SECURITIES
PURCHASE AGREEMENT


 


THIS
SECURITIES PURCHASE AGREEMENT (this “Agreement”)
is made and entered into as of the 1st day of August, 2016, by and among Advaxis, Inc., a Delaware corporation (the
“Company”) and Amgen Inc., a Delaware corporation (the “Purchaser”);
and


 


WHEREAS,
concurrently with the execution of this Agreement, the Company and the Purchaser have entered into a License and Collaboration
Agreement (the “License and Collaboration
Agreement”), pursuant to which, among other things, the Company has granted to
the Purchaser certain licenses as set forth in Section 5.1 of the License and Collaboration Agreement (collectively, the “License”);
and


 


WHEREAS,
the Company has prepared and filed with the Securities and Exchange Commission (the “SEC”),
in accordance with the provisions of the Securities Act of 1933, as amended (the “Securities Act”),
and the applicable rules and regulations thereunder, a registration statement on Form S-3 (Commission File No. 333-203497), including
a prospectus, relating to the shares to be issued and sold pursuant to this Agreement. The term “Registration
Statement” as used herein refers to such registration statement (including all
financial schedules and exhibits), as amended or as supplemented and includes information contained in the form of final prospectus
and supplements thereto (the “Prospectus”) filed with the SEC
pursuant to Rule 424(b) of the rules under the Securities Act and deemed to be part thereof at the time of effectiveness (the
“Effective Date”) pursuant to Rule 430A of the rules under the
Securities Act.


 


NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration
the receipt and adequacy of which are hereby acknowledged, the Company and Purchaser agree as follows:


 


ARTICLE
I 


PURCHASE
AND SALE


 


1.1Closing.
Purchaser shall purchase from the Company, and the Company shall issue and sell to Purchaser,
3,047,446 shares (the “Shares”) of common stock of the Company,
par value $0.001 (the “Common Stock”), equal to $25,000,000.00
(the “Subscription Amount”) divided by the Purchase Price (as
defined below). Upon satisfaction of the conditions set forth in Section 1.3, the closing shall occur on the date hereof, or on
such other date as the parties shall mutually agree (the “Closing”).


 


1.2Per
Share Purchase Price. The per share purchase price shall be equal to $8.20 (the “Purchase
Price”) which was calculated based on the Volume Weighted Average Price based
on the 20 trading day period prior to the Closing.


 


1.3Closing
Conditions.


 


(a)
As a condition to the Purchaser’s obligation to close, at the Closing, the Company shall have satisfied each of the conditions
set forth below or shall deliver or cause to be delivered to Purchaser the items set forth below, as appropriate:


 


(i)this
Agreement duly executed by the Company;


 


(ii)within
five (5) business days of the Closing, a certificate evidencing the Shares, registered in the name of Purchaser (unless such shares
have been previously issued to Purchaser through the book- entry facilities of The Depository Trust Company);


 


(iii)the
representations and warranties made by the Company herein shall be true and correct in all material respects on the date made
and on the date of the Closing;


 


(iv)all
covenants, agreements and conditions contained in this Agreement to be performed by the Company on or prior to the date of the
Closing shall have been performed or complied with in all material respects;


 




    	 	 	 



    	 	 	 



    


 


(v)no
statute, regulation, executive order, decree, ruling or injunction shall have been enacted, promulgated, endorsed or threatened
or is pending by or before any governmental authority of competent jurisdiction which prohibits or threatens to prohibit the consummation
of the transaction contemplated by this Agreement; and


 


(vi)the
Company shall have filed an application with The Nasdaq Stock Market for the listing of the Shares.


 


(b)
As a condition to the Company’s obligation to close, at the Closing, Purchaser shall have satisfied each of the conditions
set forth below or shall deliver or cause to be delivered to the Company the items set forth below, as appropriate:


 


(i)this
Agreement duly executed by Purchaser;


 


(ii)the
Subscription Amount by wire transfer to the account of the Company as set forth on the signature pages hereto;


 


(iii)the
representations and warranties made by Purchaser herein shall be true and correct in all material respects on the date made and
on the date of the Closing;


 


(iv)Purchaser
shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by
this Agreement to be performed, satisfied or complied with by Purchaser at or before the Closing; and


 


(v)no
statute, regulation, executive order, decree, ruling or injunction shall have been enacted, promulgated, endorsed or threatened
or is pending by or before any governmental authority of competent jurisdiction which prohibits or threatens to prohibit the consummation
of the transaction contemplated by this Agreement.


