Document:

Exhibit 10.2

 

REGISTRATION
RIGHTS AGREEMENT

 

This Registration Rights
Agreement (this “Agreement”) is made and entered into as of April 21, 2016, by and between Bionik Laboratories
Corp., a Delaware corporation (the “Company”), and each of the several shareholders of the Company listed on
Annex A hereto (each such shareholder, a “Shareholder” and, collectively, the “Shareholders”).

 

* * * * *

 

The Company and each
Shareholder hereby agrees as follows:

 

1.            Definitions.
As used in this Agreement, the following terms shall have the following meanings:

 

“Advice”
shall have the meaning set forth in Section 6(c).

 

“Affiliate”
shall have the meaning assigned to this term in paragraph (a)(1) of Rule 144.

 

“Closing”
shall mean the closing of the acquisition of Interactive Motion Technologies, Inc., a Massachusetts corporation (“IMT”)
by the Company, pursuant to the terms of that Agreement and Plan of Merger dated as of March 1, 2016 by and among the Company,
Bionik Mergerco Inc., a Massachusetts corporation, Hermano Igo Krebs and IMT (the “Merger Agreement”).

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Effectiveness
Period” shall have the meaning set forth in Section 2(a).

 

“Exchangeable
Share Registration Statement” shall mean the Registration Statement on Form S-1, as amended, of the Company (Registration
Number: 333-207581)

 

“Exchange
Act” means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Filing Date”
means the ninetieth (90th) calendar day following the Closing, subject to Section 2(e) herein, and, with respect to
any additional Registration Statements which may be required pursuant to Section 2(c), the earliest practical date on which the
Company is permitted by SEC Guidance to file such additional Registration Statement related to the Registrable Securities.

 

“Holder”
or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities.

 

“Indemnified
Party” shall have the meaning set forth in Section 5(c).

 

“Indemnifying
Party” shall have the meaning set forth in Section 5(c).

 

“Losses”
shall have the meaning set forth in Section 5(a).

 

    	 	 	 

     

    

 

“Plan of Distribution”
shall have the meaning set forth in Section 2(a).

 

“Person”
means any individual, corporation, partnership, trust, limited liability company, association or other entity.

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
by the Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the
terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments
and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to
be incorporated by reference in such Prospectus.

 

“Registrable
Securities” means, as of any date of determination, the shares of common stock of the Company (the “Common Stock”)
issued to the Shareholders at or as of the Closing pursuant to the Merger Agreement; provided, however, that any
such Registrable Securities shall cease to be Registrable Securities (and the Company shall not be required to maintain the effectiveness
of any, or file another, Registration Statement hereunder with respect thereto) for so long as (a) a Registration Statement with
respect to the sale of such Registrable Securities is declared effective by the Commission under the Securities Act and such Registrable
Securities have been disposed of by the Holder in accordance with such effective Registration Statement, (b) such Registrable Securities
have been previously sold in accordance with Rule 144, or (c) such securities become eligible for resale without volume or manner-of-sale
restrictions and without current public information pursuant to Rule 144 as set forth in a written opinion letter to such effect,
addressed, delivered and reasonably acceptable to the Transfer Agent and by the Company, upon the advice of counsel to the Company.

 

“Registration
Statement” means the registration statement required to be filed hereunder pursuant to Section 2(a) and any additional
registration statements contemplated by Section 2(c), including the Prospectus, amendments and supplements to any such registration
statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference
or deemed to be incorporated by reference in any such registration statement.

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

“Rule 405”
means Rule 405 promulgated by the Commission pursuant to the Securities Act.

 

“Rule 415”
means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

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“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

“SEC Guidance”
means (i) any publicly-available written or oral guidance of the Commission staff, or any comments, requirements or requests of
the Commission staff and (ii) the Securities Act.

 

“Securities
Act” means the United States Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Selling Stockholder
Questionnaire” shall have the meaning set forth in Section 4(a).

 

“Trading Day”
means a day on which the Common Stock is traded or may be traded on a Trading Market.

 

“Trading Market”
means any market or exchange on which the Common Stock is listed or quoted for trading on the date in question, which may be, without
limitation, the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock
Exchange, the OTCQX, the OTCQB, the OTC Bulletin Board or OTC Link (formerly Pink Sheets) (or any successors to any of the foregoing).

 

2.            Resale Registration.

 

(a)           On or prior to
the Filing Date, the Company shall use its reasonable best efforts to prepare and file with the Commission a Registration Statement
covering the resale of all of the Registrable Securities on an effective Registration Statement for an offering to be made on a
continuous basis pursuant to Rule 415. The Registration Statement filed hereunder shall contain substantially the “Plan
of Distribution” attached hereto as Annex B. Subject to the terms of this Agreement, the Company shall use its
reasonable best efforts to cause the Registration Statement to be declared effective under the Securities Act by the later of the
six month anniversary of (i) the Closing and (ii) the effective date of the Exchangeable Share Registration Statement (the “Effective
Date”)(it being understood that the failure of the Company for any reason to so declare the Registration Statement effective
prior to the Effective Date shall not be a breach of this Agreement), and shall use its reasonable best efforts to keep the Registration
Statement continuously effective under the Securities Act until all Registrable Securities covered by such Registration Statement
(i) have been sold, thereunder or pursuant to Rule 144 or any other rule of similar effect, or (ii) may be sold without volume
or manner-of-sale restrictions pursuant to Rule 144 and without the requirement for the Company to be in compliance with the current
public information requirement under Rule 144, as reasonably determined by the outside US counsel to the Company pursuant to a
written opinion letter to such effect, addressed and acceptable to the Transfer Agent and the affected Holders (the “Effectiveness
Period”).

 

(b)            Notwithstanding
the registration obligations set forth in Section 2(a), if the Commission informs the Company that all of the Registrable
Securities cannot, as a result of the application of Rule 415 or otherwise, be registered for resale as a secondary offering on
a single registration statement, the Company agrees to promptly inform each of the Holders thereof and use its reasonable best
efforts to file amendments to the Registration Statement as required by the Commission, covering the maximum number of Registrable
Securities permitted to be registered by the Commission; provided, however, that prior to filing such amendment,
the Company shall be obligated to use diligent efforts to advocate with the Commission for the registration of all of the Registrable
Securities in accordance with the SEC Guidance, including without limitation, Compliance and Disclosure Interpretation 612.09.

 

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(c)           Notwithstanding
any other provision of this Agreement, if the Commission or any SEC Guidance sets forth a limitation on the number of Registrable
Securities permitted to be registered on a particular Registration Statement as a secondary offering, the number of Registrable
Securities to be registered on such Registration Statement will be reduced as follows:

 

		a.	First, the Company shall reduce or eliminate any
securities to be included by any Person other than a Holder;

 

		b.	Second, the Company shall reduce Registrable Securities
(applied to the Holders on a pro rata basis based on the total number of unregistered Registrable Securities held by such Holders).

 

In
the event of a cutback hereunder, the Company shall give the Holder at least five (5) Trading Days prior written notice along with
the calculations as to such Holder’s allotment. In the event the Company amends the Registration Statement in accordance
with the foregoing, the Company will use its best efforts to file with the Commission, as promptly as allowed by Commission or
SEC Guidance provided to the Company or to registrants of securities in general, one or more registration statements to register
for resale those Registrable Securities that were not registered for resale on the Registration Statement, as amended.

 

(d)           If Form S-3 is
not available for the registration of the resale of all the Registrable Securities hereunder, including in the circumstances described
in Section 2(b), the Company shall (i) register the resale of the Registrable Securities on another appropriate form, including
Form S-1 if required, as soon as reasonably possible and (ii) undertake to register the Registrable Securities on Form S-3 as soon
as such form is available, provided that the Company shall maintain the effectiveness of the Registration Statement then in effect
until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the
Commission.

 

(e)           Notwithstanding anything herein to the contrary, if (i) the Board of Directors,
using good faith judgment, determines that, due to the occurrence or existence of any pending corporate development with respect
to the Company that the Company believes may be material, the filing of the Registration Statement covering the Registrable Securities
would be detrimental to the Company and it is in the best interests of the Company to delay the filing of the Registration Statement
and (ii) the Company furnishes to the Holders a written certification by the Company’s Chief Executive Officer of the
determinations by the Board of Directors described in clause (i) herein, then the Company shall have the right to delay the filing
of the Registration Statement for a period of not more than one (1) sixty (60) consecutive day period commencing on the Filing
Date, but in no event longer than what is required or requested, as the case may be, pursuant to clause (i).

