upon the due vesting
and settlement of the Share Awards in accordance with the terms of the Incentive Share Award Plan and any relevant agreements thereunder;
will be validly issued as fully paid and non-assessable common shares of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the filing of this opinion
with the Commission as an exhibit to the Registration Statement. In giving this consent, we do not thereby admit that we are in the category
of persons whose consent is required under the Securities Act or the rules and regulations promulgated thereunder. This opinion is expressed
as of the date hereof unless otherwise expressly stated, and we disclaim any undertaking to advise you of any subsequent changes of the
facts stated or assumed herein or any subsequent changes in Applicable Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yours truly,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>(signed) McCarthy T&eacute;trault LLP</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<TYPE>EX-23.1
<SEQUENCE>5
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<DESCRIPTION>EXHIBIT 23.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent Registered Public Accounting
Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the incorporation by reference in
the Registration Statement (Form S-8) pertaining to the Amended and Restated Stock Option Plan and Incentive Share Award Plan of Oncolytics
Biotech Inc. of our report dated March 7, 2024 with respect to the consolidated statements of financial position as at December 31, 2023
and 2022 and the consolidated statements of loss and comprehensive loss, changes in equity and cash flows for each of the years in the
three year period ended December 31, 2023 of Oncolytics Biotech Inc., and our report dated March 7, 2024 with respect to the effectiveness
of internal control over financial reporting as of December 31, 2023 each included in its Annual Report on Form 20-F filed with the Securities
and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">/s/ Ernst &amp; Young LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Chartered Professional Accounts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calgary, Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 3, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>6
<FILENAME>tm2416197d1_exfilingfees.htm
<DESCRIPTION>EX-FILING FEES
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<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 107</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Calculation of Filing Fee Tables</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form Type)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Oncolytics Biotech Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Table 1: Newly Registered Securities</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ShareDownload Excel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 8%; border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Security</B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Type</B>&nbsp;</P></TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Security</B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Class</B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Title</B>&nbsp;</P></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fee</B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation</B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rule</B>&nbsp;</P></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount</B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registered </B>&nbsp;</P></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed</B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maximum</B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offering</B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Price Per</B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Unit</B>&nbsp;</P></TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maximum</B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Aggregate</B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offering</B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Price</B>&nbsp;</P></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fee</B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rate</B>&nbsp;</P></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount of</B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registration</B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fee</B>&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Shares, no par value to be issued pursuant to options to be granted under the Amended and Restated Stock Option Plan and awards under the Amended and Restated Incentive Award Plan</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule 457(c) and (h)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,300,000<SUP>(1)(2)</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1.09<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3,597,000</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$147.60 per $1,000,000</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$530.92</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Shares, no par value to be issued pursuant to outstanding restricted stock units subject to future vesting and settlement under the Amended and Restated Incentive Award Plan</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule 457(c) and (h)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107,100<SUP>(1)(4)</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1.09<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">116,739</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$147.60 per $1,000,000</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$17.23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Shares, no par value to be issued pursuant to outstanding options under the Amended and Restated Stock Option Plan</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule 457(h)</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,918,056<SUP>(1)(5)</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1.87<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3,586,764.72</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$147.60 per $1,000,000</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$529.41</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Offering Amounts</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$7,300,503.72</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,077.56</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Fee Offsets</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net Fee Due</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 1pt; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt 1pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,077.56</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &ldquo;<B><I>Securities Act</I></B>&rdquo;),
this Registration Statement on Form S-8 (this &ldquo;<B><I>Registration Statement</I></B>&rdquo;) shall also cover any additional shares
of Common Shares, no par value (the &ldquo;<B><I>Common Stock</I></B>&rdquo;) of Oncolytics Biotech Inc. (the &ldquo;<B><I>Registrant</I></B>&rdquo;)
that become issuable under the Amended and Restated Stock Option Plan and the Amended and Restated Incentive Share Award Plan to prevent
dilution in the event of stock splits, stock dividends or similar transactions.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(2)</TD><TD STYLE="text-align: justify">Represents Common Stock to be issued upon exercise of options to be granted under the Amended and Restated Stock Option Plan and vesting
and settlement of awards granted under the Amended and Restated Incentive Share Award Plan.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(3)</TD><TD STYLE="text-align: justify">Estimated solely for the purpose of calculating the registration fee pursuant to Rules 457(c) and (h) of the Securities Act, and based
on the average of the high and low sale prices of the Common Stock, as quoted on The Nasdaq Capital Market, on May 30, 2024.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(4)</TD><TD STYLE="text-align: justify">Represents Common Stock to be issued upon vesting and settlement of outstanding awards granted under the Amended and Restated Incentive
Share Award Plan.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(5)</TD><TD STYLE="text-align: justify">Represents Common Stock to be issued upon exercise of outstanding options granted under the Amended and Restated Stock Option Plan.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(6)</TD><TD STYLE="text-align: justify">Based on the weighted average exercise price of the outstanding options of C$2.56. Converted from Canadian dollars into U.S. dollars
based on the average exchange rate as reported by the Bank of Canada on May 30, 2024 of US$1.00=C$1.3678.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TYPE>GRAPHIC
<SEQUENCE>7
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