Document:

Exhibit 10.9

 

EXECUTION VERSION

 

Oncobiologics,
Inc.

Note,
Warrant and Registration Rights Amendment and Waiver

 

This Note, Warrant
and Registration Rights Amendment and Waiver (the “Amendment”), dated September 7, 2017 (the “Effective
Date”), is with respect to those certain senior secured promissory notes (each, a “Note”
and collectively, the “Notes”) and those certain common stock purchase warrants (each, a “Warrant”
and collectively, the “Warrants”, and together with the Notes, the “Securities”)
issued to Purchasers pursuant to that certain Note and Warrant Purchase Agreement, dated as of December 22, 2016 (as amended by
that certain First Amendment to Note and Warrant Purchase Agreement, dated April 13, 2017, the “NWPA”),
and that certain Registration Rights Agreement dated as of February 3, 2017 (the “Registration Rights Agreement”),
and is entered into by and among Oncobiologics, Inc., a Delaware corporation
(the “Company”), and the Purchasers identified on the signature pages to this Amendment. Capitalized
terms used in this Amendment and not otherwise defined in this Amendment have the respective meanings ascribed to them in the NWPA.

 

Recitals

 

A.           The
Company and the Purchasers are parties to the NWPA and the Registration Rights Agreement.

 

B.           The
Company intends to enter into a transaction pursuant to a Purchase Agreement dated on or about the date hereof (the “Purchase
Agreement”) by and between the Company and GMS Tenshi Holdings Pte. Limited, a Singapore private limited company
(“GMS Tenshi”) for the private placement of up to $25,000,000 of the Company’s Series A Convertible
Preferred Stock, par value $0.01 per share (the “Preferred Shares”), and warrants to purchase 16,750,000
shares of the Company’s common stock, par value $0.01 per share (the “Purchase Agreement Warrants).

 

C.           In
connection with the sale of the Preferred Shares and Purchase Agreement Warrants pursuant to the Purchase Agreement, the Company
intends to enter into an Investor Rights Agreement (the “IRA”) with GMS Tenshi pursuant to which it will
grant certain registration rights to GMS Tenshi.

 

D.           The
Company has not registered for resale the shares of its common stock underlying the Warrants issued in April and May 2017 to the
Purchasers.

 

E.           The
sale and issuance of the Preferred Shares and Purchase Agreement Warrants will constitute a Change of Control Transaction under
Section 5(g) of the Notes, resulting in an Event of Default under the Notes and under the Security Agreement (together, the “CoC
Event of Default”).

 

F.           One
or more Events of Default (the “Good Standing Default”) may be deemed to have occurred and may be continuing
under the Notes, under the NWPA and under the Security Agreement due to the Company’s failure to pay certain franchise and
other taxes and maintain its good standing in its jurisdiction of incorporation.

 

    	 	 	 

     

    

 

G.           One
or more Events of Default (the “Schedule Default”) may be deemed to have occurred and may be continuing
under the Notes, under the NWPA and under the Security Agreement due to the existence of typographical errors appearing under the
heading “Investor Notes” in Schedule II to the NWPA.

 

H.           An
Event of Default (the “Cross Default”, and together with the CoC Event of Default, the Good Standing
Default and the Schedule Default, the “Specified Events of Default”) may be deemed to have occurred and
may be continuing under Section 5(d) and Section 5(e) of the Notes and under the Security Agreement as a result of one or more
events of default that may have occurred with respect to the Indebtedness listed under the heading “Investor Notes”
on Schedule II to the NWPA.

 

I.           The
sale and issuance of the Preferred Shares and Purchase Agreement Warrants will constitute a Fundamental Transaction under Section
3(e)(v) of the Warrants.

 

J.           The
granting of the registration rights to GMS Tenshi pursuant to the IRA is prohibited by Section 7(j)(i) of the Registration Rights
Agreement.

 

K.          The
Company and the Purchasers desire to waive the Specified Events of Default that may have occurred and waive any rights that may
inure to the benefit of holders of the Warrants in the event of a Fundamental Transaction under the Warrants.

 

L.           The
Company and the Purchasers desire to amend the Security Agreement, the NWPA and the Notes as provided herein and to correct the
typographical errors that may have given rise to the Schedule Default as provided herein.

 

M.       Subject
to Section 8 of the Security Agreement and Section 9 of each of the Notes, Section 7 of the NWPA provides that any provision of
the Security Agreement, the NWPA or the Securities may be amended and any provision thereof waived only by the written consent
of the Company and the Majority Holders. Section 8 of the Security Agreement and Section 9 of each of the Notes each provide that
any amendment to any Note that changes the fixed maturity of any Loan or Note will not be effective without the consent of each
Purchaser and each Secured Party (as defined in the Security Agreement).

 

N.           The
undersigned Purchasers represent all of the Purchasers and Secured Parties as of the Effective Date.

 

O.           The
Company and the Purchasers desire to waive the prohibition on granting registration rights to GMS Tenshi pursuant to the IRA.

 

P.           The
Company and the Purchasers desire to waive prior non-compliance by the Company with the Registration Rights Agreement to register
for resale the shares of its common stock underlying the Warrants issued in April and May 2017 to the Purchasers, and the Company
desires to agree to register such shares no later than March 31, 2018.

 

Q.           Section
7(a) of the Registration Rights Agreement provides that any provision of the IRA may be amended or waived only with the written
consent of the Company and Investors (as defined in the Registration Rights Agreement) holding a majority of the Registrable Securities
outstanding (the “Required Investors”).

