FORM 11

NOTICE OF PROPOSED STOCK OPTION GRANT OR AMENDMENT

Name of Listed Issuer: IM Cannabis Corp. (the "Issuer").

Trading Symbol: IMCC

Date: May 20, 2021

1. New Options Granted:

Date of Grant: May 19, 2021

 

Position

 

 

 

 

 

 

(Director/

 

 

 

 

 

 

Officer/

 

 

 

 

No. of

 

Employee/

 

 

 

 

Options

 

Consultant/

Insider

No. of

 

 

Granted in

 

Management

Yes or

Optioned

Exercise

Expiry

Past 12

Name of Optionee

Company

No?

Shares

Price

Date

Months

Directors and Officers of the Issuer

Directors and Officers

Yes

1,168,715

$5.87

May 19, 2026

497,500

Employees and Consultants of the Issuer

Employees and Consultants

No

302,750

$5.87

May 19, 2026

319,666

Total Number of optioned shares proposed for acceptance: 1,471,465


2. Other Presently Outstanding Options:

Name of Optionee

No. of Optioned
Shares(1)

Exercise
Price

Original Date of
Grant

Expiry Date

Directors and/or Officers of a Subsidiary

520,000

$10.02

March 18, 2021

March 18, 2026

Employees and/or Consultants of a Subsidiary

180,000

$10.02

March 18, 2021

March 18, 2026

Directors and/or Officers of the Issuer

180,000

$10.00

February 28, 2021

February 28, 2026

Employees and/or Consultants of the Issuer

5,500

$10.00

February 8, 2021

February 8, 2026

Employees and/or Consultants of the Issuer

13,750

$8.56

December 15, 2020

December 15, 2025

Employees and/or Consultants of a Subsidiary

25,000

$7.12

October 23, 2020

October 23, 2025

Employees and/or Consultants of the Issuer

3,750

$7.12

October 23, 2020

October 23, 2025

Employees and/or Consultants of the Issuer

13,750

$5.80

July 17, 2020

July 17, 2025

Employees and/or Consultants of the Issuer

241,250

$4.00

June 9, 2020

June 9, 2025

Employees and/or Consultants of a Subsidiary

31,250

$4.00

June 9, 2020

June 9, 2025

Directors and/or Officers of the Issuer

317,500

$4.00

June 9, 2020

June 9, 2025

Employees and/or Consultants of the Issuer

242,475

$1.60

October 11, 2019

January 4, 2029

Directors and/or Officers of the Issuer

550,000

$1.60

October 11, 2019

January 4, 2029

Employees and/or Consultants of the Issuer

105,000

$1.60

October 11, 2019

September 11, 2029

Directors and/or Officers of the Issuer

925,000

$1.60

October 11, 2019

September 11, 2029

Employees and/or Consultants of the Issuer

50,000

$1.60

October 11, 2019

February 3, 2029

Directors and/or Officers of the Issuer

62,500

$1.60

October 11, 2019

April 7, 2029

Employees and/or Consultants of the Issuer

2,500

$1.60

October 11, 2019

May 13, 2029

Employees and/or Consultants of the Issuer

62,500

$1.60

October 11, 2019

August 11, 2029

Directors and/or Officers of a Subsidiary

37,500

$1.60

October 11, 2019

July 30, 2029

Employees and/or Consultants of the Issuer

4,000

$4.20

October 11, 2019

October 9, 2022


   (1) Set out number of optioned shares for each grant with different terms.

3. Additional Information

(a) If shareholder approval was required for the grant of options (including prior approval of a stock option plan), state the date that the shareholder meeting approving the grant was or will be held. December 16, 2020

(b) State, as a percentage of the issued and outstanding shares of the Issuer indicated in (c) above, the aggregate number of shares that are subject to incentive stock options, including new options, amended options and other presently outstanding options. 8.839%

(c) State the date of the news release announcing the grant of options. N/A

(d) State the total issued and outstanding share capital at the date of grant or amendment. 57,067,651 common shares

(e) If the new options are being granted pursuant to a stock option plan, state the number of remaining shares reserved for issuance under the plan. 112,075

(f) If the Issuer has completed a public distribution of its securities within 90 days of the date of grant, state the per share price paid by the public investors. $5.75

(g) Describe the particulars of any proposed material changes in the affairs of the Issuer. N/A


4. Certificate of Compliance

The undersigned hereby certifies that:

1. The undersigned is a director and/or senior officer of the Issuer and has been duly authorized by a resolution of the board of directors of the Issuer to sign this Certificate of Compliance.

2. As of the date hereof there is no material information concerning the Issuer which has not been publicly disclosed.

3. The undersigned hereby certifies to the Exchange that the Issuer is in compliance with the requirements of applicable securities legislation (as such term is defined in National Instrument 14-101) and all Exchange Requirements (as defined in CNSX Policy 1).

4. All of the information in this Form 11 Notice of Proposed Stock Option Grant or Amendment is true.

Dated May 20, 2021.

  Oren Shuster
  Name of Director or Senior Officer
   
 

"Oren Shuster"                  

  Signature
   
  Chief Executive Officer
  Official Capacity