 

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3.           Registration
Procedures. In connection with the Company’s registration obligations hereunder:

 

(a)           Each Holder agrees
to furnish to the Company a completed questionnaire in the form attached to this Agreement as Annex C (a “Selling
Stockholder Questionnaire”) on a date that is not less than two (2) Trading Days prior to the Filing Date.

 

(b)           The Company shall
(i) Prepare and file with the Commission such amendments, including post-effective amendments, to a Registration Statement and
the Prospectus used in connection therewith as may be necessary (in the case of an offering to be made on a continuous basis under
Rule 415) to keep a Registration Statement continuously effective as to the applicable Registrable Securities for the Effectiveness
Period and prepare and file with the Commission such additional Registration Statements in order to register for resale under the
Securities Act all of the Registrable Securities, (ii) cause the related Prospectus to be amended or supplemented by any required
Prospectus supplement (subject to the terms of this Agreement), and, as so supplemented or amended, to be filed pursuant to Rule
424, (iii) respond as promptly as reasonably possible to any comments received from the Commission with respect to a Registration
Statement or any amendment thereto and provide as promptly as reasonably possible to the Holders true and complete copies of all
correspondence from and to the Commission relating to a Registration Statement (provided that, the Company shall excise any information
contained therein which would constitute material non-public information regarding the Company or any of its Subsidiaries), and
(iv) comply in all material respects with the applicable provisions of the Securities Act and the Exchange Act with respect to
the disposition of all Registrable Securities covered by a Registration Statement during the applicable period in accordance (subject
to the terms of this Agreement) with the intended methods of disposition by the Holders thereof set forth in such Registration
Statement as so amended or in such Prospectus as so supplemented.

 

(c)           The Company shall
notify the Holders of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi) hereof, be
accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as reasonably
possible (and, in the case of (i)(A) below, not less than one (1) Trading Day prior to such filing) and (if requested by any such
Person) confirm such notice in writing no later than one (1) Trading Day following the day (i)(A) when a Prospectus or any Prospectus
supplement or post-effective amendment to a Registration Statement is proposed to be filed, (B) when the Commission notifies the
Company whether there will be a “review” of such Registration Statement and whenever the Commission comments in writing
on such Registration Statement, and (C) with respect to a Registration Statement or any post-effective amendment, when the same
has become effective, (ii) of any request by the Commission or any other federal or state governmental authority for amendments
or supplements to a Registration Statement or Prospectus or for additional information, (iii) of the issuance by the Commission
or any other federal or state governmental authority of any stop order suspending the effectiveness of a Registration Statement
covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose, (iv) of the receipt by
the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the
Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose, (v) of
the occurrence of any event or passage of time that makes the financial statements included in a Registration Statement ineligible
for inclusion therein or any statement made in a Registration Statement or Prospectus or any document incorporated or deemed to
be incorporated therein by reference untrue in any material respect or that requires any revisions to a Registration Statement,
Prospectus or other documents so that, in the case of a Registration Statement or the Prospectus, as the case may be, it will not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading, and (vi) of the occurrence
or existence of any pending corporate development with respect to the Company that the Company believes may be material and that,
in the determination of the Company, makes it not in the best interest of the Company to allow continued availability of a Registration
Statement or Prospectus, provided, however, in no event shall any such notice contain any information which would
constitute material, non-public information regarding the Company or any of its Subsidiaries, and provided further, that
a suspension based upon the grounds specified in clause (vi) above shall not be put into effect for (x) a period longer than sixty
(60) consecutive days for each such particular corporate development and any related corporate development; or (y) a particular
corporate development and any related corporate development that was the basis for a delay in filing the Registration Statement
pursuant to Section 2(e).

 

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(d)           The Company shall
use its best efforts to obtain the withdrawal of (i) any order stopping or suspending the effectiveness of a Registration Statement,
or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in
any jurisdiction, at the earliest practicable moment.

 

(e)           The Company shall
furnish to each Holder, without charge, at least one conformed copy of each such Registration Statement and each amendment thereto,
including financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the
extent requested by such Person, and all exhibits to the extent requested by such Person (including those previously furnished
or incorporated by reference) promptly after the filing of such documents with the Commission; provided, that any such item which
is available on the EDGAR system (or successor thereto) need not be so furnished.

 

(f)           Subject to the
terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by
each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and
any amendment or supplement thereto, except after the giving of any notice pursuant to Section 3(c).

 

(g)           Prior to any resale
of Registrable Securities by a Holder, the Company shall use its commercially reasonable efforts to register or qualify or cooperate
with the selling Holders in connection with the registration or qualification (or exemption from the Registration or qualification)
of such Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions within
the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom)
effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition
in such jurisdictions of the Registrable Securities covered by each Registration Statement; provided, that, the Company shall not
be required to qualify generally to do business in any jurisdiction where it is not then so qualified, subject the Company to any
material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in any such
jurisdiction.

 

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(h)           If requested by
a Holder, the Company shall cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, and to enable such Registrable Securities
to be in such denominations and registered in such names as any such Holder may reasonably request.

 

(i)           The Company shall,
upon the occurrence of any event contemplated by Section 3(c), as promptly as reasonably possible under the circumstances taking
into account the Company’s good faith assessment of any adverse consequences to the Company and its stockholders of the premature
disclosure of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration Statement
or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file
any other required document so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading.

 

(j)           The Company shall
comply with all applicable rules and regulations of the Commission.

 

(k)           The Company may
require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock beneficially
owned by such Holder and, if required by the Commission, the natural persons thereof that have voting and dispositive control over
the shares. During any periods that the Company is unable to meet its obligations hereunder with respect to the registration of
the Registrable Securities solely because any Holder fails to furnish such information within three (3) Trading Days of the Company’s
request, such Holder may be omitted from any then pending Registration Statement and will be required to wait for inclusion in
a subsequent Registration Statement, if any, provided such statement is then timely provided.

 

4.            Registration
Expenses. All fees and expenses incident to the performance of or compliance with, this Agreement by the Company shall be borne
by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. In no event shall the Company
be responsible for any broker or similar commissions of any Holder or any legal fees or other costs of the Holders.

 

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5.            Indemnification.

 

(a)           Indemnification
by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder,
the officers, directors, members, partners, agents, and employees, each Person who controls any such Holder (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, members, stockholders, partners,
agents and employees (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding
a lack of such title or any other title) of each such controlling Person, to the fullest extent permitted by applicable law, from
and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’
fees) and expenses (collectively, “Losses”), as incurred, arising out of or relating to (1) any untrue or alleged
untrue statement of a material fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment
or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement
thereto, in light of the circumstances under which they were made) not misleading or (2) any violation or alleged violation by
the Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder, in connection
with the performance of its obligations under this Agreement, except to the extent, but only to the extent, that (i) such untrue
statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder
expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s proposed method
of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in
a Registration Statement, such Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved
Annex B hereto for this purpose) or (ii) in the case of an occurrence of an event of the type specified in Section 3(c)(iii)-(vi),
the use by such Holder of an outdated, defective or otherwise unavailable Prospectus after the Company has notified such Holder
in writing that the Prospectus is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt
by such Holder of the Advice contemplated in Section 6(c), but only if and to the extent that following the receipt of the Advice
the misstatement or omission giving rise to such Loss would have been corrected. The Company shall notify the Holders promptly
of the institution, threat or assertion of any Proceeding arising from or in connection with the transactions contemplated by this
Agreement of which the Company is aware. Such indemnity shall remain in full force and effect regardless of any investigation made
by or on behalf of such indemnified person and shall survive the transfer of any Registrable Securities by any of the Holders in
accordance with Section 6(f).