 

    	 	2	 

     

    

 

R.           The
Company intends to enter into a transaction pursuant to a Purchase and Exchange Agreement dated on or about the date hereof and
attached hereto as Exhibit A (the “Exchange Purchase Agreement”) by and between the Company and the following
Purchasers: Sabby Healthcare Master Fund, Ltd. and Sabby Volatility Warrant Master Fund, Ltd. (each, an “Exchanging
Purchaser” and collectively, the “Exchanging Purchasers”) pursuant to which the Exchanging
Purchasers have agreed to forgive an aggregate principal amount of their respective Notes equal to $1,500,000 (such amount, the
“Exchanged Principal”), together with all accrued interest on such Exchanged Principal (such accrued
interest, together with the Exchanged Principal, the “Exchanged Indebtedness”) for shares of the Company’s
Series B Convertible Preferred Stock, par value $0.01 per share (the “Exchanging Noteholders’ Preferred Shares”).

 

S.           Each
of the Purchasers has been given the opportunity to participate in the transactions contemplated by the Exchange Purchase Agreement
and the Exchanging Purchasers are the only Purchasers who have elected to, and agreed to, participate in such transactions.

 

T.           The
Company and GMS Tenshi have entered into that certain Strategic License Agreement between the Company and GMS Tenshi dated as of
July 24, 2017 (as may be amended, supplemented, restated or otherwise modified from time to time, the “GMS Licensing
Agreement”) pursuant to which the Company granted to GMS Tenshi certain licenses and sublicenses with respect to
intellectual property owned by or licensed to the Company and relating to the Company’s ONS-1045 product candidate. The Majority
Holders have previously consented to the entry by the Company into the GMS Licensing Agreement and the consummation of the transactions
contemplated thereby.

 

U.           On
or about the date hereof the Company and GMS Tenshi intend to enter into that certain Joint Development and License Agreement dated
as of September 7, 2017 (as may be amended, supplemented, restated or otherwise modified from time to time, the “GMS
Collaboration Agreement”) pursuant to which the Company will grant to GMS Tenshi certain licenses and sublicenses
with respect to intellectual property owned by or licensed to the Company and relating to certain the Company’s ONS-1045
and ONS-3010 product candidates.

 

V.       The
Company has requested that the Purchasers consent to and approve each of the transactions contemplated by the IRA, the GMS Licensing
Agreement, the GMS Collaboration Agreement, the Purchase Agreement and each of the other Transaction Documents (as defined in the
Purchase Agreement), and, subject to the terms and conditions of this Amendment, the Purchasers have agreed to so approve and consent
to such transactions.

 

W.       Certain
of the Purchasers are holders of Series A Warrants (as defined in the Purchase Agreement), and have requested that the Company
modify the expiration date of the Series A Warrants as set forth herein and the Company is in agreement with such request.

 

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Agreement

 

In consideration of the mutual covenants
and agreements set forth herein and for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.          This
Amendment will be effective as of the Effective Date upon receipt by the Company and each Purchaser of an executed counterpart
of this Amendment.

 

2.          The
undersigned Purchasers, constituting all of the Purchasers as of the Effective Date, hereby waive (v) the CoC Event of Default
as it relates to the transactions contemplated by the Purchase Agreement (including, without limitation, the sale and issuance
of the Preferred Shares and the Purchase Agreement Warrants and the exercise of the Purchase Agreement Warrants), (w) the Good
Standing Default, (x) the Schedule Default, (y) the Cross Default and (z) payment of any and all default interest that may have
accrued under the Notes as a result of the occurrence of one or more of the Specified Events of Default (with it being understood
and agreed that any such default interest is hereby forgiven in full by the Purchasers). For the avoidance of doubt, (x) upon giving
effect to the foregoing waiver, the Notes shall continue to bear interest at the Stated Interest Rate (as defined in each of the
Notes) and (y) the foregoing waiver constitutes a rescission and annulment of the automatic acceleration of all unpaid principal,
accrued interest and other amounts owing under the Notes provided for in the last paragraph of Section 5 of each of the Notes,
as such acceleration may have been triggered by the occurrence of the Specified Events of Default. The undersigned Purchasers’
waiver of the Company’s obligation to make payment of all unpaid principal and accrued and unpaid interest and other amounts
owing under the Notes shall apply only to transactions contemplated by the Purchase Agreement and the Specified Events of Default.

 

3.          It
is acknowledged by the Company and the undersigned Purchasers that as of the date hereof the promissory notes payable by the
Company to Devarata Goswami and Pharma Innovation Sourcing Center LLC (each in respect of the related Indebtedness owing to
such persons that is listed under the heading “Investor Notes” on Schedule II to the NWPA) remain in default (the
“Investor Note Default”). Notwithstanding anything in the Notes, the Security Agreement, the NWPA
or any of the other Transaction Documents to the contrary and for the avoidance of doubt, after giving effect to the
foregoing waiver of the Cross Default set forth in paragraph 2 above and the amendments contemplated by this Amendment, the
Company and the undersigned Purchasers agree that the existence of the Investor Note Default does not and will not constitute
a “default” or an “Event of Default” for any purpose under any of the Notes, the NWPA, the Security
Agreement or any of the other Transaction Documents.

