Exhibit 10.2


 


 


[FORM OF WARRANT CERTIFICATE]


 


EXERCISABLE ONLY IF COUNTERSIGNED BY THE
WARRANT

AGENT AS PROVIDED HEREIN.


 


Warrant Certificate Evidencing Warrants
to Purchase

Common Stock, par value of $0.001 per share, as described herein.


 


ADVAXIS, INC.


 


	No. ___________	CUSIP  007624 11 7


 


VOID AFTER 5:00 P.M., NEW YORK CITY
TIME,

ON OCTOBER 22, 2018


 


This certifies that ________________________
or registered assigns is the registered holder (the “Holder”) of _____________________ warrants to purchase certain
securities (each a “Warrant”). Each Warrant entitles the Holder, subject to the provisions contained herein
and in the Warrant Agreement (as defined below), to purchase from Advaxis, Inc., a Delaware corporation (the “Company”),
one share (collectively, the “Warrant Shares”) of Common Stock, par value $0.001 per share, of the Company (“Common
Stock”), at the Exercise Price set forth below. The price per share at which each Warrant Share may be purchased at the
time each Warrant is exercised (the “Exercise Price”) is $5.00 initially, subject to adjustments as set forth
in the Warrant Agreement (as defined below).


 


This Warrant Certificate is issued under
and in accordance with the Warrant Agreement, dated as of October 22, 2013 (the “Warrant Agreement”), between
the Company and the Warrant Agent (as defined below), and is subject to the terms and provisions contained in the Warrant Agreement,
to all of which terms and provisions the Holder of this Warrant Certificate and the beneficial owners of the Warrants represented
by this Warrant Certificate consent by acceptance hereof. Copies of the Warrant Agreement are on file and can be inspected at the
below-mentioned office of the Warrant Agent and at the office of the Company at 305 College Road East, Princeton, New Jersey 08540.
Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Warrant Agreement.


 


Subject to the terms of the Warrant Agreement,
each Warrant evidenced hereby may be exercised in whole but not in part at any time, as specified herein, on any Business Day (as
defined below) occurring during the period (the “Exercise Period”) commencing on the Issuance Date and terminating
at 5:00 P.M., New York City time, on October 22, 2018 (the “Expiration Date”). Each Warrant remaining unexercised
after 5:00 P.M., New York City time, on the Expiration Date shall become void, and all rights of the Holder of this Warrant
Certificate evidencing such Warrant shall cease.


 






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The Holder of the Warrants represented by
this Warrant Certificate may exercise any Warrant evidenced hereby by delivering, not later than 5:00 P.M., New York City
time, on any Business Day during the Exercise Period (the “Exercise Date”) to Securities Transfer Corporation
(the “Warrant Agent”, which term includes any successor warrant agent under the Warrant Agreement described
below) at its corporate trust department at 2591 Dallas Parkway, Frisco, Texas 75034, (i) this Warrant Certificate or, in the case
of a Book-Entry Warrant Certificate (as defined in the Warrant Agreement), the Warrants to be exercised (the “Book-Entry
Warrants”) as shown on the records of The Depository Trust Company (the “Depository”) to an account
of the Warrant Agent at the Depository designated for such purpose in writing by the Warrant Agent to the Depository, (ii) an election
to purchase (“Election to Purchase”), properly executed by the Holder hereof on the reverse of this Warrant
Certificate or properly executed by the institution in whose account the Warrant is recorded on the records of the Depository (the
“Participant”), and substantially in the form included on the reverse of this Warrant Certificate and (iii)
unless cashless exercise is permitted under the Warrant Agreement, the Exercise Price for each Warrant to be exercised in lawful
money of the United States of America by certified or official bank check or by bank wire transfer in immediately available funds,
in each case payable to the order of the Company.


 


As used herein, the term “Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized
or required by law or executive order to remain closed.


 


Warrants may be exercised only in whole
numbers of Warrants. No fractional Warrant Shares are to be issued upon the exercise of this Warrant, but rather the number of
Warrant Shares to be issued shall be rounded up or down, as applicable, to the nearest whole number. If fewer than all of the Warrants
evidenced by this Warrant Certificate are exercised, a new Warrant Certificate for the number of Warrants remaining unexercised
shall be executed by the Company and countersigned by the Warrant Agent as provided in Section 2 of the Warrant Agreement, and
delivered to the Holder of this Warrant Certificate at the address specified on the books of the Warrant Agent or as otherwise
specified by such Holder.


 


The Company shall provide to the Holder
prompt written notice of any time that the Company is unable to issue the Warrant Shares via DTC transfer or otherwise (without
restrictive legend), because (A) the Commission has issued a stop order with respect to the Registration Statement, (B) the Commission
otherwise has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, (C) the
Company has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, or (D) otherwise
(each a “Restrictive Legend Event”). To the extent that a Restrictive Legend Event occurs after the Holder has
exercised a Warrant in accordance with the terms of the Warrants but prior to the delivery of the Warrant Shares, the Company shall,
at the election of the Holder to be given within five (5) Business Days of receipt of notice of the Restrictive Legend Event, either
(A) rescind the previously submitted Election to Purchase and the Company shall return all consideration paid by the Holder for
such shares upon such rescission or (B) treat the attempted exercise as a cashless exercise as described in the next paragraph
and refund the cash portion of the exercise price to the Holder.