 

(b)           Indemnification
by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers,
agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section
20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted
by applicable law, from and against all Losses, as incurred, to the extent arising out of or based solely upon: (x) such Holder’s
failure to comply with any applicable prospectus delivery requirements of the Securities Act through no fault of the Company or
(y) any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus, or in any
amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission
of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or
supplement thereto, in light of the circumstances under which they were made) not misleading (i) to the extent, but only to the
extent, that such untrue statement or omission is contained in any information so furnished in writing by such Holder to the Company
expressly for inclusion in such Registration Statement or such Prospectus or (ii) to the extent, but only to the extent, that such
information relates to such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly
approved in writing by such Holder expressly for use in a Registration Statement (it being understood that the Holder has approved
Annex B hereto for this purpose), such Prospectus or in any amendment or supplement thereto or (iii) in the case of an occurrence
of an event of the type specified in Section 3(c)(iii)-(vi), to the extent, but only to the extent, related to the use by such
Holder of an outdated, defective or otherwise unavailable Prospectus after the Company has notified such Holder in writing that
the Prospectus is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of
the Advice contemplated in Section 6(c), but only if and to the extent that following the receipt of the Advice the misstatement
or omission giving rise to such Loss would have been corrected.

 

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(c)           Conduct of
Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder
(an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought
(the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to assume the defense
thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses
incurred in connection with defense thereof; provided, that, the failure of any Indemnified Party to give such notice shall not
relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that
it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review)
that such failure shall have materially and adversely prejudiced the Indemnifying Party.

 

An Indemnified Party
shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees
and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has
agreed in writing to pay such fees and expenses, (2) the Indemnifying Party shall have failed promptly to assume the defense of
such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding, or (3) the named
parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party,
and counsel to the Indemnified Party shall reasonably believe that a material conflict of interest is likely to exist if the same
counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies
the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying
Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of no more than one separate
counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any
such Proceeding effected without its written consent, which consent shall not be unreasonably withheld or delayed. No Indemnifying
Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect
of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from
all liability on claims that are the subject matter of such Proceeding.

 

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Subject to the terms
of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent
incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section)
shall be paid to the Indemnified Party, as incurred, within ten (10) Trading Days of written notice thereof to the Indemnifying
Party; provided, that, the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and
expenses applicable to such actions for which such Indemnified Party is finally determined by a court of competent jurisdiction
(which determination is not subject to appeal or further review) not to be entitled to indemnification hereunder.

 

(d)           Contribution.
If the indemnification under Section 6(a) or 6(b) is unavailable to an Indemnified Party or insufficient to hold an Indemnified
Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable by such Indemnified
Party, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection
with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations.
The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of
a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party,
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement
or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations
set forth in this Agreement, any reasonable attorneys’ or other fees or expenses incurred by such party in connection with
any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for
in this Section was available to such party in accordance with its terms.

 

The parties hereto
agree that it would not be just and equitable if contribution pursuant to this Section 6(c) were determined by pro rata allocation
or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately
preceding paragraph. The indemnity and contribution agreements contained in this Section are in addition to any liability that
the Indemnifying Parties may have to the Indemnified Parties in connection with events not covered by such indemnity and contribution
agreements.

 

6.            Miscellaneous.

 

(a)           Remedies.
In the event of a breach by the Company or by a Holder of any of their respective obligations under this Agreement, each Holder
or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement,
including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. Each of the Company
and each Holder agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach
by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance
in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

 

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(b)           Compliance.
Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to a Registration
Statement.

 

(c)           Discontinued
Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of a notice from the Company
of the occurrence of any event of the kind described in Section 3(c)(iii) through (vi), such Holder will forthwith discontinue
disposition of such Registrable Securities under a Registration Statement until it is advised in writing (the “Advice”)
by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company
will use its commercially reasonable efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable.
The Company shall be entitled to exercise its right under this Section
6(c) to suspend the availability of a Registration Statement and Prospectus for a period not to exceed 60 calendar days (which
need not be consecutive days) in any 12-month period (subject to the last proviso of Section 3(c)).

 

(d)           Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed
by the Company and the Holders of a simple majority of the then outstanding Registrable Securities; provided that this Agreement
may not be amended in a manner adversely affecting the rights or obligations of any Shareholder which does not adversely affect
the rights or obligations of all similarly situated Shareholders in the same manner without the consent of such Shareholder. If
a Registration Statement does not register all of the Registrable Securities pursuant to a waiver or amendment done in compliance
with the previous sentence, then the number of Registrable Securities to be registered for each Holder shall be reduced pro rata
among all Holders and each Holder shall have the right to designate which of its Registrable Securities shall be omitted from such
Registration Statement. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to
a matter that relates exclusively to the rights of a Holder or some Holders and that does not directly or indirectly affect the
rights of other Holders may be given only by such Holder or Holders of all of the Registrable Securities to which such waiver or
consent relates; provided, however, that the provisions of this sentence may not be amended, modified, or supplemented
except in accordance with the provisions of the first sentence of this Section 6(d). No consideration shall be offered or paid
to any Person to amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration
also is offered to all of the parties to this Agreement.

 

(e)           Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered as
set forth in the books and records of the Company.

 

(f)           Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each
of the parties and shall inure to the benefit of each Holder.

 

    	 	11	 

     

    

 

(g)           No Inconsistent
Agreements. Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the Company or any
of its subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities, that would
have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof.

 

(h)           Execution and
Counterparts. 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 or by e-mail delivery of a “.pdf” format data file, 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 or “.pdf” signature page were an original thereof.

 

(i)           Governing Law.
All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined in accordance
with the laws of the State of Delaware, without giving effect to conflicts of laws thereof.

 

(j)           Cumulative
Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided by law.

 

(k)           Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

(l)           Headings.
The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and shall not be deemed to limit
or affect any of the provisions hereof.

 

(m)           Independent
Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are several and not joint with the
obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations
of any other Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no
action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association,
a joint venture or any other kind of group or entity, or create a presumption that the Holders are in any way acting in concert
or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement or any other matters,
and the Company acknowledges that the Holders are not acting in concert or as a group, and the Company shall not asset any such
claim, with respect to such obligations or transactions. Each Holder shall be entitled to protect and enforce its rights, including
without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as
an additional party in any proceeding for such purpose. The use of a single agreement with respect to the obligations of the Company
contained was solely in the control of the Company, not the action or decision of any Holder, and was done solely for the convenience
of the Company and not because it was required or requested to do so by any Holder. It is expressly understood and agreed that
each provision contained in this Agreement is between the Company and a Holder, solely, and not between the Company and the Holders
collectively and not between and among Holders.

 

    	 	12	 

     

    

 

(n)           Entire Agreement.
This Agreement, together with the exhibits hereto, constitute the entire agreement and supersede all prior agreements and understandings,
both written and oral, among the parties with respect to the subject matter hereof.

 

 

 

(Remainder
of Page Intentionally Left Blank; Signature Pages Follow)

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Registration Rights Agreement as of the date first written above.

 

 

	 	BIONIK LABORATORIES
        CORP.	 
	 	 	 
	 	 	 
	 	By: 	/s/ Peter Bloch	 
	 	 	Name: Peter Bloch
Title: Chief Executive Officer	 

 

    	 	14	 

     

    

 

Annex A

 

Albert R. Stanzione

Angela Stanzione 

Beth S. Burnett

Carl Pearson

Chris Leuteritz Rollover IRA

Christopher J. Eigel

Darwin Pruisner

The Eggers Family Trust 1998

David J. Elwell

David R. Spencer

Douglas V. Lovely Living Trust

Fred R. Kern

John A. Jaecker

John C. Persons Trust

Joshua W. Kaye

Karin M. Ernest

MacCollum Family Trust

Madeline Gayle Adams

Peter S. Gaillard

Richard L. Hardy IRA

Richard G. Johnson

Richard Rock Magnan

Ronald Steinberg

Marilyn Hoffman

Troy Anderson Rollover SEP IRA

Valerie Cheeseman

Hank Vanderkam

Veronne J. Crawford Trust

William Randall

William S. Lucarelli

Jill Rudnick

Millenium Trust Co., LLC Custodian for the Benefit of Lore
E. Cerneka Rollover/IRATF

