Titan Medical Inc. Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

COMMITMENTS

COMMITMENTS

12 Months Ended

Dec. 31, 2021

17. COMMITMENTS

As of December 31, 2021, the Company is committed to payments totaling $9.3 million (2020 - $10.7 million) for activities related to the development of the Enos system.

The Company has entered into an agreement with a consultant under which the Company has certain contractual obligations to grant up to 100,000 restricted Common Shares based on the consultant’s achievement of multiple pre-determined performance criteria. To-date, the performance criteria have not been achieved and no restricted Common Shares have been granted to the consultant. The agreement expires on May 13, 2022.

F - 22

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Year ended December 31, 2021, 2020 and 2019

(in thousands of US dollars, except share and per share amounts, unless otherwise stated)

The Company has entered into an agreement with a consultant under which the Company has certain contractual obligations to grant up to 125,000 restricted Common Shares based on the consultant’s achievement of multiple pre-determined performance criteria. In Q4, 2021, 75,000 Common Shares was issued to the consultant and the agreement was terminated.