 






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If a Restrictive Legend Event has occurred
and no exemption from the registration requirements is available, the Warrant shall only be exercisable on a cashless basis. Notwithstanding
anything herein to the contrary, the Company shall not be required to make any cash payments or net cash settlement to the Holder
in lieu of issuance of the Warrant Shares. Upon a “cashless exercise,” the Holder shall be entitled to receive a certificate
(or book entry) for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:


 


	 	(A) =	the VWAP on the Business Day immediately preceding the date on which the Holder elects to exercise the Warrant by means of a “cashless exercise,” as set forth in the applicable Election to Purchase;
	 	 	 
	 	(B) =	the Exercise Price of the Warrant, as it may have been adjusted hereunder; and
	 	 	 
	 	(X) =	the number of Warrant Shares that would be issuable upon exercise of the Warrant in accordance with the terms of the Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.


 


Upon receipt of an Election to Purchase
for a cashless exercise, the Warrant Agent will promptly deliver a copy of the Election to Purchase to the Company to confirm the
number of Warrant Shares issuable in connection with the cashless exercise. The Company shall calculate and transmit to the Warrant
Agent, and the Warrant Agent shall have no obligation under this section to calculate, the number of Warrant Shares issuable in
connection with the cashless exercise.


 


“VWAP” means, for any
date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted
on NYSE AMEX, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange
(each, a “Trading Market”), the daily volume weighted average price of the Common Stock for such date (or the
nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P.
(based on a trading day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time) on any day that the Trading
Market on which the Common Stock is then listed is open for trading), (b) the volume weighted average price of the Common Stock
for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted for
trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets” published
by OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid
price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as
determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding
and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.


 


The Exercise Price and the number of Warrant
Shares purchasable upon the exercise of each Warrant shall be subject to adjustment as provided pursuant to Section 4 of the Warrant
Agreement.


 






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Upon due presentment for registration of
transfer or exchange of this Warrant Certificate at the stock transfer division of the Warrant Agent, the Company shall execute,
and the Warrant Agent shall countersign and deliver, as provided in Section 5 of the Warrant Agreement, in the name of the designated
transferee one or more new Warrant Certificates of any authorized denomination evidencing in the aggregate a like number of unexercised
Warrants, subject to the limitations provided in the Warrant Agreement.


 


Neither this Warrant Certificate nor the
Warrants evidenced hereby entitles the Holder to any of the rights of a stockholder of the Company, including, without limitation,
the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice
as stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter.


 


The Warrant Agreement and this Warrant Certificate
may be amended as provided in the Warrant Agreement including, under certain circumstances described therein, without the consent
of the Holder of this Warrant Certificate or the Warrants evidenced thereby.


 


THIS WARRANT CERTIFICATE AND ALL RIGHTS
HEREUNDER AND UNDER THE WARRANT AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO CONTRACTS FORMED AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CONFLICTS OF LAW PROVISIONS THEREOF TO THE EXTENT SUCH PRINCIPLES OR RULES WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS
OF ANOTHER JURISDICTION.


 


This Warrant Certificate shall not be entitled
to any benefit under the Warrant Agreement or be valid or obligatory for any purpose, and no Warrant evidenced hereby may be exercised,
unless this Warrant Certificate has been countersigned by the manual signature of the Warrant Agent.


 


IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.


 


 


	Dated as of ________ __, 2013	 	 
	 	 	 
	 	ADVAXIS, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 


 


	SECURITIES TRANSFER CORPORATION, as Warrant Agent
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 


 






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[REVERSE]


 


Instructions for Exercise of Warrant


 


To exercise the Warrants evidenced hereby,
the Holder must, by 5:00 P.M., New York City time, on the specified Exercise Date, deliver to the Warrant Agent at its stock
transfer division, a certified or official bank check or a bank wire transfer in immediately available funds, in each case payable
to the Company, in an amount equal to the Exercise Price in full for the Warrants exercised. In addition, the Holder must provide
the information required below and deliver this Warrant Certificate to the Warrant Agent at the address set forth below and the
Book-Entry Warrants to the Warrant Agent in its account with the Depository designated for such purpose. The Warrant Certificate
and this Election to Purchase must be received by the Warrant Agent by 5:00 P.M., New York City time, on the specified Exercise
Date.


 


 


ELECTION TO PURCHASE

TO BE EXECUTED IF WARRANT HOLDER DESIRES

TO EXERCISE THE WARRANTS EVIDENCED HEREBY


 


The undersigned hereby irrevocably elects
to exercise, on __________, ____ (the “Exercise Date”), __________ Warrants, evidenced by this Warrant Certificate,
to purchase, __________ shares (the “Warrant Shares”) of Common Stock, par value of $0.001 per share (the “Common
Stock”) of Advaxis, Inc., a Delaware corporation (the “Company”), and represents that on or before
the Exercise Date:


 


o such Holder has
tendered payment for such Warrant Shares by certified or official bank check payable to the order of the Company c/o Securities
Transfer Corporation, 2591 Dallas Parkway, Suite 102, Frisco, Texas 75034, or by bank wire transfer in immediately available funds
payable to the Company at Account No.                                 ,
in each case in the amount of $                       in
accordance with the terms hereof, or


 


o [if permitted]
the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 3.3.7
of the Warrant Agreement, to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to
the cashless exercise procedure set forth in subsection 3.3.7.