 

4.          It
is acknowledged by the Company and the undersigned Purchasers that as of the date hereof the Company has not paid the taxes giving
rise to the Good Standing Default and it is not in good standing in its jurisdiction of incorporation. Notwithstanding anything
in the Notes, the Security Agreement, the NWPA or any of the other Transaction Documents to the contrary and for the avoidance
of doubt, after giving effect to the foregoing waiver of the Good Standing Default set forth in paragraph 2 above and the amendments
contemplated by this Amendment, the Company and the undersigned Purchasers agree that the existence of the Good Standing Default
does not and will not constitute a "default" or an "Event of Default" for any purpose under any of the Notes,
the NWPA, the Security Agreement or any of the other Transaction Documents.

  

    	 	4	 

     

    

 

5.          The
undersigned Purchasers, constituting the Majority Holders, hereby waive any rights afforded to holders of the Warrants in the event
of a Fundamental Transaction under Section 3(e)(v) related to the transactions contemplated by the Purchase Agreement. The undersigned
Purchasers’ waiver of rights afforded to holders of the Warrants in the event of a Fundamental Transaction shall apply only
to the transactions contemplated by the Purchase Agreement.

 

6.          Notwithstanding
anything in the Notes, the Warrants, the Security Agreement, the NWPA, the Registration Rights Agreement, any other Transaction
Document or in any related agreement or undertaking between the Purchasers (or any of them) and the Company to the contrary, each
of the undersigned Purchasers hereby consents to and approves each of the transactions contemplated by the IRA, the GMS Licensing
Agreement, the GMS Collaboration Agreement, the Purchase Agreement, each of the other Transaction Documents (as defined in the
Purchase Agreement) and the Exchange Purchase Agreement, including, for the avoidance of doubt, the transfers of intellectual property
and related assets contemplated by the GMS Licensing Agreement and the GMS Collaboration Agreement (and with it being understood
and agreed that in connection with any such transfers any lien or security or other interest held by the Purchasers, or any of
them, on any such assets shall be automatically and irrevocably released and with it being further agreed that the Purchasers will
execute and deliver any documentation or lien releases reasonably requested by the Company in connection with the effectuation
of the foregoing).

 

7.          In
accordance with the NWPA and the Notes, each of the Purchasers and the Company acknowledges and agrees that each of the Purchasers
has been given the opportunity to participate in the transactions contemplated by the Exchange Purchase Agreement. Effective automatically
upon the consummation of the “Exchange” (as defined in the Exchange Purchase Agreement), the Purchasers and the Company
agree that (x) the Exchanged Indebtedness shall be automatically extinguished and forgiven in full, (y) the outstanding principal
amount of the Notes will be as set forth in Exhibit B attached hereto, and (z) the Note of each applicable Exchanging Purchaser
shall be deemed to be automatically amended to give effect to such Exchange (or, if any such Exchanging Purchaser has exchanged
its Note in its entirety, such Note shall be automatically and irrevocably terminated, marked “cancelled” and promptly
remitted to the Company by the applicable Exchanging Purchaser) and, to the extent requested by the Company or such applicable
Exchanging Purchaser, the Company shall issue a replacement Note to such Exchanging Purchaser to reflect the consummation of the
Exchange (and upon receipt of any such replacement Note such Exchanging Purchaser shall promptly remit any replaced Note to the
Company for cancellation).

 

    	 	5	 

     

    

 

8.          Each
of the Notes is hereby amended as follows:

 

(a)          Section
1 of each of the Notes is hereby amended and restated as follows:

 

“1.          Principal
Repayment. The outstanding principal amount of this Note, and all accrued and unpaid interest thereon, shall be due and payable
on the later to occur of (x) December 22, 2018 and (y) the date that is one year following the occurrence of the ‘Closing
Date’ (as defined in that certain Purchase Agreement dated as of September 7, 2017 between Company and GMS Tenshi Holdings
Pte. Limited, a Singapore private limited company) (such later date, the “Maturity Date”).”

 

(b)          Clauses
(d) and (e) of Section 5 of each of the Notes are hereby amended and restated as follows:

 

“(d)
a default or event of default (subject to any grace or cure period provided in the applicable agreement, document or instrument)
shall occur under (A) any of the Transaction Documents or (B) any other material agreement, lease, document or instrument to which
the Company or any subsidiary is obligated relating to an obligation greater than $1,000,000, but excluding, for all purposes of
this clause (d), any default or event of default occurring under or with respect to the Indebtedness listed under the heading ‘Investor
Notes’ on Schedule II to the Purchase Agreement;

 

(e) the Company
or any subsidiary shall default on any of its obligations under any mortgage, credit agreement or other facility, indenture agreement,
factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness
for borrowed money or money due under any long term leasing or factoring arrangement (other than, for all purposes of this clause
(e), any promissory note or agreement, documentation or other evidence of Indebtedness relating to the Indebtedness listed under
the heading ‘Investor Notes’ on Schedule II to the Purchase Agreement) that (a) involves an obligation greater than
$500,000, whether such indebtedness now exists or shall hereafter be created, and (b) results in such indebtedness becoming or
being declared due and payable prior to the date on which it would otherwise become due and payable;”

 

(c)          Clause
(g) of Section 5 of each of the Notes is hereby amended and restated as follows:

 

    	 	6	 

     

    

 

