Exhibit 10.3


 


BIONIK LABORATORIES CORP.


 


PROMISSORY NOTE


 


	Principal Amount: US$400,000.00	Issue Date: March 14, 2018


 


Bionik
Laboratories Corp., a Delaware corporation (the “Company”), for value received, hereby promises
to pay to RGD Investissements S.A.S. or its permitted assigns or successors (the “Holder”), the principal
amount of Four Hundred Thousand Dollars (US$400,000.00) (the “Principal Amount”), without demand, on
the Maturity Date (as hereinafter defined), together with any accrued and unpaid interest due thereon. This Note shall bear interest
at a fixed rate of 3% per month, beginning on the Issue Date. Interest shall be computed based on a 360-day year of twelve 30-day
months and shall be payable, along with the Principal Amount, on the Maturity Date. Payment of all principal and interest due shall
be in such coin or currency of the United States of America as shall be legal tender for the payment of public and private debts
at the time of payment.


 


1.           Definitions.


 


1.1           Definitions.
The terms defined in this Section 1 whenever used in this Note shall have the respective meanings hereinafter specified.


 


“Event
of Default” shall have the meaning set forth in Section 4.1.


 


“Holder”
or “Holders” means the Person named above or any Person who shall thereafter become a recordholder of
this Note in accordance with the terms hereof.


 


“Issue
Date” means the issue date stated above.


 


“Maturity
Date” shall mean the earlier of (i) March 31, 2018 and (ii) the date of receipt of an aggregate of $7,000,000 in
loan proceeds to the Company from the sale of a convertible promissory note to a new investor to be agreed to by the Company and
the Holder.


 


“Note”
means this Note, as amended, modified or restated.


 


“Person”
means an individual, corporation, partnership, limited liability company, association, trust, joint venture, unincorporated organization
or any government, governmental department or agency or political subdivision thereof.


 


2.           GENERAL
PROVISIONS.


 


2.1           Loss,
Theft, Destruction of Note. Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction or
mutilation of this Note and, in the case of any such loss, theft or destruction, upon receipt of indemnity or security reasonably
satisfactory to the Company, or, in the case of any such mutilation, upon surrender and cancellation of this Note, the Company
will make and deliver, in lieu of such lost, stolen, destroyed or mutilated Note, a new Note of like tenor and unpaid principal
amount dated as of the date hereof. This Note shall be held and owned upon the express condition that the provisions of this Section
2.1 are exclusive with respect to the replacement of a mutilated, destroyed, lost or stolen Note and shall preclude any and
all other rights and remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to
the replacement of negotiable instruments or other securities without their surrender.


 






    	 	1	 



     


    

 


2.2          Prepayment.
This Note may be prepaid by the Company in whole or in part.


 


3.           STATUS;
RESTRICTIONS ON TRANSFER.


 


3.1          Status
of Note. This Note is a direct, general and unconditional obligation of the Company, and constitutes a valid and legally
binding obligation of the Company, enforceable in accordance with its terms subject, as to enforcement, to bankruptcy, insolvency,
reorganization and other similar laws of general applicability relating to or affecting creditors’ rights and to general
principles of equity. This Note does not confer upon the Holder any right to vote or to consent or to receive notice as a stockholder
of the Company, as such, in respect of any matters whatsoever, or any other rights or liabilities as a stockholder.


 


3.2          COVENANTS.
In addition to the other covenants and agreements of the Company set forth in this Note, the Company covenants and agrees that
so long as this Note shall be outstanding, if any one or more events occur which constitute or which, with the giving of notice
or the lapse of time or both, would constitute an Event of Default or if the Holder shall demand payment or take any other action
permitted upon the occurrence of any such Event of Default, the Company will forthwith give notice to the Holder, specifying the
nature and status of the Event of Default or other event or of such demand or action, as the case may be.