Millenium Trust Co., LLC Custodian for the Benefit of Alan
J. Murray IRAT

Millenium Trust Co., LLC Custodian for the Benefit of Jon R.
Schnell Roth IRAT

William S. Lucarelli

Alan P. Power Insurance Trust

Millennium Trust Company, LLC, Cust. FBO Carol L. Rollin IRA

Millennium Trust Company, LLC., Cust. FBO Judith E. Foester
Rollover IRA

Millennium Trust Co., LLC Cust FBO Michael R. Conlin, IRAT

Millennium Trust Co., LLC Cust FBO Larry Dale Tanis, Rollover
IRA

Millennium Trust Co., LLC Cust FBO John Kimble, Rollover IRA

Millennium Trust Co., LLC Cust FBO Richard B. Ernest IRAT

Millennium Trust Co., LLC Cust FBO Thomas Arthur Lucas, MD
Rollover SEP IRA

Charles Colin Worsencroft

 

    	 	 	 

     

    

 

CRS & Co FBO Thomas J Mullin

Bonnie Huson

 

ICE Investimentos, Incorporacoes e Construcoes Ltda

ICE Investimentos, Incorporacoes e Construcoes Ltda

Andrew Tannenbaum

Daniel R. Gerade

Stanley Sassower

Park Hill Capital Inc

Park Hill Capital Inc

Ari Rahmilevitz

Gustavo Rahmilevitz

Dustin Williams

The Entrust Group, Inc. FBO Gordon Eric Bennett

Madeline Adams

John Commerford

Norman Dudziak

David Eggers

David Elwell

Richard Ernest

Anna Fulton Trust

Marilyn Hoffman

Larry Johnson

David Jewett

Fred Kern

Douglas Lovely

Thomas Lucas

MacCollum Family Trust

Michael Meehan

Michael Meehan IRA

Thomas Mullin

Carl Pearson

Alan Power

Millennium Trust Co., LLC FBO William Randall IRA

David Spencer

Larry Stransky

Wintsch Family Trust

Michael and Robin Meehan, JTWROS

Thomas Mullin

IAG, The Investment Advisory Group, LLC

Brilliant Wings S.A.

Nutty International Limited

The Entrust Group, Inc. FBO Gordon Eric Bennett

Ari Rahmilevitz

Nutty International Limited

Margrit Herzberg

 

    	 	2	 

     

    

 

Brilliant Wings S.A.

Robert Chernow

Thomas J. Cahill

Bruce Volpe

 

    	 	3	 

     

    

 

Annex B

 

Plan of Distribution

 

Each Selling Stockholder
(the “Selling Stockholders”) of the securities and any of their pledgees, donees, assignees and successors-in-interest
may, from time to time, sell any or all of their securities covered hereby on the principal Trading Market or any other stock exchange,
market or trading facility on which the securities are traded or in private transactions. These sales may be at fixed or negotiated
prices. A Selling Stockholder may use any one or more of the following methods when selling securities:

 

		·	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

		·	block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion
of the block as principal to facilitate the transaction;

 

		·	purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

 

		·	an exchange distribution in accordance with the rules of the applicable exchange;

 

		·	privately negotiated transactions;

 

		·	settlement of short sales entered into after the effective date of the registration statement of which this prospectus is a
part;

 

		·	in transactions through broker-dealers that agree with the Selling Stockholders to sell a specified number of such securities
at a stipulated price per security;

 

		·	through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

 

		·	a combination of any such methods of sale; or

 

		·	any other method permitted pursuant to applicable law.

 

The Selling Stockholders
may also sell securities under Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”),
if available, rather than under this prospectus.

 

Broker-dealers engaged
by the Selling Stockholders may arrange for other broker-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser)
in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction
not in excess of a customary brokerage commission in compliance with FINRA Rule 2440; and in the case of a principal transaction
a markup or markdown in compliance with FINRA IM-2440.

 

    	 	 	 

     

    

 

In connection with
the sale of the securities or interests therein, the Selling Stockholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions
they assume. The Selling Stockholders may also sell securities short and deliver these securities to close out their short positions,
or loan or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Stockholders may also enter
into option or other transactions with broker-dealers or other financial institutions or create one or more derivative securities
which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which
securities such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended
to reflect such transaction).

 

The Selling Stockholders
and any broker-dealers or agents that are involved in selling the securities may be deemed to be “underwriters” within
the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. Each Selling Stockholder has informed the Company that it does not have any written or oral agreement
or understanding, directly or indirectly, with any person to distribute the securities. In no event shall any broker-dealer receive
fees, commissions and markups which, in the aggregate, would exceed eight percent (8%).

 

The Company is required
to pay certain fees and expenses incurred by the Company incident to the registration of the securities. The Company has agreed
to indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under the
Securities Act.

 

Because Selling Stockholders
may be deemed to be “underwriters” within the meaning of the Securities Act, they will be subject to the prospectus
delivery requirements of the Securities Act including Rule 172 thereunder. In addition, any securities covered by this prospectus
which qualify for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than under this prospectus.
The Selling Stockholders have advised us that there is no underwriter or coordinating broker acting in connection with the proposed
sale of the resale securities by the Selling Stockholders.

 

We agreed to use reasonable
best efforts to keep this prospectus effective until the earlier of (i) the date on which the securities may be resold by the Selling
Stockholders without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without
the requirement for the Company to be in compliance with the current public information under Rule 144 under the Securities Act
or any other rule of similar effect or (ii) all of the securities have been sold pursuant to this prospectus or Rule 144 under
the Securities Act or any other rule of similar effect. The resale securities will be sold only through registered or licensed
brokers or dealers if required under applicable state securities laws. In addition, in certain states, the resale securities covered
hereby may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the
registration or qualification requirement is available and is complied with.

 

    	 	2	 

     

    

 

Under applicable rules
and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously
engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation
M, prior to the commencement of the distribution. In addition, the Selling Stockholders will be subject to applicable provisions
of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and
sales of securities of the common stock by the Selling Stockholders or any other person. We will make copies of this prospectus
available to the Selling Stockholders and have informed them of the need to deliver a copy of this prospectus to each purchaser
at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).

 

    	 	3	 

     

    

 

Annex C

 

bionik
laboratories corp.

 

Selling Stockholder Notice and Questionnaire

 

The undersigned beneficial
owner of common stock (the “Registrable Securities”) of Bionik Laboratories Corp., a Delaware corporation (the
“Company”), understands that the Company has filed or intends to file with the Securities and Exchange Commission
(the “Commission”) a registration statement (the “Registration Statement”) for the registration
and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the Registrable
Securities, in accordance with the terms of the Registration Rights Agreement (the “Registration Rights Agreement”)
to which this document is annexed. A copy of the Registration Rights Agreement is available from the Company upon request at the
address set forth below. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration
Rights Agreement.

 

Certain legal consequences
arise from being named as a selling stockholder in the Registration Statement and the related prospectus. Accordingly, holders
and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences
of being named or not being named as a selling stockholder in the Registration Statement and the related prospectus.

 

NOTICE

 

The undersigned beneficial
owner (the “Selling Stockholder”) of Registrable Securities hereby elects to include the Registrable Securities
owned by it in the Registration Statement.

 

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name.

 

		(a)	Full Legal Name of Selling Stockholder

 

 

 

 

		(b)	Full Legal Name of Registered Holder (if not the same
as (a) above) through which Registrable Securities are held:

 

 

 

 

    	 	 	 

     

    

 

		(c)	Full Legal Name of Natural Control Person (which means
a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this
Questionnaire):

 

 

 

 

		2.	Address for Notices to Selling Stockholder:

 

 

 

 

 

 

 

Telephone:

Fax:

Contact
Person:

 

		3.	Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

           Yes
 ̈      No  ̈

 

		(b)	If “yes” to Section 3(a), did you receive
your Registrable Securities as compensation for investment banking services to the Company?

 

           Yes
 ̈      No  ̈

 

		Note:	If “no” to Section 3(b), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

           Yes
 ̈      No  ̈

 

		(d)	If you are an affiliate of a broker-dealer, do you certify
that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities?

