On May 12, 2021, the Board of Directors (the “Board”) of Zomedica Corp. (the “Company”) approved an award of options to purchase common shares of the Company (the “Options”) to the Company’s non-employee directors in the following amounts:

 The Options were granted under the Company’s Amended and Restated Stock Option Plan (the “Plan”) and have an exercise price of $0.78 and will vest 25% at the conclusion of each calendar year, with the first tranche vesting on December 31, 2021. The Options expire 10 years from the date of grant subject to earlier termination in accordance with the Plan.

Non-Employee Director Compensation Plan

On May 12, 2021, the Board adopted a non-employee director compensation policy pursuant to which each non-employee director is entitled to receive an annual cash retainer of $25,000, payable quarterly and pro rated for the second quarter.

Separation of Stephanie Morley

On May 14, 2021, Stephanie Morley resigned as President and Chief Medical Officer of the Company.

In connection with her separation, Dr. Morley entered into a separation agreement with the Company (the “Separation Agreement”).  Under the terms of the Separation Agreement, Dr. Morley is entitled to receive (i) a separation payment of $225,000 and (ii) a pro rata portion of her annual cash bonus for 2021. The Separation Agreement also provides that certain stock options held by Dr. Morley became immediately vested upon her separation. Dr. Morley has also agreed to not, without the prior written consent of the Company, lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any common shares of the Company prior to January 1, 2022 other than those shares identified in her pre-existing 10b5-1 Plan.  The Separation Agreement contains a release of claims, as well as an acknowledgment of Dr. Morley’s existing confidentiality and  non-solicitation obligations, pursuant to her employment agreement with the Company (as modified by the Separation Agreement).

The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Dr. Morley will also continue as a consultant to the Company, and on May 14, 2021, entered into a consulting agreement (the “Consulting Agreement”) with the Company.  Under the terms of the Consulting Agreement, Dr. Morley will provide consulting services to the Company on an as needed basis for an initial term of twenty-four (24) months.

The foregoing description of the Consulting Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Consulting Agreement, a copy of which is filed as Exhibit 10.2 to this Current Report on Form 8-K and incorporated herein by reference.

On May 17, 2021,  the Company issued a press release announcing, among other things, the separation of Dr. Morley. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.