 


The undersigned requests that said number of Warrant Shares
be in fully registered form, registered in such names and delivered, all as specified in accordance with the instructions set forth
below.


 


If said number of Warrant Shares is less
than all of the Warrant Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate evidencing the remaining
balance of the Warrants evidenced hereby be issued and delivered to the Holder of the Warrant Certificate unless otherwise specified
in the instructions below.


 






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Dated: ________ __, ____


 


 


	 	Name	 	 
	 	 	(Please Print)	 


 


/   /   /   / - /   /   / - /   /   /   /   /


(Insert Social Security or Other Identifying Number
of Holder)


 


	 	Address	__________________________
	 	 	__________________________
	 	 	 
	 	Signature	__________________________


 


This Warrant may only be exercised by presentation
to the Warrant Agent at one of the following locations:


 


	 	By hand at:  	Securities Transfer Corporation
	 	 	2591 Dallas Parkway, Suite 102
	 	 	Frisco, Texas 75034
	 	 	 
	 	By mail at:	Securities Transfer Corporation
	 	 	2591 Dallas Parkway, Suite 102
	 	 	Frisco, Texas 75034


 


The method of delivery of this Warrant Certificate is at the
option and risk of the exercising Holder and the delivery of this Warrant Certificate will be deemed to be made only when actually
received by the Warrant Agent. If delivery is by mail, registered mail with return receipt requested, properly insured, is recommended.
In all cases, sufficient time should be allowed to ensure timely delivery.


 


(Instructions as to form and delivery of Warrant Shares and/or
Warrant Certificates)


 


	Name in which Warrant Shares are to be registered if other than in the name of the Holder of this Warrant Certificate:	 	 
	 	 	 
	Address to which Warrant Shares are to be mailed if other than to the address of the Holder of this Warrant Certificate as shown on the books of the Warrant Agent:	 	 
	 	 	(Street Address)
	 	 	 
	 	 	(City and State) (Zip Code)



 






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	Name in which Warrant Certificate evidencing unexercised Warrants, if any, is to be registered if other than in the name of the Holder of this Warrant Certificate:	 	 
	 	 	 
	Address to which certificate representing unexercised Warrants, if any, is to be mailed if other than to the address of the Holder of this Warrant Certificate as shown on the books of the Warrant Agent:	 	 


 


	 	 	(Street Address)
	 	 	 
	 	 	 
	 	 	(City and State) (Zip Code)
	 	 	 
	 	 	Dated:
	 	 	 
	 	 	 
	 	 	Signature
	 	 	 
	 	 	Signature must conform in all respects to the name of the Holder as specified on the face of this Warrant Certificate.  If Warrant Shares, or a Warrant Certificate evidencing unexercised Warrants, are to be issued in a name other than that of the Holder hereof or are to be delivered to an address other than the address of such Holder as shown on the books of the Warrant Agent, the above signature must be guaranteed by a an Eligible Guarantor Institution (as that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended).
	SIGNATURE GUARANTEE	 	 
	 	 	 


 


	Name of Firm	 	 	 


 


	Address	 	 	 


 


	Area Code	 	 	 





	and Number	 	 	 


 


	Authorized Signature	 	 	 


 


	Name	 	 	 


 


	Title	 	 	 


 


	Dated:	 	     , 20__	 


 






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ASSIGNMENT


 


(FORM OF ASSIGNMENT TO BE EXECUTED IF WARRANT
HOLDER

DESIRES TO TRANSFER WARRANTS EVIDENCED HEREBY)


 


FOR VALUE RECEIVED, ____________ HEREBY SELL(S), ASSIGN(S) AND
TRANSFER(S) UNTO


 


	 	 	 
	 	 	 
	 	 	 
	 	 	 
	(Please print name and address

including zip code of assignee)	 	(Please insert social security or

other identifying number of assignee)


 


the rights represented by the within Warrant Certificate and
does hereby irrevocably constitute and appoint ____________ Attorney to transfer said Warrant Certificate on the books of the Warrant
Agent with full power of substitution in the premises.


 


	 	Dated:
	 	 
	 	 
	 	Signature
	 	 
	 	(Signature must conform in all respects to the name of the Holder as specified on the face of this Warrant Certificate and must bear a signature guarantee by an Eligible Guarantor Institution (as that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended).


 


	SIGNATURE GUARANTEE	 	 


 


	Name of Firm	 	 


 


	Address	 	 


 


	Area Code	 	 


 


	and Number	 	 


 


	Authorized Signature	 	 


 


	Name	 	 


 


	Title	 	 


 


	Dated:	 	     , 20__


 









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