 

           Yes
 ̈      No  ̈

 

		Note:	If “no” to Section 3(d), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

    	 	2	 

     

    

 

		4.	Beneficial Ownership of Securities of the Company Owned
by the Selling Stockholder.

 

		(a)	Type and Amount of other securities beneficially owned
by the Selling Stockholder:

 

 

 

 

 

		5.	Relationships with the Company:

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

State
any exceptions here:

 

 

 

 

 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

 

	Date:	 	 	Beneficial Owner: 	     
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
Title:	 

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY)
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO THE COMPANY.

 

    	 	3Exhibit 10.3

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT,
is made as of the 21st day of April, 2016, by and between BIONIK LABORATORIES CORP., a Delaware corporation (hereinafter
referred to as the “Company”), and HERMANO IGO KREBS (hereinafter referred to as the “Employee”).

 

RECITALS

 

WHEREAS, the Company,
directly or through its subsidiaries, is engaged in the business of medical device research, development and production; and

 

WHEREAS, the Company
and the Employee have agreed to enter into an employment relationship upon the terms and subject to the conditions hereinafter
set forth.

 

NOW THEREFORE, in consideration
of the mutual covenants and promises herein contained and other good and valuable consideration, the parties agree as follows:

 

ARTICLE
1 - EMPLOYMENT AND DUTIES

 

1.1            Appointment.
Subject to the terms and conditions of this Agreement, the Company hereby agrees to employ the Employee, and the Employee hereby
accepts employment in the position of Chief Science Officer of the Company (the “Position”) effective as of the date
first written above.

 

1.2            Employment.
The Employee shall be employed with the Company until the employment relationship is terminated pursuant to the termination provisions
set out in this Agreement and in any amendments as may from time to time be agreed to in writing by the Employee and the Company.

 

1.3            Reporting
and Duties. The Employee shall report to the Chief Executive Officer of the Company and any other executive officers as may
be determined from time to time by the Board of Directors of the Company. The Employee shall perform all of the normal and customary
responsibilities, duties and authorities customarily accorded to, and expected of the position of a Chief Science Officer, and
such other reasonable duties as may be designated by the Chief Executive Officer or the Board of Directors (“Board”)
of the Company from time to time. Services performed pursuant to this Agreement shall be performed at such place(s) and times as
shall be mutually agreeable to the Company and Employee and during such hours so as not to conflict with Employee’s other
employment at The Massachusetts Institute of Technology (“MIT”). The Employee and the Company shall meet on a quarterly
basis to determine such performance of services for the next quarterly period. The Employee shall, in good faith, make best efforts
to attend meetings of the Board of Directors of the Company, and/or tradeshows and other relevant conferences on behalf of the
Company as the Company may reasonably request up to one year in advance of such events. The Company agrees that the Employee shall
not be obligated to attend any such events following the termination of his employment with the Company, regardless of the reasons
for such termination. The specific services that are the subject of this Agreement, and any additions or modifications to the limits
contained in this Section, shall be described on Schedule 1 attached hereto, to be determined in good faith by the parties within
two months of the date hereof. The Company agrees that the Employee shall not have to perform any services for the Company if the
performance of such services may conflict with the Employee’s obligations or duties to MIT. The Employee agrees to comply
with all applicable policies and rules of Company, provided that such compliance does not conflict with the Employee’s obligations
to MIT; provided further that the Employee shall provide prompt written notice to the Company of any change from the Employee’s
obligations to MIT as of the date of this Agreement.

 

    	 	 	 

     

    

 

During the Employee’s employment,
the Employee shall faithfully and honestly serve the Company and, subject to the next sentence, initially devote forty-nine percent
(49%) of the Employee’s working time to the business and affairs of the Company or, where applicable, any subsidiary or other
affiliate of the Company (individually a “Subsidiary” and collectively, the “Subsidiaries”), including
the Employee’s role in the Position and other duties, if any. The Employee and the Company may adjust the Employee’s
part-time status-percentage from time to time by mutual agreement. The Employee shall use his best efforts to promote the interests
of the Company and its Subsidiaries. Notwithstanding the foregoing or anything else to the contrary herein, nothing in this Agreement
shall preclude the Employee from:

 

(a)            engaging in charitable,
education, communal or recreational activities; or

 

(b)            engaging in another
business enterprise as a passive investor; provided that in no event shall the Employee own more than 4.9% of any other business
enterprise and further provided that no such business enterprise shall be a direct competitor in the specific field of robotics
intended to assist, evaluate, or rehabilitate a person with physical impairments (“Rehab Robotics”) of the Company
or its Subsidiaries; or

 

(c)            being employed
by and performing work for MIT or any other non-profit entity or educational or similar research facility with which the Employee
may work (any of which, a “Non-Profit Entity”); provided that if the Employee is employed by any other Non-Profit Entity,
the restrictions on the Employee as it relates to the Company shall not be any greater than what is currently in effect with MIT.

 

However, the engagements described in 1.3(a)
– (c) above shall only be permissible so long as they do not result in a contravention of Article 3 hereof, or impair the
ability of the Employee to discharge his duties to the Company hereunder. In that regard, the Employee hereby acknowledges that,
generally, other than any time required by Employee’s employment with MIT (or any other Non-Profit Entity but subject to
the other terms of this Agreement), it is expected the Employee will not devote any significant portion of his time to any such
matters during regular business hours.

 

In addition, the Employee shall truly and
faithfully account for and deliver to the Company and its Subsidiaries, all money, securities and things of value belonging to
the Company or the Subsidiaries which the Employee may from time to time receive for, from or on account of the Company or the
Subsidiaries. Notwithstanding the foregoing but subject to the other terms of the Agreement, the Employee may retain all money,
securities, other compensation and things of value he receives in connection with his affiliation with MIT and/or any other Non-Profit
Entity with which he may be affiliated.

 

    	 	 	 

     

    

 

ARTICLE
2 - COMPENSATION

 

2.1            Base Salary.
The Employee’s full-time annual base salary will be two hundred eighteen thousand dollars ($218,000). The amount of salary
the Employee will receive from the Company each pay period will be determined based on the part-time percentage the Employee and
the Company agree upon for each such pay period. Initially, the Company and the Employee agree that the employee’s part-time
percentage shall be forty-nine percent (49%), which is deemed to correspond to salary at the annualized rate of one hundred nine
thousand dollars ($109,000). The Employee and the Company may adjust the Employee’s part-time status percentage from time
to time by mutual agreement. Furthermore, in the event the Employee’s part-time status percentage decreases as a result of
the Employee’s obligations to MIT, the Company and the Employee shall in good faith determine a proportionate and corresponding
adjustment to the Employee’s compensation hereunder. All salary payments the Employee receives from the Company will be in
accordance with the Company’s standard payroll practices in effect from time to time, and subject to applicable statutory
deductions and withholding required by law. The employee’s full time annual base salary will be reviewed on an annual basis,
or more frequently by mutual agreement to determine potential corresponding increases, if any, based on the Employee’s performance
and that of the Company.

 

2.2            Incentive
Compensation. The Employee will be entitled to participate in the Company’s Equity Incentive Plan based on the terms
of the Equity Incentive Plan. The granting of any options or other equity compensation is conditional on the written approval of
the Board and the Company reserves the right to alter, amend, replace or discontinue the Equity Incentive Plan or any other plan
at any time, with or without notice to the Employee.

 

2.3            Bonus.
The Employee may be entitled to earn an annual discretionary bonus of up to 30% of the employee’s annualized actual base
salary of that year, payable in the Company’s discretion based on performance in the previous fiscal year (“Bonus”).
The Bonus will be determined based on the achievement of the Employee’s objectives that will be agreed to with the Board.

 

2.4            Benefits.
The Employee shall be entitled to participate in all of the Company’s (or applicable Subsidiary’s) benefit plans generally
available to its employees from time to time in accordance with the terms thereof. The Employee’s participation in such plans
shall become fully effective as of the commencement of his employment hereunder pursuant to the terms of such plans. The Company
reserves the right to alter, amend, replace or discontinue the benefit plans it makes available to its employees at any time, with
or without notice.

 

2.5            Vacation.
The Employee shall be entitled to four (4) weeks of paid vacation per calendar year on full time basis, pro-rated to the Employee’s
percentage worked. Such vacation shall be taken at a time or times acceptable to the Company. The Employee shall be allowed to
carry forward any unused vacation into the next calendar year for up to one (1) month with the prior written approval of the Company’s
Chief Financial Officer.

