On January 6, 2021 IMMUNOPRECISE ANTIBODIES LTD. ("IPA" or the "Company") (NASDAQ: IPA) (TSXV: IPA), a leader in full-service, therapeutic antibody discovery, reported that its board of directors has approved the grant of 25,000 stock options (the "Options") under its stock option plan to acquire up to an aggregate of 25,000 common shares in the capital of IPA ("Common Shares") (Press release, ImmunoPrecise Antibodies, JAN 6, 2021, View Source [SID1234573584]). Each of the five non-executive directors of IPA has been granted 5,000 Options.

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Each Option is exercisable for a period of five years from the date of grant at an exercise price of C$20.30 per Common Share. One quarter of the Options granted to each director will vest every three months from the date of grant.