 


ARTICLE
II 


REPRESENTATIONS
AND WARRANTIES


 


2.1
Representations and Warranties of the Company.
Except as set forth in the Company’s public filings under the Securities Exchange
Act of 1934, as amended, the Company hereby makes the following representations and warranties as of the date hereof and as of
the date of the Closing to Purchaser:


 


(a)Organization
and Qualification. The Company is an entity duly incorporated, validly existing and
in good standing under the laws of the State of Delaware, with the requisite corporate power and authority to own and use its
properties and assets and to carry on its business as currently conducted. The Company is duly qualified to conduct business and
is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted
or property owned by the Company makes such qualification necessary, except where the failure to be so qualified or in good standing,
as the case may be, would not have or reasonably be expected to result in (i) a material adverse effect on the legality, validity
or enforceability of this Agreement, (ii) a material adverse effect on the results of operations, assets, business or financial
condition of the Company, or (iii) a material adverse effect on the Company’s ability to perform in any material respect
on a timely basis its obligations under this Agreement (any of (i), (ii) or (iii), a “Material Adverse Effect”).


 


(b)Authorization;
Enforcement.The Company has the requisite corporate power and authority to enter
into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder. The
execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have
been duly authorized by all necessary corporate action on the part of the Company and no further action is required by the Company
in connection therewith. This Agreement has been (or upon delivery will have been) duly executed by the Company and, when delivered
in accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable against the Company
in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other
laws of general application affecting enforcement of creditors’ rights generally and (ii) as limited by laws relating to
the availability of specific performance, injunctive relief or other equitable remedies.


 




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(c)No
Conflicts. The execution, delivery and performance of this Agreement by the Company
and the consummation by the Company of the transactions contemplated hereby do not and will not (i) conflict with or violate any
provision of the Company’s Amended and Restated Certificate of Incorporation or Amended and Restated Bylaws, or (ii) conflict
with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to
others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of,
any agreement, credit facility, debt or other instrument (evidencing a Company debt or otherwise) or other understanding to which
the Company is a party or by which any property or asset of the Company is bound or affected, or (iii) result in a violation of
any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to
which the Company is subject (including federal and state securities laws and regulations), or by which any property or asset
of the Company is bound or affected; except in the case of each of clauses (ii) and (iii), such as would not have or reasonably
be expected to result in a Material Adverse Effect.


 


(d)Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization
or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority or other person in connection with the execution, delivery and performance by the Company of this Agreement, other than
(i) the filing with the SEC of a Form 8-K and prospectus supplement relating to the Registration Statement, and applicable Blue
Sky filings, if any, and (ii) such as have already been obtained.


 


(e)Capitalization.
All of the outstanding shares of the Company’s Common Stock are, and all of the
Shares, when issued, will be, duly authorized, validly issued, fully paid and nonassessable, and free and clear of all liens created
by the Company, and all such shares were, and the Shares, will be issued in material compliance with all applicable federal and
state securities laws, including available exemptions therefrom, and none of such issuances were, and the issuance of the Shares
will not be, made in violation of any pre-emptive or other rights. The Company has reserved from its duly authorized capital stock
the number of shares of Common Stock issuable pursuant to this Agreement. The issuance of the Shares will not trigger any anti-dilution
rights of any existing securities of the Company.


 


(f)Registration
Statement. The Registration Statement has become effective under the Securities Act,
and no stop order suspending the effectiveness of the Registration Statement is in effect, and no proceedings for such purpose
are pending before or threatened by the SEC; and any request on the part of the SEC for additional information has been complied
with.


 


2.2
Representations and Warranties of Purchaser.
Purchaser hereby represents and warrants as of the date hereof and as of the date of
the Closing to the Company as follows:


 


(a)
Organization; Authority.
The Purchaser is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its
incorporation with full right, corporate power and authority to enter into and to consummate the transactions contemplated by
this Agreement and otherwise to carry out its obligations hereunder. The execution, delivery and performance by Purchaser of the
transactions contemplated by this Agreement has been duly authorized by all necessary corporate action on the part of Purchaser.
This Agreement has been duly executed by Purchaser, and when delivered by Purchaser in accordance with the terms hereof, will
constitute the valid and legally binding obligation of Purchaser, enforceable against it in accordance with its terms except (i)
as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement
of creditors’ rights generally and (ii) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies.


 




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(b)Information.
Purchaser and its advisors, if any, have been furnished with all publicly available
materials relating to the business, finances and operations of the Company and such other publicly available materials relating
to the offer and sale of the Shares as have been requested by Purchaser. Purchaser and its advisors, if any, have been afforded
the opportunity to ask questions of the Company. Neither such inquiries nor any other due diligence investigations conducted by
Purchaser or its advisors, if any, or its representatives shall modify, amend or affect such Purchaser’s right to rely on
the Company’s representations and warranties contained herein. Purchaser understands that its investment in the Shares involves
a high degree of risk. Purchaser has sought such accounting, legal and tax advice as it has considered necessary to make an informed
investment decision with respect to its acquisition of the Shares.


