Principal Amount: US$5,000,000.00	Issue Date: March 30, 2020






PROMISSORY NOTE


FOR VALUE RECEIVED,
ENOCHIAN BIOSCIENCES, INC., a Delaware corporation (the “Maker”), promises to pay to the order of PASECO
APS, a limited company organized under the Kingdom of Denmark ((the “Payee”),
and together with the Maker, the “Parties” and each, a “Party”), the principal sum of FIVE
MILLION UNITED STATES dollars (US $5,000,000.00) (the “Principal”)
together with interest thereon (the “Interest”) as set forth in this Promissory Note (this “Note”).
This Note is being issued pursuant to that certain Note Purchase Agreement, dated as of March 30, 2020 (the “Purchase
Agreement”).


The following is
a statement of the rights of the Payee and the condition to which this Note is subject, and to which the Payee, by acceptance of
this Note, agrees:


1.                  
Interest. Interest shall accrue on the Principal received by Maker from the date so
received at a rate of six percent (6%) per annum. Interest shall be calculated on the Issue Date on the basis of the actual number
of days elapsed until the Maturity Date (as defined below) and shall be subject to mandatory prepayment in-kind pursuant to Section
4 below.


2.                  
Maturity Date. The entire unpaid Principal shall be due and payable by the Maker to
the Payee on November 30 2021 (the “Maturity Date”). All payments hereunder shall be made at the Payee’s
address as set forth herein below or as otherwise may be designated by the Payee in writing. 


3.                  
Waiver and Consent. To the fullest extent permitted by law, the Maker waives demand,
presentment, protest, notice of dishonor, suit against or joinder of any other person, and all other requirements necessary to
charge or hold the Maker liable with respect to this Note.


4.                  
Prepayment In-Kind. All accrued Interest shall be payable by the Maker in-kind on the
Issue Date in fully paid and non-assessable shares of the Company’s common stock, par value $0.0001 per share (“Common
Stock”), valued at $2.66 per share of Common Stock, which was the closing sale price of the Common Stock on the Nasdaq
Capital Market on the Execution Date (as defined in the Purchase Agreement). For the avoidance of doubt, the Interest paid under
this Section 4 shall be 188,485 shares of Common Stock. The Maker shall use best efforts to issue or cause to be issued
to or upon the order of the Payee certificates or book entry statements for the Common Stock issuable pursuant to this Section
4 within five (5) business days after receipt of the Principal by the Maker.


5.                  
No Assignment. Neither Payee nor Maker shall have the right to transfer or assign its
obligations under this Note without the prior written consent of the other Party; provided, however, that Payee may assign this
Note to any person without the consent of Maker to an affiliate of the Payee or upon an event of default in Section 6 below.
Any purported assignment in violation of this paragraph shall be void.


6.                  
Default. It shall be an event of default hereunder and the Payee shall have the right
to accelerate the maturity of this Note and the entire amount of principal and interest under this Note shall be immediately due
and payable upon the occurrence of any of the following events: (a) any payment due hereunder is not paid within thirty (30) calendar
days after the date required to be paid by the Maker or (b) the commencement of any proceedings under any bankruptcy laws of the
United States of America or under any insolvency, reorganization, receivership, readjustment of debt, dissolution, liquidation
or any similar law or statute of any jurisdiction now or hereinafter in effect (whether in law or at equity) is filed by or against
the Maker if such proceedings are not dismissed within sixty (60) calendar days of commencement. 


7.                  
Miscellaneous.


(a)                
Amendment. Neither this Note nor any provision hereof may be waived, modified, amended
or, except to the extent, if any, otherwise provided in this Note, terminated, except by a written agreement signed by the Parties.


(b)               
Termination. This Note may be terminated and all amounts due hereunder, including Principal
and any accrued interest, deemed paid in full (a) upon full payment of the principal and interest due hereunder, or (b) by a written
agreement signed by the Parties.






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(c)                
Negotiated Agreement. The Parties have fully participated in the Note’s negotiation
and preparation. Accordingly, this Note shall not be more strictly construed against either of the Parties.


(d)               
Waivers. No waiver of any breach, default or provision hereunder shall be considered
valid unless in writing signed by the Party to be charged therewith, and no such waiver shall be deemed a waiver of any subsequent
breach or default hereunder.


(e)                
Waiver of Jury Trial. THE PARTIES TO THIS NOTE HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS NOTE OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS
PROVISION IS A MATERIAL INDUCEMENT TO THE PARTIES ENTERING INTO THIS NOTE.


(f)                 
Notices. Any notices, consents, waivers or other communications required or permitted
to be given under the terms of this Note must be in writing and will be deemed to have been delivered: i) upon receipt, when delivered
personally; (a) upon receipt, when sent by email; or (b) one (1) business day after deposit with an overnight courier service,
in each case properly addressed to the party to receive the same according to Section 7(a) of the Purchase Agreement.


(g)               
Governing Law; Arbitration. Subsections 7(d) and (e) of the Purchase
Agreement are hereby incorporated by reference.


(h)               
Headings. The section headings of this Note are for convenience only and shall not
affect the meaning or interpretation of this Note or any provision hereof.


(i)                 
Third-Parties. Nothing herein expressed or implied is intended or shall be construed
to confer upon or give to any person or entity, other than the Parties to this Note and their respective permitted successor and
assigns, any rights or remedies under or by reason of this Note.


 


** signature
page follows **






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IN WITNESS WHEREOF,
the Maker has executed and delivered this Note to the Payee as of the 30 day of March, 2020.


MAKER:


ENOCHIAN BIOSCIENCES, INC.


By: /s/ Mark Dybul


Name: Mark Dybul


Title: Executive Vice-Chair


 


Address: Century City Medical
Plaza


2080 Century Park East, Suite
906


Los Angeles, CA 90067


 


 


 


Email: mrd54@georgetown.edu


With a copy to lpuche@enochianbio.com


 


 


Accepted By:


 


PAYEE:


 


PASECO APS


 


 


By: /s/ Ole Abildgaard


Name: Ole Abildgaard


Title:


 


 


Address: c/o Ole Abildgaard


Vedbaek Strandvej 506


Vedbaek 2950 Denmark


 


 


 


Email: Oa@oleabildgaard.com


 


 



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