 

    	 	 	 

     

    

 

2.6            Expense Reimbursement.
The Employee shall be reimbursed for all reasonable expenses actually and properly incurred by his in connection with the performance
of his duties hereunder. The Employee shall submit to the Company written, itemized expense accounts, together with supporting
invoices, acceptable to the Company and such other additional substantiation and justification as the Company may reasonably request
within sixty (60) days after the expenses have been incurred.

 

ARTICLE
3 - COVENANTS

 

3.1            Confidential
Information. The Employee hereby acknowledges that, by reason of his employment with the Company, he has and will acquire information
about matters and things which are confidential to the Company and/or the Subsidiaries (the “Confidential Information”),
and which Confidential Information is the exclusive property of the Company and/or the Subsidiaries, respectively. The Confidential
Information includes, without limitation, information concerning the Company’s and the Subsidiaries’ strategic plans,
product research and development plans, details and results, trade secrets, supplier lists, data, work product developed by or
for the Company or the Subsidiaries, and all other data and information concerning the business and affairs of the Company and
the Subsidiaries. Notwithstanding anything to the contrary contained herein, for the purposes hereof, Confidential Information
shall not include:

 

(a)            information that
is generally available to and known by the public at the time of disclosure to the Employee, provided that such disclosure is through
no direct or indirect fault of the Employee or person(s) acting on the Employee’s behalf; or

 

(b)            information which
the Employee is required to disclose pursuant to applicable law, policies or due processes of applicable regulatory bodies or legal
or regulatory proceedings; provided that the Employee provides the Company with prompt notice of same and assists the Company in
seeking to prevent or limit such requirement.

 

The Employee agrees that during the Employee’s
employment and at all times thereafter, he shall not for any reason (except in the performance of his responsibilities for the
Company) directly or indirectly, (i) use for his own benefit or for the benefit of others, (ii) disseminate, publish or disclose,
or (iii) authorize or permit the use, dissemination or disclosure by any person, firm or entity, any Confidential Information without
the express written consent of the Board and the Subsidiaries. Upon termination of the Employee’s employment or this Agreement,
or at any time at the request of the Company for any reason, the Employee agrees to return to the Company and its Subsidiaries
(or, in the case of electronic items, permanently delete) all documents, records, storage, data, samples, and other property of
the Company and its Subsidiaries, together with all copies thereof which contain or incorporate any Confidential Information.

 

    	 	 	 

     

    

 

3.2            Intellectual
Property, Inventions and Patents. As part of the consideration for this Agreement and for his employment by the Company, subject
to the provisions of this Agreement and to any rights of MIT or any other Non-Profit Entity that are required as a condition to
employment (provided that if such other Non-Profit Entity provides for greater or superior rights than what is currently in effect
with MIT, the Employee shall first be required to obtain the Company’s consent to any such greater or superior rights), the
Employee hereby assigns to the Company, as and when same arise, his entire right, title and interest, including all intellectual
property rights and trade secret rights, in and to any and all Rehab Robotics work product that is conceived, created, developed
or otherwise generated by the Employee from time to time during the term of this Agreement, including but not limited to all inventions,
research, designs, trade secrets, improvements, plans, specifications and documentation (collectively, “Work Product”),
all of which shall be deemed a work for hire for the Company under the U.S. Copyright Act to the fullest extent permitted under
the law. The Employee further agrees that he will promptly, fully disclose to the Company or the Subsidiaries all such Work Product
and will, at any time from the date hereof, including during and after his employment with the Company, at the Company’s
expense, render to the Company or the Subsidiaries such cooperation and assistance as the Company or the Subsidiaries may deem
advisable in order to obtain copyright, patent, trademark or industrial design registrations as the case may be on, or otherwise
vest, perfect or defend the Company’s or the Subsidiaries’ rights with respect to, any or all Work Product. Such cooperation
and assistance shall include, but is not limited to, the execution of any and all applications for copyright, patent, trademark
or industrial design registrations, assignments of copyrights and other instruments in writing which the Company and the Subsidiaries
may deem necessary or desirable. The Employee hereby irrevocably waives all of his moral rights in the Work Product in favor of
the Company and its Subsidiaries (subject to any rights of MIT or any other Non-Profit Entity that are required as a condition
to employment (provided that if such other Non-Profit Entity provides for greater or superior rights than what is currently in
effect with MIT, the Employee shall first be required to obtain the Company’s consent to any such greater or superior rights))
and their respective successors, assignees and licensees. The Company agrees that it shall have no right, title, or interest in
or to any work product the Employee creates, conceives, develops or otherwise generates as an employee or other service provider
of MIT or any other Non-Profit Entity. The Employee agrees that, in the event MIT or any other Non-Profit Entity owns any intellectual
property rights in anything that may be related to the Work Product, the Employee will use his best efforts to cause such entity
to license such intellectual property to the Company if the Company so requests of the Employee. The Employee further agrees that,
in the event MIT or other Non-Profit Entity waives any intellectual property rights it may have in anything that may be related
to the Work Product, thus making the Employee the owner of such intellectual property rights, the Company shall have an exclusive
right to elect to license such intellectual property rights from the Employee for a period of 90 days from the date of written
notification to the Company of such waiver, and the Company and the Employee will from the election date negotiate in good faith
to enter into a license agreement pursuant to which the Company may license such intellectual property, with a royalty fee of no
greater than 1-1/2% - 3% and with such other terms usual and customary for agreements of this sort.

 

The Employee shall take all precautions
to maintain and protect the legal rights of the Company and its Subsidiaries in the Work Product, and to maintain the confidentiality
of trade secrets included in the Work Product in accordance with Section 3.1 hereof. For certainty, no license to the Work Product
is granted to the Employee, except to the extent required for the performance of his responsibilities under this Agreement.

 

    	 	 	 

     

    

 

The Employee irrevocably appoints any other
officer of the Company or the Subsidiaries from time to time to be his attorney, with full power of substitution, to do on the
behalf of the Employee anything that the Employee can lawfully do by an attorney to do all acts and things in relation to ownership
of the Work Product which the Company or the Subsidiaries shall deem desirable, and to do, sign and execute all documents, conveyances,
deeds, assignments, transfers, assurances and other instruments which may reasonably be necessary or desirable for the purpose
of registering, vesting, perfecting; defending, assigning or otherwise dealing with the Work Product. Such power of attorney is
given for valuable consideration acknowledged by the Employee to be coupled with an interest, shall not be revoked by the bankruptcy
or insolvency of the Company or the Subsidiaries, and may be exercised by the officers of any successor or assign of the Company
or the Subsidiaries. The Company agrees that before it may take any action on which it will rely, in whole or in part, on the terms
of this paragraph, it will provide the Employee with at least ten (10) business days’ written notice of its intent to take
such action, and the written notice will provide, in detail, the nature of the intended action, the name and contact information
of all other individuals, entities, and/or government agencies involved in, related to, or impacted by such action, a description
of the impact such action may have on the Employee and/or his intellectual property rights, and a description of the impact such
action may have on any other individual or entity and the individual’s/entity’s intellectual property rights.

 

The Employee hereby covenants that the
Work Product will not violate or infringe any intellectual property rights of any third party or constitute an unauthorized use
of confidential or proprietary information of any third party.

 

All of the aforesaid covenants in this
Section shall be binding on the assigns, executors, administrators and other legal representatives of the Employee.

 

3.3            Non-Solicitation
of Employees. The Employee shall not, during the period from the date hereof to that date which is one (1) year following the
termination of this Agreement or the Employee’s employment, for any reason, directly or indirectly, hire any employees or
consultants of the Company or Subsidiaries, or induce or attempt to induce, solicit or attempt to solicit, any of the employees
or consultants of the Company or Subsidiaries to leave their employment or engagement with the Company.