 


(c)No
Governmental Review. Purchaser understands that no United States federal or state agency
or any other government or governmental agency has passed on or made any recommendation or endorsement of the Shares or the fairness
or suitability of the investment in the Shares, nor have such authorities passed upon or endorsed the merits of the offering of
the Shares.


 


(d)Sales;
Short Selling. From and after the date Purchaser received any information about the
existence of this offering, Purchaser has not offered, pledged, sold, contracted to sell, sold any option or contract to purchase,
purchased any option or contract to sell, granted any option, right or warrant to purchase, loaned, or otherwise transferred or
disposed of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable
for Common Stock, entered into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of the Common Stock, or directly or indirectly, through related parties, affiliates or otherwise sold
“short” or “short against the box” (as those terms are generally understood) any equity security of the
Company. Purchaser covenants that it will not, nor will it authorize or permit any person acting on its behalf to, engage in any
such transactions until following the Closing.


 


(e)Information
Regarding Purchaser. Purchaser has provided the Company with true, complete, and correct
information regarding all applicable items set forth on Purchaser’s signature page to this Agreement.


 


ARTICLE
III 


MISCELLANEOUS


 


3.1Board
of Directors’ Observer. For as long as the License remains in effect pursuant
to the terms of the License and Collaboration Agreement, (a) the Purchaser shall be entitled to designate one individual (the
“Observer”) to attend all meetings of Company’s board of directors (the “Board”) in
a nonvoting observer capacity and (b) the Company shall provide the Observer with copies of all notices, minutes, consents, and
other material that it provides to the members of the Board in their capacity as such. For the avoidance of doubt, (x) the Observer
may participate in discussions of matters brought to the Board, (y) the Purchaser’s right to designate the Observer as set
forth in this Section 3.1 shall automatically terminate upon the termination of the License pursuant to the terms of the License
and Collaboration Agreement, and (z) the Observer shall be a standing invitee to all meetings of the Board, but shall not be considered
a member of the Board.


 


3.2Fees
and Expenses. Each party shall pay the fees and expenses of its advisers, counsel, accountants
and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution,
delivery and performance of this Agreement. The Company shall pay all stamp and other taxes and duties levied in connection with
the sale of the Shares.


 


3.3Entire
Agreement. This Agreement, together with the exhibits and schedules thereto, contains
the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings,
oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and
schedules.


 




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3.4Notices.
Any and all notices or other communications or deliveries required or permitted to be
provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission,
if such notice or communication is delivered via facsimile at the facsimile number specified on the signature pages attached hereto
prior to 6:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice
or communication is delivered via facsimile at the facsimile number on the signature pages attached hereto on a day that is not
a Trading Day or later than 6:30 p.m. (New York City time) on any Trading Day, (c) the Trading Day following the date of mailing,
if sent by U.S. nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is
required to be given. The address for such notices and communications is set forth on the signature pages attached hereto. For
purposes of this Agreement, “Trading Day” shall mean a day on which the Company’s Common Stock is traded on
the Nasdaq National Market, or, if the Company’s Common Stock is not eligible for trading on the Nasdaq National Market,
any day except Saturday, Sunday and any day on which banking institutions in the State of New York are authorized or required
by law or other governmental action to close.


 


3.5Amendments;
Waivers. No provision of this Agreement may be waived or amended except in a written
instrument signed, in the case of an amendment, by the Company and Purchaser or, in the case of a waiver, by the party against
whom enforcement of any such waiver is sought. No waiver of any default with respect to any provision, condition or requirement
of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of
any other provision, condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder
in any manner impair the exercise of any such right.


 


3.6Construction.
The headings herein are for convenience only, do not constitute a part of this Agreement
and shall not be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to
be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against
any party.


 


3.7Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties
and their successors and permitted assigns. Neither Company nor Purchaser may assign this Agreement or any rights or obligations
hereunder without the prior written consent of the other party.


 


3.8No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties
hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced
by, any other person.


 


3.9Governing
Law. All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York.


 


3.10Survival.
The representations, warranties, agreements and covenants contained herein shall survive
the Closing and delivery of the Shares.


 


3.11Execution.
This Agreement may be executed in two or more counterparts, all of which when taken
together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each
party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event
that any signature is delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile signature page were
an original thereof.


 


3.12Severability.
If any provision of this Agreement is held to be invalid or unenforceable in any respect,
the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired
thereby and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor,
and upon so agreeing, shall incorporate such substitute provision in this Agreement.



 


3.13
Replacement of Securities.
If any certificate or instrument evidencing any of the Shares is mutilated, lost, stolen or destroyed, the Company shall issue
or cause to be issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution therefor,
a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft
or destruction and customary and reasonable indemnity, if requested. The applicants for a new certificate or instrument under
such circumstances shall also pay any reasonable third-party costs associated with the issuance of such replacement certificate.


 


(Signature
Pages Follow)


  




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