X0203 3 2009-12-10 0 0001159019 STELLAR PHARMACEUTICALS INC slxcf 0001357165 Butts David Blaise 1788 BIRCHWOOD DRIVE LONDON A6 N6K 4X2 ONTARIO, CANADA 0 0 0 1 Executive Common Shares 21350 D Stock option (right to buy) 0.69 2008-12-31 2010-06-30 Common shares 30000 D Stock option (right to buy) 0.8 2010-03-31 2014-12-09 Common shares 10000 D Stock option (right to buy) 0.8 2011-03-31 2014-12-09 Common shares 20000 D These options vest quarterly at 5,000 per quarter starting Sep 30, 2007, with full vesting occuring on Dec 31, 2008. Exercisable date for such options is provided in the schedule below: 5,000 - Sep 30, 2007 5,000 - Dec 31, 2007 5,000 - Mar 31, 2008 5,000 - Jun 30, 2008 5,000 - Sep 30, 2008 5,000 - Dec 31, 2008 Cdn$ These options are subject to performance criteria's and will vest in 2010 at 25% on Mar 31; Jun 30: Sep 30; and Dec 31, upon meeting such criteria's. These options are subject to performance criteria's and will vest in 2011 at 25% on Mar 31; Jun 30: Sep 30; and Dec 31, upon meeting such criteria's. David B. Butts 2010-01-20