 

3.4            Non-Solicitation
of Customers and Suppliers. The Employee shall not, during the period from the date hereof to that date which is one (1) year
following the termination of this Agreement or the termination of the Employee’s employment, for any reason, directly or
indirectly, without the prior written consent of the Company, solicit or attempt to solicit any customers of the Company or the
Subsidiaries with whom the Employee had contact or material knowledge of, for the purpose of selling to those customers any products
or services which are the same as or substantially similar to or in any way competitive with the products or services sold by the
Company or the Subsidiaries at the time of termination of this Agreement. The Employee shall not, during the period from the date
hereof to that date which is one (1) year following the termination of this Agreement or the termination of the Employee’s
employment, for any reason, directly or indirectly, without the prior written consent of the Company, solicit or attempt to solicit
any suppliers of the Company or the Subsidiaries with whom the Employee had contact with or material knowledge of, for the purpose
of diverting or attempting to divert business away from the Company or the Subsidiaries.

 

    	 	 	 

     

    

 

3.5            Non-Competition.
The Employee shall not, without the prior written consent of the CEO of the Company, at any time during the period from the date
hereof to that date which is one (1) year following the date of termination of this Agreement or the Employee’s employment,
engage in the development of similar Rehab Robotics devices or devices that are competitive with the Rehab Robotics products or
Rehab Robotics services developed, being developed, commercialized and/or sold by the Company or the Subsidiaries at the time of
the termination of this Agreement (“Competitive Activity”). The Employee may not engage in such Competitive Activity
either individually or in partnership or jointly or in conjunction with any person as principal, agent, employee, shareholder (other
than a holding of shares listed on a Canadian or United States stock exchange that does not exceed five percent (5%) of the outstanding
shares so listed) or in any other manner whatsoever, nor shall the Employee lend money to, guarantee the debts or obligations of
or permit his name or any part thereof to be used or employed by any person engaged in a similar business to the Company or the
Subsidiaries. It is expressly agreed and acknowledged that the Employee’s status as an employee of MIT or of any other Non-Profit
Entity shall not violate this Article 3. The Company shall have the
option to elect whether to enforce this Section 3.5. If the Company elects to enforce this Section 3.5, it shall continue
to pay the Employee’s base salary (at the rate at which it was paying the Employee’s base salary on the date of termination)
for as long as it wishes to enforce this Section 3.5, up to one (1) year following termination of employment. The Company’s
payment obligation pursuant to this Section 3.5 shall apply regardless of the circumstances or reasons leading to the termination
of the Employee’s employment. If the Company fails to continue the Employee’s base salary pursuant to the terms of
this Section 3.5, the Employee’s restrictions set forth in this Section 3.5 shall be void.

 

3.6            Disparaging
Comments. The Employee agrees not to make critical, negative or disparaging remarks about the Company or its management, business
or employment practices; provided that nothing in this Section shall be deemed to prevent the Employee from responding fully and
accurately to any question, inquiry or request for information when required by applicable law or legal process, or to enforce
this Agreement. The Company agrees that its officers and directors not to make critical, negative or disparaging remarks about
the Employee; provided that nothing in this Section shall be deemed to prevent the Company or its officers or directors from responding
fully and accurately to any question, inquiry or request for information when required by applicable law or legal process, or to
enforce this Agreement.

 

3.7            Acknowledgement,
Waiver and Enforcement. The Employee confirms that the restrictions contained in this Article 3 are reasonable and valid to
protect the legitimate business interests of the Company and the Subsidiaries. The Employee hereby agrees and acknowledges that
it would be extremely difficult to measure the damages that might result from any breach of any of the covenants of the Employee
contained herein and that any breach of any of the covenants of the Employee might result in irreparable injury to the business
for which monetary damages could not adequately compensate. If a material breach of any of the covenants of the Employee occurs,
the Company shall be entitled, in addition to any other rights or remedies the Company may have at law or in equity, to have an
injunction issued by any competent court (without the need to post a bond) enjoining and restricting the Employee and all other
parties involved therein from continuing such material breach.

 

    	 	 	 

     

    

 

3.8            Notwithstanding
anything to the contrary herein, if any applicable law, governmental entity, or court shall reduce the time period or scope during
which the Employee shall be prohibited from engaging in any competitive or soliciting activity described in this Article 3, the
period of time or scope, as the case may be, for which the Employee shall be prohibited shall be reduced accordingly.

 

3.9            Survival
and Enforceability. It is expressly agreed by the parties hereto that the provisions of this Article 3 shall survive the termination
of this Agreement and the Employee’s employment.

 

3.10            Lock-Up
of Shares. The Employee irrevocably agrees with the Company that, until the Company registers (the “Registration”)
the shares of common stock (or common stock underlying Exchangeable Shares) held by Peter Bloch (such period, the “Restriction
Period”), he will not offer, sell, contract to sell, hypothecate, pledge or otherwise dispose of (or enter into any transaction
which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective
economic disposition due to cash settlement or otherwise) by the undersigned, directly or indirectly, or establish or increase
a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities
and Exchange Act of 1934, as amended (the “Exchange Act”) with respect to, any shares of common stock of the Company
or securities convertible, exchangeable or exercisable into, shares of common stock of the Company beneficially owned, held or
hereafter acquired by the Employee as a result of the Company’s acquisition of Interactive Motion Technologies Inc. (the
“Securities”). Beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act. In order
to enforce this covenant, the Company shall impose irrevocable stop-transfer instructions preventing the transfer agent of the
Company from effecting any actions in violation of this section. The Company may, in its sole and absolute discretion, consent
to an early release from the Restriction Period if it determined that the market for the Securities would not be adversely impacted
by sales and in cases of the Employee’s financial emergency. The Company shall include the Securities in the registration
statement relating to the Registration.

 

ARTICLE
4 - DEATH

 

4.1            Death.
If the Employee dies while employed under this Agreement, this Agreement shall terminate immediately and the Company shall pay
to the Employee’s estate, any earned Base Salary, outstanding expenses, accrued vacation and pro rata annual bonus that is
unpaid up to the date of his death. All options and warrants owned by the Employee prior to the date of his death shall continue
in accordance with the terms and conditions thereof.

 

ARTICLE
5 - TERMINATION OF EMPLOYMENT

 

5.1            Termination
by Company for Cause. The Company may terminate this Agreement for cause at any time without any prior notice. The Employee
will be provided with any unpaid, earned Base Salary, and accrued vacation, benefits as set out in Section 2.4, and unreimbursed
expenses incurred up to the date of termination. For the purposes of this Agreement, “cause” shall mean:

 

    	 	 	 

     

    

 

(a)            a material breach
by the Employee of the terms of this Agreement, which such material breach is not cured by the Employee within twenty (20) days
of receiving written notice of the Company detailing such alleged material breach (which such notice the Company shall provide
within twenty (20) days of learning of the alleged material breach);

 

(b)            a conviction of
or plea of guilty or nolo contendere to any felony or any other crime involving dishonesty or moral turpitude;

 

(c)            the commission
of any act of fraud or dishonesty, or theft of or intentional damage to the property of the Company;

 

(d)            willful or intentional
breach of the Employee’s fiduciary duties to the Company; or

 

(e)            the violation
of a material policy of the Company as in effect from time to time, which such material violation is not cured by the Employee
within twenty (20) days of receiving written notice of the Company detailing such alleged material violation (which such notice
the Company shall provide within twenty (20) days of learning of the alleged material violation).

 

5.2            Termination
by Disability. The Company may terminate this Agreement as a result of any mental or physical disability or illness which results
in the Employee being unable to substantially perform his duties for a continuous period of 150 days or for periods aggregating
180 days within any period of 365 days. Permanent or indefinite inability to perform essential functions shall be based on the
opinion of an independent qualified medical provider reasonably chosen by the Company and reasonably agreed to by the Employee
or his legal designee. Termination will be effective on the date designated by the Company, and the Employee will be paid his annual
Base Salary, accrued vacation and pro rata annual bonus and benefits as set out in Section 2.4 through the date of termination,
and expenses incurred up to the date of termination.

 

5.3            Termination
by Company for Other than Cause. The Company may terminate this Agreement and the Employee’s employment, for any reason
without cause, upon thirty (30) days’ notice of termination and, provided that the Employee executes a general release to
be provided to the Company in form and substance reasonably acceptable to the Company, the Company shall pay to the Employee: (i)
an amount equal to six (6) months’ salary, plus one (1) months’ salary for each completed year of service to the Company
or to any subsidiary of the Company, up to a maximum of nine (9) months’ salary (such amount, “Severance”); (ii)
unreimbursed expenses; and (iii) accrued vacation time, provided that for purposes of this Section 5.3, the Employee shall be deemed
to have commenced service to the Interactive Motion Technologies Inc. (“IMT”) subsidiary of the Company as of January
1, 2015; provided further that the Company shall not be required to pay the Severance in the event the Company elects to enforce
Section 3.5, and continues paying Employee’s salary pursuant to Section 3.5 in an amount no less than the Severance Amount.