“(g)       the
Company shall be a party to any Change of Control Transaction or shall sell or dispose of all or in excess of 33% of its assets
in one transaction or a series of related transactions (whether or not such sale would constitute a Change of Control Transaction).
‘Change of Control Transaction’ means the occurrence after the date hereof of any of (a) an acquisition
after the Closing Date (as defined in the GMS Purchase Agreement) by an individual or legal entity or ‘group’ (as described
in Rule 13d-5(b)(1) promulgated under the 1934 Act), other than, in each case, any Permitted Holders, of effective control (whether
through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of in excess of 49% of the voting
securities of the Company, (b) the Company merges into or consolidates with any other Person or entity, or any Person or entity
merges into or consolidates with the Company and, after giving effect to such transaction, the stockholders of the Company immediately
prior to such transaction own less than 50.1% of the aggregate voting power of the Company or the successor entity of such transaction,
(c) the Company sells or transfers all or substantially all of its assets to another Person or entity and the stockholders of the
Company immediately prior to such transaction own less than 50.1% of the aggregate voting power of the acquiring entity immediately
after the transaction, or (d) a replacement at one time or within a three year period of more than one-half of the members of the
board of directors (other than members of the board of directors appointed directly or indirectly by Permitted Holders) which is
not approved by a majority of those individuals who are members of the board of directors on the Closing Date (as defined in the
GMS Purchase Agreement) (or by those individuals who are serving as members of the board of directors on any date whose nomination
to the board of directors of the Company was approved by a majority of the members of the board of directors who are members on
the date hereof). ‘Permitted Holders’ means any of (i) GMS Tenshi and any Affiliate thereof, (ii) any
Person controlled by any of the Persons described in clause (i), (iii) any group of Persons (within the meaning of Rule 13d-3 under
the 1934 Act) of which any Person described in clauses (i) or (ii), individually or collectively, has control over such group and/or
(iv) any Person or group of Persons (within the meaning of Rule 13d-3 under the 1934 Act) designated by GMS Tenshi so long as GMS
Tenshi has provided to each Purchaser written notice of the material terms of the issuance or sale of any warrants, capital stock
or other equity interests of the Company to any such Person or group of Persons at least three (3) Business Days prior to such
sale or issuance (which notice requirement shall not be construed to require the consent of the Purchasers, or any of them). For
purposes of this definition, ‘control’, as used with respect to any Person, shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through ownership
of voting securities or by agreement or otherwise. For the avoidance of any doubt, the issuance of any warrants, capital stock
or other equity interests of the Company to a Permitted Holder shall not constitute an “Event of Default” or a “Change
of Control” for any purpose under this Note or any other Transaction Document. ‘Person’ means an
individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind;”

 

    	 	7	 

     

    

 

9.          The
NWPA is hereby amended as follows:

 

(a)          Clauses
(a) and (b) of Section 4 of the NWPA are hereby amended and restated as follows:

 

“(a)
Payments. Notwithstanding anything to the contrary in the Notes, prior to the termination or satisfaction in full of the
Notes the Company hereby agrees that it shall not (i) make any payments to Company officers with respect to Company indebtedness
owed to such officers, (ii) make any distribution or dividend payments to stockholders of the Company or redeem or retire for value
any shares of any class of stock of the Company, except for distributions, dividend payments, redemptions and retirements for value
(x) in respect of the Company’s Series A Convertible Preferred Stock, par value $0.01 per share (the ‘Preferred
Shares’), initially issued pursuant to that certain Purchase Agreement dated on or about September 7, 2017 (as amended,
waived, supplemented, restated or otherwise modified from time to time, the ‘GMS Purchase Agreement’)
by and between the Company and GMS Tenshi Holdings Pte. Limited (‘GMS Tenshi’) or (y) as contemplated
by the Transaction Documents (as defined in the GMS Purchase Agreement) (provided that (A) any such redemptions or retirements
for value in respect of the Preferred Shares made pursuant to the foregoing clause (a)(ii) shall be made only pursuant to Section
8(b) of the Certificate of Designation (as defined in the GMS Purchase Agreement), and (B) any such distribution or dividend payments
in respect of the Preferred Shares shall not be made in cash (it being understood that the Company shall be permitted to make any
such distribution or dividend payments in respect of the Preferred Shares by issuance and delivery of PIK Shares (as defined in
the Certificate of Designation) in accordance with the Certificate of Designation)) or (iii) except (x) for payments in respect
of any GMS Subordinated Debt (as defined in Section 4(b) below) made in accordance with Section 4(b) and the subordination provisions
thereof or (y) as permitted pursuant to Section 4(f), repay, repurchase or offer to repay, repurchase or otherwise acquire any
Indebtedness, other than the Notes if on a pro-rata basis and other than regularly scheduled principal and interest payments as
such terms are in effect as of the date hereof, provided that such payments shall not be permitted if, at such time, or after giving
effect to such payment, any Event of Default (as defined in the Notes) shall occur. For the avoidance of doubt, no payments (on
account of principal interest or otherwise) with respect to the Indebtedness listed under the heading ‘Investor Notes’
on Schedule II hereto shall be made prior to the payment in full of the obligations under the Notes.

 

(b) Indebtedness.
The Company shall not incur, suffer or permit to exist any Indebtedness other than (i) the indebtedness outstanding on the date
hereof and set forth on Schedule II hereto (and including, for the avoidance of doubt, assignments, amendments, supplements, restatements,
modifications or extensions to or of any such indebtedness, in each case, not increasing the principal amount thereof); (ii) indebtedness
evidenced by the Notes; (iii) indebtedness of the type described in clause (c) of the definition of ‘Permitted Liens’
as such term is defined in the Security Agreement; (iv) obligations in respect of the Preferred Shares and (v) so long as the Company
has given the Purchasers written notice at least three (3) Business Days prior to the incurrence thereof (which notice requirement
shall not be construed to require the consent of the Purchasers, or any of them), secured or unsecured subordinated indebtedness
owing to GMS Tenshi or any Affiliate thereof (other than the Company or any of its subsidiaries) or any other individual or legal
entity designated by GMS Tenshi (the ‘GMS Subordinated Indebtedness’), which indebtedness shall be subordinated
to the indebtedness evidenced by the Notes on terms to be agreed by the Company and GMS Tenshi, but which subordination terms,
in any event, will permit the Company to make regularly scheduled payments of principal, interest and other amounts owing in respect
thereof so long as no Event of Default (as defined under the Notes) shall have occurred and be continuing.”

