FSD PHARMA, INC.
SECURITIES CLASS ACTION SETTLEMENT

FSD PHARMA, INC.
SECURITIES CLASS ACTION SETTLEMENT

ANNE MILLER V. FSD PHARMA, INC.
CV-19-614981-00CP

This claims administration website was updated on November 23, 2022

Dear Claimants,

Thank you for your patience as we progress through the claims administration.

The Claims Administrator’s recommendations to the Court seeking amendments to the Plan of Allocation to increase the amount paid to September Disclosure Claimants has been approved by the Court. We now have authorization from the Court to make Distributions to Authorized Claimants as recommended by Trilogy Class Action Services.

This will result in Pro Rata Distribution payments to Authorized Claimants as follows:

ALL PRO RATA PAYMENTS WILL BE POSTED IN AUTHORIZED CLAIMANTS INDIVIDUAL VEIW FILE IN THE ONLINE CLAIMS ADMINISTRATION PORTAL AT https://portal.fsdsecuritiesclassaction.com/

CHEQUES WILL BE MAILED TO AUTHORIZED CLAIMANTS IN DECEMBER 2022.
PLEASE CHECK WITH CANADA POST FOR DELIVERY TIMES

ALL FUNDS WILL BE PAID IN CANADIAN DOLLARS. IF YOU ARE A FOREIGN INVESTOR, PLEASE CONTACT OUR OFFICE TO MAKE WIRE-TRANSFER ARRANGEMENTS FOR PAYMENT.

PRO RATA PAYMENTS CALCULATED TO BE LESS THAN $100 WILL NOT BE PAID. THESE FUNDS HAVE BEEN REALLOCATED TO THE COMPENSATION FUND AND PAID OUT TO OTHER AUTHORIZED CLAIMANTS.

It is important that Authorized Claimants check the website, www.fsdsecuritiesclassaction.com, or the pop-up message when you log into the online claims administration portal to review your Pro Rata Payment on a regular basis for updates.

Court approved Plan of Allocation – relevant sections

“Compensation Fund (September Disclosure)” means the portion of the Compensation Fund to be distributed to Authorized Claimants in respect of their Maximum Entitlement (September Disclosure)”;

“Compensation Fund (November Disclosure)” means the portion of the Compensation Fund to be distributed to Authorized Claimants in respect of their Maximum Entitlement (November Disclosure)”;

“Qualified Shares (September Disclosure)” means Shares purchased or acquired on or after September 20, 2018, but before November 29, 2018, and held until after the close of trading on February 6, 2019, calculated using LIFO;

“Qualified Shares (November Disclosure)” means Shares purchased or acquired on or after November 29, 2018 and held until after the close of trading on February 6, 2019, calculated using LIFO;

CALCULATION OF THE DISTRIBUTION AND MAXIMUM ENTITLEMENT

3. The Administrator will allocate 30% of the Compensation Fund to Authorized Claims in respect of Qualified Shares (September Disclosure) to create the Compensation Fund (September Disclosure). The Administrator will then allocate 70% of the Compensation Fund to Authorized Claims in respect of Qualified Shares (November Disclosure) to create the Compensation Fund (November Disclosure).
4. The Administrator will allocate all the Authorized Claims into these two Categories (i.e., September Disclosure and November Disclosure) depending on when Authorized Claimants purchased Qualified Shares.
5. Based upon each Authorized Claimant’s Maximum Entitlement within each Category, they will receive their pro rata distribution based on the Total Damages in each Category. This will be done first by dividing the Compensation Fund (September Disclosure) by the Total Damages (September Disclosure) to calculate a percentage recovery per dollar lost defined herein as the “Pro Rata Distribution (September Disclosure)”, and by dividing the Compensation Fund (November Disclosure) by the Total Damages (November Disclosure) to calculate a percentage recovery per dollar lost defined herein as the “Pro Rata Distribution (November Disclosure)”.
6. The Administrator will then multiply the Pro Rata Distribution (September Disclosure) by each Authorized Claimant’s Maximum Entitlement (September Disclosure) to arrive at the Distribution (September Disclosure) to be paid to each Authorized Claimant in that Category, and multiply the Pro Rata Distribution (November Disclosure) by each Authorized Claimant’s Maximum Entitlement (November Disclosure) to arrive at the Distribution (November Disclosure) to be paid to each Authorized Claimant in that Category.
7. If a Claimant in either Category purchased their Qualified Shares for a price that is below what the Claimant sold them for (if sold within ten trading after February 6, 2019), or is deemed to have sold them for (if held after the close of trading on February 6, 2019 and not sold within ten trading days thereafter), such a Claimant will not be entitled to compensation from the Compensation Fund.
8. Maximum Entitlement (September Disclosure) and Maximum Entitlement (November Disclosure) shall be calculated as follows:
   1. For Qualified Shares disposed of on or before the 10^th trading day after the public correction (released before market open on February 7, 2019), the difference between the price paid for each of those Qualified Shares (including any commissions paid in respect thereof) and the price received upon the disposition of those Qualified Shares (without deducting any commissions paid in respect of the disposition) on a LIFO basis;
   2. For Qualified Shares not disposed of after the 10^th trading day after the public correction, an amount equal to the number of Qualified Shares disposed of by an Authorized Claimant, multiplied by the difference between the price paid for each of those Qualified Shares (including any commissions paid in respect thereof determined on a per security basis) and the ten-day volume-weighted average trading price for those Qualified Shares following the public correction.

It is important that Class Members check the website, www.fsdsecuritiesclassaction.com, or the pop-up message when you log into the portal to review the status of your Claim on a regular basis for updates in regard to the claims administration.

Trilogy Class Action Services,
117 Queen Street, P.O. Box 1000,
Niagara-on-the-Lake, ON, L0S1J0

Toll Free: (877) 400-1211