 

    	 	 	 

     

    

 

5.4            Termination
by Employee. The Employee may terminate this Agreement and his employment at any time, for any reason, provided that the Employee
provides the Company with thirty (30) days’ prior written notice. The Employee agrees to use his best effort to assist the
Company to complete an effective reallocation of his responsibilities upon the giving of such notice. The Company may waive notice,
in whole or in part, by providing the Employee pay in lieu of notice for the balance of the thirty (30) day period, including benefits
as set out in Section 2.4 and reimbursement of expenses incurred. In case of Good Reason, the Company shall pay to the Employee:
(i) Severance; (ii) unreimbursed expenses; (iii) accrued vacation time; and (iv) a pro rata bonus; provided that for purposes of
this Section 5.4, the Employee shall be deemed to have commenced service to the Interactive Motion Technologies Inc. (“IMT”)
subsidiary of the Company as of January 1, 2015; provided further that the Company shall not be required to pay the Severance in
the event the Company elects to enforce Section 3.5, and continues paying Employee’s salary pursuant to Section 3.5 in an
amount no less than the Severance Amount. For purposes of this Employment Agreement, “Good Reason” shall mean:

 

		(1)	A material diminution in the Employee’s base compensation.

 

		(2)	A material diminution in the Employee’s authority, duties,
or responsibilities that are not a result of the Employee’s obligations to MIT or other Non-Profit Entity.

 

		(3)	A change in the geographic location of the workplace at
which the Employee must be based hereunder of more than 50 miles.

 

		(4)	Any other action or inaction that constitutes a material
breach by the Company of this Employment Agreement.

 

For Good Reason to exist, the Employee
must provide notice to the Company of the existence of any of the foregoing conditions within ninety (90) days of the initial existence
of the condition, and the Company shall upon such notice have a period of forty-five (45) days during which it may remedy the condition
(and upon such remedy Good Reason shall be deemed not to have existed).

 

5.5            Limitation
of Liability. The Employee acknowledges, understands and agrees that the payments and other benefits provided for in this Article
5 represent the Company’s maximum severance obligations to the Employee. No other notice or severance entitlements shall
apply. This provision shall remain in full force and effect unamended, notwithstanding any other alterations to the terms and conditions
of the Employee’s employment, unless agreed to by the Company in writing. The Employee also acknowledges, understands and
agrees that any such payment by the Company to the Employee on termination of the Employee’s employment shall not prevent
the Company from alleging cause for the termination.

 

5.6            Effect of
Termination. Upon any termination of this Agreement, the Employee shall immediately deliver or cause to be delivered to the
Company all Confidential Information and Company property which are in the possession, charge, control or custody of the Employee.

 

    	 	 	 

     

    

 

ARTICLE
6 - GENERAL

 

6.1            Release.
Upon any termination of this Agreement or the Employee’s employment, the Employee agrees to release the Company, the Subsidiaries,
and all officers, directors and employees of the Company or the Subsidiaries from all actions, causes of action, claims or demands
as a result of such termination, except as otherwise expressly provided in this Agreement. Upon compliance with the applicable
termination provisions of this Agreement by the Company, the Employee agrees to deliver to the Company a full and final written
release of and from all actions or claims in connection with this Agreement and the Employee’s employment in favor of the
Company, the Subsidiaries, and their directors, officers and employees in a form to be provided by the Company.

 

6.2            Recitals.
The parties agree that the Recitals set out herein are true and accurate and shall form part of this Agreement.

 

6.3            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.

 

6.4            Assignment.
This Agreement shall be personal as to the Employee and shall not be assignable by the Employee subject to the terms herein. This
Agreement shall inure to the benefit of and be binding upon the heirs, executors, administrators and legal personal representatives
of the Employee and the successors and assigns of the Company. The Company may assign this Agreement, in its sole discretion, to
any successor entity of the Company.

 

6.5            Entire Agreement.
This Agreement constitutes 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. The foregoing
includes any prior understandings and agreements between the Employee and IMT. There are no other written or verbal representations,
warranties, terms, conditions, undertakings or collateral agreements, express, implied or statutory between the parties.

 

6.6            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.

 

6.7            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.

 

6.8            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.

 

    	 	 	 

     

    

 

6.9            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:

 

Bionik Laboratories
Corp.

483
Bay Street, N105

Toronto,
Ontario M5G 2C9

Telephone:
(416) 640-7887

Email:
pb@bioniklabs.com

 

Hermano
Igo Krebs

81
Lovell Road

Watertown,
MA 02472

Telephone:
(617) 335-4485

Email:
hikrebs@gmail.com

 

or such other address or number 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, Canada or the Commonwealth of Massachusetts, 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.

 

6.10            Jurisdiction.
This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts. Each of the
parties hereto agrees that any action or proceeding related to this Agreement must be brought in any court of competent jurisdiction
in the Commonwealth of Massachusetts, and for that purpose hereby submits to the jurisdiction of such Massachusetts court.

 

6.11            Section
409A. This Agreement is intended to comply with or be exempt from Section 409A of the Code and will be interpreted, administered
and operated in a manner consistent with that intent. Notwithstanding anything herein to the contrary, if at the time of the Employee’s
separation from service with the Company he is a “specified employee” as defined in Section 409A of the Code (and the
regulations thereunder) and any payments or benefits otherwise payable hereunder as a result of such separation from service are
subject to Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits
hereunder (without any reduction in such payments or benefits ultimately paid or provided to the Employee) until the date that
is six months following the Employee’s separation from service with the Company (or the earliest date as is permitted under
Section 409A of the Code), and the Company will pay any such delayed amounts in a lump sum at such time. If any other payments
of money or other benefits due to the Employee hereunder could cause the application of an accelerated or additional tax under
Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such payment or other benefits
compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible,
in a manner, determined by the Company, that does not cause such an accelerated or additional tax. To the extent any reimbursements
or in-kind benefits due to the Employee under this Agreement constitute “deferred compensation” under Section 409A
of the Code, any such reimbursements or in-kind benefits shall be paid to the Employee in a manner consistent with Treas. Reg.
Section 1.409A-3(i)(1)(iv). Each payment made under this Agreement shall be designated as a “separate payment” within
the meaning of Section 409A of the Code. References to “termination of employment” and similar terms used in this Agreement
are intended to refer to “separation from service” within the meaning of Section 409A of the Code to the extent necessary
to comply with Section 409A of the Code. Whenever a payment under this Agreement may be paid within a specified period, the actual
date of payment within the specified period shall be within the sole discretion of the Company. In no event may the Employee, directly
or indirectly, designate the calendar year of any payment to be made under this Agreement. Any provision in this Agreement providing
for any right of offset or set-off by the Company shall not permit any offset or set-off against payments of “non-qualified
deferred compensation” for purposes of Section 409A of the Code or other amounts or payments to the extent that such offset
or set-off would result in any violation of Section 409A or adverse tax consequences to the Employee under Section 409A.

 

    	 	 	 

     

    

 

6.12            Independent
Legal Advice. The Employee acknowledges that he has been advised to seek independent legal counsel in respect of the Agreement
and the matters contemplated herein. To the extent that he declines to receive independent legal counsel in respect of the Agreement,
he waives the right, should a dispute later develop, to rely on his lack of independent legal counsel to avoid his obligations,
to seek indulgences from the Company or to otherwise attack the integrity of the Agreement and the provisions thereof, in whole
or in part.

 

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

 

	 	BIONIK LABORATORIES
CORP.	 
	 	 	 
	 	 	 
	 	By: 	/s/ Peter Bloch	 
	 	 	Name: Peter Bloch
Title: CEO	 
	 	 	 	 
	 	 	 	 
	 	/s/ Hermano Igo
Krebs	 
	 	HERMANO IGO KREBS

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