 

    	 	8	 

     

    

 

(b)          Clause
(d) of Section 4 of the NWPA is hereby amended as follows:

 

“(d)
Affiliate Transactions. The Company shall not enter into any transaction with any Affiliate of the Company which would be
required to be disclosed in any public filing with the Commission, unless such transaction is made on an arm’s-length basis
and expressly approved by a majority of the disinterested directors of the Company (even if less than a quorum otherwise required
for board approval), other than (i) indemnities and reimbursement of out-of-pocket costs and expenses for members of the Board
of Directors, managers or other governing body of the Company or any its subsidiaries and (ii) transactions pursuant to (v) the
GMS Licensing Agreement and the GMS Collaboration Agreement (each as defined in the Security Agreement), (w) the GMS Purchase Agreement
(including, for the avoidance of doubt, in respect of the warrants and Preferred Shares issued thereunder and in respect of any
additional issuances of warrants, equity or other capital stock by the Company to GMS Tenshi or any of its Affiliates (other than
the Company and its subsidiaries) or any other individual or legal entity designated by GMS Tenshi, (x) the Investor Rights Agreement
between the Company and GMS Tenshi to be dated as of the Initial Closing Date (as defined in the GMS Purchase Agreement) (as may
be amended, supplemented, restated or otherwise modified from time to time), (y) the Exchange Purchase Agreement and (z) the documentation
evidencing any GMS Subordinated Debt and the Indebtedness listed under the heading ‘Investor Notes’ on Schedule II
hereto.”

 

(c)          The
following shall be added as a new clause (h) of Section 4 of the NWPA:

 

“(g)
Notification of Deemed Liquidation Event. The Company shall provide reasonably prompt notice to the Purchasers of the receipt
by the Company of written notice from GMS Tenshi of the occurrence of a Deemed Liquidation Event (as defined in the Certificate
of Designation (as defined in the GMS Purchase Agreement)).”

 

10.         Schedule
II (“Schedule of Indebtedness”) to the NWPA is hereby amended and restated in its entirety in the form attached hereto
as Exhibit C.

 

11.         The
Security Agreement is hereby amended as follows:

 

(a)          Section
1 of the Security Agreement is hereby amended by adding the following definition in the appropriate alphabetical order:

 

“‘GMS
Licensing Agreement’ means the Strategic License Agreement between the Company and GMS Tenshi dated as of July 24,
2017 (as may be amended, supplemented, restated or otherwise modified from time to time).

 

‘GMS
Collaboration Agreement’ means the Joint Development and License Agreement between the Company and GMS Tenshi dated
as of September 7, 2017 (as may be amended, supplemented, restated or otherwise modified from time to time).”

 

(b)          Clauses
(d) and (e) of the definition of “Permitted Liens” in Section 1 of the Security Agreement are hereby amended and restated
as follows:

 

“(d)
leases or subleases and licenses or sublicenses granted to others in the ordinary course of Grantor’s business or granted
under the GMS Licensing Agreement or the GMS Collaboration Agreement; (e) any right, title or interest of a licensor under a license
(including, for the avoidance of doubt, under the GMS Licensing Agreement or the GMS Collaboration Agreement);”

 

    	 	9	 

     

    

 

(c)          Clause
(o) of the definition of “Permitted Liens” in Section 1 of the Security Agreement is hereby amended and restated as
follows:

 

“(o) Liens securing subordinated
debt (other than GMS Subordinated Debt), (provided such Liens are subordinated to Secured Party’s security interest on terms
acceptable to Secured Party) and Liens securing GMS Subordinated Debt;”

 

(d)          Clause
(a) of Section 5.1 of the Security Agreement is hereby amended and restated as follows:

 

“5.1        Disposition
of Collateral. Grantor shall not sell, lease, transfer or otherwise dispose of any of the Collateral (each, a ‘Transfer’),
or attempt or contract to do so, other than (a) the sale of Inventory in the ordinary course of business, (b) the granting of Licenses
in the ordinary course of business, (c) the disposal of worn-out or obsolete Equipment, (d) Transfers of Collateral for fair market
value as determined by Grantor in its good faith business judgment, not exceeding $250,000 in the aggregate in any given fiscal
year and (e) the granting of Licenses and any other transfers pursuant to the GMS Licensing Agreement and/or the GMS Collaboration
Agreement.”

 

12.         All
other terms and conditions of the Notes, the Security Agreement and the NWPA will be unaffected hereby and remain in full force
and effect. A copy of this Amendment may be attached to each of the Notes as an allonge thereto and shall be deemed to be an amendment
to each of the Notes.

 

13.         The
undersigned Investors, constituting the Required Investors, hereby waive the prohibition on granting registration rights to future
Registrable Security holders under Section 7(j)(i) of the Registration Rights Agreement with respect to the transactions contemplated
by the Purchase Agreement, including the Company’s entry into the IRA. The undersigned Investors’ waiver of Section
7(j)(i) of the Registration Rights Agreement shall apply only to the transactions contemplated by the Purchase Agreement, including
the Company’s entry into the IRA.