 


4.           REMEDIES.


 


4.1          Events
of Default. “Event of Default” wherever used herein means any one of the following events:


 


(a)          Default
in the due and punctual payment of the principal of, or any other amount owing in respect of (including interest), this Note when
and as the same shall become due and payable;


 


(b)          Default
in the performance or observance of any covenant or agreement of the Company in this Note (other than a covenant or agreement a
default in the performance of which is specifically provided for elsewhere in this Section 4.1), and the continuance of
such default for a period of 10 days after there has been given to the Company by the Holder a written notice specifying such default
and requiring it to be remedied;


 


(c)          The
entry of a decree or order by a court having jurisdiction adjudging the Company as bankrupt or insolvent; or approving as properly
filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under the Federal
Bankruptcy Code or any other applicable federal or state law, or appointing a receiver, liquidator, assignee, trustee or sequestrator
(or other similar official) of the Company or of any substantial part of its property, or ordering the winding-up or liquidation
of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 calendar days;


 






    	 	2	 



     


    

 


(d)          The
institution by the Company of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to the institution of
bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization
or relief under the Federal Bankruptcy Code or any other applicable federal or state law, or the consent by it to the filing of
any such petition or to the appointment of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official)
of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors;


 


(e)          The
Company seeks the appointment of a statutory manager or proposes in writing or makes a general assignment or an arrangement or
composition with or for the benefit of its creditors or any group or class thereof or files a petition for suspension of payments
or other relief of debtors or a moratorium or statutory management is agreed or declared in respect of or affecting all or any
material part of the indebtedness of the Company; or


 


(f)          It
becomes unlawful for the Company to perform or comply with its obligations under this Note.


 


4.2          Effects
of Default. If an Event of Default occurs and is continuing, then and in every such case the Holder may declare this
Note to be due and payable immediately, by a notice in writing to the Company, and upon any such declaration, the Company shall
pay to the Holder the outstanding principal amount of this Note plus all accrued and unpaid interest through the date the Note
is paid in full.


 


4.3          Remedies
Not Waived; Exercise of Remedies. No course of dealing between the Company and the Holder or any delay in exercising
any rights hereunder shall operate as a waiver by the Holder. No failure or delay by the Holder in exercising any right, power
or privilege under this Note shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other
or further exercise thereof or the exercise of any other right, power or privilege.


 


5.           MISCELLANEOUS.


 


5.1          Severability.
If any provision of this Note shall be held to be invalid or unenforceable, in whole or in part, neither the validity nor the enforceability
of the remainder hereof shall in any way be affected.


 


5.2          Notice.
Where this Note provides for notice of any event, such notice shall be given (unless otherwise herein expressly provided) in writing
and either (a) delivered personally, (b) sent by certified, registered or express mail, postage prepaid or (c) sent by facsimile
or other electronic transmission, and shall be deemed given when so delivered personally, sent by facsimile or other electronic
transmission (confirmed in writing) or mailed. Notices shall be addressed, if to Holder, to its address as provided in the books
and records of the Company or, if to the Company, to its principal office.


 






    	 	3	 



     


    

 


5.3           Governing
Law. This Note shall be governed by, and construed in accordance with, the laws of the State of Delaware (without giving
effect to any conflicts or choice of law provisions that would cause the application of the domestic substantive laws of any other
jurisdiction).


 


5.4           Forum.
The Holder and the Company hereby agree that any dispute which may arise out of or in connection with this Note shall be adjudicated
before a court of competent jurisdiction in the State of Delaware and they hereby submit to the exclusive jurisdiction of the courts
of the State of Delaware, as well as to the jurisdiction of all courts to which an appeal may be taken from such courts, with respect
to any action or legal proceeding commenced by either of them and hereby irrevocably waive any objection they now or hereafter
may have respecting the venue of any such action or proceeding brought in such a court or respecting the fact that such court is
an inconvenient forum.


 


5.5           Headings.
The headings of the Articles and Sections of this Note are inserted for convenience only and do not constitute a part of this Note.


 


5.6           Amendments.
This Note may be amended or waived only with the written consent of the Company and the Holder.


 


5.7           No
Recourse Against Others. The obligations of the Company under this Note are solely obligations of the Company and no
officer, employee or stockholder shall be liable for any failure by the Company to pay amounts on this Note when due or perform
any other obligation.


 


5.8           Assignment;
Binding Effect. This Note may be assigned by the Company without the prior written consent of the Holder. This Note
shall be binding upon and inure to the benefit of both parties hereto and their respective permitted successors and assigns.


 


Signature
on the Following Page


 




    	 	4	 



     


    

 


In
Witness Whereof, the Company has caused this Note to be signed by its duly authorized officer on the date hereinabove
written.


 


	 	Bionik Laboratories Corp.
	 	 	 
	 	By:	/s/ Eric Dusseux
	 	Name:	Eric Dusseux
	 	Title:	CEO


 


Signature
Page to Promissory Note