 

14.         The
undersigned Investors, constituting the Required Investors, hereby waive the Company’s prior non-compliance with the Registration
Rights Agreement to register for resale the shares of its common stock underlying the Warrants issued in April and May 2017 to
the Purchasers, and the Company and undersigned Investors hereby agree that the Company shall register such shares for resale in
accordance with the Registration Rights Agreement no later than March 31, 2018.

 

15.         All
other terms and condition of the Registration Rights Agreement will be unaffected hereby and remain in full force and effect.

 

    	 	10	 

     

    

 

16.         The
Company undertakes and agrees to take such action as may be necessary to modify the expiration date of the Series A Warrants (as
defined in the Purchase Agreement) prior to the current expiration of such Series A Warrants such that that the Series A Warrants
will expire at the earlier to occur of (a) 5:00 p.m. New York City time on February 18, 2018, in the event that, at any time after
the date hereof and prior to January 22, 2018, the closing market price of the common stock of the Company is greater than or equal
to $7.25 per share, (b) 5:00 p.m. New York City time on the date that is twenty (20) Business Days after the date (which date may
be no earlier than January 22, 2018) on which the closing market price of the common stock of the Company is greater than or equal
to $7.25 per share, and (c) 5:00 p.m. New York City time on February 18, 2019.

 

17.         Upon
giving effect to this Amendment, each reference in the NWPA, Security Agreement, any Note or the Registration Rights Agreement
to “this Agreement”, “this Note” or words of similar import referring to the NWPA, Security Agreement,
any Note or the Registration Rights Agreement, as applicable, shall be and mean, in each case, a reference to the NWPA, Security
Agreement, any Note or the Registration Rights Agreement, as applicable, as amended by this Amendment.

 

18.         Wherever
possible, each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Amendment.

 

19.         This
Amendment and all actions arising out of or in connection with this Amendment shall be governed by and construed in accordance
with the internal laws of the State of New York, without regard to the conflicts of law provisions. Each of the parties hereto
irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United
States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating
to or arising out of this Amendment and the transactions contemplated hereby. Each of the parties hereto irrevocably consents to
the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each party
hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and
irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient
forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AMENDMENT
AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

20.         This
Amendment may only be amended, waived, supplemented or otherwise varied by a document, in writing, of even or subsequent date of
this Amendment, executed by the Company and the Majority Holders; provided that, any amendment, modification, supplement
or waiver to the definition of “Maturity Date” (as defined in the Notes) or that otherwise reduces the principal of
any of the Notes that has the effect of changing the fixed maturity of the Notes or reduces the principal amount of the Notes will
be subject to the consent of the Majority Holders and each affected Purchasers.

 

21.         The
provisions of this Amendment shall inure to the benefit of, and be binding upon, the parties to this Amendment, the Purchasers
and their respective successors, assigns, heirs, executors and administrators and other legal representatives.

 

    	 	11	 

     

    

 

22.         This
Amendment may be executed in one or more counterparts, each of which will be deemed an original, but all of which together will
constitute one and the same agreement. Facsimile copies or copies in “.pdf” format of signed signature pages will be
deemed binding originals.

 

23.         Notwithstanding
anything herein to the contrary, the Purchasers party hereto and the Company each acknowledge that Simon Woodhouse, an individual
(the “Designated Purchaser”), is a Purchaser who has not delivered an executed counterpart signature
page to this Amendment as of the time that this Amendment became effective on the date hereof. In the event that the Designated
Purchaser delivers to the Company an executed counterpart signature page to this Amendment, such counterpart signature page shall
be attached hereto and shall constitute a part of this Amendment for all purposes. In the event that the Designated Purchaser has
not delivered an executed signature page to this Amendment prior to the effectiveness of this Amendment, the Purchasers party hereto
and the Company hereby agree that, notwithstanding anything in the this Amendment, the Notes, the Security Agreement, the NWPA
or any of the other Transaction Documents to the contrary, for so long as the Designated Purchaser has not delivered an executed
counterpart signature page to this Amendment: (x) the existence of any default or Event of Default under the Note held by the Designated
Purchaser shall not constitute a default or Event of Default for any purpose under the other Notes, the Security Agreement, the
NWPA or any of the other Transaction Documents and (y) the Company shall be permitted to prepay in full the Note held by the Designated
Purchaser, together with accrued interest thereon, without any obligation or requirement to prepay any other Note (in full or in
part, on a pro rata basis or otherwise).

 

[Signatures Follow]

 

    	 	12	 

     

    

 

The parties have executed this Note
and Warrant Amendment and Waiver as of the date first above written.

 

	 	Company:
	 	 
	 	Oncobiologics, Inc.
	 	 	 
	 	By:	/s/ Pankaj Mohan
	 	Name:	Pankaj Mohan, Ph.D.
	 	Title:	Chief Executive Officer

 

    	 	 	 

     

    

 

The parties have executed this Note
and Warrant Amendment and Waiver as of the date first above written.

 

	 	Purchaser:
	 	 
	 	venBio Select Fund LLC
	 	 
	 	By:	/s/ Scott Epstein
	 	Name:	Scott Epstein
	 	Title:	CFO and CCO

 

    	 	 	 

     

    

 

The parties have executed this Note
and Warrant Amendment and Waiver as of the date first above written.

 

	 	Purchaser:
	 	 
	 	PointState Fund LP
	 	 
	 	By:	/s/ Alfred
    J. Barbagallo
	 	Name:	Alfred
    J. Barbagallo
	 	Title:	Managing Director and
    General Counsel

 

    	 	 	 

     

    

 

The parties have executed this Note
and Warrant Amendment and Waiver as of the date first above written.

 

	 	Purchaser:
	 	 
	 	Sabby Healthcare Master Fund, Ltd.
	 	 
	 	By:	/s/ Robert
    Grundstein
	 	Name:	Robert
    Grundstein
	 	Title:	COO of Investment Manager

 

    	 	 	 

     

    

 

The parties have executed this Note
and Warrant Amendment and Waiver as of the date first above written.

 

	 	Purchaser:
	 	 
	 	Sabby Volatility Warrant Master Fund,     Ltd.
	 	 
	 	By:	/s/ Robert
    Grundstein
	 	Name:	Robert
    Grundstein
	 	Title:	COO of Investment Manager

 

    	 	 	 

     

    

 

The parties have executed this Note
and Warrant Amendment and Waiver as of the date first above written.

 

	 	Purchaser:
	 	 
	 	Trutek Corp.
	 	 
	 	By:	/s/ Ashok
    Wahi
	 	Name:	Ashok
    Wahi
	 	Title:	President

 

    	 	 	 

     

    

 

The parties have executed this Note
and Warrant Amendment and Waiver as of the date first above written.

 

	 	Purchaser:
	 	 
	 	By:	/s/ Nailesh A. Bhatt
	 	Name:	Nailesh A. Bhatt

 

    	 	 	 

     

    

 

The parties have executed this Note
and Warrant Amendment and Waiver as of the date first above written.

 

	 	Purchaser:
	 	 
	 	By:	/s/
    Dennis M. O’Donnell
	 	Name:	Dennis
    M. O’Donnell

 

    	 	 	 

     

    

 

The parties have executed this Note
and Warrant Amendment and Waiver as of the date first above written.

 

	 	Purchaser:
	 	 
	 	By:	/s/ Arunkumar Vyas
	 	Name:	 Arunkumar Vyas

 

    	 	 	 

     

    

 

The parties have executed this Note
and Warrant Amendment and Waiver as of the date first above written.

 

	 	Purchaser:
	 	 
	 	By:	/s/
Ajitesh Resi
	 	Name:	 Ajitesh Resi

 

    	 	 	 

     

    

 

The parties have executed this Note
and Warrant Amendment and Waiver as of the date first above written.

 

	 	Purchaser:
	 	 
	 	By:	/s/
    Scott Canute
	 	Name:	Scott
    Canute

 

    	 	 	 

     

    

 

The parties have executed this Note
and Warrant Amendment and Waiver as of the date first above written.

 

	 	Purchaser:
	 	 
	 	By:	/s/
Albert D. Dyrness
	 	Name:	 Albert D. DyrnessExhibit 10.1

 

EQUITY COMPENSATION AGREEMENT

 

THIS EQUITY COMPENSATION
AGREEMENT (this “Agreement”) made as of the 1st day of September 2017, between BIONIK LABORATORIES CORP,
a corporation incorporated under the laws of the state of Delaware (hereinafter referred to as the “Issuer“) and 4A
Consulting & Engineering, a consulting company located 18 Chemin de la Vierge Noire 38700 La Tronche, France (hereinafter
referred to as the “Recipient“, the Issuer and the Recipient being hereinafter referred to as the “Parties”).

 

WHEREAS the
Issuer has entered into that certain consulting agreement with the recipient, as amended, pursuant to which the Recipient is to
provide certain strategic and consulting services to the Issuer the “Consulting Agreement”); and

 

WHEREAS the
Issuer desires to supplement the compensation of the Recipient in connection with the Consulting Agreement, in the form of certain
equity grants to be made by Issuer, to be issued under the terms of an equity incentive plan to be adopted by the Issuer;

 

NOW, THEREFORE,
THIS AGREEMENT witnesses that the Parties have agreed to the terms and conditions of the equity compensation to be provided
by the Issuer to the Recipient, as set forth below:

 

1.                 
Grant of Initial Stock Option. A grant of a stock option (with an exercise price equal to the fair market value of
the underlying shares determined on the date of grant, and with an expiration date that is the tenth (10th) anniversary of its
date of grant) (the “Initial Option”) representing a right to acquire 6% of the aggregate amount of outstanding common
stock and exchangeable shares of the Issuer as soon as practicable following the effective date of this Agreement. 1/6 of the Initial
Option (for 1% of the outstanding equity of the Issuer) will be vested and exercisable as of its date of grant, and the unvested
portion of the Initial Option will become vested and exercisable as follows:

 

(a)              
50% of the Initial Option that is not vested as of the date of grant shall become vested in 5 equal annual installments
on each of the five anniversaries of the Recipient’s date of appointement; and

 

(b)              
The other 50% of the Initial Option that is not vested as of the date of grant shall potentially become in 5 equal separate
traunches annually based on the Recipient’s achievement of annual performance goals to be established by the board of directors
of Bionik Canada, in consultation with the Recipient. The extent to which each separate traunche becomes vested shall be determined
by reference to the Recipient’s annual performance as measured by reference to the performance targets set for that performance
period. In the event a specific traunch is not fully vested, that traunche shall not be forfeited, but shall remain outstanding,
and may become vested as a result of the Recipient’s future performance at an above target level or as a result of accelerated
vesting on the occurrence of any other event that triggers accelerated vesting under this Agreement.

 

2.             Accelerated Vesting. Notwithstanding anything herein to the contrary, the Initial Option, including any portion that
is subject to vesting based on the period of the Recipient’s service and any portion that is subject to vesting on the basis
of performance, shall be fully vested on the occurrence of any of the following conditions:

 

     

     

    

(a)              
A Change in Control (as defined in the 2014 Equity Incentive Plan, as amended); provided, however, that a Change in Control
shall also include a transaction affecting Bionik Canada, that would constitute a Change in Control by applying that definition
as though Bionik Canada were the Issuer);

 

(b)              
Termination of the Consulting Agreement or any other similar change that would constitute or be tantamount to a “separation
from service” (as that phrase is used for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the
"Code"), other than where such termination is by the Issuer for “Cause” (as defined in the 2014 Equity Incentive
Plan, as amended) or where such termination is by reason of the Recipient’s voluntary resignation other than for “Good
Reason” (as hereinafter defined).

 

(c)              
For these purposes, the Recipient shall be deemed to have resigned for “Good Reason” only under the following
circumstances:

 

(i)                
There has been a material reduction in the Recipient’s compensation or responsibilities, a disagreement in the strategy
to be pursued by the Issuer as proposed by the Recipient under the Consulting Agreement, or a requirement that the Recipient relocate
more than 50 miles away from his current principal work place without his consent; and

 

(ii)             
The Recipient must have provided notice of the existence of any condition claimed to be Good Reason within three (3) months
of its initial existence, and the Issuer must have failed to correct such condition within thirty (30) days of receipt of such
notice.

 

3.             Miscellaneous Provisions.

 

(a)              
Headings. The division of this Agreement into articles and sections and the insertion of headings are for the convenience
of reference only and shall not affect the construction or interpretation of this Agreement.

 

(b)              
Assignment. This Agreement shall be personal as to the Recipient and shall not be assignable by the Recipient subject
to the terms herein. This Agreement shall enure to the benefit of and be binding upon the heirs, executors, administrators and
legal personal representatives of the Recipient and 4A, as applicable, and the successors and permitted assigns of the Issuer.

 

(c)              
Entire Agreement. This Agreement and the documents and agreements referenced herein constitute the entire agreement
between the parties with respect to the subject matter hereof and cancels and supersedes any prior understandings and agreements
between the parties hereto with respect thereto, whether verbal or in writing. There are no other written or verbal representations,
warranties, terms, conditions, undertakings or collateral agreements, express, implied or statutory between the parties.

 

     

     

    

 

(d)              
Amendments. No amendment to this Agreement shall be valid or binding unless set forth in writing and duly executed
by both of the parties hereto. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate
or be construed as a waiver of any subsequent breach by any party.

 

(e)              
Severability. If any provision of this Agreement is determined to be invalid or unenforceable in whole or in part,
such invalidity or unenforceability shall attach only to such provision or part thereof and the remaining part of such provision
and all other provisions hereof shall continue in full force and effect.

 

(f)               
Further Acts. The parties shall do all such further acts and things and provide all such assurances and deliver all
such documents in writing as may be required, from time to time in order to fully carry out the terms, provisions and intent of
this Agreement.

 

(g)              
Notice. Any demand, notice or other communication to be given in connection with this Agreement shall be given in
writing by personal delivery, electronic delivery or by registered mail addressed to the recipient as follows:

 

Leslie Markow
– CFO

Bionik Laboratories
Inc.

483 Bay Street,
Office N105

Toronto, Ontario
M5G 2C9

Telephone: (416)
640-7887 x 508

Email:          lm@bioniklabs.com

 

and

 

André-Jacques Auberton-Hervé

4A Consulting & Engineering

18, Chemin de la Vierge Noire

38700 La Tronche, France

Telephone : +336. 8656.7758

Email :andre.auberton@4a-ce.com

 

or such other address, individual or telecopy
number, or by email as may be designated by either party to the other in accordance herewith. Any notice given by personal delivery
will be conclusively deemed to have been given on the day of actual delivery of the notice and, if given by registered mail, on
the third day, other than a Saturday, Sunday or statutory holiday in Ontario, following the deposit of the notice in the mail.
If the party giving any notice knows or ought reasonably to know of any difficulties with the postal system that might affect the
delivery of mail, any such notice may not be mailed but must be given by personal delivery. In the case of electronic delivery,
on the same day that it was sent if sent on a business day and the acknowledgement of receipt is received by the sender before
5:00 p.m. (in the place of receipt) on such day, and otherwise on the first business day thereafter.

 

(h)              
Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware,
without regard to its conflict of law rules.

 

     

     

    

 

(i)                
Securities Regulatory Authority Requirement. The Issuer and the Recipient acknowledge that this Agreement shall be
subject to compliance with any applicable rules, regulations and policies of any stock exchange or exchanges on which any securities
of the Issuer may from time to time be listed and any other securities authority having jurisdiction.

 

(j)                
Time of the Essence. Time shall be of the essence in this Agreement.

  

IN WITNESS WHEREOF
this Agreement has been executed by the parties hereto as of the date first written above.

 

	SIGNED, SEALED AND DELIVERED	)	4A CONSULTING & ENGINEERING
	 	)	 
	in the presence of	)	 
	 	)	 
	 	 	 

 

	Witness	 	André-Jacques Auberton-Hervé
	 	 	 
	 	 	BIONIK LABORATORIES CORP.
	 	 	 
	 	 	 
	per:	 	Authorized Signing Officer
	 	 	 
	 	 	I have authority to bind the corporation.
	 	 	 
	 	 	 
	 	 	Name Printed
	 	 	 
	 	 	 
	 	 	Title

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